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Registered number: 04756274
Formby Car Electrical Services Limited
Financial Statements
For The Year Ended 30 November 2023
Stubbs Parkin
55 Hoghton Street
Southport
Merseyside
PR9 0PG
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 04756274
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,665 1,363
2,665 1,363
CURRENT ASSETS
Stocks 5 7,560 7,852
Debtors 6 32,109 33,444
Cash at bank and in hand 4,881 2,831
44,550 44,127
Creditors: Amounts Falling Due Within One Year 7 (39,629 ) (35,503 )
NET CURRENT ASSETS (LIABILITIES) 4,921 8,624
TOTAL ASSETS LESS CURRENT LIABILITIES 7,586 9,987
Creditors: Amounts Falling Due After More Than One Year 8 (5,950 ) (8,924 )
NET ASSETS 1,636 1,063
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Income Statement 636 63
SHAREHOLDERS' FUNDS 1,636 1,063
Page 1
Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr M A Wildman
Director
28th August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Formby Car Electrical Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04756274 . The registered office is 62 Windsor Road, Formby, Liverpool, L37 6DZ. The financial statements are presented in the company's presentation currency of GBP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
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4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 December 2022 3,086
Additions 1,807
Disposals (391 )
As at 30 November 2023 4,502
Depreciation
As at 1 December 2022 1,723
Provided during the period 250
Disposals (136 )
As at 30 November 2023 1,837
Net Book Value
As at 30 November 2023 2,665
As at 1 December 2022 1,363
5. Stocks
2023 2022
£ £
Stock 7,560 7,852
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,876 3,235
Other debtors 30,233 30,209
32,109 33,444
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 17,586 17,209
Bank loans and overdrafts 3,300 3,300
Other loans Under 1 Year 1,500 1,500
Other creditors 9,546 7,543
Taxation and social security 7,697 5,951
39,629 35,503
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans Over 1 Year 5,950 8,924
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
Page 5