Registered number
08915468
FRL Electrical Limited
Filleted Accounts
29 February 2024
FRL Electrical Limited
Registered number: 08915468
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,260 2,971
Current assets
Debtors 4 12,323 20,406
Cash at bank and in hand 24,706 49,952
37,029 70,358
Creditors: amounts falling due within one year 5 (13,954) (33,994)
Net current assets 23,075 36,364
Total assets less current liabilities 25,335 39,335
Creditors: amounts falling due after more than one year 6 (9,583) (14,583)
Provisions for liabilities (429) (564)
Net assets 15,323 24,188
Capital and reserves
Called up share capital 101 101
Profit and loss account 15,222 24,087
Shareholders' funds 15,323 24,188
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.
Mr F Lee
Director
Approved by the board on 4 June 2024
FRL Electrical Limited
Notes to the Accounts
for the year ended 29 February 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.
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:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 3,358 23,157 26,515
At 29 February 2024 3,358 23,157 26,515
Depreciation
At 1 March 2023 2,705 20,839 23,544
Charge for the year 131 580 711
At 29 February 2024 2,836 21,419 24,255
Net book value
At 29 February 2024 522 1,738 2,260
At 28 February 2023 653 2,318 2,971
4 Debtors 2024 2023
£ £
Other debtors 12,323 20,406
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,000 5,000
Corporation tax 5,518 8,058
Other taxes and social security costs 1,630 405
Other creditors 1,806 20,531
13,954 33,994
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,583 14,583
7 Related party transactions 2024 2023
The director is a related party to the company. At 28 February the following unsecured, interest free loans, repayable upon demand, were outstanding: £ £
Amounts due to the related party 497 5,217
8 Controlling party
Mr and Mrs Lee are the ultimate controlling parties by virtue of their combined ownership of the company's entire issued share capital.
9 Other information
FRL Electrical Limited is a private company limited by shares and incorporated in England. Its registered office is:
89 Chorley Road
Swinton
Manchester
M27 4AA
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