Registered number
11195572
CC Electrical & Renewables Limited
Filleted Accounts
31 January 2024
CC Electrical & Renewables Limited
Registered number: 11195572
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 4,417 5,417
Tangible assets 4 36,329 10,535
40,746 15,952
Current assets
Stocks 20,000 20,000
Debtors 5 303,371 154,272
323,371 174,272
Creditors: amounts falling due within one year 6 (235,555) (137,146)
Net current assets 87,816 37,126
Total assets less current liabilities 128,562 53,078
Creditors: amounts falling due after more than one year 7 (151,167) (52,660)
Provisions for liabilities (3,052) (2,001)
Net liabilities (25,657) (1,583)
Capital and reserves
Called up share capital 101 101
Profit and loss account (25,758) (1,684)
Shareholders' funds (25,657) (1,583)
The director is 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 director acknowledges his 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.
Mr C Cox
Director
Approved by the board on 19 September 2024
CC Electrical & Renewables Limited
Notes to the Accounts
for the year ended 31 January 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 over 4 years
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 11 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 10,000
At 31 January 2024 10,000
Amortisation
At 1 February 2023 4,583
Provided during the year 1,000
At 31 January 2024 5,583
Net book value
At 31 January 2024 4,417
At 31 January 2023 5,417
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 5,413 17,390 22,803
Additions - 37,796 37,796
At 31 January 2024 5,413 55,186 60,599
Depreciation
At 1 February 2023 2,308 9,960 12,268
Charge for the year 990 11,012 12,002
At 31 January 2024 3,298 20,972 24,270
Net book value
At 31 January 2024 2,115 34,214 36,329
At 31 January 2023 3,105 7,430 10,535
5 Debtors 2024 2023
£ £
Trade debtors 173,757 127,570
Director's loan account 85,204 22,514
Prepayments 247 247
Other debtors 44,163 3,941
303,371 154,272
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 79,937 30,119
Obligations under finance lease and hire purchase contracts 6,520 -
Trade creditors 89,774 62,287
Taxation and social security costs 27,714 36,224
Accruals 9,496 5,724
Deferred income 9,385 -
Other creditors 12,729 2,792
235,555 137,146
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 127,010 52,660
Obligations under finance lease and hire purchase contracts 24,157 -
151,167 52,660
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 15,605 -
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 18,073 31,429
10 Loans to directors
Interest is charged at 2.25% and the loan is repayable on demand B/fwd Paid Repaid C/fwd
£ £ £ £
Mr C Cox
Loan to director 22,514 - (22,514) -
Loan to director - 85,204 - 85,204
22,514 85,204 (22,514) 85,204
11 First time adoption of FRS 102
The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have only impacted on equity and profit or loss in respect of the deferred tax provision. The transition date was 1 February 2023 and the financial statements for the year ended 31 January 2023 have been adjusted accordingly.
12 Controlling party
By virtue of his shareholding, Mr C Cox is the controlling party.
13 Other information
CC Electrical & Renewables Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bury Lodge
Bury Road
Stowmarket
Suffolk
IP14 1JA
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