4 false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 32,000 32,000 19,642 13,862 1,445 15,307 4,335 5,780 xbrli:pure xbrli:shares iso4217:GBP 05370628 2023-04-01 2024-03-31 05370628 2024-03-31 05370628 2023-03-31 05370628 2022-04-01 2023-03-31 05370628 2023-03-31 05370628 core:PlantMachinery 2023-04-01 2024-03-31 05370628 bus:Director1 2023-04-01 2024-03-31 05370628 core:NetGoodwill 2024-03-31 05370628 core:PlantMachinery 2023-03-31 05370628 core:PlantMachinery 2024-03-31 05370628 core:WithinOneYear 2024-03-31 05370628 core:WithinOneYear 2023-03-31 05370628 core:ShareCapital 2024-03-31 05370628 core:ShareCapital 2023-03-31 05370628 core:RetainedEarningsAccumulatedLosses 2024-03-31 05370628 core:RetainedEarningsAccumulatedLosses 2023-03-31 05370628 core:PlantMachinery 2023-03-31 05370628 bus:SmallEntities 2023-04-01 2024-03-31 05370628 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05370628 bus:FullAccounts 2023-04-01 2024-03-31 05370628 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05370628 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 05370628
Home Electrical Limited
Filleted Unaudited Financial Statements
31 March 2024
Home Electrical Limited
Financial Statements
Year ended 31 March 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
Home Electrical Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
4,335
5,780
Current assets
Stocks
1,200
2,460
Debtors
7
16,494
75,382
Cash at bank and in hand
115,911
134,913
---------
---------
133,605
212,755
Creditors: amounts falling due within one year
8
17,205
42,467
---------
---------
Net current assets
116,400
170,288
---------
---------
Total assets less current liabilities
120,735
176,068
Provisions
Taxation including deferred tax
824
1,098
---------
---------
Net assets
119,911
174,970
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
119,811
174,870
---------
---------
Shareholders funds
119,911
174,970
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Home Electrical Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 16 October 2024 , and are signed on behalf of the board by:
Mr P J O'Donnell
Director
Company registration number: 05370628
Home Electrical Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 71 Longdale Lane, Ravenshead, Nottingham, NG15 9AG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - The purchased goodwill was written off in full over ten years.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 6 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
32,000
--------
Amortisation
At 1 April 2023 and 31 March 2024
32,000
--------
Carrying amount
At 31 March 2024
--------
At 31 March 2023
--------
6. Tangible assets
Plant and equipment
Total
£
£
Cost
At 1 April 2023 and 31 March 2024
19,642
19,642
--------
--------
Depreciation
At 1 April 2023
13,862
13,862
Charge for the year
1,445
1,445
--------
--------
At 31 March 2024
15,307
15,307
--------
--------
Carrying amount
At 31 March 2024
4,335
4,335
--------
--------
At 31 March 2023
5,780
5,780
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
12,031
70,607
Other debtors
4,463
4,775
--------
--------
16,494
75,382
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,762
18,972
Social security and other taxes
6,797
19,560
Credit cards
3,221
1,475
Other creditors
2,425
2,460
--------
--------
17,205
42,467
--------
--------