2022-09-012023-08-312023-08-31false10903427Ferrett Electrical 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Ferrett Electrical Limited

Registered Number
10903427
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2023

Ferrett Electrical Limited
Company Information
for the year from 1 September 2022 to 31 August 2023

Director

Anthony Ferrett

Company Secretary

Mandie Louise Jackson

Registered Address

2 Dukes Court
Bognor Road
Chichester
PO19 8FX

Registered Number

10903427 (England and Wales)
Ferrett Electrical Limited
Balance Sheet as at
31 August 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3122270
122270
Current assets
Debtors24,14023,992
Cash at bank and on hand4,836880
28,97624,872
Creditors amounts falling due within one year(25,061)(19,394)
Net current assets (liabilities)3,9155,478
Total assets less current liabilities4,0375,748
Creditors amounts falling due after one year(3,667)(5,667)
Provisions for liabilities(23)(51)
Net assets34730
Capital and reserves
Called up share capital11
Profit and loss account34629
Shareholders' funds34730
The financial statements were approved and authorised for issue by the Director on 9 April 2024, and are signed on its behalf by:
Anthony Ferrett
Director
Registered Company No. 10903427
Ferrett Electrical Limited
Notes to the Financial Statements
for the year ended 31 August 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment4
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20232022
Average number of employees during the year22
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 September 22589
At 31 August 23589
Depreciation and impairment
At 01 September 22320
Charge for year147
At 31 August 23467
Net book value
At 31 August 23122
At 31 August 22270
4.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
Anthony Ferrett17,82441,02735,71323,138
17,82441,02735,71323,138
Interest has been charged on the loan using HMRC rates.