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Logo On Report
Registered Number: 13451566
England and Wales

 

 

 

FIRST ELECTRICAL LTD


Abridged Accounts
 


Period of accounts

Start date: 01 June 2023

End date: 31 May 2024
In order to assist you to fulfil your duties under Companies Act 2006, we have prepared for your approval the accounts of First Electrical Ltd for the year ended 31 May 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at


http://rulebook.accaglobal.com.




This report is made solely to the member of First Electrical Ltd, as a body, in accordance with the terms of our engagement letter dated 07 July 2021. Our work has been undertaken solely to prepare for your approval the accounts of First Electrical Ltd and state those matters that we have agreed to state to the Board ofs of First Electrical Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants and as detailed at


http://www.accaglobal.com/factsheet163.


To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than First Electrical Ltd and its members as a body for our work or for this report.

It is your duty to ensure that First Electrical Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and Profit of First Electrical Ltd. You consider that First Electrical Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of First Electrical Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.


SJW ACCOUNTANTS
Chartered Certified Accountants Casterton Suite, CHBC
Burton in Kendal
Carnforth
Lancashire
LA6 1NU
22 February 2025
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 48,259    56,208 
48,259    56,208 
Current assets      
Stocks 5,500   
Debtors 32,639    62,481 
Cash at bank and in hand 36,048    36,350 
74,187    98,831 
Creditors: amount falling due within one year (12,847)   (27,235)
Net current assets 61,340    71,596 
 
Total assets less current liabilities 109,599    127,804 
Creditors: amount falling due after more than one year   (4,475)
Provisions for liabilities (9,231)   (10,679)
Net assets 100,368    112,650 
 

Capital and reserves
     
Called up share capital 4 100    100 
Profit and loss account 100,268    112,550 
Shareholders' funds 100,368    112,650 
 


For the 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.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 22 February 2025 and were signed by:


-------------------------------
Liam Smith
Director
2
General Information
First Electrical Ltd is a private company, limited by shares, registered in England and Wales, registration number 13451566, registration address Casterton Suite, CHBC, Burton-in-Kendal, Carnforth, Lancs, LA6 1NU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 10 Years Straight Line
Plant and Machinery 10 Years Straight Line
Motor Vehicles 5 Years Reducing Balance
Fixtures and Fittings 10 Years Reducing Balance
Computer Equipment 3 Years Reducing Balance
Inventory
Inventories are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 3 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £   £
At 01 June 2023 14,064    5,516    52,713    478    1,933    74,704 
Additions   1,174        1,048    2,222 
Disposals          
At 31 May 2024 14,064    6,690    52,713    478    2,981    76,926 
Depreciation
At 01 June 2023 4    803    17,221    89    379    18,496 
Charge for year 1,406    599    7,144    47    975    10,171 
On disposals          
At 31 May 2024 1,410    1,402    24,365    136    1,354    28,667 
Net book values
Closing balance as at 31 May 2024 12,654    5,288    28,348    342    1,627    48,259 
Opening balance as at 01 June 2023 14,060    4,713    35,492    389    1,554    56,208 


4.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 Class A shares of £1.00 each 100    100 
100    100 

3