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Registered number: 06823809
Finic Electrical Services Ltd
Director's Report and
Unaudited Financial Statements
For The Year Ended 30 June 2022
Director's Report and Unaudited Financial Statements
Contents
Page
Company Information 1
Director's Report 2
Profit and Loss Account 3
Balance Sheet 4—5
Statement of Changes in Equity 6
Notes to the Financial Statements 7—11
Page 1
Company Information
Director Mr David Pearce
Secretary Mrs Susan Pearce
Company Number 06823809
Registered Office Unit 17, The Bridgewater Centre
Robson Avenue
Urmston
Manchester
M41 7TE
Business Unit 17, The Bridgewater Centre
Robson Avenue
Urmston
Manchester
M41 7TE
Page 1
Page 2
Director's Report
The director presents his report and the financial statements for the year ended 30 June 2022 .
Statement of Director's Responsibilities
The director is responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal Activity
The company's principal activity continues to be that of Industrial and Commercial Electrical Contractors.
Directors
The directors who held office during the year were as follows:
Mr David Pearce
Small Company Rules
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.
On behalf of the board
Mr David Pearce
Director
2nd September 2022
Page 2
Page 3
Profit and Loss Account
2022 2021
Notes £ £
TURNOVER 195,528 169,523
Cost of sales (114,357 ) (101,765 )
GROSS PROFIT 81,171 67,758
Administrative expenses (31,754 ) (35,337 )
Other operating income - 5,352
OPERATING PROFIT 2 49,417 37,773
Other interest receivable and similar income - 21
PROFIT BEFORE TAXATION 49,417 37,794
Tax on Profit 5 (9,389 ) (7,181 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 40,028 30,613
The notes on pages 7 to 11 form part of these financial statements.
Page 3
Page 4
Balance Sheet
2022 2021
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 6 6,576 8,436
6,576 8,436
CURRENT ASSETS
Stocks 7 1,700 2,100
Debtors 8 36,558 18,599
Cash at bank and in hand 29,372 27,727
67,630 48,426
Creditors: Amounts Falling Due Within One Year 9 (32,904 ) (24,641 )
NET CURRENT ASSETS (LIABILITIES) 34,726 23,785
TOTAL ASSETS LESS CURRENT LIABILITIES 41,302 32,221
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (1,269 ) (1,603 )
NET ASSETS 40,033 30,618
CAPITAL AND RESERVES
Called up share capital 11 5 5
Profit and Loss Account 40,028 30,613
SHAREHOLDERS' FUNDS 40,033 30,618
Page 4
Page 5
For the year ending 30 June 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr David Pearce
Director
2nd September 2022
The notes on pages 7 to 11 form part of these financial statements.
Page 5
Page 6
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 July 2020 5 41,263 41,268
Profit for the year and total comprehensive income - 30,613 30,613
Dividends paid - (41,263) (41,263)
Purchase of own shares - - -
As at 30 June 2021 and 1 July 2021 5 30,613 30,618
Profit for the year and total comprehensive income - 40,028 40,028
Dividends paid - (30,613) (30,613)
Purchase of own shares - - -
As at 30 June 2022 5 40,028 40,033
Page 6
Page 7
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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.
1.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25%
Motor Vehicles 25%
Computer Equipment 25%
1.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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1.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2. Operating Profit
The operating profit is stated after charging:
2022 2021
£ £
Director's remuneration 5,026 6,417
Depreciation of tangible fixed assets 2,192 2,812
3. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2022 2021
£ £
Wages and salaries 69,130 70,765
Social security costs 5,988 5,746
Other pension costs 1,425 1,401
76,543 77,912
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4. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2022 2021
Office and administration 2 2
Manufacturing 2 2
4 4
5. Tax on Profit
Tax Rate 2022 2021
2022 2021 £ £
UK Corporation Tax 19.0% 19.0% 9,723 7,715
Total Current Tax Charge 9,723 7,715
Deferred Taxation (334 ) (534 )
Total tax charge for the period 9,389 7,181
2022 2021
£ £
Profit before tax 49,417 37,794
Breakdown of Tax Charge is:
Tax on profit at 19% (UK standard rate) 9,389 7,181
Goodwill/depreciation not allowed for tax 416 534
Capital allowances (82 ) -
Short term timing differences (334 ) (534 )
Total tax charge for the period 9,389 7,181
6. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2021 17,973 36,390 12,912 67,275
Additions 142 - 191 333
As at 30 June 2022 18,115 36,390 13,103 67,608
Depreciation
As at 1 July 2021 16,774 31,053 11,012 58,839
Provided during the period 335 1,335 523 2,193
As at 30 June 2022 17,109 32,388 11,535 61,032
Net Book Value
As at 30 June 2022 1,006 4,002 1,568 6,576
As at 1 July 2021 1,199 5,337 1,900 8,436
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7. Stocks
2022 2021
£ £
Stock - materials 1,700 2,100
1,700 2,100
8. Debtors
2022 2021
£ £
Due within one year
Trade debtors 30,553 17,698
Prepayments and accrued income 5,005 901
Amounts owed by other participating interests 1,000 -
36,558 18,599
9. Creditors: Amounts Falling Due Within One Year
2022 2021
£ £
Trade creditors 1,829 2,450
Bank loans and overdrafts 6,365 534
Corporation tax 9,723 7,715
Social security PAYE (Current liabilities - creditors < 1 year) 758 535
VAT (Current liabilities - creditors < 1 year) 8,638 7,223
Social security NI (Current liabilities - creditors < 1 year) 498 838
Workplace Pension Scheme Current Liability 306 261
Accruals and deferred income - 206
Purchase Tax Control Account (Current liabilities - creditors < 1 year) (305 ) (1,403 )
Sales Tax Conrol Account (Current liabilities - creditors < 1 year) 5,092 6,282
32,904 24,641
10. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
2022 2021
£ £
Deferred tax 1,269 1,603
1,269 1,603
11. Share Capital
2022 2021
Allotted, Called up and fully paid 5 5
12. Directors Advances, Credits and Guarantees
Dividends paid to directors
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2022 2021
£ £
Mr David Pearce 10,714 17,600
13. Dividends
2022 2021
£ £
On equity shares:
Interim dividend paid 30,613 41,263
30,613 41,263
14. Controlling Party
The company's controlling party is David Pearce by virtue of his ownership of (35 %)% of the issued share capital in the company.
15. General Information
Finic Electrical Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06823809 . The registered office is Unit 17, The Bridgewater Centre, Robson Avenue, Urmston, Manchester, M41 7TE.
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