4 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 20,000 20,000 xbrli:pure xbrli:shares iso4217:GBP 06542162 2022-04-01 2023-03-31 06542162 2023-03-31 06542162 2022-03-31 06542162 2021-04-01 2022-03-31 06542162 2022-03-31 06542162 2021-03-31 06542162 core:NetGoodwill 2022-04-01 2023-03-31 06542162 core:PlantMachinery 2022-04-01 2023-03-31 06542162 core:FurnitureFittings 2022-04-01 2023-03-31 06542162 core:MotorVehicles 2022-04-01 2023-03-31 06542162 bus:Director1 2022-04-01 2023-03-31 06542162 core:NetGoodwill 2023-03-31 06542162 core:PlantMachinery 2022-03-31 06542162 core:FurnitureFittings 2022-03-31 06542162 core:MotorVehicles 2022-03-31 06542162 core:PlantMachinery 2023-03-31 06542162 core:FurnitureFittings 2023-03-31 06542162 core:MotorVehicles 2023-03-31 06542162 core:WithinOneYear 2023-03-31 06542162 core:WithinOneYear 2022-03-31 06542162 core:AfterOneYear 2023-03-31 06542162 core:AfterOneYear 2022-03-31 06542162 core:ShareCapital 2023-03-31 06542162 core:ShareCapital 2022-03-31 06542162 core:RetainedEarningsAccumulatedLosses 2023-03-31 06542162 core:RetainedEarningsAccumulatedLosses 2022-03-31 06542162 core:PlantMachinery 2022-03-31 06542162 core:FurnitureFittings 2022-03-31 06542162 core:MotorVehicles 2022-03-31 06542162 bus:Director1 2022-03-31 06542162 bus:Director1 2023-03-31 06542162 bus:Director1 2021-03-31 06542162 bus:Director1 2022-03-31 06542162 bus:Director1 2021-04-01 2022-03-31 06542162 bus:SmallEntities 2022-04-01 2023-03-31 06542162 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 06542162 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06542162 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06542162 bus:FullAccounts 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 06542162
J. T. Hodson Electrical Contractors Limited
Filleted Unaudited Financial Statements
31 March 2023
J. T. Hodson Electrical Contractors Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
57,475
29,757
Current assets
Stocks
1,450
1,450
Debtors
7
167,924
45,900
Cash at bank and in hand
160,415
133,632
---------
---------
329,789
180,982
Creditors: amounts falling due within one year
8
98,976
43,462
---------
---------
Net current assets
230,813
137,520
---------
---------
Total assets less current liabilities
288,288
167,277
Creditors: amounts falling due after more than one year
9
47,298
41,871
Provisions
14,369
5,654
---------
---------
Net assets
226,621
119,752
---------
---------
Capital and reserves
Called up share capital
200
200
Profit and loss account
226,421
119,552
---------
---------
Shareholders funds
226,621
119,752
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
J. T. Hodson Electrical Contractors Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 23 August 2023 , and are signed on behalf of the board by:
Mr P Hodson
Director
Company registration number: 06542162
J. T. Hodson Electrical Contractors Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
20,000
--------
Amortisation
At 1 April 2022 and 31 March 2023
20,000
--------
Carrying amount
At 31 March 2023
--------
At 31 March 2022
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
10,635
8,866
44,437
829
64,767
Additions
3,241
35,690
38,931
--------
--------
--------
----
---------
At 31 March 2023
10,635
12,107
80,127
829
103,698
--------
--------
--------
----
---------
Depreciation
At 1 April 2022
5,859
5,548
22,774
829
35,010
Charge for the year
629
707
9,877
11,213
--------
--------
--------
----
---------
At 31 March 2023
6,488
6,255
32,651
829
46,223
--------
--------
--------
----
---------
Carrying amount
At 31 March 2023
4,147
5,852
47,476
57,475
--------
--------
--------
----
---------
At 31 March 2022
4,776
3,318
21,663
29,757
--------
--------
--------
----
---------
7. Debtors
2023
2022
£
£
Trade debtors
152,651
43,705
Other debtors
15,273
2,195
---------
--------
167,924
45,900
---------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
21,903
704
Corporation tax
30,686
6,092
Social security and other taxes
2,750
414
Other creditors
33,637
26,252
--------
--------
98,976
43,462
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,399
32,500
Other creditors
23,899
9,371
--------
--------
47,298
41,871
--------
--------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Hodson
348
53,581
( 43,624)
10,305
----
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Hodson
( 26,763)
67,745
( 40,634)
348
--------
--------
--------
----
The director's loan is interest free and repayable on demand.