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ICA Electrical Contractors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

Registration number: 04560411

 

ICA Electrical Contractors Limited

Contents

Statement of financial position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

ICA Electrical Contractors Limited

(Registration number: 04560411)
Statement of financial position as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

31,634

45,289

Current assets

 

Stocks

6

15,500

12,500

Debtors

7

129,112

69,923

Cash at bank and in hand

 

88,899

80,627

 

233,511

163,050

Creditors: Amounts falling due within one year

8

(94,880)

(38,478)

Net current assets

 

138,631

124,572

Total assets less current liabilities

 

170,265

169,861

Creditors: Amounts falling due after more than one year

8

(35,631)

(50,000)

Provisions for liabilities

(6,011)

(8,605)

Net assets

 

128,623

111,256

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

127,623

110,256

Shareholders' funds

 

128,623

111,256

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

ICA Electrical Contractors Limited

(Registration number: 04560411)
Statement of financial position as at 31 March 2022

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 Income statement has been taken.

Approved and authorised by the director on 10 August 2022
 

.........................................
Mr I Arliss
Director

 

ICA Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 15
Blatchford Close Industrial Estate
Horsham
West Sussex
RH13 5RG

These financial statements were authorised for issue by the director on 10 August 2022.

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.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

ICA Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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 statement of financial position 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

Fittings, fixtures and equipment

20% Straight line

Motor vehicles

25% Straight line

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.

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.

 

ICA Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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 income statement 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2021 - 8).

 

ICA Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4

Profit before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

17,410

14,584

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2021

14,787

77,812

92,599

Additions

3,755

-

3,755

At 31 March 2022

18,542

77,812

96,354

Depreciation

At 1 April 2021

11,244

36,066

47,310

Charge for the year

2,298

15,112

17,410

At 31 March 2022

13,542

51,178

64,720

Carrying amount

At 31 March 2022

5,000

26,634

31,634

At 31 March 2021

3,543

41,746

45,289

6

Stocks

2022
£

2021
£

Other inventories

15,500

12,500

 

ICA Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

7

Debtors

Current

2022
£

2021
£

Trade debtors

118,401

49,855

Prepayments

10,711

15,826

Other debtors

-

4,242

 

129,112

69,923

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

10

11,252

-

Trade creditors

 

50,224

17,695

Taxation and social security

 

26,496

17,292

Accruals and deferred income

 

2,750

3,000

Other creditors

 

4,158

491

 

94,880

38,478

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

35,631

50,000

 

ICA Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

35,631

50,000

2022
£

2021
£

Current loans and borrowings

Bank borrowings

11,252

-

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £9,673 (2021 - £14,209).

 

ICA Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

12

Related party transactions

Transactions with the director

2022

At 1 April 2021
£

Repayments by director
£

At 31 March 2022
£

Mr I Arliss

Director loan

2,953

(2,953)

-

       
     

 

2021

At 1 April 2020
£

Advances to director
£

Repayments by director
£

At 31 March 2021
£

Mr I Arliss

Director loan

14,710

2,953

(14,710)

2,953