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REGISTERED NUMBER: 05174041 (England and Wales)




STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

CABLE SERVICES LIMITED

CABLE SERVICES LIMITED (REGISTERED NUMBER: 05174041)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


CABLE SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTORS: J M Williams
L D Steadman-Walley
A J Smith
W Robinson
J W Bostock
I N Firth



SECRETARY: J W Bostock



REGISTERED OFFICE: Bridge House
Bridge Road
Wrexham Industrial Estate
Wrexham
LL13 9PS



REGISTERED NUMBER: 05174041 (England and Wales)



AUDITORS: M. D. Coxey and Co. Limited
Chartered Accountants
and Statutory Auditors
25 Grosvenor Road
Wrexham
LL11 1BT



BANKERS: Barclays Bank plc
51-52 Hope Street
Wrexham
LL11 1BB

CABLE SERVICES LIMITED (REGISTERED NUMBER: 05174041)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2023

The directors present their strategic report for the year ended 31st March 2023.

REVIEW OF BUSINESS
A challenging, yet successful, year for the business, with various resource pressures. Our supply chain has shown price pressure and scarcity of some resource, during the year. This is mitigated by constantly monitoring through regular review meetings with key parties and adjusting inventory levels when needed.

KEY PERFORMANCE INDICATORS
The directors believe that the key performance indicators are those that measure the financial performance of the company. These are turnover, gross profit, overhead levels and cash flow.

Turnover has increased on the previous year by 6.8%.

The gross profit margin has increased from 23.2% in the previous year to 24% in the current year.

Profit before tax has increased by 7.1% this year.

Non-financial performance indicators are also key to management's holistic approach to all stakeholders. These include customer satisfaction, staff turnover, manufacturing efficiency, hygiene, health and safety and environmental impact.

The average number of employees has increased from 58 to 60.

PRINCIPAL RISKS AND UNCERTAINTIES
The company is subject to a number of potential risks and uncertainties:

The company operates in a highly competitive and busy specialist sector, particularly with regard to product range, price, service and availability. Failure to pay attention to any of these elements could result in failing to meet customer expectations, potentially reduced sales and excessive stock holdings. To mitigate this there is a considerable focus on service, systems and controls, the monitoring of competitor activities and the constant analysis of the company performance and procedures. The management team regularly review performance and forecasts to ensure targets are met. The company's cash flows are regularly monitored, and its budget and forecasts reviewed by management. To meet its obligations the company regularly monitors its liquidity, having regard to its working capital requirements, banking facilities and other financing.

Financial risk management
Financial risk management is considered regularly by the management team and the directors. Primary risks to which the company could be exposed are interest rate risk, liquidity risk and credit risk.

Interest rate risk
The company has no external debt, therefore any fluctuations in interest rate do not have a significant effect on the company.

Liquidity risk
The company ensures that there are sufficient funds available to meet the requirements of its on-going operations. The company has a significant cash balance of £15.9m at the year-end therefore there is sufficient liquidity headroom.

Credit risk
Credit risk principally arises on trade receivables and the company places a lot of emphasis on a stringent credit control policy. Management information is produced and reviewed by directors comparing it to both budget and previous year to assess performance and identify changing market conditions. Robust controls, policies and procedures are in place to mitigate risk.


CABLE SERVICES LIMITED (REGISTERED NUMBER: 05174041)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2023

SECTION 172(1) STATEMENT
The directors have a duty to promote the success of the company for the benefit of all key stakeholders. Considering the potential consequences that a decision may have on employees, suppliers, customers and other related parties is paramount. Acting with integrity and promoting high standards across the business reflects positively on the already high regard in which we are held. The company is aware of its responsibility to the local community and the environment, raising funds for local charities continues to be a focus of ours. Elsewhere the company is looking to find ways of reducing energy consumption and its environmental impact across our operations. Fundamental to the business is our ultimate aim of increasing the value of the company and the welfare of our colleagues through building lasting relationships with our partners and creating opportunities for employees to achieve their potential.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
Suppliers
The business extends the expectation of high standards of commercial conduct into the supply chain. Supplier engagement is sought and maintained through regular review processes.

Customers
Customer feedback and insights are critical in shaping how the business the existing product and services offering. This is gained through customer satisfaction survey and input from business account managers and our customer service representatives.

Employees
Attracting and retaining talented and diverse employees is critical to the long term success of the business. The business seeks to create a respectful, rewarding, diverse and inclusive work environment. This starts with the concept of a growth mindset and a belief that everyone can grow and develop. The senior management team use feedback from regular reviews to further improve areas of strength and to address opportunities for improvement.

Environment
The Directors understand and embrace the need to reduce the impact of the business on the environment. We are committed to reducing our carbon footprint and this will be achieved engaging with all key partners to understand what needs to be done to achieve positive outcomes.

