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COMPANY REGISTRATION NUMBER: 03590461
L E Electrical Limited
Unaudited financial statements
30 June 2024
L E Electrical Limited
Statement of financial position
30 June 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
25,431
34,145
Current assets
Stocks
775,392
905,679
Debtors
6
112,097
127,226
Cash at bank and in hand
79,882
67,705
---------
-----------
967,371
1,100,610
Creditors: Amounts falling due within one year
7
( 235,064)
( 266,530)
---------
-----------
Net current assets
732,307
834,080
---------
---------
Total assets less current liabilities
757,738
868,225
Provisions
Taxation including deferred tax
( 6,466)
---------
---------
Net assets
757,738
861,759
---------
---------
Capital and reserves
Called up share capital
77,719
77,719
Profit and loss account
680,019
784,040
---------
---------
Shareholders funds
757,738
861,759
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
L E Electrical Limited
Statement of financial position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 10 September 2024 , and are signed on behalf of the board by:
S A Lacey
Director
Company registration number: 03590461
L E Electrical Limited
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 79 Middletons Lane, Norwich, NR6 5SR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
Straight line over the life of the lease
Fixtures & fittings
-
20% straight line
Motor vehicles
-
20% straight line
Computer equipment
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 15 (2023: 15 ).
5. Tangible assets
Leasehold property
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
277,001
194,346
40,034
26,458
537,839
---------
---------
-------
-------
---------
Depreciation
At 1 July 2023
270,927
193,218
16,952
22,597
503,694
Charge for the year
348
797
6,155
1,414
8,714
---------
---------
-------
-------
---------
At 30 June 2024
271,275
194,015
23,107
24,011
512,408
---------
---------
-------
-------
---------
Carrying amount
At 30 June 2024
5,726
331
16,927
2,447
25,431
---------
---------
-------
-------
---------
At 30 June 2023
6,074
1,128
23,082
3,861
34,145
---------
---------
-------
-------
---------
6. Debtors
2024
2023
£
£
Prepayments and accrued income
112,097
119,430
Corporation tax repayable
6,781
Other debtors
1,015
---------
---------
112,097
127,226
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
48,457
58,407
Social security and other taxes
19,060
5,246
Other creditors
167,547
202,877
---------
---------
235,064
266,530
---------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
175,000
175,000
Later than 1 year and not later than 5 years
288,150
463,150
---------
---------
463,150
638,150
---------
---------