2023-01-012023-12-312023-12-31false11095886MKW ELECTRICAL CONTRACTORS 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MKW ELECTRICAL CONTRACTORS LTD

Registered Number
11095886
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

MKW ELECTRICAL CONTRACTORS LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

WARE, Matthew Kenneth

Registered Address

47 Holystone Avenue
Whitley Bay
NE25 8PX

Registered Number

11095886 (England and Wales)
MKW ELECTRICAL CONTRACTORS LTD
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets323,6173,476
23,6173,476
Current assets
Stocks4500500
Debtors538,69022,480
Cash at bank and on hand19,29010,729
58,48033,709
Creditors amounts falling due within one year6(45,865)(16,233)
Net current assets (liabilities)12,61517,476
Total assets less current liabilities36,23220,952
Creditors amounts falling due after one year7(3,866)(5,466)
Net assets32,36615,486
Capital and reserves
Called up share capital100100
Profit and loss account32,26615,386
Shareholders' funds32,36615,486
The financial statements were approved and authorised for issue by the Director on 13 September 2024, and are signed on its behalf by:
WARE, Matthew Kenneth
Director
Registered Company No. 11095886
MKW ELECTRICAL CONTRACTORS LTD
Notes to the Financial Statements
for the year ended 31 December 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).
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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
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.
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)
Plant and machinery4
Fixtures and fittings4
Vehicles5
Office Equipment4
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other 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.
Trade and other 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.
2.Average number of employees

20232022
Average number of employees during the year44
3.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 January 239228,1439,065
Additions-27,50027,500
At 31 December 2392235,64336,565
Depreciation and impairment
At 01 January 234605,1295,589
Charge for year2307,1297,359
At 31 December 2369012,25812,948
Net book value
At 31 December 2323223,38523,617
At 31 December 224623,0143,476
4.Stocks

2023

2022

££
Payments on account, stocks500500
Total500500
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables33,93716,424
Amounts owed by associates and joint ventures / participating interests1,954-
Other debtors2,7996,056
Total38,69022,480
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables-1,404
Bank borrowings and overdrafts757-
Amounts owed to related parties-29
Taxation and social security17,73413,040
Other creditors26,6231,008
Accrued liabilities and deferred income751752
Total45,86516,233
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.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts3,8665,466
Total3,8665,466
8.Provisions for liabilities
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.