Tyne Tees Electrical Contracting Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03766036 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2023

for

Tyne Tees Electrical

Contracting Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D P McMorrow

C S Smith

REGISTERED OFFICE:

Unit 382G, Jedburgh Court

Team Valley

Gateshead

Tyne and Wear

NE11 0BQ

REGISTERED NUMBER:

03766036 (England and Wales)

ACCOUNTANTS:

Inspire Chartered Accountants

6 Queens Court

Third Avenue

Team Valley

Gateshead

Tyne and Wear

NE11 0BU

FIXED ASSETS

Tangible assets

4

38,249

55,619

CURRENT ASSETS

Debtors

5

222,354

298,647

Cash at bank and in hand

558,533

560,075

780,887

858,722

CREDITORS

Amounts falling due within one year

6

186,593

267,383

NET CURRENT ASSETS

594,294

591,339

TOTAL ASSETS LESS CURRENT LIABILITIES

632,543

646,958

CREDITORS

Amounts falling due after more than one year

7

(7,513

)

(20,413

)

PROVISIONS FOR LIABILITIES

(9,761

)

(10,568

)

NET ASSETS

615,269

615,977

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

615,169

615,877

SHAREHOLDERS' FUNDS

615,269

615,977

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 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 4 October 2023 and were signed on its behalf by:

D P McMorrow - Director

1.	STATUTORY INFORMATION

Tyne Tees Electrical Contracting 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

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 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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 10 (2022 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 June 2022

14,539

2,302

9,620

110,272

136,733

Disposals

-

-

-

(26,397

)

(26,397

)

At 31 May 2023

14,539

2,302

9,620

83,875

110,336

DEPRECIATION

At 1 June 2022

14,539

2,234

7,539

56,802

81,114

Charge for year

-

10

312

13,047

13,369

Eliminated on disposal

-

-

-

(22,396

)

(22,396

)

At 31 May 2023

14,539

2,244

7,851

47,453

72,087

NET BOOK VALUE

At 31 May 2023

-

58

1,769

36,422

38,249

At 31 May 2022

-

68

2,081

53,470

55,619

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 June 2022

and 31 May 2023

83,875

DEPRECIATION

At 1 June 2022

35,312

Charge for year

12,141

At 31 May 2023

47,453

NET BOOK VALUE

At 31 May 2023

36,422

At 31 May 2022

48,563

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Trade debtors

201,362

283,523

Other debtors

20,992

15,124

222,354

298,647

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Hire purchase contracts

14,212

21,386

Trade creditors

82,200

135,763

Taxation and social security

85,936

105,989

Other creditors

4,245

4,245

186,593

267,383

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.23

31.5.22

£

£

Hire purchase contracts

7,513

20,413

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.23

31.5.22

£

£

Hire purchase contracts

21,725

41,799

Hire purchase liability is secured against the assets to which they relate.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.23

31.5.22

value:

£

£

100

Ordinary

£1

100

100