ON BEHALF OF THE BOARD:





J M Williams - Director


8th September 2023

CABLE SERVICES LIMITED (REGISTERED NUMBER: 05174041)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2023

The directors present their report with the financial statements of the company for the year ended 31st March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of wholesale distribution of power cables, accessories and ancillary electrical equipment.

DIVIDENDS
No dividends will be distributed for the year ended 31st March 2023.

FUTURE DEVELOPMENTS
We continue to focus on being increasingly competitive with our marketing activity to further grow brand awareness, taking the business to new heights by building on the success of previous years.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1st April 2022 to the date of this report.

The directors shown below were in office at 31st March 2023 but did not hold any interest in the Ordinary shares of £1 each at 1st April 2022 or 31st March 2023.

J M Williams
L D Steadman-Walley
A J Smith
W Robinson
J W Bostock
I N Firth

FINANCIAL INSTRUMENTS
The company's operations expose it to a variety of financial risks including credit risk and price risk. The company do not consider cash flow and liquidity to be a risk.

The company does not have material exposure in any of the areas identified above.

The company's principal financial instruments comprise sterling cash and bank deposit, together with trade debtors and trade creditors that arise directly from operations.

POLITICAL DONATIONS AND EXPENDITURE
Charitable donations for the year amounted to £80,000 (2022: £75,000). There were no political donations.

EQUAL OPPORTUNITIES AND DIVERSITY
The Company values diversity and sees equal opportunity as making the best use of the talents of all employees and potential employees. As such it is Company policy to give full and fair consideration to applications for employment by disabled persons, bearing in mind the abilities of the applicant concerned. The Company will not tolerate discrimination in the workplace and aims to ensure that each employee feels valued, and has the opportunity to contribute fully to the success of the Company.

The Company's policy on training and promotion is to fit the qualifications and potential of each member of its staff to the appropriate job and career path within the business.

GEOGRAPHICAL AREA
No branches of the company exist outside the United Kingdom.

POST BALANCE SHEET EVENTS
There have been no events since the year end which would materially affect the financial statements.

ENGAGEMENT WITH EMPLOYEES
The company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the Group and Company. This is achieved through formal and informal meetings and regular internal communications.

CABLE SERVICES LIMITED (REGISTERED NUMBER: 05174041)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2023


ENERGY AND CARBON REPORT
Emissions and energy consumption

Energy use data is collated monthly or as frequently as it becomes available and used for ongoing analysis. Cable Services Limited has assessed greenhouse gas emissions using the 'GHG Reporting Protocol - A Corporate Accounting and Reporting Standard' and in accordance with the Defra's 'Environmental Reporting guidelines: including Streamlined Energy and Carbon Reporting requirements.

The reporting scope in the table below includes the following in the organisational boundary, following an operational control approach:

- Cable Services Limited

The reporting scope includes the following energy sources:

- Electricity used for Cable Services Limited at Cable Services occupied buildings (see row 1 in table below).
- Gas used to heat Cable Services Limited at Cable Services occupied buildings (see row 2 in table below).
- Gas oil used to heat Cable Services Limited at Cable Services occupied buildings (see row 3 in table below).
- Transport fuel used for Cable Services Limited under Cable Services operational control (scope1, see row 4 in table below), which includes travel in vehicles where the company is responsible for purchasing the fuel.

For some data sources, assumptions have been used where energy and carbon use cannot be calculated exactly from primary data - for example where utility invoices are provided quarterly rather than monthly. These are recorded and any changes in source data and methodology in future years will be notified. All carbon emissions factors are taken from 'UK Government GHG Conversion Factors for Company Reporting' issued by Defra and BEIS, for the appropriate years.

The reporting scope covers energy used over the reporting period in line with the financial year.


Energy (kWh) Emissions (tCO2e)
Electricity 260,923 50.5

Gas 15,336 2.8

Gas oil 17,188 4.4

Transport fuel - Scope 1 316,463 74.1

Total 609,911 131.8


Intensity ratio kWh and tCO2e/FTB 9103.14 1.96682



Over the year, Cable Services' operational energy use was 609,911 kWh at a cost of 131.8 tonnes of CO2 equivalent total for the year.

The largest proportion of this came from Business travel, where 316,463 kWh accounted for 51.89% of overall energy usage and was by far the most emissions intensive operational activity undertaken at 74.1 tCO2e.

Electricity usage was the second greatest use of energy in 2022, with Cable Services consuming 260,923 kWh; 42.78% of overall energy usage with emissions resulting at 50.5 tCO2e.

The use of Gas and Gas Oil are comparatively low at 15,336 kWh respectively, picking up the remaining 5.33% of energy consumption and accounting for 7.2tCO2e combined.


