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HURLEY ELECTRICAL CONTRACTORS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2023






HURLEY ELECTRICAL CONTRACTORS LIMITED (REGISTERED NUMBER: 06389639)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 8

HURLEY ELECTRICAL CONTRACTORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTORS: T B Hurley
M J Hurley





SECRETARY: Mrs W M Hurley





REGISTERED OFFICE: First Floor 2 Woburn Court
Railton Road
Kempston
Bedford
Bedfordshire
MK42 7PN





REGISTERED NUMBER: 06389639 (England and Wales)





ACCOUNTANTS: Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

HURLEY ELECTRICAL CONTRACTORS LIMITED (REGISTERED NUMBER: 06389639)

BALANCE SHEET
31ST MARCH 2023

31/3/23 31/3/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 190,374 199,200
Investment property 5 589,068 260,000
779,442 459,200

CURRENT ASSETS
Debtors 6 501,437 399,377
Cash at bank and in hand 1,068,923 1,378,912
1,570,360 1,778,289
CREDITORS
Amounts falling due within one year 7 711,100 609,583
NET CURRENT ASSETS 859,260 1,168,706
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,638,702

1,627,906

PROVISIONS FOR LIABILITIES 54,166 42,737
NET ASSETS 1,584,536 1,585,169

CAPITAL AND RESERVES
Called up share capital 8 300 300
Non-distributable reserve 9 33,836 35,937
Retained earnings 1,550,400 1,548,932
SHAREHOLDERS' FUNDS 1,584,536 1,585,169

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HURLEY ELECTRICAL CONTRACTORS LIMITED (REGISTERED NUMBER: 06389639)

BALANCE SHEET - continued
31ST MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th October 2023 and were signed on its behalf by:





T B Hurley - Director


HURLEY ELECTRICAL CONTRACTORS LIMITED (REGISTERED NUMBER: 06389639)

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

1. STATUTORY INFORMATION

Hurley Electrical Contractors 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

In respect of contracts for ongoing services, turnover represents the value of work done in the year, including estimates for amounts not invoiced.

Any amounts recoverable on contracts are disclosed within debtors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

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

Current or deferred taxation assets and liabilities are not discounted.

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.


HURLEY ELECTRICAL CONTRACTORS LIMITED (REGISTERED NUMBER: 06389639)

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

2. ACCOUNTING POLICIES - continued
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.

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. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 23 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st April 2022 10,605 61,319 486,789 558,713
Additions - 1,080 112,829 113,909
Disposals - - (59,580 ) (59,580 )
At 31st March 2023 10,605 62,399 540,038 613,042
DEPRECIATION
At 1st April 2022 9,365 49,986 300,162 359,513
Charge for year 353 2,833 59,969 63,155
At 31st March 2023 9,718 52,819 360,131 422,668
NET BOOK VALUE
At 31st March 2023 887 9,580 179,907 190,374
At 31st March 2022 1,240 11,333 186,627 199,200

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2022 260,000
Additions 329,068
At 31st March 2023 589,068
NET BOOK VALUE
At 31st March 2023 589,068
At 31st March 2022 260,000

HURLEY ELECTRICAL CONTRACTORS LIMITED (REGISTERED NUMBER: 06389639)

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

5. INVESTMENT PROPERTY - continued

Fair value at 31st March 2023 is represented by:
£   
Valuation in 2022 42,589
Cost 546,479
589,068

If the investment had not been revalued it would have been included at the following historical cost:

31/3/23 31/3/22
£    £   
Cost 546,479 217,411

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 118,912 173,463
Amounts recoverable on contract 255,013 207,310
Other debtors 538 999
Directors' current accounts 111,581 -
Prepayments 15,393 17,605
501,437 399,377

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade creditors 318,654 209,209
Corporation tax 135,816 144,729
Social security and other taxes 49,330 37,393
VAT 176,662 168,254
Other creditors 6,676 13,697
Directors' current accounts 397 335
Accrued expenses 23,565 35,966
711,100 609,583

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/23 31/3/22
value: £    £   
198 Ordinary A £1 198 198
100 Ordinary B £1 100 100
2 Ordinary C £1 2 2
300 300

HURLEY ELECTRICAL CONTRACTORS LIMITED (REGISTERED NUMBER: 06389639)

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

9. RESERVES
Non-distribut
reserve
£   
At 1st April 2022 35,937
Transfer from revaluation (2,101 )

At 31st March 2023 33,836

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2023 and 31st March 2022:

31/3/23 31/3/22
£    £   
T B Hurley
Balance outstanding at start of year - -
Amounts advanced 111,581 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 111,581 -

Interest was charged on the overdrawn loan accounts at a rate of 3%.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
HURLEY ELECTRICAL CONTRACTORS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hurley Electrical Contractors Limited for the year ended 31st March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Hurley Electrical Contractors Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Hurley Electrical Contractors Limited and state those matters that we have agreed to state to the Board of Directors of Hurley Electrical Contractors Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hurley Electrical Contractors Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Hurley Electrical Contractors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hurley Electrical Contractors Limited. You consider that Hurley Electrical Contractors Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Hurley Electrical Contractors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


13th October 2023