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Registered Number: 08756859
England and Wales

 

 

 


Unaudited Financial Statements - Pages for Filing with Registrar


for the year ended 31 October 2024

for

MY ELECTRICAL CONTRACTORS LIMITED

 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 69,005    51,472 
69,005    51,472 
Current assets      
Stocks 4 2,265    3,985 
Debtors 5 160,589    50,748 
Cash at bank and in hand 99,927    58,653 
262,781    113,386 
Creditors: amount falling due within one year 6 (88,701)   (76,989)
Net current assets 174,080    36,397 
 
Total assets less current liabilities 243,085    87,869 
Creditors: amount falling due after more than one year 7 (56,281)   (53,652)
Provisions for liabilities 8 (17,251)   (12,868)
Net assets 169,553    21,349 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 169,453    21,249 
Shareholders' funds 169,553    21,349 
 


For the year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 21 March 2025 and were signed on its behalf by:


-------------------------------
Mr David Young
Director
1
General Information
MY Electrical Contractors Limited is a private company, limited by shares, registered in England and Wales, registration number 08756859, registration address Mill Cottage, South Kilvington, Thirsk, North Yorkshire, YO7 2NL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
These financial statements have been prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.


The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.


Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.


Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.


Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.



Taxation
The tax expense represents the sum of tax currently payable and deferred tax.


Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The companys liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.


Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.


The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.


Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:


Plant and Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 33% Reducing Balance
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Financial instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.


Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.


Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.


Classification of financial liabilities
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 company after deducting all of its liabilities.


Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.


Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
2.

Average number of employees


Average number of employees during the year was 8 (2023 : 7).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 November 2023 7,469    82,574    459    90,502 
Additions   34,477      34,477 
Disposals      
At 31 October 2024 7,469    117,051    459    124,979 
Depreciation
At 01 November 2023 4,889    33,988    153    39,030 
Charge for year 387    16,456    101    16,944 
On disposals      
At 31 October 2024 5,276    50,444    254    55,974 
Net book values
Closing balance as at 31 October 2024 2,193    66,607    205    69,005 
Opening balance as at 01 November 2023 2,580    48,586    306    51,472 


4.

Stocks

2024
£
  2023
£
Stock and WIP 2,265    3,985 
2,265    3,985 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade debtors 71,864    49,358 
Other Debtors 88,725    1,390 
160,589    50,748 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 9,371    16,312 
Bank Loans & Overdrafts 10,379    10,098 
Taxation and Social Security 47,941    22,592 
Other Creditors 21,010    27,987 
88,701    76,989 
Included within other creditors is £19,057 (2023: £12,605) relating to hire purchase.  The liability is secured on the related assets.

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 6,089    16,514 
Other Creditors 50,192    37,138 
56,281    53,652 
Included within other creditors is £50,192 (2023: £37,138) relating to hire purchase. The liability is secured on the related assets.

8.

Provisions for liabilities

2024
£
  2023
£
Deferred tax 17,251    12,868 
17,251    12,868 

9.

Director’s loan

Loan the directors

Included in current assets is a loan made to the directors of £60,865 (2023 - £0). Advances in the year amounted to £75,048 and repayments amounted to £14,724. Interest is charged at the HMRC approved rate of 2.25% and amounted to £541 in the year. The loan is unsecured and repayable on demand.
2