Company registration number 00411551 (England and Wales)
BRITISH ELECTRICAL LIMITED
Unaudited financial statements
For the year ended 31 December 2023
Pages for filing with registrar
BRITISH ELECTRICAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BRITISH ELECTRICAL LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
212,332
212,332
Current assets
Stocks
1,193,158
1,203,245
Debtors
5
36,603
13,990
Investments
6
129,063
156,250
Cash at bank and in hand
2,011,820
1,646,430
3,370,644
3,019,915
Creditors: amounts falling due within one year
7
(351,694)
(319,577)
Net current assets
3,018,950
2,700,338
Net assets
3,231,282
2,912,670
Capital and reserves
Called up share capital
52,300
52,300
Profit and loss reserves
3,178,982
2,860,370
Total equity
3,231,282
2,912,670
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
S B Katz
Director
Company registration number 00411551 (England and Wales)
BRITISH ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents gross rental income receivable and property trading income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property is carried at cost and therefore the policy is not in accordance with Section 1A of Financial Reporting Standard 102. The financial statements may not show a true and fair view.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
BRITISH ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.8
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
24,093
Depreciation and impairment
At 1 January 2023 and 31 December 2023
24,093
Carrying amount
At 31 December 2023
At 31 December 2022
4
Investment property
2023
£
Cost
At 1 January 2023 and 31 December 2023
212,332
BRITISH ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,373
2,544
Other debtors
33,230
11,446
36,603
13,990
6
Current asset investments
2023
2022
£
£
Listed investments
129,063
156,250
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,205
Corporation tax
130,182
106,608
Other taxation and social security
7,822
8,127
Other creditors
211,485
204,842
351,694
319,577
8
Related party transactions
At 31 December 2023, £3,116 (2022: £2,388) was owed by the Company to the David Zetland Settlement Trust.
9
Company information
British Electrical Limited is a private company limited by shares incorporated in England and Wales. The registered office is Zetland House, 5-25 Scrutton Street, London, EC2A 5HJ.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.