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Registered Number: 13418924
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 May 2024

for

MB ELECTRICAL (EA) LIMITED

 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 14,000    16,000 
Tangible fixed assets 4 8,652    1,852 
22,652    17,852 
Current assets      
Stocks 5 14,762   
Debtors 6 10,136    2,993 
Cash at bank and in hand 13,810    26,110 
38,708    29,103 
Creditors: amount falling due within one year 7 (59,656)   (36,670)
Net current assets (20,948)   (7,567)
 
Total assets less current liabilities 1,704    10,285 
Provisions for liabilities 8 (1,401)  
Net assets 303    10,285 
 

Capital and reserves
     
Called up share capital 9 100   
Profit and loss account 203    10,285 
Shareholders' funds 303    10,285 
 


For the year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 08 October 2024 and were signed on its behalf by:


-------------------------------
M Baldock
Director
-------------------------------
J Baldock
Director
1
General Information
MB Electrical (EA) Limited is a private company, limited by shares, registered in England and Wales, registration number 13418924, registration address 13 The Close, Norwich, England, NR14DS.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the balance sheet when their payment has been approved by the shareholders prior to the balance sheet date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 20% Straight Line
Computer Equipment 25% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 3 (2023 : 3).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 June 2023 20,000    20,000 
Additions  
Disposals  
At 31 May 2024 20,000    20,000 
Amortisation
At 01 June 2023 4,000    4,000 
Charge for year 2,000    2,000 
On disposals  
At 31 May 2024 6,000    6,000 
Net book values
At 31 May 2024 14,000    14,000 
At 31 May 2023 16,000    16,000 


4.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 June 2023 2,107    141    1,001    3,249 
Additions 9,465      83    9,548 
Disposals      
At 31 May 2024 11,572    141    1,084    12,797 
Depreciation
At 01 June 2023 921    56    420    1,397 
Charge for year 2,466    28    254    2,748 
On disposals      
At 31 May 2024 3,387    84    674    4,145 
Net book values
Closing balance as at 31 May 2024 8,185    57    410    8,652 
Opening balance as at 01 June 2023 1,186    85    581    1,852 


5.

Stocks

2024
£
  2023
£
Stocks 14,762   
14,762   

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 8,635    1,993 
Other Debtors 1,000    1,000 
CIS Control Account 501   
10,136    2,993 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 19,368    6,058 
Corporation Tax 15,276    14,881 
PAYE & Social Security 2,997    418 
CIS Control Account   468 
Directors' Current Accounts 14,420    6,182 
VAT 7,595    8,663 
59,656    36,670 

8.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 1,401   
1,401   

9.

Share Capital

Authorised
100 Ordinary shares of £1.00 each
Allotted, called up and fully paid
2024
£
  2023
£
100 Ordinary shares of £1.00 each 100    100 
100    100 

10.

Related party transcations

At the year end, the directors were owed £14,420 (2023: £6,182) by the company. This is repayable on demand. 
2