2023-03-012024-02-292024-02-29false09440277PREMIER ELECTRICAL CORNWALL 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PREMIER ELECTRICAL CORNWALL LIMITED

Registered Number
09440277
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

PREMIER ELECTRICAL CORNWALL LIMITED
Company Information
for the year from 1 March 2023 to 29 February 2024

Director

COPE, Dean

Company Secretary

WOOD, Jonathan Ian

Registered Address

Heather House
Pensilva
Liskeard
PL14 5PJ

Registered Number

09440277 (England and Wales)
PREMIER ELECTRICAL CORNWALL LIMITED
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets363,26167,688
63,26167,688
Current assets
Stocks429,0503,237
Debtors38,24399,884
Cash at bank and on hand66
67,299103,127
Creditors amounts falling due within one year5(97,180)(133,898)
Net current assets (liabilities)(29,881)(30,771)
Total assets less current liabilities33,38036,917
Creditors amounts falling due after one year6(35,372)(50,087)
Net assets(1,992)(13,170)
Capital and reserves
Called up share capital33
Profit and loss account(1,995)(13,173)
Shareholders' funds(1,992)(13,170)
The financial statements were approved and authorised for issue by the Director on 15 August 2024, and are signed on its behalf by:
COPE, Dean
Director
Registered Company No. 09440277
PREMIER ELECTRICAL CORNWALL LIMITED
Notes to the Financial Statements
for the year ended 29 February 2024

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.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery20
Vehicles20
Office Equipment20
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year57
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 March 232,75030,35664,4557,581105,142
Additions-8,9452771,26510,487
At 29 February 242,75039,30164,7328,846115,629
Depreciation and impairment
At 01 March 23-15,88417,1254,44537,454
Charge for year-4,5689,46688014,914
At 29 February 24-20,45226,5915,32552,368
Net book value
At 29 February 242,75018,84938,1413,52163,261
At 28 February 232,75014,47247,3303,13667,688
4.Stocks

2024

2023

££
Work in progress7,500-
Other stocks21,5503,237
Total29,0503,237
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables15,81318,515
Bank borrowings and overdrafts17,1678,711
Taxation and social security55,86684,323
Finance lease and HP contracts4,5904,844
Other creditors1,19414,605
Accrued liabilities and deferred income2,5502,900
Total97,180133,898
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts22,50032,500
Other creditors12,87217,587
Total35,37250,087
7.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts12,87217,587
8.Directors advances, credits and guarantees
As at 28 February 2024 there was a balance owed to the directors from the company of £1,196 (2023: £49,895 owed to the company from the directors)