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Company Registration No. SC525946 (Scotland)
We Love Your Electrics Ltd Unaudited accounts for the year ended 29 February 2024
We Love Your Electrics Ltd Unaudited accounts Contents
Page
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We Love Your Electrics Ltd Company Information for the year ended 29 February 2024
Directors
Jamie William Gemmill Riley Gemmill
Secretary
Jamie William Gemmill
Company Number
SC525946 (Scotland)
Registered Office
Unit 14 Baltic Business Park Murray Street Paisley PA3 1QN
Accountants
Arran Accountancy Limited Alexanders Brodick Isle of Arran KA27 8HF
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We Love Your Electrics Ltd Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,533 
8,762 
Current assets
Debtors
6,178 
59,650 
Cash at bank and in hand
1,465 
2,006 
7,643 
61,656 
Creditors: amounts falling due within one year
(20,983)
(42,824)
Net current (liabilities)/assets
(13,340)
18,832 
Total assets less current liabilities
(11,807)
27,594 
Creditors: amounts falling due after more than one year
(21,333)
(24,333)
Net (liabilities)/assets
(33,140)
3,261 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(33,240)
3,161 
Shareholders' funds
(33,140)
3,261 
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by
Jamie William Gemmill Director Company Registration No. SC525946
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We Love Your Electrics Ltd Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
We Love Your Electrics Ltd is a private company, limited by shares, registered in Scotland, registration number SC525946. The registered office is Unit 14 Baltic Business Park, Murray Street, Paisley, PA3 1QN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% Reducing Balance
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 March 2023
1,223 
21,000 
22,223 
Disposals
- 
(17,400)
(17,400)
At 29 February 2024
1,223 
3,600 
4,823 
Depreciation
At 1 March 2023
319 
13,142 
13,461 
Charge for the year
226 
285 
511 
On disposals
- 
(10,682)
(10,682)
At 29 February 2024
545 
2,745 
3,290 
Net book value
At 29 February 2024
678 
855 
1,533 
At 28 February 2023
904 
7,858 
8,762 
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We Love Your Electrics Ltd Notes to the Accounts for the year ended 29 February 2024
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
6,145 
32,365 
Accrued income and prepayments
- 
12,342 
Other debtors
33 
14,943 
6,178 
59,650 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
4,000 
4,000 
VAT
(27)
12,891 
Obligations under finance leases and hire purchase contracts
- 
405 
Trade creditors
24,755 
11,529 
Taxes and social security
(13,986)
8,085 
Other creditors
6,241 
5,914 
20,983 
42,824 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
21,333 
24,333 
8
Average number of employees
During the year the average number of employees was 10 (2023: 10).
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