CABLE SERVICES LIMITED (REGISTERED NUMBER: 05174041)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2023

Cable Services Limited is aiming to mitigate its operational impacts from energy and fuel usage and will continually work to reduce its overall energy consumption and ultimately emissions generated from its operations through 2023 and beyond.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors 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 these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are 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. They are 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, M. D. Coxey and Co. Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J M Williams - Director


8th September 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CABLE SERVICES LIMITED

Opinion
We have audited the financial statements of Cable Services Limited (the 'company') for the year ended 31st March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st March 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CABLE SERVICES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CABLE SERVICES LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CABLE SERVICES LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Anthony Lewis (Senior Statutory Auditor)
for and on behalf of M. D. Coxey and Co. Limited
Chartered Accountants
and Statutory Auditors
25 Grosvenor Road
Wrexham
LL11 1BT

8th September 2023

CABLE SERVICES LIMITED (REGISTERED NUMBER: 05174041)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31ST MARCH 2023

31.3.23 31.3.22
Notes £    £   

TURNOVER 3 46,788,692 43,812,354

Cost of sales 35,569,455 33,641,391
GROSS PROFIT 11,219,237 10,170,963

Administrative expenses 7,109,977 6,136,387
OPERATING PROFIT 5 4,109,260 4,034,576

Interest receivable and similar income 6 211,541 -
PROFIT BEFORE TAXATION 4,320,801 4,034,576

Tax on profit 7 872,946 781,942
PROFIT FOR THE FINANCIAL YEAR 3,447,855 3,252,634

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,447,855

3,252,634

CABLE SERVICES LIMITED (REGISTERED NUMBER: 05174041)

BALANCE SHEET
31ST MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 1,444,634 1,509,895

CURRENT ASSETS
Stocks 9 8,132,478 6,290,695
Debtors 10 8,909,943 8,186,267
Cash at bank and in hand 15,951,752 13,554,828
32,994,173 28,031,790
CREDITORS
Amounts falling due within one year 11 10,474,365 9,072,987
NET CURRENT ASSETS 22,519,808 18,958,803
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,964,442

20,468,698

PROVISIONS FOR LIABILITIES 13 226,116 178,227
NET ASSETS 23,738,326 20,290,471

CAPITAL AND RESERVES
Called up share capital 14 1 1
Capital reserve 15 300,999 300,999
Retained earnings 15 23,437,326 19,989,471
SHAREHOLDERS' FUNDS 23,738,326 20,290,471

The financial statements were approved by the Board of Directors and authorised for issue on 8th September 2023 and were signed on its behalf by:





J M Williams - Director


CABLE SERVICES LIMITED (REGISTERED NUMBER: 05174041)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST MARCH 2023

Called up
share Retained Capital Total
capital earnings reserve equity
£    £    £    £   

Balance at 1st April 2021 1 16,736,837 300,999 17,037,837

Changes in equity
Total comprehensive income - 3,252,634 - 3,252,634
Balance at 31st March 2022 1 19,989,471 300,999 20,290,471

Changes in equity
Total comprehensive income - 3,447,855 - 3,447,855
Balance at 31st March 2023 1 23,437,326 300,999 23,738,326

CABLE SERVICES LIMITED (REGISTERED NUMBER: 05174041)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023

1. STATUTORY INFORMATION

Cable Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirement of paragraph 33.7.

Significant judgements and estimates
In the application of the Company’s accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

- Estimated useful lives and residual values of fixed assets:
The carrying value of fixed assets are reviewed each year end for indicators of impairment triggers. If such triggers exist, management would be required to carry out a formal impairment review using a discounted cash flow model to determine their value in use on a cash-generating unit basis. The value in use calculation requires management to estimate the future cash flows expected to arise from the cash-generating unit and a sustainable discount rate in order to calculate the present value.

Depreciation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during current and prior accounting periods.

- Estimated write down of stock to net realisable value:
Stock valuation has been based on an estimated useful life and residual value deemed appropriate by the directors. The estimated write down of stock to net realisable value is reviewed annually and revised as appropriate by the directors.

- Revenue recognition:
In making its judgement, management consider the detailed criteria for the recognition of revenue as set out within Section 23 of FRS 102. The directors are satisfied that the recognition point being typically when goods are delivered and legal title has passed is correct.

CABLE SERVICES LIMITED (REGISTERED NUMBER: 05174041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of Value Added Tax.

Sales of goods
The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when the risks and rewards of ownership have passed to the customer. This typically happens when goods are delivered and legal title has passed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 10% - 20% on cost
Motor vehicles - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument.

Cash and cash equivalents:
These comprise cash at bank and other short-term highly liquid bank deposits with an original maturity of three months or less.

Debtors:
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Trade creditors:
Trade creditors are not interest bearing and are stated at their nominal value.

