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Triple Pole Electrics Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

Registration number: 03339551

 

Triple Pole Electrics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Triple Pole Electrics Limited

Company Information

Directors

D Thorpe

A S Morrison

Company secretary

A S Morrison

Registered office

Unit 9 Wards Farm
Greenmore
Woodcote
Oxon
RG8 0RB

Accountants

Paul Steele Limited
Chartered Accountants
18 Newport Street
Tiverton
Devon
EX16 6NL

 

Triple Pole Electrics Limited

(Registration number: 03339551)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

4

20,879

23,843

Other financial assets

5

88,157

92,194

 

109,036

116,037

Current assets

 

Stocks

6

4,500

4,500

Debtors

7

488,452

421,093

Cash at bank and in hand

 

365,834

313,348

 

858,786

738,941

Creditors: Amounts falling due within one year

8

(144,599)

(132,088)

Net current assets

 

714,187

606,853

Total assets less current liabilities

 

823,223

722,890

Provisions for liabilities

(3,967)

(4,530)

Net assets

 

819,256

718,360

Capital and reserves

 

Called up share capital

504

504

Capital redemption reserve

250

250

Profit and loss account

818,502

717,606

Total equity

 

819,256

718,360

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.

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

 

Triple Pole Electrics Limited

(Registration number: 03339551)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 3 October 2023 and signed on its behalf by:
 

.........................................
D Thorpe
Director

.........................................
A S Morrison
Company secretary and director

 

Triple Pole Electrics 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.

The address of its registered office is:
Unit 9 Wards Farm
Greenmore
Woodcote
Oxon
RG8 0RB

These financial statements were authorised for issue by the Board on 3 October 2023.

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.

 

Triple Pole Electrics Limited

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

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.

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

25% reducing balance method

Motor vehicles

25% reducing balance method

Office equipment

15% reducing balance method

Fixtures & fittings

15% reducing balance method

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.

 

Triple Pole Electrics Limited

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

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.

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.

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.

 

Triple Pole Electrics Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 12).

 

Triple Pole Electrics Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

38,526

122,830

5,403

166,759

Additions

2,418

-

-

2,418

At 31 March 2023

40,944

122,830

5,403

169,177

Depreciation

At 1 April 2022

31,837

106,223

4,856

142,916

Charge for the year

1,094

4,151

137

5,382

At 31 March 2023

32,931

110,374

4,993

148,298

Carrying amount

At 31 March 2023

8,013

12,456

410

20,879

At 31 March 2022

6,689

16,607

547

23,843

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

92,194

92,194

Fair value adjustments

(4,037)

(4,037)

At 31 March 2023

88,157

88,157

Impairment

Carrying amount

At 31 March 2023

88,157

88,157

6

Stocks

2023
£

2022
£

Other inventories

4,500

4,500

 

Triple Pole Electrics Limited

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

7

Debtors

Current

2023
£

2022
£

Trade debtors

474,229

384,512

Prepayments

7,446

7,886

Other debtors

6,777

28,695

 

488,452

421,093

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

46,948

69,307

Taxation and social security

80,179

50,863

Accruals and deferred income

2,500

2,300

Other creditors

14,972

9,618

144,599

132,088

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary shares of £0.10 each

2,520

252

5,040

504

B Ordinary shares of £0.10 each

2

-

2

-

C Ordinary shares of £0.10 (2022 - £0) each

2,520

252

-

-

 

5,042

504

5,042

504

On 10 March 2023, 2,520 A ordinary shares were converted to C ordinary shares.

 

Triple Pole Electrics Limited

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

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £34.127 (2022 - £33.3333) per each A Ordinary shares

 

172,000

 

168,000

Interim dividend of £12,707.93 (2022 - £12,341.88) per each B Ordinary shares

 

25,416

 

24,684

   

197,416

 

192,684

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

18,771

17,688

Contributions paid to money purchase schemes

50,195

81,440

68,966

99,128