Andy Iles Electrics Ltd 11745532 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is electrician services Digita Accounts Production Advanced 6.30.9574.0 true true 11745532 2023-02-01 2024-01-31 11745532 2024-01-31 11745532 core:CurrentFinancialInstruments 2024-01-31 11745532 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 11745532 core:FurnitureFittingsToolsEquipment 2024-01-31 11745532 core:MotorVehicles 2024-01-31 11745532 bus:SmallEntities 2023-02-01 2024-01-31 11745532 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 11745532 bus:FilletedAccounts 2023-02-01 2024-01-31 11745532 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 11745532 bus:RegisteredOffice 2023-02-01 2024-01-31 11745532 bus:Director1 2023-02-01 2024-01-31 11745532 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 11745532 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 11745532 core:MotorVehicles 2023-02-01 2024-01-31 11745532 countries:UnitedKingdom 2023-02-01 2024-01-31 11745532 2023-01-31 11745532 core:FurnitureFittingsToolsEquipment 2023-01-31 11745532 core:MotorVehicles 2023-01-31 11745532 2022-02-01 2023-01-31 11745532 2023-01-31 11745532 core:CurrentFinancialInstruments 2023-01-31 11745532 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 11745532 core:FurnitureFittingsToolsEquipment 2023-01-31 11745532 core:MotorVehicles 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 11745532

Andy Iles Electrics Ltd

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Andy Iles Electrics Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Andy Iles Electrics Ltd

(Registration number: 11745532)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

11,524

13,439

Current assets

 

Debtors

5

778

1,344

Cash at bank and in hand

 

8,856

6,086

 

9,634

7,430

Creditors: Amounts falling due within one year

6

(15,614)

(13,732)

Net current liabilities

 

(5,980)

(6,302)

Total assets less current liabilities

 

5,544

7,137

Provisions for liabilities

(2,018)

-

Net assets

 

3,526

7,137

Capital and reserves

 

Called up share capital

100

100

Retained earnings

3,426

7,037

Shareholders' funds

 

3,526

7,137

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 October 2024
 

.........................................
Mr Andrew Iles
Director

 

Andy Iles Electrics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
5 Grayling Way
Stevenage
Hertfordshire
SG1 4FR
United Kingdom

These financial statements were authorised for issue by the director on 2 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the company year end the balance sheet showed net current liabilities, the director has pledged his ongoing support and as such the financial statements have been prepared on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Andy Iles Electrics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Andy Iles Electrics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

-

16,799

16,799

Additions

1,153

-

1,153

At 31 January 2024

1,153

16,799

17,952

Depreciation

At 1 February 2023

-

3,360

3,360

Charge for the year

380

2,688

3,068

At 31 January 2024

380

6,048

6,428

Carrying amount

At 31 January 2024

773

10,751

11,524

At 31 January 2023

-

13,439

13,439

5

Debtors

Current

2024
£

2023
£

Trade debtors

778

1,344

 

778

1,344

 

Andy Iles Electrics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

2,047

3,629

Taxation and social security

4,340

6,562

Other creditors

9,227

3,541

15,614

13,732

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of 150.00 (2023 - 120.00) per each Ordinary

15,000

12,000

 

 

9

Related party transactions

Other transactions with the director

At the company year end the company owed the director £3,921 (2023 : £2,329). There are no terms relating to repayment nor interest being charged.