Registered number
04934738
Steve Wade Electrical Contractors Limited
Filleted Accounts
31 December 2024
Steve Wade Electrical Contractors Limited
Registered number: 04934738
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 23,300 31,317
Current assets
Stocks 134,338 297,386
Debtors 5 268,328 171,029
Investments held as current assets 6 61,831 -
Cash at bank and in hand 213,393 42,535
677,890 510,950
Creditors: amounts falling due within one year 7 (355,462) (285,422)
Net current assets 322,428 225,528
Total assets less current liabilities 345,728 256,845
Provisions for liabilities (4,848) (7,131)
Net assets 340,880 249,714
Capital and reserves
Called up share capital 100 100
Profit and loss account 340,780 249,614
Shareholders' funds 340,880 249,714
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.
Stephen Leslie Wade
Director
Approved by the board on 3 April 2025
Steve Wade Electrical Contractors Limited
Notes to the Accounts
for the year ended 31 December 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
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.
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.
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 (ie liabilities of uncertain timing or amount) 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 2024 2023
Number Number
Average number of persons employed by the company 15 15
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 15,000
At 31 December 2024 15,000
Amortisation
At 1 January 2024 15,000
At 31 December 2024 15,000
Net book value
At 31 December 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2024 26,131 25,944 52,075
Additions 6,176 11,735 17,911
Disposals - (25,495) (25,495)
At 31 December 2024 32,307 12,184 44,491
Depreciation
At 1 January 2024 13,941 6,817 20,758
Charge for the year 3,872 2,935 6,807
On disposals - (6,374) (6,374)
At 31 December 2024 17,813 3,378 21,191
Net book value
At 31 December 2024 14,494 8,806 23,300
At 31 December 2023 12,190 19,127 31,317
5 Debtors 2024 2023
£ £
Trade debtors 268,328 171,029
6 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 61,831 -
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,797 4,861
Trade creditors 252,641 247,639
Corporation tax 78,415 56,099
Other taxes and social security costs 13,248 (30,065)
Other creditors 6,361 6,888
355,462 285,422
8 Other information
Steve Wade Electrical Contractors Limited is a private company limited by shares and incorporated in England. Its registered office is:
Laurels Farm House
Main Street, Milton
Newark
Nottinghamshire
NG22 0PP
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