Registered number
09018210
Best Electric Ltd
Unaudited Filleted Accounts
30 April 2024
Best Electric Ltd
Registered number: 09018210
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 105,614 123,376
Current assets
Stocks 284,000 190,000
Debtors 4 33,308 14,347
Cash at bank and in hand 2,023,830 2,009,618
2,341,138 2,213,965
Creditors: amounts falling due within one year 5 (183,747) (176,383)
Net current assets 2,157,391 2,037,582
Total assets less current liabilities 2,263,005 2,160,958
Provisions for liabilities (6,198) (13,224)
Net assets 2,256,807 2,147,734
Capital and reserves
Called up share capital 1 1
Profit and loss account 2,256,806 2,147,733
Shareholders' funds 2,256,807 2,147,734
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
J A Halderthay
Director
Approved by the board on 15 January 2025
Best Electric Ltd
Notes to the Accounts
for the year ended 30 April 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).
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:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Office Equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 9,710 17,320 168,323 195,353
Additions 1,300 - 15,500 16,800
At 30 April 2024 11,010 17,320 183,823 212,153
Depreciation
At 1 May 2023 4,700 7,694 59,583 71,977
Charge for the year 1,577 1,925 31,060 34,562
At 30 April 2024 6,277 9,619 90,643 106,539
Net book value
At 30 April 2024 4,733 7,701 93,180 105,614
At 30 April 2023 5,010 9,626 108,740 123,376
4 Debtors 2024 2023
£ £
Trade debtors 33,308 14,347
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 37,522 55,645
Director's Current Account 28,043 28,547
Accruals and Deferred Income 1,600 1,550
Taxation and social security costs 100,068 72,185
Other creditors 16,514 18,456
183,747 176,383
6 Other information
Best Electric Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Building C
Knaresborough Technology Park
Manse Lane
Knaresborough
HG5 8LF
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