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REGISTERED NUMBER: 03612095 (England and Wales)















Needham Electrical Limited

Unaudited Financial Statements

For The Year Ended 29 February 2024






Needham Electrical Limited (Registered number: 03612095)

Contents of the Financial Statements
For The Year Ended 29 February 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


Needham Electrical Limited

Company Information
For The Year Ended 29 February 2024







DIRECTORS: M P Dew
Mrs L A Dew





SECRETARY:





REGISTERED OFFICE: Unit 81 Centaur Court
Claydon Business Park
Gt. Blakenham
Ipswich
Suffolk
IP6 0NL





REGISTERED NUMBER: 03612095 (England and Wales)





ACCOUNTANTS: John Phillips & Co Limited
Accountants
Unit 81 Centaur Court
Claydon Business Park
Gt. Blakenham
Ipswich
Suffolk
IP6 0NL

Needham Electrical Limited (Registered number: 03612095)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 45,640 18,288

CURRENT ASSETS
Stocks 5 163,419 186,000
Debtors 6 180,014 198,899
Cash at bank - 9,527
343,433 394,426
CREDITORS
Amounts falling due within one year 7 332,697 354,655
NET CURRENT ASSETS 10,736 39,771
TOTAL ASSETS LESS CURRENT
LIABILITIES

56,376

58,059

CREDITORS
Amounts falling due after more than one
year

8

255,108

179,396
NET LIABILITIES (198,732 ) (121,337 )

CAPITAL AND RESERVES
Called up share capital 9 6 6
Retained earnings 10 (198,738 ) (121,343 )
SHAREHOLDERS' FUNDS (198,732 ) (121,337 )

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 directors acknowledge their 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.

Needham Electrical Limited (Registered number: 03612095)

Balance Sheet - 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 Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





M P Dew - Director


Needham Electrical Limited (Registered number: 03612095)

Notes to the Financial Statements
For The Year Ended 29 February 2024


1. STATUTORY INFORMATION

Needham Electrical Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
Turnover 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 - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet date.


Needham Electrical Limited (Registered number: 03612095)

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


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 20 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 55,821 1,465 68,316 11,787 137,389
Additions 13,232 - 20,174 7,966 41,372
At 29 February 2024 69,053 1,465 88,490 19,753 178,761
DEPRECIATION
At 1 March 2023 48,673 1,020 59,716 9,692 119,101
Charge for year 3,056 67 7,194 3,703 14,020
At 29 February 2024 51,729 1,087 66,910 13,395 133,121
NET BOOK VALUE
At 29 February 2024 17,324 378 21,580 6,358 45,640
At 28 February 2023 7,148 445 8,600 2,095 18,288

Needham Electrical Limited (Registered number: 03612095)

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


5. STOCKS
29.2.24 28.2.23
£    £   
Stocks 55,000 50,000
Work-in-progress 108,419 136,000
163,419 186,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 175,608 196,957
Amounts owed by participating interests - 442
Prepayments 4,406 1,500
180,014 198,899

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 39,188 35,841
Hire purchase contracts 5,052 -
Trade creditors 76,066 53,906
Social security and other taxes 12,860 13,962
VAT 38,400 63,589
Credit card 42,763 58,710
Lloyds Factoring Account 104,296 105,084
Directors' loan accounts 9,261 9,763
Accrued expenses 4,811 13,800
332,697 354,655

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans - 2-5 years 90,883 32,396
Hire purchase contracts 17,225 -
Directors' Loan Account 147,000 147,000
255,108 179,396

Needham Electrical Limited (Registered number: 03612095)

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


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
4 Ordinary £1 4 4
1 Ordinary ''B'' Non-voting £1 1 1
1 Ordinary ''C'' Non-voting £1 1 1
6 6

10. RESERVES
Retained
earnings
£   

At 1 March 2023 (121,343 )
Deficit for the year (77,395 )
At 29 February 2024 (198,738 )