Registered number
07839916
Gloucester Electrical Contractors Limited
Filleted Accounts
30 November 2023
Gloucester Electrical Contractors Limited
Registered number: 07839916
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,335 5,000
Current assets
Debtors 4 161,955 92,562
Cash at bank and in hand 41,443 2,748
203,398 95,310
Creditors: amounts falling due within one year 5 (158,680) (87,304)
Net current assets 44,718 8,006
Total assets less current liabilities 48,053 13,006
Creditors: amounts falling due after more than one year 6 (38,694) (43,860)
Net assets/(liabilities) 9,359 (30,854)
Capital and reserves
Called up share capital 100 100
Profit and loss account 9,259 (30,954)
Shareholders' funds 9,359 (30,854)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B Gribble N R Purnell
Director
Approved by the board on 31 March 2024
Gloucester Electrical Contractors Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles over four years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 December 2022 36,088
At 30 November 2023 36,088
Depreciation
At 1 December 2022 31,088
Charge for the year 1,665
At 30 November 2023 32,753
Net book value
At 30 November 2023 3,335
At 30 November 2022 5,000
4 Debtors 2023 2022
£ £
Trade debtors 79,496 14,486
Directors loans 73,194 68,696
Other debtors 9,265 9,380
161,955 92,562
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 11,257 15,186
Trade creditors 67,855 27,717
Taxation and social security costs 76,984 40,318
Other creditors 2,584 4,083
158,680 87,304
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 38,694 43,860
7 Controlling party
The company is controlled by the directors.
8 Other information
Gloucester Electrical Contractors Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 Barton Close
Innsworth
Gloucester
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