Electromec Limited |
Registered number: |
04133148 |
Balance Sheet |
as at 31 March 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
4,846 |
|
|
6,635 |
|
Current assets |
Stocks |
|
|
4,500 |
|
|
6,650 |
Debtors |
4 |
|
381,659 |
|
|
347,567 |
Cash at bank and in hand |
|
|
183,121 |
|
|
131,518 |
|
|
|
569,280 |
|
|
485,735 |
|
Creditors: amounts falling due within one year |
5 |
|
(179,010) |
|
|
(104,588) |
|
Net current assets |
|
|
|
390,270 |
|
|
381,147 |
|
Total assets less current liabilities |
|
|
|
395,116 |
|
|
387,782 |
|
|
Provisions for liabilities |
|
|
|
(700) |
|
|
- |
|
|
Net assets |
|
|
|
394,416 |
|
|
387,782 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
394,316 |
|
|
387,682 |
|
Shareholders' funds |
|
|
|
394,416 |
|
|
387,782 |
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
G Roberts |
Director |
Approved by the board on 26 May 2023 |
|
Electromec Limited |
Notes to the Accounts |
for the year ended 31 March 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is a) measured at the fair value of the consideration received or receivable, net of discounts and value added taxes, b) relates to revenues earned from the rendering of services, and c) is recognised as invoices are raised but as amended for the sales value of works in progress at the balance sheet date. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulated depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
25-50% reducing balance |
|
Motor vehicles |
25% reducing balance |
|
|
Stocks |
|
Stocks are measured at the lower of cost and net realisable value. |
|
|
Long-term contracts |
|
The company works on contracts which extend for several months and over financial years, income earned from work undertaken is accounted for at the same time as the costs incurred by that work in order that the anticipated profit (as prudently calculated upon a contract by contract basis) is recognised and the activity reported by the accounts properly reflects the level of work undertaken by the company. The value of these contracts, net of any invoicing on account, is disclosed as Amounts recoverable upon contracts within Debtors. Where this net amount by contract is negative, these amounts are disclosed as Contract payments on account within Creditors. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the accounts and their assessment for taxation purposes. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Taxation balances are not discounted. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
10 |
|
13 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2022 |
10,569 |
|
25,612 |
|
25,000 |
|
61,181 |
|
At 31 March 2023 |
10,569 |
|
25,612 |
|
25,000 |
|
61,181 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2022 |
10,569 |
|
24,183 |
|
19,794 |
|
54,546 |
|
Charge for the year |
- |
|
487 |
|
1,302 |
|
1,789 |
|
At 31 March 2023 |
10,569 |
|
24,670 |
|
21,096 |
|
56,335 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2023 |
- |
|
942 |
|
3,904 |
|
4,846 |
|
At 31 March 2022 |
- |
|
1,429 |
|
5,206 |
|
6,635 |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
270,651 |
|
248,584 |
|
Amounts recoverable upon contracts |
96,791 |
|
51,408 |
|
Other debtors |
14,217 |
|
47,575 |
|
|
|
|
|
|
381,659 |
|
347,567 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Trade creditors |
101,356 |
|
64,411 |
|
Contract payments on account |
|
|
|
|
10,342 |
|
1,462 |
|
Taxation and social security costs |
64,603 |
|
36,528 |
|
Other creditors |
2,709 |
|
2,187 |
|
|
|
|
|
|
179,010 |
|
104,588 |
|
|
|
|
|
|
|
|
|
|
6 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
|
G Roberts |
|
Loan made without terms attaching |
5,600 |
|
7,000 |
|
(4,600) |
|
8,000 |
|
|
|
5,600 |
|
7,000 |
|
(4,600) |
|
8,000 |
|
|
|
|
|
|
|
|
|
|
7 |
Other information |
|
|
Electromec Limited is a private company limited by shares and incorporated in England and Wales. The company is controlled by Mr G Roberts, the sole director and majority shareholder. The company's registered office is situated at Unit 5, Ridleywood Industrial Complex, Wrexham Industrial Estate, Wrexham, LL13 9UT.. |