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REGISTERED NUMBER: 02214168 (England and Wales)















Financial Statements for the Year Ended 31 August 2024

for

Fagan Electrical Limited

Fagan Electrical Limited (Registered number: 02214168)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fagan Electrical Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: Mrs C Fagan
J G Holmes
M J Savage





REGISTERED OFFICE: Highfield
School Lane
Knowsley Village
Prescot
Merseyside
L34 9ER





REGISTERED NUMBER: 02214168 (England and Wales)





ACCOUNTANTS: Cobham Murphy Limited
116 Duke Street
Liverpool
Merseyside
L1 5JW

Fagan Electrical Limited (Registered number: 02214168)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 126,181 136,291

CURRENT ASSETS
Stocks 219,724 88,444
Debtors 5 428,212 349,803
Cash at bank and in hand 391,291 390,945
1,039,227 829,192
CREDITORS
Amounts falling due within one year 6 252,582 183,885
NET CURRENT ASSETS 786,645 645,307
TOTAL ASSETS LESS CURRENT
LIABILITIES

912,826

781,598

PROVISIONS FOR LIABILITIES 28,938 32,555
NET ASSETS 883,888 749,043

CAPITAL AND RESERVES
Called up share capital 2,200 2,200
Share premium 79,219 79,219
Capital redemption reserve 276 276
Retained earnings 802,193 667,348
SHAREHOLDERS' FUNDS 883,888 749,043

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Fagan Electrical Limited (Registered number: 02214168)

Balance Sheet - continued
31 August 2024


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 13 May 2025 and were signed on its behalf by:





Mrs C Fagan - Director


Fagan Electrical Limited (Registered number: 02214168)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Fagan Electrical Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received for electrical services excluding value added tax. Turnover is recognised on the completion of the service.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - in accordance with the property
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value. Cost is computed on a first in first out basis. The cost of work in progress and finished goods includes all production overheads and depreciation and attributable proportion of indirect overheads based on the normal level of activity. Net realisable value is based on estimated selling price less the estimated cost of disposal.


Financial instruments
Directors loans, trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Fagan Electrical Limited (Registered number: 02214168)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 September 2023 35,515 227,930 263,445
Additions - 54,051 54,051
Disposals - (58,385 ) (58,385 )
At 31 August 2024 35,515 223,596 259,111
DEPRECIATION
At 1 September 2023 29,373 97,781 127,154
Charge for year 1,421 28,627 30,048
Eliminated on disposal - (24,272 ) (24,272 )
At 31 August 2024 30,794 102,136 132,930
NET BOOK VALUE
At 31 August 2024 4,721 121,460 126,181
At 31 August 2023 6,142 130,149 136,291

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 386,470 337,522
Other debtors 41,742 12,281
428,212 349,803

Fagan Electrical Limited (Registered number: 02214168)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade creditors 48,292 38,907
Taxation and social security 161,254 114,433
Other creditors 43,036 30,545
252,582 183,885