Registration number:
Terry Baker Electrical Contractor Limited
for the Year Ended 29 February 2024
Terry Baker Electrical Contractor Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Terry Baker Electrical Contractor Limited
Company Information
Directors |
Mr T R Baker Mrs C A Baker |
Company secretary |
Mrs C A Baker |
Registered office |
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Terry Baker Electrical Contractor Limited
(Registration number: 03769187)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
- |
- |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Retained earnings |
1,016,749 |
793,799 |
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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:
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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
.........................................
Director
.........................................
Company secretary and director
Terry Baker Electrical Contractor Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
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:
These financial statements were authorised for issue by the
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
Basic financial instruments are recognised at amortised cost. The company does not have any financial instruments which are not basic financial instruments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Terry Baker Electrical Contractor Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Intangible assets |
Goodwill |
Total |
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Cost |
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At 1 March 2023 |
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At 29 February 2024 |
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Amortisation |
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At 1 March 2023 |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
- |
- |
At 28 February 2023 |
- |
- |
Tangible assets |
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Office equipment |
Total |
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Cost |
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At 1 March 2023 |
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Additions |
- |
- |
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- |
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Disposals |
- |
- |
( |
- |
( |
At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
- |
( |
At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Terry Baker Electrical Contractor Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Creditors: amounts falling due within one year |
Note |
2024 |
2023 |
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Loans and borrowings |
- |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
- |
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Terry Baker Electrical Contractor Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
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 |
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- |
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( |
- |
2023 |
At 1 March 2022 |
Advances to director |
Repayments by director |
At 28 February 2023 |
Mr T R Baker |
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- |
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( |
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Mrs C A Baker |
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( |
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Advances made to the directors and debit balances on directors' loan accounts are unsecured, interest-free and repayable on the company's demand.