Notes to the Financial Statements
For the Year Ended 31 December 2023
JEGS Electrical Limited is a private company limited by shares, incorporated in England and Wales and its registered office is Unit 1, Denton Hall Farm Road, Denton, Manchester M34 2SX. All trade previously made through JEGS Electrical Limited is now managed through the parent company, Qualtex UK Limited.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Amounts owed by group undertakings
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The immediate parent Company is Qualtex UK Limited and the ultimate parent Company is Qualtex Global Limited, a company registered in England and Wales. JEGS Electrical Limited's results are included in the consolidated financial statements of Qualtex Global Limited. Copies of these financial statements are available from its registered office, Unit 1, Denton Hall Farm Road, Denton, Manchester, M34 2SX.
The ultimate controlling party is P Hulme by virtue of his shareholding in Qualtex Global Limited.
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