Company registration number 04747210 (England and Wales)
LEVEN VALLEY ELECTRICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
LEVEN VALLEY ELECTRICS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
LEVEN VALLEY ELECTRICS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,165
1,515
Current assets
Stocks
425
550
Debtors
4
32,582
34,173
Cash at bank and in hand
1,532
2,332
34,539
37,055
Creditors: amounts falling due within one year
5
(33,031)
(35,581)
Net current assets
1,508
1,474
Net assets
2,673
2,989
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
2,672
2,988
Total equity
2,673
2,989
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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 and signed by the director and authorised for issue on 19 February 2025
Mr S R Deterville
Director
Company registration number 04747210 (England and Wales)
LEVEN VALLEY ELECTRICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2022
1
363
364
Year ended 31 May 2023:
Profit and total comprehensive income
-
2,625
2,625
Balance at 31 May 2023
1
2,988
2,989
Year ended 31 May 2024:
Loss and total comprehensive income
-
(316)
(316)
Balance at 31 May 2024
1
2,672
2,673
LEVEN VALLEY ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
Leven Valley Electrics Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7B Low Row, Brow Edge Road, Backbarrow, ULVERSTON, LA12 8QH.
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 principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% on the reducing balance
Fixtures, fittings & equipment
33.33% on the reducing balance
Motor vehicles
25% on the 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
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and consumables.
1.5
Taxation
The tax expense represents the sum of the tax currently payable. Deferred tax is not provided.
LEVEN VALLEY ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 and 31 May 2024
14,680
Depreciation and impairment
At 1 June 2023
13,165
Depreciation charged in the year
350
At 31 May 2024
13,515
Carrying amount
At 31 May 2024
1,165
At 31 May 2023
1,515
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,964
6,481
Other debtors
27,618
27,692
32,582
34,173
LEVEN VALLEY ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,973
5,441
Trade creditors
805
370
Corporation tax
8
638
Other taxation and social security
1,797
2,137
Other creditors
27,448
26,995
33,031
35,581