Intra-group balances (being repayable on demand) are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

CABLE SERVICES LIMITED (REGISTERED NUMBER: 05174041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

The company's turnover arose wholly within the United Kingdom.

4. EMPLOYEES AND DIRECTORS
31.3.23 31.3.22
£    £   
Wages and salaries 3,076,066 2,738,631
Social security costs 199,154 165,708
Other pension costs 42,161 46,303
3,317,381 2,950,642

The average number of employees during the year was as follows:
31.3.23 31.3.22

Directors 6 6
Management 3 3
Sales and admin 51 49
60 58

31.3.23 31.3.22
£    £   
Directors' remuneration 784,349 733,922
Directors' pension contributions to money purchase schemes 13,500 13,500

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

Information regarding the highest paid director is as follows:
31.3.23 31.3.22
£    £   
Emoluments etc 306,395 285,147
Pension contributions to money purchase schemes 4,500 4,500

Key management are also the directors.

CABLE SERVICES LIMITED (REGISTERED NUMBER: 05174041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.23 31.3.22
£    £   
Depreciation - owned assets 275,909 252,913
Profit on disposal of fixed assets (7,500 ) (4,167 )
Operating lease rentals: plant & machinery 149,421 153,465
Operating lease rentals: other assets 383,925 428,569
Auditors' remuneration 16,050 19,750

6. INTEREST RECEIVABLE AND SIMILAR INCOME
31.3.23 31.3.22
£    £   
Deposit account interest 211,541 -

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.23 31.3.22
£    £   
Current tax:
UK corporation tax 825,057 789,325

Deferred tax 47,889 (7,383 )
Tax on profit 872,946 781,942

UK corporation tax has been charged at 19% (2022 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.23 31.3.22
£    £   
Profit before tax 4,320,801 4,034,576
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

820,952

766,569

Effects of:
Permanent timing differences (3,024 ) 10,623
Deferred tax rate movement 54,268 -
Donation accrual movement 750 4,750

Total tax charge 872,946 781,942

CABLE SERVICES LIMITED (REGISTERED NUMBER: 05174041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

8. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1st April 2022 2,012,350 299,604 2,311,954
Additions 160,685 49,963 210,648
Disposals - (25,215 ) (25,215 )
At 31st March 2023 2,173,035 324,352 2,497,387
DEPRECIATION
At 1st April 2022 575,943 226,116 802,059
Charge for year 238,539 37,370 275,909
Eliminated on disposal - (25,215 ) (25,215 )
At 31st March 2023 814,482 238,271 1,052,753
NET BOOK VALUE
At 31st March 2023 1,358,553 86,081 1,444,634
At 31st March 2022 1,436,407 73,488 1,509,895

9. STOCKS
31.3.23 31.3.22
£    £   
Finished goods 8,132,478 6,290,695

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 7,808,361 7,428,069
Other debtors 924,020 505,580
Corporation tax recoverable 177,562 252,618
8,909,943 8,186,267

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 5,739,206 5,446,440
Other creditors 4,735,159 3,626,547
10,474,365 9,072,987

CABLE SERVICES LIMITED (REGISTERED NUMBER: 05174041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.23 31.3.22
£    £   
Within one year 448,701 488,820
Between one and five years 704,147 1,097,651
1,152,848 1,586,471

13. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax
Accelerated capital allowances 226,116 178,227

Deferred
tax
£   
Balance at 1st April 2022 178,227
Movement in year due to:
changes in tax rates 54,268
changes in tax allowances (6,379 )
Balance at 31st March 2023 226,116

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
1 Ordinary £1 1 1

15. RESERVES
Retained Capital
earnings reserve Totals
£    £    £   

At 1st April 2022 19,989,471 300,999 20,290,470
Profit for the year 3,447,855 3,447,855
At 31st March 2023 23,437,326 300,999 23,738,325

16. CAPITAL COMMITMENTS
31.3.23 31.3.22
£    £   
Contracted but not provided for in the
financial statements - -

CABLE SERVICES LIMITED (REGISTERED NUMBER: 05174041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

17. RELATED PARTY DISCLOSURES

Cable Services Limited forms part of the Cable Services group of companies. The group consists of the following companies:

Cable Services Enterprises LimitedUltimate holding company
Cable Services Holdings Limited100% owned holding company
Cable Services Limited & Cable Services International Limited100% owned trading companies
2 wholly owned dormant companies

The company trades from property owned by a director of the company. The rental charge in the accounts is £69,000 (2022: £69,000).

18. ULTIMATE CONTROLLING PARTY

The company is under the control of Cable Services Enterprises Limited, a company under the ultimate control of J M Williams, a director of all of the Cable Group of companies.

The registered office of Cable Services Enterprises Limited is Bridge House, Bridge Road, Wrexham Industrial Estate, Wrexham, LL13 9PS.