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Registration number: 03731725

R.K. Electrical (Bradford) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

R.K. Electrical (Bradford) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

R.K. Electrical (Bradford) Limited

Balance Sheet

as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

31,040

38,780

Current assets

 

Stocks

1,000

1,000

Debtors

5

185,098

172,963

Cash at bank and in hand

 

301,257

255,835

 

487,355

429,798

Creditors: Amounts falling due within one year

6

(310,951)

(288,453)

Net current assets

 

176,404

141,345

Total assets less current liabilities

 

207,444

180,125

Creditors: Amounts falling due after more than one year

6

(1,740)

(6,755)

Provisions for liabilities

(7,412)

(8,531)

Net assets

 

198,292

164,839

Capital and reserves

 

Allotted, called up and fully paid share capital

200

200

Profit and loss account

198,092

164,639

Shareholders' funds

 

198,292

164,839

Registration number: 03731725

 

R.K. Electrical (Bradford) Limited

Balance Sheet

as at 31 May 2023 (continued)

For the financial year ending 31 May 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 11 October 2023 and signed on its behalf by:
 

.........................................
Mr A S English
Company secretary and director

 

R.K. Electrical (Bradford) Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 May 2023

1

General information

The company is a private company limited by shares incorporated in England within the United Kingdom.

The company's registration number is 03731725.

The address of its registered office is:
Britannia Buildings
Reservoir Road
Halifax
West Yorkshire
HX2 0ET

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer.

 

R.K. Electrical (Bradford) Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

A grant that becomes 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 shall be recognised in income in the period in which it becomes receivable.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred 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 tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position 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 and machinery

10% per annum on a reducing balance basis

Fixtures, fittings and equipment

10% per annum on a reducing balance basis and 25% per annum on a straight line basis

Motor vehicles

25% per annum on a reducing balance basis

 

R.K. Electrical (Bradford) Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

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. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Leases

Rentals 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 the profit and loss account on a straight-line basis over the period of the lease.

Hire purchase agreements 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 capitalised and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Defined contribution pension obligation

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 9 (2022 - 10).

 

R.K. Electrical (Bradford) Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 May 2023 (continued)

4

Tangible assets

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost

At 1 June 2022

9,485

108,161

4,359

122,005

Additions

1,833

-

-

1,833

Disposals

(795)

-

-

(795)

At 31 May 2023

10,523

108,161

4,359

123,043

Depreciation

At 1 June 2022

7,762

72,477

2,986

83,225

Charge for the year

345

8,921

137

9,403

Eliminated on disposal

(625)

-

-

(625)

At 31 May 2023

7,482

81,398

3,123

92,003

Net book value

At 31 May 2023

3,041

26,763

1,236

31,040

At 31 May 2022

1,723

35,684

1,373

38,780

5

Debtors

Current

2023
£

2022
£

Trade debtors

155,249

147,879

Prepayments

18,470

17,169

Other debtors

11,379

7,915

 

185,098

172,963

 

R.K. Electrical (Bradford) Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 May 2023 (continued)

6

Creditors

2023
£

2022
£

Due within one year

Finance lease liabilities

5,016

8,463

Trade creditors

77,887

62,642

Taxation and social security

3,938

3,795

Other creditors

1,519

1,147

Accruals

13,649

14,763

Corporation tax

28,331

16,364

Directors' loan accounts

180,611

181,279

310,951

288,453

Due after one year

Finance lease liabilities

1,740

6,755