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North Coast Electrical Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

North Coast Electrical Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

North Coast Electrical Limited

Company Information

Director

Mr A M Kitto

Company secretary

Mrs K L Kitto

Registered office

Old Meadow
Dobbin Lane
Trevone
Cornwall
PL28 8QP

Registered number

04388680 (England & Wales)

Accountants

Alexander & Co
AAT Licenced Accountant
Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB

 

North Coast Electrical Limited

(Registration number: 04388680)
Balance Sheet as at 31 March 2023

Note

2023

2022

   

£

£

£

£

fixed assets

   

 

tangible assets

5

 

9,564

 

19,784

Current assets

   

 

stocks

6

29,014

 

23,806

 

Debtors

7

73,513

 

78,461

 

 

102,527

 

102,267

 

Creditors: Amounts falling due within one year

8

(89,428)

 

(84,473)

 

Net current assets

   

13,099

 

17,794

Total assets less current liabilities

   

22,663

 

37,578

Creditors: Amounts falling due after more than one year

8

 

(19,442)

 

(30,471)

Provisions for liabilities

9

 

(1,817)

 

(3,759)

Net assets

   

1,404

 

3,348

capital and reserves

   

 

Called up share capital

200

 

200

 

Profit and loss account

1,204

 

3,148

 

Total equity

   

1,404

 

3,348

For the financial 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

North Coast Electrical Limited

(Registration number: 04388680)
Balance Sheet as at 31 March 2023

Approved and authorised by the director on 26 September 2023


 

.........................................

Mr A M Kitto
Director

 

North Coast Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Old Meadow
Dobbin Lane
Trevone
Cornwall
PL28 8QP

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

North Coast Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 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

Plant & machinery

15% on cost and 10% on cost

Motor vehicles

25% on cost and 20% on cost

Computer equipment

20% on cost

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.

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.

 

North Coast Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

North Coast Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 4 (2022 - 4).

4

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax

4,344

1,668

Deferred taxation

Arising from changes in tax rates and laws

(1,942)

(3,265)

Tax expense/(receipt) in the income statement

2,402

(1,597)

 

North Coast Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 April 2022

1,976

2,987

3,183

81,689

Additions

-

-

432

-

At 31 March 2023

1,976

2,987

3,615

81,689

Depreciation

At 1 April 2022

1,382

2,395

2,621

63,653

Charge for the year

395

78

372

9,807

At 31 March 2023

1,777

2,473

2,993

73,460

Carrying amount

At 31 March 2023

199

514

622

8,229

At 31 March 2022

594

592

562

18,036

Total
£

Cost or valuation

At 1 April 2022

89,835

Additions

432

At 31 March 2023

90,267

Depreciation

At 1 April 2022

70,051

Charge for the year

10,652

At 31 March 2023

80,703

Carrying amount

At 31 March 2023

9,564

At 31 March 2022

19,784

6

Stocks

2023
£

2022
£

Other inventories

29,014

23,806

 

North Coast Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

debtors

Current

2023
£

2022
£

Trade debtors

31,565

40,213

Prepayments

423

195

Other debtors

41,525

38,053

 

73,513

78,461

 

North Coast Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

33,435

25,998

Trade creditors

 

11,406

21,749

Taxation and social security

 

14,839

12,958

Accruals and deferred income

 

2,913

2,813

Other creditors

 

26,835

20,955

 

89,428

84,473

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

19,442

30,471

9

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 April 2022

3,759

3,759

Increase (decrease) in existing provisions

(1,942)

(1,942)

At 31 March 2023

1,817

1,817

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £120.00 (2022 - £100.00) per ordinary share

 

12,000

 

10,000

         

 

North Coast Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

18,633

27,233

HP and finance lease liability 1 (1-2 yrs)

809

3,238

19,442

30,471

2023
£

2022
£

Current loans and borrowings

Bank borrowings

8,599

8,600

Bank overdrafts

22,407

11,890

HP and finance lease liability 1 (under 1yr)

2,429

5,508

33,435

25,998