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Registration number: SC257273

D Charters Electrical Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2022

 

D Charters Electrical Services Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 11

 

D Charters Electrical Services Limited

Company Information

Directors

M Sheridan

C Neish

I Revel

Registered office

Unit 3
Lochpark Industrial Estate
Hawick
TD9 9JA

Accountants

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Borders
TD9 9BD

 

D Charters Electrical Services Limited

Directors' Report for the Year Ended 28 February 2022

The directors present their report and the financial statements for the year ended 28 February 2022.

Directors of the company

The directors who held office during the year were as follows:

M Sheridan

C Neish

I Revel

Principal activity

The principal activity of the company is the provision of electrical services.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 12 August 2021 and signed on its behalf by:
 

.........................................
I Revel
Director

 

DEANS

Chartered Accountants

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
D Charters Electrical Services Limited for the Year Ended 28 February 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of D Charters Electrical Services Limited for the year ended 28 February 2022 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of D Charters Electrical Services Limited, as a body, in accordance with the terms of our engagement letter dated 13 October 2003. Our work has been undertaken solely to prepare for your approval the accounts of D Charters Electrical Services Limited and state those matters that we have agreed to state to the Board of Directors of D Charters Electrical Services Limited, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D Charters Electrical Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that D Charters Electrical Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of D Charters Electrical Services Limited. You consider that D Charters Electrical Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of D Charters Electrical Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Borders
TD9 9BD

12 August 2021

 

D Charters Electrical Services Limited

(Registration number: SC257273)
Balance Sheet as at 28 February 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

12,909

11,209

Current assets

 

Stocks

5

8,891

31,738

Debtors

6

172,349

165,299

Cash at bank and in hand

 

158,138

102,727

 

339,378

299,764

Creditors: Amounts falling due within one year

7

(101,024)

(60,316)

Net current assets

 

238,354

239,448

Total assets less current liabilities

 

251,263

250,657

Creditors: Amounts falling due after more than one year

7

(35,922)

(47,500)

Provisions for liabilities

(2,453)

(2,130)

Net assets

 

212,888

201,027

Capital and reserves

 

Called up share capital

8

10,000

10,000

Retained earnings

202,888

191,027

Shareholders' funds

 

212,888

201,027

For the financial year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

D Charters Electrical Services Limited

(Registration number: SC257273)
Balance Sheet as at 28 February 2022

Approved and authorised by the Board on 12 August 2021 and signed on its behalf by:
 

.........................................
M Sheridan
Director

.........................................
C Neish
Director

.........................................
I Revel
Director

 

D Charters Electrical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Unit 3
Lochpark Industrial Estate
Hawick
TD9 9JA

These financial statements were authorised for issue by the Board on 12 August 2021.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The financial statements are presented in Sterling (£) and rounded to the nearest £0.

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:

Useful economic lives of tangible assets- the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

 

D Charters Electrical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line basis

Motor vehicles

25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

D Charters Electrical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2021 - 5).

 

D Charters Electrical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

4

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2021

50,587

7,283

57,870

Additions

12,500

-

12,500

Disposals

(7,995)

-

(7,995)

At 28 February 2022

55,092

7,283

62,375

Depreciation

At 1 March 2021

40,225

6,436

46,661

Charge for the year

10,588

212

10,800

Eliminated on disposal

(7,995)

-

(7,995)

At 28 February 2022

42,818

6,648

49,466

Carrying amount

At 28 February 2022

12,274

635

12,909

At 28 February 2021

10,362

847

11,209

5

Stocks

2022
£

2021
£

Work in progress

8,141

30,988

Other inventories

750

750

8,891

31,738

6

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

44,915

35,530

Amounts owed by related parties

10

117,500

97,500

Prepayments

 

1,178

1,526

Other debtors

 

8,756

30,743

   

172,349

165,299

 

D Charters Electrical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and overdrafts

9

9,996

2,500

Trade creditors

 

8,936

13,217

Taxation and social security

 

24,992

13,478

Other creditors

 

57,100

31,121

 

101,024

60,316

Due after one year

 

Loans and borrowings

9

35,922

47,500

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

35,922

47,500

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

         

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

35,922

47,500

2022
£

2021
£

Current loans and borrowings

Bank borrowings

9,996

2,500

 

D Charters Electrical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

10

Related party transactions

Transactions with directors

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

I Revel

Loans are unsecured, undated and interest is charged at 2.25% and 2% per annum on overdrawn loans

10,436

32,658

(40,000)

3,094

         
       

M Sheridan

Loans are unsecured, undated and interest is charged at 2.25%and 2% per annum on overdrawn loans

10,113

32,684

(40,000)

2,797

         
       

C Neish

Loans are unsecured, undated and interest is charged at 2.25%and 2% per annum on overdrawn loans

10,194

32,671

(40,000)

2,865

         
       

 

2021

At 1 March 2020
£

Advances to director
£

Repayments by director
£

At 28 February 2021
£

I Revel

Loans are unsecured, undated and interest is charged at 2.25% and 2% per annum on overdrawn loans

22,081

28,355

(40,000)

10,436

         
       

M Sheridan

Loans are unsecured, undated and interest is charged at 2.25%and 2% per annum on overdrawn loans

21,851

28,262

(40,000)

10,113

         
       

C Neish

Loans are unsecured, undated and interest is charged at 2.25%and 2% per annum on overdrawn loans

21,911

28,283

(40,000)

10,194