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ELMS ELECTRICAL LTD

Registered Number
03348307
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

ELMS ELECTRICAL LTD
Company Information
for the year from 1 May 2023 to 30 April 2024

Director

M Molloy

Registered Address

12a Marlborough Place
Brighton
BN1 1WN

Registered Number

03348307 (England and Wales)
ELMS ELECTRICAL LTD
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3610
610
Current assets
Stocks43,5003,500
Debtors522,21317,656
Cash at bank and on hand-305
25,71321,461
Creditors amounts falling due within one year6(13,787)(19,509)
Net current assets (liabilities)11,9261,952
Total assets less current liabilities11,9321,962
Provisions for liabilities7(2)(2)
Accruals and deferred income(845)(780)
Net assets11,0851,180
Capital and reserves
Called up share capital100100
Profit and loss account10,9851,080
Shareholders' funds11,0851,180
The financial statements were approved and authorised for issue by the Director on 17 January 2025, and are signed on its behalf by:
M Molloy
Director
Registered Company No. 03348307
ELMS ELECTRICAL LTD
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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 policy
Turnover represents net invoiced sales of services, excluding value added tax.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Office Equipment33
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 May 233,3013,301
At 30 April 243,3013,301
Depreciation and impairment
At 01 May 233,2913,291
Charge for year44
At 30 April 243,2953,295
Net book value
At 30 April 2466
At 30 April 231010
4.Stocks

2024

2023

££
Work in progress3,5003,500
Total3,5003,500
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables2,4983,709
Other debtors19,71513,947
Total22,21317,656
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables1,5694,188
Bank borrowings and overdrafts740-
Taxation and social security11,47112,287
Other creditors71,003
Accrued liabilities and deferred income-2,031
Total13,78719,509
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)22
Total22
8.Related party transactions
During the year, total dividends of £5,505 (2023 - £27,075) were paid to the director.
9.Controlling party
The company was controlled by its director, M Molloy, throughout the period.