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Registered number: 06775685
London Electrical.Com Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Brisan Accountancy Ltd
Canada House, First Floor, 20/20 Business Park
Maidstone
Kent
ME16 0LS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06775685
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 10,451 6,765
10,451 6,765
CURRENT ASSETS
Stocks 5 30,999 8,259
Debtors 6 447,449 297,446
Cash at bank and in hand 1,683 30,979
480,131 336,684
Creditors: Amounts Falling Due Within One Year 7 (258,822 ) (191,833 )
NET CURRENT ASSETS (LIABILITIES) 221,309 144,851
TOTAL ASSETS LESS CURRENT LIABILITIES 231,760 151,616
Creditors: Amounts Falling Due After More Than One Year 8 (29,635 ) (35,041 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (2,021 ) (1,332 )
NET ASSETS 200,104 115,243
CAPITAL AND RESERVES
Called up share capital 10 70 70
Capital redemption reserve 50 50
Profit and Loss Account 199,984 115,123
SHAREHOLDERS' FUNDS 200,104 115,243
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Matthew Mcbrearty
Director
3 December 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
London Electrical.Com Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06775685 . The registered office is Canada House, First Floor, 20/20 Business Park, Maidstone, Kent, ME16 0LS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on reducing balance
Computer Equipment 25% on reducing balance
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Government Grant
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 3)
4 3
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 803 10,145 10,948
Additions 6,792 - 6,792
As at 31 March 2024 7,595 10,145 17,740
Depreciation
As at 1 April 2023 167 4,016 4,183
Provided during the period 1,574 1,532 3,106
As at 31 March 2024 1,741 5,548 7,289
Net Book Value
As at 31 March 2024 5,854 4,597 10,451
As at 1 April 2023 636 6,129 6,765
5. Stocks
2024 2023
£ £
Work in progress 30,999 8,259
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 274,796 101,635
Prepayments and accrued income 8,774 7,482
Other debtors 400 55,273
Director's loan account 115,917 128,737
Amounts owed by associates 9,189 4,319
409,076 297,446
Due after more than one year
Corporation tax recoverable assets 38,373 -
447,449 297,446
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 151,519 72,247
Bank loans and overdrafts 5,550 5,700
Corporation tax 58,449 51,063
Other taxes and social security 8,522 4,124
VAT 29,994 58,699
Other creditors 4,788 -
258,822 191,833
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 29,635 35,041
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 2,021 1,332
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 70 70
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11. Directors Advances, Credits and Guarantees
Included within debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Matthew Mcbrearty 128,737 4,915 17,735 - 115,917
Interest is charged at the HMRC approved rate of interest
12. Ultimate Controlling Party
The company's ultimate controlling party is Mr M McBrearty by virtue of his ownership of 100% of the issued share capital in the company.
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