Terry Baker Electrical Contractor Limited 03769187 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is that of electrical contractors. Digita Accounts Production Advanced 6.30.9574.0 true true 03769187 2023-03-01 2024-02-29 03769187 2024-02-29 03769187 bus:CompanySecretaryDirector1 1 2024-02-29 03769187 core:CurrentFinancialInstruments 2024-02-29 03769187 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 03769187 core:Goodwill 2024-02-29 03769187 core:FurnitureFittings 2024-02-29 03769187 core:LandBuildings core:OwnedOrFreeholdAssets 2024-02-29 03769187 core:MotorVehicles 2024-02-29 03769187 core:OtherPropertyPlantEquipment 2024-02-29 03769187 bus:SmallEntities 2023-03-01 2024-02-29 03769187 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 03769187 bus:FilletedAccounts 2023-03-01 2024-02-29 03769187 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 03769187 bus:RegisteredOffice 2023-03-01 2024-02-29 03769187 bus:CompanySecretaryDirector1 2023-03-01 2024-02-29 03769187 bus:CompanySecretaryDirector1 1 2023-03-01 2024-02-29 03769187 bus:Director1 2023-03-01 2024-02-29 03769187 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03769187 core:Goodwill 2023-03-01 2024-02-29 03769187 core:Buildings 2023-03-01 2024-02-29 03769187 core:FurnitureFittings 2023-03-01 2024-02-29 03769187 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03769187 core:MotorVehicles 2023-03-01 2024-02-29 03769187 core:OfficeEquipment 2023-03-01 2024-02-29 03769187 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 03769187 countries:EnglandWales 2023-03-01 2024-02-29 03769187 2023-02-28 03769187 bus:CompanySecretaryDirector1 1 2023-02-28 03769187 core:Goodwill 2023-02-28 03769187 core:FurnitureFittings 2023-02-28 03769187 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 03769187 core:MotorVehicles 2023-02-28 03769187 core:OtherPropertyPlantEquipment 2023-02-28 03769187 2022-03-01 2023-02-28 03769187 2023-02-28 03769187 bus:CompanySecretaryDirector1 1 2023-02-28 03769187 bus:Director1 1 2023-02-28 03769187 core:CurrentFinancialInstruments 2023-02-28 03769187 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 03769187 core:Goodwill 2023-02-28 03769187 core:FurnitureFittings 2023-02-28 03769187 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 03769187 core:MotorVehicles 2023-02-28 03769187 core:OtherPropertyPlantEquipment 2023-02-28 03769187 bus:CompanySecretaryDirector1 1 2022-03-01 2023-02-28 03769187 bus:Director1 1 2022-03-01 2023-02-28 03769187 bus:CompanySecretaryDirector1 1 2022-02-28 03769187 bus:Director1 1 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 03769187

Terry Baker Electrical Contractor Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Terry Baker Electrical Contractor Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Terry Baker Electrical Contractor Limited

Company Information

Directors

Mr T R Baker

Mrs C A Baker

Company secretary

Mrs C A Baker

Registered office

130A Godinton Road
Ashford
Kent
TN23 1LJ

 

Terry Baker Electrical Contractor Limited

(Registration number: 03769187)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

350,189

314,194

 

350,189

314,194

Current assets

 

Stocks

69,650

71,340

Debtors

6

327,595

352,182

Cash at bank and in hand

 

640,344

341,322

 

1,037,589

764,844

Creditors: Amounts falling due within one year

7

(340,269)

(258,733)

Net current assets

 

697,320

506,111

Total assets less current liabilities

 

1,047,509

820,305

Provisions for liabilities

(30,758)

(26,504)

Net assets

 

1,016,751

793,801

Capital and reserves

 

Called up share capital

2

2

Retained earnings

1,016,749

793,799

Total equity

 

1,016,751

793,801

 

Terry Baker Electrical Contractor Limited

(Registration number: 03769187)
Balance Sheet as at 29 February 2024

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 November 2024 and signed on its behalf by:
 

.........................................

Mr T R Baker
Director

.........................................

Mrs C A Baker
Company secretary and director

 

Terry Baker Electrical Contractor Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office and principal place of business is:
130A Godinton Road
Ashford
Kent
TN23 1LJ

These financial statements were authorised for issue by the Board on 12 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are presented in pounds sterling, which is the company’s functional currency, rounded to the nearest whole pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when:

- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

Government grants

The company recognises government grants in income when the conditions attached to a grant are met, and the company has reasonable assurance that the grant will be received. Where a government grant is unconditional then the company recognises the grant in income when it is receivable. If a government grant is received before the conditions attached to it are satisfied, the grant is recognised as a liability, and only released to income once the conditions are met.

Deferred tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Deferred taxation is calculated with reference to the tax rates expected to apply when the timing differences crystallise, based on current tax rates and law.

 

Terry Baker Electrical Contractor Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and impairment

Depreciation is charged so as to write off the cost of tangible assets less any estimated residual value, other than freehold land, over their estimated useful economic lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

2% straight line, per annum

Fixtures and fittings

25% reducing balance, per annum

Motor vehicles

25% reducing balance, per annum

Office equipment

25% reducing balance, per annum

Tangible assets are subject to annual impairment reviews.

Goodwill

Goodwill is the difference between the fair value of consideration paid for an acquired entity and the aggregate of the fair value of that entity's identifiable assets and liabilities.

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life.

Amortisation and impairment

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their expected useful economic life, as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line, per annum

Intangible assets are subject to annual impairment reviews.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged to profit or loss account as incurred.

Defined contribution pension obligation

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.

Financial instruments

A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Basic financial instruments are recognised at amortised cost. The company does not have any financial instruments which are not basic financial instruments.


3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2023 - 28).

 

Terry Baker Electrical Contractor Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 March 2023

151,455

151,455

At 29 February 2024

151,455

151,455

Amortisation

At 1 March 2023

151,455

151,455

At 29 February 2024

151,455

151,455

Carrying amount

At 29 February 2024

-

-

At 28 February 2023

-

-

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Office equipment
£

Total
£

Cost

At 1 March 2023

253,276

9,640

243,677

40,000

546,593

Additions

-

-

70,500

-

70,500

Disposals

-

-

(7,700)

-

(7,700)

At 29 February 2024

253,276

9,640

306,477

40,000

609,393

Depreciation

At 1 March 2023

27,863

9,393

156,931

38,212

232,399

Charge for the year

2,533

62

29,978

447

33,020

Eliminated on disposal

-

-

(6,215)

-

(6,215)

At 29 February 2024

30,396

9,455

180,694

38,659

259,204

Carrying amount

At 29 February 2024

222,880

185

125,783

1,341

350,189

At 28 February 2023

225,413

247

86,746

1,788

314,194

6

Debtors

Current

2024
£

2023
£

Trade debtors

301,732

332,608

Prepayments

25,863

19,574

 

327,595

352,182

 

Terry Baker Electrical Contractor Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

7

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

8

-

6,074

Trade creditors

 

100,529

79,920

Taxation and social security

 

191,120

130,987

Accruals and deferred income

 

18,057

24,508

Other creditors

 

30,563

17,244

 

340,269

258,733

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

6,074

 

Terry Baker Electrical Contractor Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

9

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Mrs C A Baker

-

958

(958)

-

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr T R Baker

-

468

(468)

-

Mrs C A Baker

-

1,659

(1,659)

-

Advances made to the directors and debit balances on directors' loan accounts are unsecured, interest-free and repayable on the company's demand.