PRC Electrical Ltd
Registered number: 06587868
Statement of Financial Position
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,812 -
Current assets
Debtors 4 19,150 13,339
Cash at bank and in hand 250 1,711
19,400 15,050
Creditors: amounts falling due within one year 5 (12,076) (7,196)
Net current assets 7,324 7,854
Total assets less current liabilities 13,136 7,854
Creditors: amounts falling due after more than one year 6 (11,872) (7,750)
Provisions for liabilities (1,104) -
Net assets 160 104
Capital and reserves
Called up share capital 100 100
Profit and loss account 60 4
Shareholder's funds 160 104
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 member has 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 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.
Peter Chandler
Director
Approved by the board on 24 February 2025
PRC Electrical Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the rendering of services. 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 25% reducing balance
Debtors
Short term debtors are measured at transaction 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. 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 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.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 7,750
At 31 May 2024 7,750
Depreciation
Charge for the year 1,938
At 31 May 2024 1,938
Net book value
At 31 May 2024 5,812
4 Debtors 2024 2023
£ £
Trade debtors 8,806 3,420
Other debtors 10,344 9,919
19,150 13,339
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,280 1,395
Obligations under finance lease and hire purchase contracts 1,395 -
Trade creditors 833 717
Accruals 1,110 1,056
Corporation tax 739 3,228
Other creditors 2,719 800
12,076 7,196
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 7,454 7,750
Obligations under finance lease and hire purchase contracts 4,418 -
11,872 7,750
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Peter Chandler
Repayable on demand 5,812 2,634 - 8,446
5,812 2,634 - 8,446
8 Other information
PRC Electrical Ltd is a private company limited by shares and incorporated in England. Its registered office is:
11 Shute Close
Hayling Island
Hampshire
PO11 9FS
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