Registered number
03734232
Johns Electrics (1989) Limited
Filleted Accounts
29 April 2024
Johns Electrics (1989) Limited
Registered number: 03734232
Balance Sheet
as at 29 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 16,000 16,000
Tangible assets 4 20,404 9,939
36,404 25,939
Current assets
Stocks 5,500 5,500
Debtors 5 215,912 359,594
Cash at bank and in hand 376,728 153,162
598,140 518,256
Creditors: amounts falling due within one year 6 (223,395) (267,202)
Net current assets 374,745 251,054
Total assets less current liabilities 411,149 276,993
Creditors: amounts falling due after more than one year 7 (32,392) (32,442)
Net assets 378,757 244,551
Capital and reserves
Called up share capital 100 2
Profit and loss account 378,657 244,549
Shareholders' funds 378,757 244,551
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 members have 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.
J Campbell
Director
Approved by the board on 19 January 2025
Johns Electrics (1989) Limited
Notes to the Accounts
for the year ended 29 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).
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:
Equipment 25% reducing balance
Motor vehicles 25% 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 30 April 2023 16,000
At 29 April 2024 16,000
Amortisation
At 29 April 2024 -
Net book value
At 29 April 2024 16,000
At 29 April 2023 16,000
4 Tangible fixed assets
Equipment Motor vehicles Total
£ £ £
Cost
At 30 April 2023 19,566 21,039 40,605
Additions - 12,949 12,949
At 29 April 2024 19,566 33,988 53,554
Depreciation
At 30 April 2023 18,436 12,230 30,666
Charge for the year 282 2,202 2,484
At 29 April 2024 18,718 14,432 33,150
Net book value
At 29 April 2024 848 19,556 20,404
At 29 April 2023 1,130 8,809 9,939
5 Debtors 2024 2023
£ £
Trade debtors 215,682 332,942
Other debtors 230 26,652
215,912 359,594
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 112,518 158,286
Taxation and social security costs 97,322 58,644
Other creditors 13,555 50,272
223,395 267,202
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,988 31,667
Obligations under finance lease and hire purchase contracts 11,404 775
32,392 32,442
8 Other information
Johns Electrics (1989) Limited is a private company limited by shares and incorporated in England. Its registered office is:
13 Mill Parade
Newport
South Wales
NP20 4HA
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