Registered number
SC548109
Ilex Electrical Limited
Filleted Accounts
31 October 2024
Ilex Electrical Limited
Registered number: SC548109
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 21,134 24,318
Current assets
Stocks 80 50
Debtors 4 11,823 9,875
Cash at bank and in hand 2,711 4,670
14,614 14,595
Creditors: amounts falling due within one year 5 (22,056) (11,391)
Net current (liabilities)/assets (7,442) 3,204
Total assets less current liabilities 13,692 27,522
Creditors: amounts falling due after more than one year 6 (21,728) (28,898)
Net liabilities (8,036) (1,376)
Capital and reserves
Called up share capital 100 100
Profit and loss account (8,136) (1,476)
Shareholders' funds (8,036) (1,376)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 and delivered 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.
Richard Blacker
Director
Approved by the board on 28 April 2025
Ilex Electrical Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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:
Motor vehicles 20% Reducing balance
Computer equipment 25% Straight Line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Computer Equipment Motor vehicles Total
£ £ £
Cost
At 1 November 2023 2,500 24,995 27,495
Additions 2,600 - 2,600
Disposals - - -
At 31 October 2024 5,100 24,995 30,095
Depreciation
At 1 November 2023 1,094 2,083 3,177
Charge for the year 785 4,999 5,784
On disposals - - -
At 31 October 2024 1,879 7,082 8,961
Net book value
At 31 October 2024 3,221 17,913 21,134
At 31 October 2023 1,406 22,912 24,318
4 Debtors 2024 2023
£ £
Trade debtors 11,823 9,875
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 3,447 283
Accrued charges 750 700
Other creditors 17,859 10,408
22,056 11,391
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,528 6,894
Obligations under finance lease and hire purchase contracts 17,200 22,004
21,728 28,898
7 Controlling party
The directors, Richard Blacker & May Yee Chu, hold 100% of the company's share capital.
8 Other information
Ilex Electrical Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
17 Parkdale Way
Glasgow
Scotland
G53 7ZJ
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