Walden & Fletcher Electrical Contractors Limited 08349673 false 2022-02-01 2023-01-31 2023-01-31 The principal activity of the company is that of electrical contractors. Digita Accounts Production Advanced 6.30.9574.0 true 08349673 2022-02-01 2023-01-31 08349673 2023-01-31 08349673 core:ProvisionsDeferredTax 2023-01-31 08349673 core:CurrentFinancialInstruments 2023-01-31 08349673 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 08349673 core:Non-currentFinancialInstruments 2023-01-31 08349673 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 08349673 core:Goodwill 2023-01-31 08349673 core:WithinOneYear 2023-01-31 08349673 core:FurnitureFittingsToolsEquipment 2023-01-31 08349673 core:LandBuildings 2023-01-31 08349673 core:MotorVehicles 2023-01-31 08349673 bus:SmallEntities 2022-02-01 2023-01-31 08349673 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 08349673 bus:FullAccounts 2022-02-01 2023-01-31 08349673 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 08349673 bus:RegisteredOffice 2022-02-01 2023-01-31 08349673 bus:Director1 2022-02-01 2023-01-31 08349673 bus:Director2 2022-02-01 2023-01-31 08349673 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 08349673 core:Goodwill 2022-02-01 2023-01-31 08349673 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 08349673 core:LandBuildings 2022-02-01 2023-01-31 08349673 core:LeaseholdImprovements 2022-02-01 2023-01-31 08349673 core:MotorVehicles 2022-02-01 2023-01-31 08349673 core:PlantMachinery 2022-02-01 2023-01-31 08349673 countries:EnglandWales 2022-02-01 2023-01-31 08349673 2022-01-31 08349673 core:Goodwill 2022-01-31 08349673 core:FurnitureFittingsToolsEquipment 2022-01-31 08349673 core:LandBuildings 2022-01-31 08349673 core:MotorVehicles 2022-01-31 08349673 2021-02-01 2022-01-31 08349673 2022-01-31 08349673 core:ProvisionsDeferredTax 2022-01-31 08349673 core:CurrentFinancialInstruments 2022-01-31 08349673 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 08349673 core:Non-currentFinancialInstruments 2022-01-31 08349673 core:Non-currentFinancialInstruments core:AfterOneYear 2022-01-31 08349673 core:Goodwill 2022-01-31 08349673 core:WithinOneYear 2022-01-31 08349673 core:FurnitureFittingsToolsEquipment 2022-01-31 08349673 core:LandBuildings 2022-01-31 08349673 core:MotorVehicles 2022-01-31 iso4217:GBP xbrli:pure

Registration number: 08349673

Prepared for the registrar

Walden & Fletcher Electrical Contractors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Walden & Fletcher Electrical Contractors Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Walden & Fletcher Electrical Contractors Limited

Company Information

Directors

S J B Fletcher

M P Walden

Registered office

2 St Oswalds Road
Gloucester
Gloucestershire
GL1 2SF

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Walden & Fletcher Electrical Contractors Limited

(Registration number: 08349673)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

2,800

Tangible assets

5

149,541

100,488

 

149,541

103,288

Current assets

 

Stocks

8,000

5,000

Debtors

6

844,008

669,853

Cash at bank and in hand

 

514,849

197,155

 

1,366,857

872,008

Creditors: Amounts falling due within one year

7

(743,615)

(487,699)

Net current assets

 

623,242

384,309

Total assets less current liabilities

 

772,783

487,597

Creditors: Amounts falling due after more than one year

7

(49,800)

(68,407)

Deferred tax liabilities

9

(35,239)

(22,908)

Net assets

 

687,744

396,282

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

687,644

396,182

Shareholders' funds

 

687,744

396,282

For the financial year ending 31 January 2023 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.

Approved and authorised by the Board on 13 June 2023 and signed on its behalf by:
 


M P Walden
Director

 

Walden & Fletcher Electrical Contractors Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

 

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:
2 St Oswalds Road
Gloucester
Gloucestershire
GL1 2SF

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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 and after eliminating sales within the company.

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.

 

Walden & Fletcher Electrical Contractors Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Leasehold improvements

Straight line over fifty years

Plant and machinery

15% of written down value

Motor vehicles

15% of written down value

Goodwill

Purchased goodwill is capitalised and written off in equal annual instalments over ten years. The directors believe this is a reasonable estimate of its useful economic life.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Stocks

Stock is valued at the lower of cost and net realisable value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Walden & Fletcher Electrical Contractors Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

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.

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.

 

Walden & Fletcher Electrical Contractors Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

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 its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was as follows:

 

Walden & Fletcher Electrical Contractors Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

 

4

Intangible assets

Goodwill
 £

Cost

At 1 February 2022

28,000

At 31 January 2023

28,000

Amortisation

At 1 February 2022

25,200

Amortisation charge

2,800

At 31 January 2023

28,000

Carrying amount

At 31 January 2023

-

At 31 January 2022

2,800

 

Walden & Fletcher Electrical Contractors Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

 

5

Tangible assets

Leasehold improvements
£

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost

At 1 February 2022

8,983

12,420

138,359

159,762

Additions

-

226

68,875

69,101

At 31 January 2023

8,983

12,646

207,234

228,863

Depreciation

At 1 February 2022

89

7,450

51,735

59,274

Charge for the year

180

770

19,098

20,048

At 31 January 2023

269

8,220

70,833

79,322

Carrying amount

At 31 January 2023

8,714

4,426

136,401

149,541

At 31 January 2022

8,894

4,970

86,624

100,488

 

6

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

569,225

391,506

Amounts owed by related parties

11

212,250

213,082

Other debtors

 

62,533

65,265

 

844,008

669,853

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

30,822

29,589

Trade creditors

 

601,203

402,154

Social security and other taxes

 

8,329

7,869

Other creditors

 

-

1,574

Accrued expenses

 

6,302

6,280

Corporation tax liability

96,959

40,233

 

743,615

487,699

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

49,800

68,407

 

Walden & Fletcher Electrical Contractors Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

 

8

Loans and borrowings

Note

2023
£

2022
£

Current loans and borrowings

Bank borrowings

 

10,000

10,000

Hire purchase liabilities

 

15,868

11,288

Other borrowings

11

4,954

8,301

 

30,822

29,589

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,333

33,333

Hire purchase liabilities

26,467

35,074

49,800

68,407

 

9

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Accelerated tax depreciation

35,239

2022

Liability
£

Accelerated tax depreciation

22,908

 

10

Operating leases

The total of future minimum lease payments is as follows:

2023
 £

2022
 £

Not later than one year

-

7,127

 

Walden & Fletcher Electrical Contractors Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

 

11

Related party transactions

During the year a director received £2,859 from the company (2022 - loaned £940 to the company). At the balance sheet date the amount due to the director was £2,369 (2022 - £5,228). The amount is interest free and repayable on demand.

During the year a director received £488 from the company (2022 - loaned £1,748 to the company). At the balance sheet date the amount due to the director was £2,585 (2022 - £3,073). The amount is interest free and repayable on demand.
 

Transactions with other related parties

During the year the company received £832 from Walden & Fletcher Property Ltd (2022 - loaned £865 to Walden & Fletcher Property Ltd). At the balance sheet date the amount due from Walden & Fletcher Property Ltd was £212,250 (2022 - £213,082). The amount is repayable on demand.