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COMPANY REGISTRATION NUMBER: 14473432
Maltings Electrical Limited
Filleted Unaudited Financial Statements
For the year ended
31 August 2024
Maltings Electrical Limited
Financial Statements
Year ended 31 August 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Maltings Electrical Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
£
Fixed assets
Investments
5
360,600
360,600
Current assets
Debtors
6
6,100
100
Cash at bank and in hand
7,569
3,028
--------
-------
13,669
3,128
Creditors: amounts falling due within one year
7
19,351
4,681
--------
-------
Net current liabilities
5,682
1,553
----------
----------
Total assets less current liabilities
354,918
359,047
Creditors: amounts falling due after more than one year
8
354,014
358,334
----------
----------
Net assets
904
713
----------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
804
613
----
----
Shareholder funds
904
713
----
----
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 statement of income and retained earnings has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Maltings Electrical Limited
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 19 December 2024 , and are signed on behalf of the board by:
Mr D Richardson
Director
Company registration number: 14473432
Maltings Electrical Limited
Notes to the Financial Statements
Year ended 31 August 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 The Maltings, Whitley Bridge, Goole, DN14 0HH.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The previous financial statements have been prepared for the period from 9 November 2022 to 31 August 2023. The reason for the short period of accounts is from the date of incorporation to the year end, which is consistent with the other group companies. Therefore it is not possible to directly compare the comparative period to the current year due to the difference in length of period.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Current & deferred 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 be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
(d) Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
(e) 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.
(f) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 1 ).
5. Investments
Other investments other than loans
£
Cost
At 1 September 2023 and 31 August 2024
360,600
----------
Impairment
At 1 September 2023 and 31 August 2024
----------
Carrying amount
At 31 August 2024
360,600
----------
At 31 August 2023
360,600
----------
6. Debtors
2024
2023
£
£
Amounts owed by group undertakings
6,000
Other debtors
100
100
-------
----
6,100
100
-------
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,111
4,681
Other creditors
14,240
--------
-------
19,351
4,681
--------
-------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
264,516
269,735
Amounts owed to group undertakings
899
Directors loan account
88,599
88,599
----------
----------
354,014
358,334
----------
----------
Included within creditors: amounts falling due after more than one year is an amount of £240,421 (2023: £247,041) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan is repayable in equal instalments, with an interest rate of 6.49%. The bank loan is secured by a fixed and floating charge on the assets of this company and the assets of its subsidiary company.
9. Related party transactions
During the year the director made a loan to the company. At 31 August 2024, the balance due to the Director totalled £ 88,599 (2023: £88,599). Interest was charged on the loan in the year at a market. The loan is not repayable before 31 August 2025.