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Registered number: 04369376
Allum Electrical Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
JPR Accountancy Solutions Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04369376
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 13,491 16,485
13,491 16,485
CURRENT ASSETS
Stocks 6 1,500 900
Debtors 7 40,265 16,960
Cash at bank and in hand 4,393 11,669
46,158 29,529
Creditors: Amounts Falling Due Within One Year 8 (21,829 ) (8,189 )
NET CURRENT ASSETS (LIABILITIES) 24,329 21,340
TOTAL ASSETS LESS CURRENT LIABILITIES 37,820 37,825
NET ASSETS 37,820 37,825
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Profit and Loss Account 36,820 36,825
SHAREHOLDERS' FUNDS 37,820 37,825
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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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Roger Allum
Director
08/11/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Allum Electrical Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04369376 . The registered office is High View Wickham Road, Thwaite, Eye, Suffolk, IP23 7EE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 6)
5 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 7,500
As at 31 March 2024 7,500
Amortisation
As at 1 April 2023 7,500
As at 31 March 2024 7,500
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 32,262 93,582 1,372 127,216
Additions 1,055 - - 1,055
As at 31 March 2024 33,317 93,582 1,372 128,271
Depreciation
As at 1 April 2023 26,578 83,423 730 110,731
Provided during the period 1,348 2,540 161 4,049
As at 31 March 2024 27,926 85,963 891 114,780
Net Book Value
As at 31 March 2024 5,391 7,619 481 13,491
As at 1 April 2023 5,684 10,159 642 16,485
6. Stocks
2024 2023
£ £
Materials 1,500 900
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 27,700 7,710
Prepayments and accrued income - 4,959
Deferred tax current asset 3,386 2,817
VAT 5,930 726
Other taxes and social security 1,168 748
Director's loan account 2,081 -
40,265 16,960
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 17,321 484
Bank loans and overdrafts (2,524 ) (2,600 )
Corporation tax 3,734 4,601
Net wages 2,578 2,253
Accruals and deferred income 720 695
Director's loan account - 2,756
21,829 8,189
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Roger Allum (2,755 ) 7,148 2,312 - 2,081
The above loan is unsecured, interest free and repayable on demand.
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