Company Registration No. 05619824 (England and Wales)
Richard Craig Electrical Ltd
Unaudited accounts
for the year ended 31 December 2022
Richard Craig Electrical Ltd
Unaudited accounts
Contents
Richard Craig Electrical Ltd
Company Information
for the year ended 31 December 2022
Directors
R I Craig
Mrs K M Craig
L W Craig
Company Number
05619824 (England and Wales)
Registered Office
Townsend Bungalow
Llanwarne
Hereford
HR2 8JE
Accountants
Diana Duggan & Co
27 East Street
Hereford
HR1 2LU
Richard Craig Electrical Ltd
Statement of financial position
as at 31 December 2022
Tangible assets
268,994
221,608
Cash at bank and in hand
599,880
322,256
Creditors: amounts falling due within one year
(234,916)
(198,246)
Net current assets
587,754
453,446
Total assets less current liabilities
856,748
675,054
Creditors: amounts falling due after more than one year
(21,591)
(44,817)
Net assets
835,157
630,237
Called up share capital
10
10
Profit and loss account
835,147
630,227
Shareholders' funds
835,157
630,237
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 December 2023 and were signed on its behalf by
R I Craig
Director
Company Registration No. 05619824
Richard Craig Electrical Ltd
Notes to the Accounts
for the year ended 31 December 2022
Richard Craig Electrical Ltd is a private company, limited by shares, registered in England and Wales, registration number 05619824. The registered office is Townsend Bungalow, Llanwarne, Hereford, HR2 8JE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
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.
Plant & machinery
15% reducing balance
Motor vehicles
25% reducing balance
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.
There are no material uncertainties that may cast significant doubt about the company's ability to continue as a going concern.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Richard Craig Electrical Ltd
Notes to the Accounts
for the year ended 31 December 2022
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:
Rendering of services: Turnover from services is recognised on completion of services.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2022
16,007
77,251
250,602
343,860
Additions
-
18,092
167,545
185,637
Disposals
-
-
(97,000)
(97,000)
At 31 December 2022
16,007
95,343
321,147
432,497
At 1 January 2022
-
35,295
86,957
122,252
Charge for the year
-
9,006
47,932
56,938
On disposals
-
-
(15,687)
(15,687)
At 31 December 2022
-
44,301
119,202
163,503
At 31 December 2022
16,007
51,042
201,945
268,994
At 31 December 2021
16,007
41,956
163,645
221,608
Amounts falling due within one year
Trade debtors
202,517
263,039
6
Creditors: amounts falling due within one year
2022
2021
Trade creditors
116,447
83,885
Taxes and social security
26,360
-
Other creditors
83,028
108,773
Loans from directors
5,841
-
7
Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
21,591
44,817
Richard Craig Electrical Ltd
Notes to the Accounts
for the year ended 31 December 2022
Allotted, called up and fully paid:
10 Ordinary shares of £1 each
10
10
9
Operating lease commitments
2022
2021
At 31 December 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
7,872
7,872
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's Advance
45,656
-
39,815
5,841
The director made withdrawals from his loan account of £39815 and the balance at 31 December 2021 was £5841.00o/d (2021 £45656) and is included in other creditors. .
The company is controlled by the director, Mr R I Craig.
11
Average number of employees
During the year the average number of employees was 8 (2021: 8).