Company Registration No. 12370371 (England and Wales)
LVC Electrical Limited
Unaudited accounts
for the year ended 31 December 2023
LVC Electrical Limited
Unaudited accounts
Contents
LVC Electrical Limited
Company Information
for the year ended 31 December 2023
Company Number
12370371 (England and Wales)
Registered Office
123 Cross Lane East
Gravesend
Kent
DA12 5HA
Accountants
Clayton Stirling & Co
123 Cross Lane East
Gravesend
Kent
DA12 5HA
LVC Electrical Limited
Statement of financial position
as at 31 December 2023
Tangible assets
18,161
5,419
Cash at bank and in hand
4,387
9,557
Creditors: amounts falling due within one year
(9,970)
(20,245)
Net current liabilities
(4,612)
(4,977)
Total assets less current liabilities
13,549
442
Creditors: amounts falling due after more than one year
(11,300)
-
Called up share capital
100
100
Profit and loss account
2,149
342
Shareholders' funds
2,249
442
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 members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 26 September 2024 and were signed on its behalf by
L V Cant
Director
Company Registration No. 12370371
LVC Electrical Limited
Notes to the Accounts
for the year ended 31 December 2023
LVC Electrical Limited is a private company, limited by shares, registered in England and Wales, registration number 12370371. The registered office is 123 Cross Lane East, Gravesend, Kent, DA12 5HA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% reducing balance basis
Computer equipment
20% straight line basis
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
LVC Electrical Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Tangible fixed assets
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2023
9,882
2,607
12,489
At 31 December 2023
26,632
2,607
29,239
At 1 January 2023
5,713
1,357
7,070
Charge for the year
3,485
523
4,008
At 31 December 2023
9,198
1,880
11,078
At 31 December 2023
17,434
727
18,161
At 31 December 2022
4,169
1,250
5,419
Amounts falling due within one year
Accrued income and prepayments
540
535
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
2,543
-
Obligations under finance leases and hire purchase contracts
-
1,195
Taxes and social security
1,344
5,116
Loans from directors
1,035
6,577
7
Creditors: amounts falling due after more than one year
2023
2022
8
Average number of employees
During the year the average number of employees was 2 (2022: 2).