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COMPANY REGISTRATION NUMBER: 05378124
Coleman's Electrical Limited
Filleted Unaudited Financial Statements
31 March 2024
Coleman's Electrical Limited
Statement of Financial Position
31 March 2024
31 Mar 24
28 Feb 23
Note
£
£
£
Fixed assets
Tangible assets
5
11,769
3,693
Current assets
Debtors
6
76,889
51,772
Cash at bank and in hand
73,270
50,258
---------
---------
150,159
102,030
Creditors: amounts falling due within one year
7
74,745
46,682
---------
---------
Net current assets
75,414
55,348
--------
--------
Total assets less current liabilities
87,183
59,041
--------
--------
Net assets
87,183
59,041
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
87,181
59,039
--------
--------
Shareholders funds
87,183
59,041
--------
--------
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 period ending 31 March 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 period 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 .
Coleman's Electrical Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 21 November 2024 , and are signed on behalf of the board by:
Mr W A Coleman
Director
Company registration number: 05378124
Coleman's Electrical Limited
Notes to the Financial Statements
Period from 1 March 2023 to 31 March 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 12 Cil Y Coed, Ruabon, Wrexham, LL14 6TA.
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
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company accounting policies.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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% reducing balance
Motor Vehicles
-
25% reducing balance
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 5 (2023: 5 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 March 2023
3,960
22,194
26,154
Additions
12,000
12,000
-------
--------
--------
At 31 March 2024
3,960
34,194
38,154
-------
--------
--------
Depreciation
At 1 March 2023
2,762
19,699
22,461
Charge for the period
300
3,624
3,924
-------
--------
--------
At 31 March 2024
3,062
23,323
26,385
-------
--------
--------
Carrying amount
At 31 March 2024
898
10,871
11,769
-------
--------
--------
At 28 February 2023
1,198
2,495
3,693
-------
--------
--------
6. Debtors
31 Mar 24
28 Feb 23
£
£
Trade debtors
57,109
30,291
Other debtors
19,780
21,481
--------
--------
76,889
51,772
--------
--------
7. Creditors: amounts falling due within one year
31 Mar 24
28 Feb 23
£
£
Trade creditors
19,331
5,112
Social security and other taxes
13,413
7,334
Other creditors
42,001
34,236
--------
--------
74,745
46,682
--------
--------
8. Director's advances, credits and guarantees
The director operated a director's current account. At the start of the period the balance owed to the director by the company was £29,382 (2023 £31,890), with movement of £2,508 and the closing balance owed to the director was £32,818(2023 £29,382) The loan is interest free and repayable upon demand.