Company Registration No. 08179434 (England and Wales)
SPENCER PRATT ELECTRICAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
SPENCER PRATT ELECTRICAL LIMITED
COMPANY INFORMATION
Directors
Mr S Pratt
Mrs C Pratt
Company number
08179434
Registered office
Rosepark Cottage
Thorverton
Exeter
Devon
EX5 5JL
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
SPENCER PRATT ELECTRICAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SPENCER PRATT ELECTRICAL LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
38,910
14,211
Current assets
Stocks
110,000
120,000
Debtors
5
113,121
7,190
Cash at bank and in hand
105,680
316,200
328,801
443,390
Creditors: amounts falling due within one year
6
(131,753)
(208,931)
Net current assets
197,048
234,459
Total assets less current liabilities
235,958
248,670
Creditors: amounts falling due after more than one year
7
(6,750)
(15,750)
Provisions for liabilities
(7,393)
(2,700)
Net assets
221,815
230,220
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
221,813
230,218
Total equity
221,815
230,220

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 20 January 2025 and are signed on its behalf by:
Mr S Pratt
Director
Company Registration No. 08179434
SPENCER PRATT ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information

Spencer Pratt Electrical Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% Reducing balance
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
3 Years Straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stock and work in progress is stated at the lower of cost and net realisable value.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.6
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

SPENCER PRATT ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2023 - 2).

3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
12,000
Amortisation and impairment
At 1 September 2023 and 31 August 2024
12,000
Carrying amount
At 31 August 2024
-
0
At 31 August 2023
-
0
SPENCER PRATT ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2023
41,350
688
1,476
16,059
59,573
Additions
13,554
-
0
-
0
24,492
38,046
Disposals
-
0
-
0
-
0
(15,078)
(15,078)
At 31 August 2024
54,904
688
1,476
25,473
82,541
Depreciation and impairment
At 1 September 2023
29,507
643
1,299
13,913
45,362
Depreciation charged in the year
5,079
12
89
6,155
11,335
Eliminated in respect of disposals
-
0
-
0
-
0
(13,066)
(13,066)
At 31 August 2024
34,586
655
1,388
7,002
43,631
Carrying amount
At 31 August 2024
20,318
33
88
18,471
38,910
At 31 August 2023
11,843
45
177
2,146
14,211
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
112,896
5,052
Other debtors
225
2,138
113,121
7,190
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,000
9,000
Trade creditors
15,946
2,842
Corporation tax
9,634
13,861
Other taxation and social security
14,755
6,536
Other creditors
82,418
176,692
131,753
208,931
SPENCER PRATT ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,750
15,750
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
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