Registered number
06410109
Bounds Electrical Services Ltd
Filleted Accounts
30 April 2024
BAS Associates Ltd
Chartered Management Accountants
8 Wingbury Courtyard
Leighton Road
Wingrave
HP22 4LW
T: 01296 681341
Bounds Electrical Services Ltd
Registered number: 06410109
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 140,112 100,388
Current assets
Stocks and work-in-progress 68,717 59,623
Debtors 4 203,960 201,511
Cash at bank and in hand 780,147 962,885
1,052,824 1,224,019
Creditors: amounts falling due within one year 5 (182,914) (223,391)
Net current assets 869,910 1,000,628
Total assets less current liabilities 1,010,022 1,101,016
Provisions for liabilities (33,309) (20,775)
Net assets 976,713 1,080,241
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 975,713 1,079,241
Shareholders' funds 976,713 1,080,241
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 L Bounds
Director
Approved by the board on 28 January 2025
Bounds Electrical Services 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).
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.
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 3 years
Fixtures, fittings, tools and equipment over 3 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.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 16 15
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2023 82,168 137,324 219,492
Additions 18,545 83,545 102,090
At 30 April 2024 100,713 220,869 321,582
Depreciation
At 1 May 2023 28,734 90,370 119,104
Charge for the year 25,792 36,574 62,366
At 30 April 2024 54,526 126,944 181,470
Net book value
At 30 April 2024 46,187 93,925 140,112
At 30 April 2023 53,434 46,954 100,388
4 Debtors 2024 2023
£ £
Trade debtors 194,856 194,261
Other debtors 9,104 7,250
203,960 201,511
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 79,557 98,162
Taxation and social security costs 88,989 112,912
Other creditors 14,368 12,317
182,914 223,391
6 Other information
Bounds Electrical Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
32 Rabans Lane
Rabans Lane Industrial Area
Aylesbury
Buckinghamshire
HP19 8RS
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