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COMPANY REGISTRATION NUMBER: 11226853
Plugged In Electrical Services Limited
Filleted Unaudited Financial Statements
For the year ended
29 February 2024
Plugged In Electrical Services Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
7,471
10,376
Current assets
Stocks
250
250
Debtors
6
1,983
2,957
Cash at bank and in hand
29,339
18,581
--------
--------
31,572
21,788
Creditors: amounts falling due within one year
7
28,201
24,345
--------
--------
Net current assets/(liabilities)
3,371
( 2,557)
--------
--------
Total assets less current liabilities
10,842
7,819
--------
-------
Net assets
10,842
7,819
--------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
10,742
7,719
--------
-------
Shareholders funds
10,842
7,819
--------
-------
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 29 February 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 .
Plugged In Electrical Services Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 13 November 2024 , and are signed on behalf of the board by:
Mr J D Wilks
Director
Company registration number: 11226853
Plugged In Electrical Services Limited
Notes to the Financial Statements
Year ended 29 February 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 Unit 10 Innovation Square, Green Lane, Featherstone, Pontefract, West Yorkshire, WF7 6NX.
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
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(c) Current tax
The taxation expense represents the aggregate amount of current 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.
(d) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(e) 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 machinery
-
15% straight line
Motor vehicles
-
25% reducing balance
Office equipment
-
25% straight line
(f) 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.
(g) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Office equipment
Total
£
£
£
£
Cost
At 1 March 2023 and 29 February 2024
2,914
10,000
2,365
15,279
-------
--------
-------
--------
Depreciation
At 1 March 2023
1,273
2,500
1,130
4,903
Charge for the year
439
1,875
591
2,905
-------
--------
-------
--------
At 29 February 2024
1,712
4,375
1,721
7,808
-------
--------
-------
--------
Carrying amount
At 29 February 2024
1,202
5,625
644
7,471
-------
--------
-------
--------
At 28 February 2023
1,641
7,500
1,235
10,376
-------
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
1,983
2,258
Other debtors
699
-------
-------
1,983
2,957
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
237
Corporation tax
6,082
3,592
Social security and other taxes
348
331
Company credit card
1,486
530
Director's loan account
18,770
18,574
Other creditors
1,278
1,318
--------
--------
28,201
24,345
--------
--------
8. Related party transactions
During the year the directors made available loans to the company. The loans are interest free and repayable on demand. At the year end date the balance due to the directors totalled £ 18,770 (2023 - £ 18,574 ).