Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 07730025 Mr Daniel Lappage iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07730025 2022-12-31 07730025 2023-12-31 07730025 2023-01-01 2023-12-31 07730025 frs-core:CurrentFinancialInstruments 2023-12-31 07730025 frs-core:Non-currentFinancialInstruments 2023-12-31 07730025 frs-core:BetweenOneFiveYears 2023-12-31 07730025 frs-core:ComputerEquipment 2023-12-31 07730025 frs-core:ComputerEquipment 2023-01-01 2023-12-31 07730025 frs-core:ComputerEquipment 2022-12-31 07730025 frs-core:MotorVehicles 2023-12-31 07730025 frs-core:MotorVehicles 2023-01-01 2023-12-31 07730025 frs-core:MotorVehicles 2022-12-31 07730025 frs-core:PlantMachinery 2023-12-31 07730025 frs-core:PlantMachinery 2023-01-01 2023-12-31 07730025 frs-core:PlantMachinery 2022-12-31 07730025 frs-core:WithinOneYear 2023-12-31 07730025 frs-core:ShareCapital 2023-12-31 07730025 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 07730025 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07730025 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 07730025 frs-bus:SmallEntities 2023-01-01 2023-12-31 07730025 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07730025 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07730025 frs-bus:Director1 2023-01-01 2023-12-31 07730025 frs-bus:Director1 2022-12-31 07730025 frs-bus:Director1 2023-12-31 07730025 frs-core:CurrentFinancialInstruments 1 2023-12-31 07730025 frs-countries:EnglandWales 2023-01-01 2023-12-31 07730025 2021-12-31 07730025 2022-12-31 07730025 2022-01-01 2022-12-31 07730025 frs-core:CurrentFinancialInstruments 2022-12-31 07730025 frs-core:Non-currentFinancialInstruments 2022-12-31 07730025 frs-core:BetweenOneFiveYears 2022-12-31 07730025 frs-core:WithinOneYear 2022-12-31 07730025 frs-core:ShareCapital 2022-12-31 07730025 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 07730025 frs-core:CurrentFinancialInstruments 1 2022-12-31
Registered number: 07730025
OEL Electrical Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07730025
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 14,528 21,475
14,528 21,475
CURRENT ASSETS
Debtors 4 59,762 61,773
Cash at bank and in hand 92,717 20,806
152,479 82,579
Creditors: Amounts Falling Due Within One Year 5 (81,699 ) (42,219 )
NET CURRENT ASSETS (LIABILITIES) 70,780 40,360
TOTAL ASSETS LESS CURRENT LIABILITIES 85,308 61,835
Creditors: Amounts Falling Due After More Than One Year 6 (47,052 ) (57,718 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,760 ) (4,080 )
NET ASSETS 35,496 37
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 35,494 35
SHAREHOLDERS' FUNDS 35,496 37
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For the year ending 31 December 2023 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 Daniel Lappage
Director
01/03/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
1.2. 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.
1.3. 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 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 33% straight line
1.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
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 years 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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2022: 2)
1 2
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3. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 305 26,026 5,550 31,881
Additions 872 - - 872
As at 31 December 2023 1,177 26,026 5,550 32,753
Depreciation
As at 1 January 2023 152 6,506 3,748 10,406
Provided during the period 294 6,506 1,019 7,819
As at 31 December 2023 446 13,012 4,767 18,225
Net Book Value
As at 31 December 2023 731 13,014 783 14,528
As at 1 January 2023 153 19,520 1,802 21,475
4. Debtors
2023 2022
£ £
Due within one year
Trade debtors 27,686 30,557
Other debtors 5,892 7,875
PAYE 3,239 7
Director's loan account 22,945 23,334
59,762 61,773
5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 6,012 6,012
Trade creditors 24,407 874
Corporation tax 36,815 27,548
VAT 14,350 6,718
Net wages - 733
Pensions 115 115
Accruals and deferred income - 219
81,699 42,219
6. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 11,908 16,908
Bank loans 35,144 40,810
47,052 57,718
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7. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The maturity of these amounts is as follows:
Within one year 6,012 6,012
Between one and five years 11,908 16,908
17,920 22,920
17,920 22,920
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Daniel Lappage 23,334 - 390 - 22,944
The above loan is unsecured, interest free and repayable on demand.
10. General Information
OEL Electrical Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07730025 . The registered office is 3 Abbey Close, Eye, Peterborough, PE6 7WE.
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