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Registered Number: 07634579
England and Wales

 

 

 

STEVE JONES ELECTRICAL LIMITED



Unaudited Financial Statements
 


Period of accounts

Start date: 01 September 2023

End date: 31 August 2024
Director Mr S Jones
Registered Number 07634579
Registered Office 8 Castle Park
Kendal
Cumbria
LA9 7AX
Accountants Shaun Brown Accountants Ltd
14A Hartness Road
Gilwilly Industrial Estate
Penrith
Cumbria
CA11 9BD
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 679,783    686,379 
679,783    686,379 
Current assets      
Stocks 4 5,360    5,180 
Debtors 5 125,497    106,646 
Cash at bank and in hand 57,153    67,700 
188,010    179,526 
Creditors: amount falling due within one year 6 (32,213)   (29,221)
Net current assets 155,797    150,305 
 
Total assets less current liabilities 835,580    836,684 
Creditors: amount falling due after more than one year 7 (200,819)   (228,069)
Provisions for liabilities 8 (83,531)   (84,922)
Net assets 551,230    523,693 
 

Capital and reserves
     
Called up share capital 9 100    100 
Profit and loss account 551,130    523,593 
Shareholders' funds 551,230    523,693 
 


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

Director's 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 director acknowledges 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 30 May 2025 and were signed by:


-------------------------------
Mr S Jones
Director
2
General Information
Steve Jones Electrical Limited is a private company, limited by shares, registered in England and Wales, registration number 07634579, registration address 8 Castle Park, Kendal, Cumbria, LA9 7AX.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Improvements to property 25% Reducing Balance
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

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

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Investment properties   Improvements to property   Total
  £   £   £   £   £
At 01 September 2023 20,954    35,563    665,000    22,865    744,382 
Additions        
Disposals        
At 31 August 2024 20,954    35,563    665,000    22,865    744,382 
Depreciation
At 01 September 2023 18,097    20,560      19,346    58,003 
Charge for year 715    5,001      880    6,596 
On disposals        
At 31 August 2024 18,812    25,561      20,226    64,599 
Net book values
Closing balance as at 31 August 2024 2,142    10,002    665,000    2,639    679,783 
Opening balance as at 01 September 2023 2,857    15,003    665,000    3,519    686,379 

Investment Property
The Castle Stores Retail and Residential Investment Property was valued by the Directors in August 2022 on a open market basis at £665,000. The Directors are of the view the value has not changed materially in the year to 31st August 2024.




4.

Stocks

2024
£
  2023
£
Work in Progress 2,320    2,200 
Stocks 3,040    2,980 
5,360    5,180 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 101,289    63,250 
Other Debtors 24,208    43,396 
125,497    106,646 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 10,446    2,736 
Corporation Tax 8,896    6,874 
PAYE & Social Security 1,281    1,455 
Accrued Expenses 2,180    2,120 
Other Creditors 534    262 
Wages & Salaries Control Account 882    1,066 
Directors' Current Accounts   114 
VAT 7,994    14,594 
32,213    29,221 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts (secured) 187,296    207,895 
Bank Loans & Overdrafts 13,523    20,174 
200,819    228,069 

8.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 83,531    84,922 
83,531    84,922 

9.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
500 Class A shares of £0.10 each 50    50 
500 Class B shares of £0.10 each 50    50 
100    100 

10.

Dividends

During the year the Company paid £5,000 ( £10,000 - 2023 ) in Dividends to the Shareholders
3