Company registration number 05887901 (England and Wales)
RMES ELECTRICAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
RMES ELECTRICAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
RMES ELECTRICAL LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
943
1,340
Current assets
Debtors
5
3,386
10,211
Cash at bank and in hand
45,690
55,377
49,076
65,588
Creditors: amounts falling due within one year
6
(22,801)
(23,714)
Net current assets
26,275
41,874
Total assets less current liabilities
27,218
43,214
Creditors: amounts falling due after more than one year
7
(16,112)
(22,278)
Net assets
11,106
20,936
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
11,006
20,836
Total equity
11,106
20,936

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 10 October 2023 and are signed on its behalf by:
Mr R McMillan
Director
Company registration number 05887901 (England and Wales)
RMES ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
page 2
1
Accounting policies
Company information

RMES Electrical Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21 The Courtyard, East Grinstead, West Sussex, RH19 3XU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents net invoiced sales of electrical services, excluding value added tax.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years. Goodwill was the amount paid in connection with the acquisition of a business in 2006.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on cost
Fixtures and fittings
25% on cost
Computers
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

RMES ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
page 3
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

RMES ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
page 4
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
10,000
Amortisation and impairment
At 1 August 2022 and 31 July 2023
10,000
Carrying amount
At 31 July 2023
-
0
At 31 July 2022
-
0
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022 and 31 July 2023
2,119
Depreciation and impairment
At 1 August 2022
779
Depreciation charged in the year
397
At 31 July 2023
1,176
Carrying amount
At 31 July 2023
943
At 31 July 2022
1,340
RMES ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
page 5
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,418
7,250
Other debtors
968
2,961
3,386
10,211
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
738
774
Taxation and social security
14,228
14,367
Other creditors
7,835
8,573
22,801
23,714

Included in creditors due within one year is a balance of £6,167 (2022: £6016), which relates to the bank loan that has been made under the Coronavirus Bounce Back Loan Scheme.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
16,112
22,278

The above balance relates to a bank loan that has been made under the Coronavirus Bounce Back Loan Scheme, which is 100% guaranteed by the government. Interest is charged at a fixed annual rate of 2.5%. Interest for the first 12 months is paid by the government and no capital repayments are due for the first 12 months.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, relating to the van used by the company, as follows:

2023
2022
£
£
-
0
1,680
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