2023-11-012024-10-312024-10-31falseSC610001LIAM MUIR ELECTRICAL CONTRACTORS 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LIAM MUIR ELECTRICAL CONTRACTORS LTD

Registered Number
SC610001
(Scotland)

Unaudited Financial Statements for the Year ended
31 October 2024

LIAM MUIR ELECTRICAL CONTRACTORS LTD
Company Information
for the year from 1 November 2023 to 31 October 2024

Directors

GORDON, Amy Catherine
MUIR, Liam

Registered Address

Mccreath Accountancy
4 South Street
Inchinnan
PA4 9RJ

Registered Number

SC610001 (Scotland)
LIAM MUIR ELECTRICAL CONTRACTORS LTD
Balance Sheet as at
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets328,20313,150
28,20313,150
Current assets
Debtors33,58215,796
Cash at bank and on hand33,501115,334
67,083131,130
Prepayments and accrued income40,400-
Creditors amounts falling due within one year4(41,711)(64,743)
Net current assets (liabilities)65,77266,387
Total assets less current liabilities93,97579,537
Creditors amounts falling due after one year5-(7,830)
Provisions for liabilities7(4,521)(4,924)
Net assets89,45466,783
Capital and reserves
Called up share capital100100
Profit and loss account89,35466,683
Shareholders' funds89,45466,783
The financial statements were approved and authorised for issue by the Board of Directors on 18 November 2024, and are signed on its behalf by:
MUIR, Liam
Director
Registered Company No. SC610001
LIAM MUIR ELECTRICAL CONTRACTORS LTD
Notes to the Financial Statements
for the year ended 31 October 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
2.Average number of employees

20242023
Average number of employees during the year34
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 November 2340,59594741,542
Additions34,85872935,587
Disposals(16,995)-(16,995)
At 31 October 2458,4581,67660,134
Depreciation and impairment
At 01 November 2327,56382928,392
Charge for year13,43630013,736
On disposals(10,197)-(10,197)
At 31 October 2430,8021,12931,931
Net book value
At 31 October 2427,65654728,203
At 31 October 2313,03211813,150
4.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables37,0761,972
Bank borrowings and overdrafts11,23327,151
Taxation and social security(6,598)35,620
Total41,71164,743
5.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts-3,106
Other creditors-4,724
Total-7,830
6.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts-4,724
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)4,5214,924
Total4,5214,924