IPH ELECTRICAL LIMITED
Registered number: 08965592
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 3,200 4,800
Tangible assets 4 45,266 49,300
48,466 54,100
Current assets
Stocks 26,524 34,563
Debtors 5 41,616 121,833
Cash at bank and in hand 13,033 14,086
81,173 170,482
Creditors: amounts falling due within one year 6 (89,235) (121,036)
Net current (liabilities)/assets (8,062) 49,446
Total assets less current liabilities 40,404 103,546
Creditors: amounts falling due after more than one year 7 (23,292) (34,465)
Provisions for liabilities (11,865) (10,741)
Net assets 5,247 58,340
Capital and reserves
Called up share capital 100 100
Profit and loss account 5,147 58,240
Shareholders' funds 5,247 58,340
The directors are 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 directors acknowledge their 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.
Iain Hackett
Director
Approved by the board on 28 October 2024
IPH ELECTRICAL LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 16,000
At 31 March 2024 16,000
Amortisation
At 1 April 2023 11,200
Provided during the year 1,600
At 31 March 2024 12,800
Net book value
At 31 March 2024 3,200
At 31 March 2023 4,800
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 11,623 74,215 85,838
Additions 1,497 - 1,497
At 31 March 2024 13,120 74,215 87,335
Depreciation
At 1 April 2023 8,305 28,233 36,538
Charge for the year 933 4,598 5,531
At 31 March 2024 9,238 32,831 42,069
Net book value
At 31 March 2024 3,882 41,384 45,266
At 31 March 2023 3,318 45,982 49,300
5 Debtors 2024 2023
£ £
Trade debtors 71,043 172,927
Other debtors (29,427) (51,094)
41,616 121,833
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 66,732 83,251
Corporation tax - 8,940
Other taxes and social security costs 4,637 (289)
Other creditors 17,866 29,134
89,235 121,036
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 23,292 34,465
8 Other information
IPH ELECTRICAL LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Suite 83, Prinny Mill
68 Blackburn Road
#REF!
Haslingden
BB4 5HL
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