2023-04-012024-03-312024-03-31false14039093GRICE ELECTRICAL 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GRICE ELECTRICAL LTD

Registered Number
14039093
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

GRICE ELECTRICAL LTD
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

GRICE, Samuel
OXBERRY-BREAKWELL, Eleanor

Registered Address

Briar Dene Sandy Lane
Stockton On The Forest
York
YO32 9US

Registered Number

14039093 (England and Wales)
GRICE ELECTRICAL LTD
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets320,14625,657
20,14625,657
Current assets
Stocks43,0003,000
Debtors58,39212,957
Cash at bank and on hand6,7149,715
18,10625,672
Creditors amounts falling due within one year6(26,319)(23,662)
Net current assets (liabilities)(8,213)2,010
Total assets less current liabilities11,93327,667
Creditors amounts falling due after one year7(5,026)(24,490)
Net assets6,9073,177
Capital and reserves
Called up share capital100100
Profit and loss account6,8073,077
Shareholders' funds6,9073,177
The financial statements were approved and authorised for issue by the Board of Directors on 15 November 2024, and are signed on its behalf by:
GRICE, Samuel
Director
OXBERRY-BREAKWELL, Eleanor
Director

Registered Company No. 14039093
GRICE ELECTRICAL LTD
Notes to the Financial Statements
for the year ended 31 March 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
These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue from sale of goods
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Current taxation
The taxation expense represents the aggregate amount of current 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.
Tangible fixed assets and depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated 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:

Reducing balance (%)
Plant and machinery20
Vehicles25
Office Equipment20
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Stocks and work in progress
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.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice 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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 April 234,06624,5105,02833,604
Additions341-333674
At 31 March 244,40724,5105,36134,278
Depreciation and impairment
At 01 April 238126,1281,0077,947
Charge for year7184,5968716,185
At 31 March 241,53010,7241,87814,132
Net book value
At 31 March 242,87713,7863,48320,146
At 31 March 233,25418,3824,02125,657
4.Stocks

2024

2023

££
Raw materials and consumables3,0003,000
Total3,0003,000
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables9992,860
Other debtors7,39310,097
Total8,39212,957
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables7,6294,432
Bank borrowings and overdrafts2,957-
Taxation and social security7,6196,677
Other creditors7,11411,552
Accrued liabilities and deferred income1,0001,001
Total26,31923,662
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts5,02624,490
Total5,02624,490
8.Related party transactions
The directors made available loans to the company throughout the period. These loans are interest free and repayable on demand. At the period end the balance of the loan account was £188 (2023 £4,373).