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Registered number: 08817757
CMC Electrics Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
James Khan
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08817757
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 25,301 32,054
25,301 32,054
CURRENT ASSETS
Stocks 5 3,500 4,000
Debtors 6 15,248 19,651
Cash at bank and in hand 1,199 43,101
19,947 66,752
Creditors: Amounts Falling Due Within One Year 7 (15,124 ) (49,016 )
NET CURRENT ASSETS (LIABILITIES) 4,823 17,736
TOTAL ASSETS LESS CURRENT LIABILITIES 30,124 49,790
NET ASSETS 30,124 49,790
CAPITAL AND RESERVES
Called up share capital 8 102 102
Profit and Loss Account 30,022 49,688
SHAREHOLDERS' FUNDS 30,124 49,790
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For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Profit and Loss Account.
On behalf of the board
Mr Murat Coskun
Director
28/06/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
CMC Electrics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08817757 . The registered office is 1 Caercady Cottages, Welsh St. Donats, Cowbridge, South Glamorgan, CF71 7SU.
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 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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 20% cost
Motor Vehicles 15% cost
Fixtures & Fittings 15% cost
Computer Equipment 15% cost
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
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 4)
6 4
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 May 2023 3,682 51,789 144 6,076 61,691
Additions - - - 2,259 2,259
As at 30 April 2024 3,682 51,789 144 8,335 63,950
Depreciation
As at 1 May 2023 3,682 25,069 18 868 29,637
Provided during the period - 7,768 22 1,222 9,012
As at 30 April 2024 3,682 32,837 40 2,090 38,649
Net Book Value
As at 30 April 2024 - 18,952 104 6,245 25,301
As at 1 May 2023 - 26,720 126 5,208 32,054
5. Stocks
2024 2023
£ £
Materials 3,500 4,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 5,354 19,651
Other debtors 9,894 -
15,248 19,651
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 7,096 3,000
Other creditors 4,510 29,496
Taxation and social security 3,518 16,520
15,124 49,016
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 102 102
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9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mr Murat Coskun - 9,894 - - 9,894
A director owed £9,894 to the company as of 30th April 2024, which will be fully repaid by 31st January 2025.
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