Registered number
07078555
Circlefire Electrical Ltd
Filleted Accounts
31 March 2024
Circlefire Electrical Ltd
Registered number: 07078555
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 44,834 52,603
Current assets
Stocks - 5,500
Debtors 4 73,416 51,841
Cash at bank and in hand 19,107 15,240
92,523 72,581
Creditors: amounts falling due within one year 5 (106,955) (96,892)
Net current liabilities (14,432) (24,311)
Total assets less current liabilities 30,402 28,292
Creditors: amounts falling due after more than one year 6 (52,394) (69,543)
Net liabilities (21,992) (41,251)
Capital and reserves
Called up share capital 100 100
Profit and loss account (22,092) (41,351)
Shareholders' funds (21,992) (41,251)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Craig W Sells
Director
Approved by the board on 17 September 2024
Circlefire Electrical Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
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
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33% and 25% reducing balance
Motor vehicles 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 12,200 88,584 100,784
Additions - 28,336 28,336
Disposals - (35,188) (35,188)
At 31 March 2024 12,200 81,732 93,932
Depreciation
At 1 April 2023 9,288 38,893 48,181
Charge for the year 728 17,783 18,511
On disposals - (17,594) (17,594)
At 31 March 2024 10,016 39,082 49,098
Net book value
At 31 March 2024 2,184 42,650 44,834
At 31 March 2023 2,912 49,691 52,603
4 Debtors 2024 2023
£ £
Trade debtors 67,906 50,688
Amounts owed by group undertakings and undertakings in which the company has a participating interest 600 600
Prepayments 3,810 553
Other debtors 1,100 -
73,416 51,841
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 13,064 13,958
Trade creditors 36,627 49,990
Taxation and social security costs 35,015 22,626
Director's loan account 318 318
Accruals 3,702 -
Other creditors 8,229 -
106,955 96,892
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,500 22,500
Obligations under finance lease and hire purchase contracts 39,894 47,043
52,394 69,543
7 Share Capital Nominal value 2024 number 2024 2023
£ £
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
100 100
8 Controlling party
The company is controlled by directors P S Patel and C W Sells who jointly hold 80% of the issued share capital.
9 Other information
Circlefire Electrical Ltd is a private company limited by shares and incorporated in England. Its registered office is:
16 Commerce Road
Lynch Wood, Peterborough, England, PE2 
Peterborough
England
PE2 6LR
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