Tibbs Electrical Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06046470 (England and Wales)

TIBBS ELECTRICAL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

5

DIRECTORS:

A N Tibbles

Mrs M L Tibbles

SECRETARY:

Mrs M L Tibbles

REGISTERED OFFICE:

6 Cheltenham Road

Cirencester

Gloucestershire

GL7 2HX

REGISTERED NUMBER:

06046470 (England and Wales)

ACCOUNTANTS:

William Hinton Limited

Chartered Accountants

Ross House

The Square

Stow On The Wold

Gloucestershire

GL54 1AF

FIXED ASSETS

Tangible assets

4

21,619

26,917

CURRENT ASSETS

Stocks

3,156

6,673

Debtors

5

20,775

28,686

Cash at bank

62,096

20,274

86,027

55,633

CREDITORS

Amounts falling due within one year

6

57,747

48,480

NET CURRENT ASSETS

28,280

7,153

TOTAL ASSETS LESS CURRENT LIABILITIES

49,899

34,070

CREDITORS

Amounts falling due after more than one year

7

11,955

20,493

NET ASSETS

37,944

13,577

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

37,844

13,477

37,944

13,577

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by:

A N Tibbles - Director

1.	STATUTORY INFORMATION

Tibbs 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2022

59,611

Additions

7,450

At 31 January 2023

67,061

DEPRECIATION

At 1 February 2022

32,694

Charge for year

12,748

At 31 January 2023

45,442

NET BOOK VALUE

At 31 January 2023

21,619

At 31 January 2022

26,917

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

18,674

25,550

Other debtors

2,101

3,136

20,775

28,686

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Hire purchase contracts

9,589

11,039

Trade creditors

2,922

14,536

Taxation and social security

16,885

10,253

Other creditors

28,351

12,652

57,747

48,480

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts

11,955

20,493