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Registration number: 10792457

Holloway Electrical Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2022

 

Holloway Electrical Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Holloway Electrical Ltd

Company Information

Director

Mr J M Holloway

Registered office

3 Union Place
Par
Cornwall
PL24 2FS

Accountants

Peter Williams & Co
Chartered Certified Accountants
Latham Park
St Blazey Road
Par
Cornwall
PL24 2HY

 

Holloway Electrical Ltd

(Registration number: 10792457)
Balance Sheet as at 31 May 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

3,500

2,514

Current assets

 

Debtors

5

7,855

3,420

Cash at bank and in hand

 

78,554

62,795

 

86,409

66,215

Creditors: Amounts falling due within one year

6

(51,995)

(45,509)

Net current assets

 

34,414

20,706

Net assets

 

37,914

23,220

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

37,814

23,120

Shareholders' funds

 

37,914

23,220

For the financial year ending 31 May 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.

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.

Approved and authorised by the director on 7 September 2022
 

.........................................
Mr J M Holloway
Director

 

Holloway Electrical Ltd

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

1

General information

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

The address of its registered office is:
3 Union Place
Par
Cornwall
PL24 2FS

These financial statements were authorised for issue by the director on 7 September 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 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.

 

Holloway Electrical Ltd

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

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

Motor Vehicles

25% reducing balance basis

Office Equipment

25% reducing balance 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.

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.

 

Holloway Electrical Ltd

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2021 - 1).

 

Holloway Electrical Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2021

602

3,000

3,602

Additions

2,040

113

2,153

At 31 May 2022

2,642

3,113

5,755

Depreciation

At 1 June 2021

338

750

1,088

Charge for the year

576

591

1,167

At 31 May 2022

914

1,341

2,255

Carrying amount

At 31 May 2022

1,728

1,772

3,500

At 31 May 2021

264

2,250

2,514

5

Debtors

Current

2022
£

2021
£

Trade debtors

6,196

1,760

Prepayments

1,359

1,393

Other debtors

300

267

 

7,855

3,420

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

22,500

25,279

Trade creditors

 

5,492

1,902

Taxation and social security

 

18,069

11,007

Other creditors

 

5,934

7,321

 

51,995

45,509

 

Holloway Electrical Ltd

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

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

8

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

22,500

25,000

Other borrowings

-

279

22,500

25,279

9

Dividends

   

2022

 

2021

   

£

 

£

Interim dividend of £410.16 (2021 - £272.00) per ordinary share

 

41,016

 

27,200

         

10

Related party transactions

 

Holloway Electrical Ltd

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

Director's remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£

Remuneration

12,051

9,286