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Registered number: 07294914
Noble Electrical Contractors Limited
Financial Statements
For The Year Ended 30 June 2024
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07294914
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 53,419 42,006
53,419 42,006
CURRENT ASSETS
Stocks 5 19,082 16,810
Debtors 6 263,949 338,311
Cash at bank and in hand - 47
283,031 355,168
Creditors: Amounts Falling Due Within One Year 7 (249,644 ) (303,000 )
NET CURRENT ASSETS (LIABILITIES) 33,387 52,168
TOTAL ASSETS LESS CURRENT LIABILITIES 86,806 94,174
Creditors: Amounts Falling Due After More Than One Year 8 (73,658 ) (77,912 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,815 ) (7,544 )
NET ASSETS 333 8,718
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 233 8,618
SHAREHOLDERS' FUNDS 333 8,718
Page 1
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For the year ending 30 June 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 Christopher Noble
Director
10 October 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Noble Electrical Contractors Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07294914 . The registered office is Unit 2, 10 Great Northern Way, Nottingham, Nottinghamshire, NG4 2HD.
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. 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% Straight Line
Motor Vehicles 20% Straight Line
Fixtures & Fittings 20% Straight Line
Computer Equipment 20% Straight Line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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.
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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 years 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 assets reflect 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 8)
9 8
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 17,882 51,759 9,042 11,398 90,081
Additions 10,000 20,820 - 3,063 33,883
As at 30 June 2024 27,882 72,579 9,042 14,461 123,964
Depreciation
As at 1 July 2023 10,894 21,753 7,238 8,190 48,075
Provided during the period 4,577 14,166 1,478 2,249 22,470
As at 30 June 2024 15,471 35,919 8,716 10,439 70,545
Net Book Value
As at 30 June 2024 12,411 36,660 326 4,022 53,419
As at 1 July 2023 6,988 30,006 1,804 3,208 42,006
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 36,659 30,005
36,659 30,005
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5. Stocks
2024 2023
£ £
Stock 19,082 16,810
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 126,962 210,122
Other debtors 136,987 128,189
263,949 338,311
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 14,380 9,175
Trade creditors 33,551 73,498
Bank loans and overdrafts 30,518 43,223
Corporation tax 20,556 9,720
Other taxes and social security 14,122 49,097
VAT 110,993 94,966
Other creditors - 1,817
Other creditors (1) 21,324 17,504
Accruals and deferred income 4,200 4,000
249,644 303,000
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 41,241 38,602
Bank loans 32,417 38,103
Other creditors (1) - 1,207
73,658 77,912
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 14,380 9,175
Later than one year and not later than five years 41,241 38,602
55,621 47,777
55,621 47,777
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10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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