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Registered number: 11820530
Nck Electrical Ltd
Unaudited Financial Statements
For The Year Ended 28 February 2024
Condy Mathias
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11820530
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 10,783 13,528
10,783 13,528
CURRENT ASSETS
Stocks 5 275 250
Debtors 6 81,033 48,588
Cash at bank and in hand 3,066 2,978
84,374 51,816
Creditors: Amounts Falling Due Within One Year 7 (53,888 ) (35,370 )
NET CURRENT ASSETS (LIABILITIES) 30,486 16,446
TOTAL ASSETS LESS CURRENT LIABILITIES 41,269 29,974
Creditors: Amounts Falling Due After More Than One Year 8 (29,034 ) (34,525 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,696 ) (3,382 )
NET ASSETS/(LIABILITIES) 9,539 (7,933 )
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account 9,529 (7,943 )
SHAREHOLDERS' FUNDS 9,539 (7,933)
Page 1
Page 2
For the year ending 28 February 2024 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 Neil Thomas
Director
2 October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Nck Electrical Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11820530 . The registered office is 6 Houndiscombe Road, Plymouth, Devon, PL4 6HH.
2. Accounting Policies
2.1. 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.
2.2. 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.
2.3. 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 Method
Motor Vehicles 25% Reducing Balance Method
Fixtures & Fittings 15% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. 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. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 March 2023 665 27,164 700 28,529
Additions - - 607 607
As at 28 February 2024 665 27,164 1,307 29,136
Depreciation
As at 1 March 2023 370 14,547 84 15,001
Provided during the period 74 3,155 123 3,352
As at 28 February 2024 444 17,702 207 18,353
Net Book Value
As at 28 February 2024 221 9,462 1,100 10,783
As at 1 March 2023 295 12,617 616 13,528
5. Stocks
2024 2023
£ £
Stock 275 250
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 13,277 1,423
Other debtors 67,756 47,165
81,033 48,588
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 7,962 7,728
Bank loans and overdrafts 5,471 5,491
Other creditors 7,576 4,897
Taxation and social security 32,879 17,254
53,888 35,370
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 29,034 34,525
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Page 5
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 28 February 2024
£ £ £ £ £
Mr Neil Thomas 32,439 36,775 16,682 - 52,532
The above loan is unsecured and repayable on demand.  Interest has been charged on the outstanding amounts at the HMRC standard rate on a monthly basis.
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