Registered number
10477365
M SCOTT ELECTRICAL LTD
Filleted Accounts
30 November 2023
M SCOTT ELECTRICAL LTD
Registered number: 10477365
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 10,690 14,253
Current assets
Debtors 4 36,294 36,505
Cash at bank and in hand 15,695 10,438
51,989 46,943
Creditors: amounts falling due within one year 5 (30,652) (27,092)
Net current assets 21,337 19,851
Total assets less current liabilities 32,027 34,104
Creditors: amounts falling due after more than one year 6 (4,340) (8,047)
Net assets 27,687 26,057
Capital and reserves
Called up share capital 100 100
Profit and loss account 27,587 25,957
Shareholder's funds 27,687 26,057
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
M Scott
Director
Approved by the board on 31.07.2024
M SCOTT ELECTRICAL LTD
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
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:
Plant and machinery reducing balance @ 25%
Fixtures, fittings, tools and equipment reducing balance @ 25%
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 1,199 32,267 33,466
At 30 November 2023 1,199 32,267 33,466
Depreciation
At 1 December 2022 819 18,394 19,213
Charge for the year 95 3,468 3,563
At 30 November 2023 914 21,862 22,776
Net book value
At 30 November 2023 285 10,405 10,690
At 30 November 2022 380 13,873 14,253
4 Debtors 2023 2022
£ £
Trade debtors 11,774 6,145
Other debtors 24,520 30,360
36,294 36,505
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 8,557 9,410
Taxation and social security costs 8,251 6,691
Other creditors 13,844 10,991
30,652 27,092
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 4,340 8,047
7 Other information
M SCOTT ELECTRICAL LTD is a private company limited by shares and incorporated in England. Its registered office is:
The Bungalow
Green Lane
Challock, Ashford
Kent
TN25 4DN
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