Registered number
13425892
Muka Electrical Ltd
Unaudited Filleted Accounts
31 May 2024
Muka Electrical Ltd
Registered number: 13425892
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 7,000 8,000
Tangible assets 4 19,786 28,457
26,786 36,457
Current assets
Debtors 5 31,779 42,021
Cash at bank and in hand 4,982 36,759
36,761 78,780
Creditors: amounts falling due within one year 6 (52,022) (88,683)
Net current liabilities (15,261) (9,903)
Total assets less current liabilities 11,525 26,554
Creditors: amounts falling due after more than one year 7 (11,147) (18,187)
Net assets 378 8,367
Capital and reserves
Called up share capital 100 100
Profit and loss account 278 8,267
Shareholders' funds 378 8,367
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.
Mr E Muka
Director
Approved by the board on 13 January 2025
Muka Electrical Ltd
Notes to the Accounts
for the year ended 31 May 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 and office equipment 25% straight line
Motor Vehicles 25% straight line
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 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 10,000
At 31 May 2024 10,000
Amortisation
At 1 June 2023 2,000
Provided during the year 1,000
At 31 May 2024 3,000
Net book value
At 31 May 2024 7,000
At 31 May 2023 8,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery & Office Equipment Motor vehicles Total
£ £ £
Cost
At 1 June 2023 3,357 34,736 38,093
Additions 1,136 - 1,136
At 31 May 2024 4,493 34,736 39,229
Depreciation
At 1 June 2023 952 8,684 9,636
Charge for the year 1,123 8,684 9,807
At 31 May 2024 2,075 17,368 19,443
Net book value
At 31 May 2024 2,418 17,368 19,786
At 31 May 2023 2,405 26,052 28,457
5 Debtors 2024 2023
£ £
Work in Progress - 4,225
Trade debtors 1,260 4,250
Other debtors 30,519 33,546
31,779 42,021
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 7,040 7,040
Trade creditors 2 3
Taxation and social security costs 17,326 14,377
Directors Loan Account 26,614 66,133
Other creditors 1,040 1,130
52,022 88,683
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 11,147 18,187
8 Controlling party
The company is controlled by Mr E & Mrs A Muka, the company's directors, who own 100% of the issued share capital of the company.
9 Other information
Muka Electrical Ltd is a private company limited by shares and incorporated in England. Its registered office is:
19 Lane Green Avenue
Codsall
Wolverhampton
WV8 2JT
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