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REGISTERED NUMBER: 07572313 (England and Wales)















Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Lacey Electrical Limited

Lacey Electrical Limited (Registered number: 07572313)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


Lacey Electrical Limited (Registered number: 07572313)

Statement of Financial Position
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 71,712 58,886

CURRENT ASSETS
Debtors 5 89,061 87,048

CREDITORS
Amounts falling due within one year 6 101,702 82,540
NET CURRENT (LIABILITIES)/ASSETS (12,641 ) 4,508
TOTAL ASSETS LESS CURRENT
LIABILITIES

59,071

63,394

CREDITORS
Amounts falling due after more than one year 7 47,426 50,573
NET ASSETS 11,645 12,821

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 11,643 12,819
SHAREHOLDERS' FUNDS 11,645 12,821

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Lacey Electrical Limited (Registered number: 07572313)

Statement of Financial Position - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 November 2024 and were signed by:





Sean Martin Lacey - Director


Lacey Electrical Limited (Registered number: 07572313)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Lacey Electrical Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07572313

Registered office: 265-269 Wimbledon Park Rd
London
SW19 6NW

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Motor vehicles - 20% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Lacey Electrical Limited (Registered number: 07572313)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 March 2023 1,000 89,609 90,609
Additions - 26,389 26,389
At 29 February 2024 1,000 115,998 116,998
DEPRECIATION
At 1 March 2023 1,000 30,723 31,723
Charge for year - 13,563 13,563
At 29 February 2024 1,000 44,286 45,286
NET BOOK VALUE
At 29 February 2024 - 71,712 71,712
At 28 February 2023 - 58,886 58,886

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 57,737 57,074
Other debtors 31,324 29,974
89,061 87,048

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 19,365 23,659
Hire purchase contracts 8,987 13,899
Trade creditors 10,168 10,755
Taxation and social security 59,046 30,858
Other creditors 4,136 3,369
101,702 82,540

Lacey Electrical Limited (Registered number: 07572313)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans 15,982 23,291
Hire purchase contracts 31,444 27,282
47,426 50,573