Registered number
01351788
COLIN KHALID ELECTRICALS LIMITED
Filleted Accounts
31 March 2024
COLIN KHALID ELECTRICALS LIMITED
Registered number: 01351788
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 31,814 9,933
Current assets
Stocks 173,347 164,749
Debtors 4 113,920 95,071
Cash at bank and in hand 373,169 411,989
660,436 671,809
Creditors: amounts falling due within one year 5 (84,411) (82,138)
Net current assets 576,025 589,671
Net assets 607,839 599,604
Capital and reserves
Called up share capital 5,000 5,000
Profit and loss account 602,839 594,604
Shareholders' funds 607,839 599,604
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.
Sahail Khalid
Director
Approved by the board on 15 October 2024
COLIN KHALID ELECTRICALS LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
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).
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% Reducing balance
Motor Vehicle 15% Reducing balance
Fittings & Fixtures 15% Reducing balance
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 10
3 Tangible fixed assets
Fittings & Fixtures Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 - 13,584 - 13,584
Additions 1,875 - 25,620 27,495
At 31 March 2024 1,875 13,584 25,620 41,079
Depreciation
At 1 April 2023 - 3,651 - 3,651
Charge for the year 281 1,490 3,843 5,614
At 31 March 2024 281 5,141 3,843 9,265
Net book value
At 31 March 2024 1,594 8,443 21,777 31,814
At 31 March 2023 - 9,933 - 9,933
4 Debtors 2024 2023
£ £
Trade debtors 113,920 95,071
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 59,481 53,685
Corporation tax 6,200 11,302
Other taxes 17,530 17,151
84,411 82,138
6 Other information
COLIN KHALID ELECTRICALS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
53 Knowsley Street
Manchester
M8 8JF
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