Company Registration No. NI637324 (Northern Ireland)
Electric Fires NI LTD
Unaudited accounts
for the year ended 29 February 2024
Electric Fires NI LTD
Unaudited accounts
Contents
Electric Fires NI LTD
Statement of financial position
as at 29 February 2024
Intangible assets
6,500
7,000
Tangible assets
79,758
58,573
Cash at bank and in hand
34,685
105,760
Creditors: amounts falling due within one year
(36,334)
(85,748)
Net current assets
62,599
52,134
Total assets less current liabilities
148,857
117,707
Creditors: amounts falling due after more than one year
(37,166)
(13,956)
Net assets
111,691
103,751
Called up share capital
100
100
Profit and loss account
111,591
103,651
Shareholders' funds
111,691
103,751
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 3 May 2024 and were signed on its behalf by
Trevor Best
Director
Company Registration No. NI637324
Electric Fires NI LTD
Notes to the Accounts
for the year ended 29 February 2024
Electric Fires NI LTD is a private company, limited by shares, registered in Northern Ireland, registration number NI637324. The registered office is UNIT 27 NORTHCITY BUSINESS CENTRE, DUNCAIRN GARDENS, BELFAST, BT15 2GG, NORTHERN IRELAND.
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
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Electric Fires NI LTD
Notes to the Accounts
for the year ended 29 February 2024
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill
At 29 February 2024
10,000
5
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 March 2023
73,369
29,090
6,759
109,218
Additions
63,295
406
-
63,701
Disposals
(39,792)
-
-
(39,792)
At 29 February 2024
96,872
29,496
6,759
133,127
At 1 March 2023
35,255
12,214
3,176
50,645
Charge for the year
8,649
4,321
896
13,866
On disposals
(11,142)
-
-
(11,142)
At 29 February 2024
32,762
16,535
4,072
53,369
At 29 February 2024
64,110
12,961
2,687
79,758
At 28 February 2023
38,114
16,876
3,583
58,573
Amounts falling due within one year
Trade debtors
19,058
14,977
Electric Fires NI LTD
Notes to the Accounts
for the year ended 29 February 2024
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
7,514
10,208
Obligations under finance leases and hire purchase contracts
5,544
10,859
Trade creditors
17,210
48,951
Taxes and social security
-
12,711
Loans from directors
5,998
401
8
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
37,166
13,956
9
Average number of employees
During the year the average number of employees was 4 (2023: 4).