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COMPANY REGISTRATION NUMBER: 08400562
SHIRE ELECTRICAL LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
29 February 2024
SHIRE ELECTRICAL LIMITED
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
39,948
19,859
CURRENT ASSETS
Stocks
10,000
10,000
Debtors
6
199,793
211,534
---------
---------
209,793
221,534
CREDITORS: amounts falling due within one year
7
250,245
199,698
---------
---------
NET CURRENT (LIABILITIES)/ASSETS
( 40,452)
21,836
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 504)
41,695
CREDITORS: amounts falling due after more than one year
8
18,333
29,637
--------
--------
NET (LIABILITIES)/ASSETS
( 18,837)
12,058
--------
--------
CAPITAL AND RESERVES
Called up share capital fully paid
1
1
Profit and loss account
( 18,838)
12,057
--------
--------
SHAREHOLDERS (DEFICIT)/FUNDS
( 18,837)
12,058
--------
--------
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 29 February 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 .
SHIRE ELECTRICAL LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 1 April 2025 , and are signed on behalf of the board by:
Mr M Loncar
Director
Company registration number: 08400562
SHIRE ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 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 Headlands House, 1 Kings Court, Kettering Parkway, Kettering, Northamptonshire, NN15 6WJ.
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 and are prepared in sterling, which is the functional currency of the entity.
Going concern
The company currently meets its daily working capital requirements through operating revenues, banking facilities and financial support from the director. On this basis, the director considers it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.
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.
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.
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:
Tools and equipment
-
25% reducing balance
Furniture and equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% reducing balance & 33 1/3% straightline
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts 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. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).
5. TANGIBLE ASSETS
Tools and equipment
Furniture and equipment
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 March 2023
16,241
1,377
57,714
1,401
76,733
Additions
5,250
25,400
2,199
32,849
--------
-------
--------
-------
---------
At 29 February 2024
21,491
1,377
83,114
3,600
109,582
--------
-------
--------
-------
---------
Depreciation
At 1 March 2023
13,779
631
41,440
1,024
56,874
Charge for the year
1,403
112
10,418
827
12,760
--------
-------
--------
-------
---------
At 29 February 2024
15,182
743
51,858
1,851
69,634
--------
-------
--------
-------
---------
Carrying amount
At 29 February 2024
6,309
634
31,256
1,749
39,948
--------
-------
--------
-------
---------
At 28 February 2023
2,462
746
16,274
377
19,859
--------
-------
--------
-------
---------
6. DEBTORS
2024
2023
£
£
Trade debtors
120,906
185,146
Other debtors
78,887
26,388
---------
---------
199,793
211,534
---------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
16,521
26,242
Trade creditors
31,003
Social security and other taxes
190,833
157,544
Other creditors
11,888
15,912
---------
---------
250,245
199,698
---------
---------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,333
28,333
Other creditors
1,304
--------
--------
18,333
29,637
--------
--------
9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr M Loncar
19,281
52,499
71,780
--------
--------
----
--------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr M Loncar
( 2,880)
25,109
( 2,948)
19,281
-------
--------
-------
--------
Interest was charged at the official H M Revenue & Customs rate.
10. GOING CONCERN
The director has considered the period to April 2026 when assessing the company's ability to continue as a going concern. It is believed that the company will be able to satisfy its liabilities as these become payable.