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
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
We Love Your Electrics Ltd
Statement of financial position
as at 29 February 2024
Tangible assets
1,533
8,762
Cash at bank and in hand
1,465
2,006
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
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
We Love Your Electrics Ltd
Notes to the Accounts
for the year ended 29 February 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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
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
At 29 February 2024
678
855
1,533
At 28 February 2023
904
7,858
8,762
We Love Your Electrics Ltd
Notes to the Accounts
for the year ended 29 February 2024
Amounts falling due within one year
Trade debtors
6,145
32,365
Accrued income and prepayments
-
12,342
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
4,000
4,000
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
7
Creditors: amounts falling due after more than one year
2024
2023
8
Average number of employees
During the year the average number of employees was 10 (2023: 10).