L.E.C. Electrical Engineers Limited 03387173 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is Electrical engineering Digita Accounts Production Advanced 6.30.9574.0 true 03387173 2023-03-01 2024-02-29 03387173 2024-02-29 03387173 core:RetainedEarningsAccumulatedLosses 2024-02-29 03387173 core:ShareCapital 2024-02-29 03387173 core:CurrentFinancialInstruments 2024-02-29 03387173 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 03387173 core:Non-currentFinancialInstruments 2024-02-29 03387173 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 03387173 core:FurnitureFittings 2024-02-29 03387173 core:MotorVehicles 2024-02-29 03387173 core:PlantMachinery 2024-02-29 03387173 bus:SmallEntities 2023-03-01 2024-02-29 03387173 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 03387173 bus:FullAccounts 2023-03-01 2024-02-29 03387173 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 03387173 bus:RegisteredOffice 2023-03-01 2024-02-29 03387173 bus:Director1 2023-03-01 2024-02-29 03387173 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03387173 core:FurnitureFittings 2023-03-01 2024-02-29 03387173 core:MotorVehicles 2023-03-01 2024-02-29 03387173 core:PlantMachinery 2023-03-01 2024-02-29 03387173 countries:EnglandWales 2023-03-01 2024-02-29 03387173 2023-02-28 03387173 core:FurnitureFittings 2023-02-28 03387173 core:MotorVehicles 2023-02-28 03387173 core:PlantMachinery 2023-02-28 03387173 2022-03-01 2023-02-28 03387173 2023-02-28 03387173 core:RetainedEarningsAccumulatedLosses 2023-02-28 03387173 core:ShareCapital 2023-02-28 03387173 core:CurrentFinancialInstruments 2023-02-28 03387173 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 03387173 core:Non-currentFinancialInstruments 2023-02-28 03387173 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 03387173 core:FurnitureFittings 2023-02-28 03387173 core:MotorVehicles 2023-02-28 03387173 core:PlantMachinery 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 03387173

L.E.C. Electrical Engineers Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 29 February 2024

 

L.E.C. Electrical Engineers Limited

(Registration number: 03387173)
Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,582

10,110

Current assets

 

Debtors

5

21,863

82,835

Cash at bank and in hand

 

281,136

194,363

 

302,999

277,198

Creditors: Amounts falling due within one year

6

(107,188)

(97,005)

Net current assets

 

195,811

180,193

Total assets less current liabilities

 

203,393

190,303

Creditors: Amounts falling due after more than one year

6

(13,063)

(23,274)

Provisions for liabilities

(1,896)

(1,921)

Net assets

 

188,434

165,108

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

188,432

165,106

Shareholders' funds

 

188,434

165,108

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

 

L.E.C. Electrical Engineers Limited

(Registration number: 03387173)
Statement of Financial Position as at 29 February 2024

.........................................
M P Crofts
Director

 

L.E.C. Electrical Engineers Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. United Kingdom.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

L.E.C. Electrical Engineers Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

L.E.C. Electrical Engineers Limited

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

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

8,910

1,050

20,343

30,303

At 29 February 2024

8,910

1,050

20,343

30,303

Depreciation

At 1 March 2023

6,288

1,048

12,857

20,193

Charge for the year

656

-

1,872

2,528

At 29 February 2024

6,944

1,048

14,729

22,721

Carrying amount

At 29 February 2024

1,966

2

5,614

7,582

At 28 February 2023

2,622

2

7,486

10,110

5

Debtors

2024
£

2023
£

Trade debtors

21,863

82,197

Other debtors

-

638

21,863

82,835

 

L.E.C. Electrical Engineers Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

7

10,181

9,932

Trade creditors

 

1,350

-

Taxation and social security

 

69,433

82,806

Accruals and deferred income

 

3,673

3,483

Other creditors

 

22,551

784

 

107,188

97,005

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

7

13,063

23,274

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

13,063

23,274

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,181

9,932