Registered number
00899558
Globe Electrical Contractors Limited
Filleted Accounts
30 June 2024
Globe Electrical Contractors Limited
Registered number: 00899558
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 150 200
Current assets
Stocks 220 500
Debtors 4 4,271 5,080
Cash at bank and in hand 9,079 1,270
13,570 6,850
Creditors: amounts falling due within one year 5 (9,942) (6,943)
Net current assets/(liabilities) 3,628 (93)
Net assets 3,778 107
Capital and reserves
Called up share capital 101 101
Profit and loss account 3,677 6
Shareholders' funds 3,778 107
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.
B. Ayres, Esq
Director
Approved by the board on 17 January 2025
Globe Electrical Contractors Limited
Notes to the Accounts
for the year ended 30 June 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. 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:
Plant and machinery 15% on reducing balance
Motor vehicles 25% on 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.
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. Current tax assets and liabilities are not discounted.
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 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 7,578 20,166 27,744
At 30 June 2024 7,578 20,166 27,744
Depreciation
At 1 July 2023 7,578 19,966 27,544
Charge for the year - 50 50
At 30 June 2024 7,578 20,016 27,594
Net book value
At 30 June 2024 - 150 150
At 30 June 2023 - 200 200
4 Debtors 2024 2023
£ £
Trade debtors 4,271 2,742
Other debtors - 2,338
4,271 5,080
5 Creditors: amounts falling due within one year 2024 2023
£ £
Payroll liability - 200
Trade creditors 2,173 779
Taxation and social security costs 6,032 3,491
Other creditors 1,737 2,473
9,942 6,943
6 Controlling party
The company is controlled by the directors who own the entire share capital of the company.
7 Other information
Globe Electrical Contractors Limited is a private company limited by shares and incorporated in England. Its registered office is:
97 The Avenue
Wembley Park
Middlesex
HA9 9PQ
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