2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 04915549 2023-04-01 2024-03-31 04915549 2024-03-31 04915549 2023-03-31 04915549 2022-04-01 2023-03-31 04915549 2023-03-31 04915549 2022-03-31 04915549 core:PlantMachinery 2023-04-01 2024-03-31 04915549 core:FurnitureFittings 2023-04-01 2024-03-31 04915549 core:MotorVehicles 2023-04-01 2024-03-31 04915549 bus:Director1 2023-04-01 2024-03-31 04915549 core:PlantMachinery 2023-03-31 04915549 core:FurnitureFittings 2023-03-31 04915549 core:MotorVehicles 2023-03-31 04915549 core:PlantMachinery 2024-03-31 04915549 core:FurnitureFittings 2024-03-31 04915549 core:MotorVehicles 2024-03-31 04915549 core:WithinOneYear 2024-03-31 04915549 core:WithinOneYear 2023-03-31 04915549 core:AfterOneYear 2024-03-31 04915549 core:AfterOneYear 2023-03-31 04915549 core:ShareCapital 2024-03-31 04915549 core:ShareCapital 2023-03-31 04915549 core:RetainedEarningsAccumulatedLosses 2024-03-31 04915549 core:RetainedEarningsAccumulatedLosses 2023-03-31 04915549 core:PlantMachinery 2023-03-31 04915549 core:FurnitureFittings 2023-03-31 04915549 core:MotorVehicles 2023-03-31 04915549 bus:Director1 2023-03-31 04915549 bus:Director1 2024-03-31 04915549 bus:Director1 2022-03-31 04915549 bus:Director1 2023-03-31 04915549 bus:Director1 2022-04-01 2023-03-31 04915549 bus:SmallEntities 2023-04-01 2024-03-31 04915549 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04915549 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04915549 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04915549 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 04915549
Chris Bailey Electrical Ltd
Filleted Unaudited Financial Statements
31 March 2024
Chris Bailey Electrical Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
37,581
21,114
Current assets
Stocks
2,800
2,800
Debtors
6
215,220
195,374
Cash at bank and in hand
40,481
11,966
---------
---------
258,501
210,140
Creditors: amounts falling due within one year
7
244,790
172,059
---------
---------
Net current assets
13,711
38,081
--------
--------
Total assets less current liabilities
51,292
59,195
Creditors: amounts falling due after more than one year
8
50,637
59,125
--------
--------
Net assets
655
70
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
653
68
----
----
Shareholders funds
655
70
----
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Chris Bailey Electrical Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 13 December 2024 , and are signed on behalf of the board by:
Mr C Bailey
Director
Company registration number: 04915549
Chris Bailey Electrical Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Arbor Road, Croft, Leicetsre, LE9 3GB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
33% straight line
Motor vehicles
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 1 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
4,049
13,111
24,096
41,256
Additions
22,780
22,780
-------
--------
--------
--------
At 31 March 2024
4,049
13,111
46,876
64,036
-------
--------
--------
--------
Depreciation
At 1 April 2023
3,455
11,266
5,421
20,142
Charge for the year
131
1,223
4,959
6,313
-------
--------
--------
--------
At 31 March 2024
3,586
12,489
10,380
26,455
-------
--------
--------
--------
Carrying amount
At 31 March 2024
463
622
36,496
37,581
-------
--------
--------
--------
At 31 March 2023
594
1,845
18,675
21,114
-------
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
48,476
57,863
Other debtors
166,744
137,511
---------
---------
215,220
195,374
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7,797
509
Trade creditors
65,382
15,080
Corporation tax
31,820
25,842
Social security and other taxes
46,793
37,924
Other creditors
92,998
92,704
---------
---------
244,790
172,059
---------
---------
Bibby Financial Services Limited hold a charge against the company in respect of other creditors amounting to £38,532 (2023: £53,926)
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
36,229
50,500
Other creditors
14,408
8,625
--------
--------
50,637
59,125
--------
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
4,448
----
-------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr C Bailey
137,511
82,851
( 53,618)
166,744
---------
--------
--------
---------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr C Bailey
127,960
75,579
( 66,028)
137,511
---------
--------
--------
---------