OEL Electrical Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 07730025

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		35,568		14,528

			35,568		14,528
CURRENT ASSETS
Debtors	5	128,035		59,762
Cash at bank and in hand		122,351		92,717

		250,386		152,479
Creditors: Amounts Falling Due Within One Year	6	(140,326 )		(81,699 )

NET CURRENT ASSETS (LIABILITIES)			110,060		70,780

TOTAL ASSETS LESS CURRENT LIABILITIES			145,628		85,308

Creditors: Amounts Falling Due After More Than One Year	7		(54,490 )		(47,052 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(6,758 )		(2,760 )

NET ASSETS			84,380		35,496

CAPITAL AND RESERVES
Called up share capital	9		2		2
Profit and Loss Account			84,378		35,494

SHAREHOLDERS' FUNDS			84,380		35,496

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OEL Electrical Ltd

Balance Sheet (continued)

As At 31 December 2024

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

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Daniel Lappage

Director

30/04/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

OEL Electrical Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07730025 . The registered office is 3 Abbey Close, Eye, Peterborough, PE6 7WE.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% reducing balance
Motor Vehicles	25% reducing balance
Computer Equipment	33% straight line

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2023: 1)

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OEL Electrical Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 January 2024	1,177	26,026	5,550	32,753
Additions	4,538	32,990	-	37,528

As at 31 December 2024	5,715	59,016	5,550	70,281

Depreciation
As at 1 January 2024	446	13,012	4,767	18,225
Provided during the period	1,429	14,754	305	16,488

As at 31 December 2024	1,875	27,766	5,072	34,713

Net Book Value
As at 31 December 2024	3,840	31,250	478	35,568

As at 1 January 2024	731	13,014	783	14,528

5. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	98,628	27,686
Other debtors	5,892	5,892
PAYE	1,018	3,239
Director's loan account	22,497	22,945

	128,035	59,762

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	13,674	6,012
Trade creditors	62,801	24,407
Corporation tax	39,684	36,815
VAT	24,069	14,350
Pensions	-	115
Accruals and deferred income	98	-

	140,326	81,699

7. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	25,010	11,908
Bank loans	29,480	35,144

	54,490	47,052

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OEL Electrical Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	13,674	6,012
Later than one year and not later than five years	25,010	11,908

	38,684	17,920

	38,684	17,920

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	2	2

10. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 January 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2024
	£	£	£	£	£
Mr Daniel Lappage	22,944	-	-	-	-

The above loan is unsecured, interest free and repayable on demand.

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