Registered number
10578507
Adept Electrical South LTD
Unaudited Filleted Accounts
30 January 2024
Adept Electrical South LTD
Registered number: 10578507
Balance Sheet
as at 30 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 36,004 44,036
Current assets
Stocks 56,494 42,499
Debtors 4 174,500 229,425
Cash at bank and in hand 120,689 120,121
351,683 392,045
Creditors: amounts falling due within one year 5 (67,502) (135,217)
Net current assets 284,181 256,828
Total assets less current liabilities 320,185 300,864
Creditors: amounts falling due after more than one year 6 (16,979) (25,820)
Provisions for liabilities (8,584) (7,980)
Net assets 294,622 267,064
Capital and reserves
Called up share capital 1 1
Profit and loss account 294,621 267,063
Shareholder's funds 294,622 267,064
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S. Hook
Director
Approved by the board on 7 January 2025
Adept Electrical South LTD
Notes to the Accounts
for the year ended 30 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles 20% reducing balance
Tools and equipment 20% reducing balance
Office equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Office equipment Tools and equipment Motor vehicles Total
£ £ £ £
Cost
At 31 January 2023 464 3,720 45,154 49,338
Additions 1,514 217 - 1,731
At 30 January 2024 1,978 3,937 45,154 51,069
Depreciation
At 31 January 2023 70 1,830 3,402 5,302
Charge for the year 335 397 9,031 9,763
At 30 January 2024 405 2,227 12,433 15,065
Net book value
At 30 January 2024 1,573 1,710 32,721 36,004
At 30 January 2023 394 1,890 41,752 44,036
4 Debtors 2024 2023
£ £
Trade debtors 133,038 129,062
Other debtors 41,462 100,363
174,500 229,425
5 Creditors: amounts falling due within one year 2024 2023
£ £
Non-equity preference shares 100 -
Bank loans and overdrafts 6,389 6,000
Obligations under finance lease and hire purchase contracts 2,580 15,362
Trade creditors 31,020 23,022
Taxation and social security costs 8,876 75,871
Director's current account 7,789 2,649
Other creditors 10,748 12,313
67,502 135,217
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,520 16,781
Obligations under finance lease and hire purchase contracts 6,459 9,039
16,979 25,820
7 Controlling party
The company is ultimately controlled by S. Hook.
8 Other information
Adept Electrical South LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit 40, Churchill Business Park
Provence Drive
Bournemouth
Dorset
BH11 9GH
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