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REGISTERED NUMBER: 06350002 (England and Wales)













MASTERS ELECTRICAL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024






MASTERS ELECTRICAL LIMITED (REGISTERED NUMBER: 06350002)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


MASTERS ELECTRICAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: Mr G P Masters
Mrs M Masters



REGISTERED OFFICE: 40 Greave Farm
Greave Road
Hade Edge
Holmfirth
HD9 2AQ



REGISTERED NUMBER: 06350002 (England and Wales)



ACCOUNTANTS: Harrison & Co
Chartered Accountants
531 Denby Dale Road West
Calder Grove
Wakefield
West Yorkshire
WF4 3ND



BANKERS: Santander
Bootle
Merseyside
GIR 0AA

MASTERS ELECTRICAL LIMITED (REGISTERED NUMBER: 06350002)

ABRIDGED STATEMENT OF FINANCIAL POSITION
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 10,540 12,912

CURRENT ASSETS
Stocks 1,375 1,250
Debtors 39,848 82,792
41,223 84,042
CREDITORS
Amounts falling due within one year 39,700 59,813
NET CURRENT ASSETS 1,523 24,229
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,063

37,141

CREDITORS
Amounts falling due after more than one
year

(8,000

)

(14,000

)

PROVISIONS FOR LIABILITIES (1,076 ) (1,467 )
NET ASSETS 2,987 21,674

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,887 21,574
SHAREHOLDERS' FUNDS 2,987 21,674

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.

MASTERS ELECTRICAL LIMITED (REGISTERED NUMBER: 06350002)

ABRIDGED STATEMENT OF FINANCIAL POSITION - 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 August 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by:





Mr G P Masters - Director


MASTERS ELECTRICAL LIMITED (REGISTERED NUMBER: 06350002)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

Masters 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.

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.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 50% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 2 (2023 - 3 ) .

MASTERS ELECTRICAL LIMITED (REGISTERED NUMBER: 06350002)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 September 2023
and 31 August 2024 17,920 32,624 1,967 52,511
DEPRECIATION
At 1 September 2023 9,362 28,270 1,967 39,599
Charge for year 1,283 1,089 - 2,372
At 31 August 2024 10,645 29,359 1,967 41,971
NET BOOK VALUE
At 31 August 2024 7,275 3,265 - 10,540
At 31 August 2023 8,558 4,354 - 12,912


5. ULTIMATE CONTROLLING PARTY

Mr Graham Masters is considered to be the ultimate controlling party by virtue of his controlling shareholding in the company.