Registered number
06790376
BARNSLEY ELECTRICAL SUPPLIES LIMITED
Filleted Accounts
31 March 2024
BARNSLEY ELECTRICAL SUPPLIES LIMITED
Registered number: 06790376
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 6,324
Tangible assets 4 - 19,161
- 25,485
Current assets
Stocks 147,500 166,013
Debtors 5 408,926 410,784
Cash at bank and in hand 10,913 101
567,339 576,898
Creditors: amounts falling due within one year 6 (504,923) (499,115)
Net current assets 62,416 77,783
Total assets less current liabilities 62,416 103,268
Creditors: amounts falling due after more than one year 7 (50,180) (83,825)
Provisions for liabilities - (3,641)
Net assets 12,236 15,802
Capital and reserves
Called up share capital 103 103
Profit and loss account 12,133 15,699
Shareholders' funds 12,236 15,802
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.
R Barraclough
Director
Approved by the board on 9 October 2024
BARNSLEY ELECTRICAL SUPPLIES 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.
Intangible fixed assets
Goodwill straight line over 10years.
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:
Motor vehicles 25% reducing balance
Plant and machinery straight line over 10 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 34,690
At 31 March 2024 34,690
Amortisation
At 1 April 2023 28,366
Provided during the year 6,324
At 31 March 2024 34,690
Net book value
At 31 March 2024 -
At 31 March 2023 6,324
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 5,863 45,033 50,896
Disposals - (45,033) (45,033)
At 31 March 2024 5,863 - 5,863
Depreciation
At 1 April 2023 5,863 25,872 31,735
On disposals - (25,872) (25,872)
At 31 March 2024 5,863 - 5,863
Net book value
At 31 March 2024 - - -
At 31 March 2023 - 19,161 19,161
5 Debtors 2024 2023
£ £
Trade debtors 406,174 406,456
Other debtors 2,752 4,328
408,926 410,784
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 39,991 153,316
Obligations under finance lease and hire purchase contracts 16,845 5,839
Trade creditors 251,580 168,107
Taxation and social security costs 103,255 80,585
Other creditors 93,252 91,268
504,923 499,115
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 25,018 78,473
Obligations under finance lease and hire purchase contracts 25,162 5,352
50,180 83,825
8 Other information
BARNSLEY ELECTRICAL SUPPLIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 8 The Old Bakery
Harborough Hill Road
Barnsley
S71 1BQ
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