Company registration number SC081355 (Scotland)
NEIL HART (ELECTRICAL) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
NEIL HART (ELECTRICAL) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
NEIL HART (ELECTRICAL) LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
33,730
15,341
Investments
4
27,994
26,018
61,724
41,359
Current assets
Stocks
18,882
24,064
Debtors
5
63,928
91,607
Cash at bank and in hand
144,011
233,204
226,821
348,875
Creditors: amounts falling due within one year
6
(106,853)
(165,376)
Net current assets
119,968
183,499
Total assets less current liabilities
181,692
224,858
Creditors: amounts falling due after more than one year
7
(21,667)
(31,667)
Provisions for liabilities
(9,860)
(2,922)
Net assets
150,165
190,269
Capital and reserves
Called up share capital
9
440
440
Fair value reserve
10
5,905
5,915
Retained earnings reserve
143,820
183,914
Total equity
150,165
190,269
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
NEIL HART (ELECTRICAL) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 September 2023
Mr G N Hart
Director
Company Registration No. SC081355
NEIL HART (ELECTRICAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Neil Hart (Electrical) Limited is a private company limited by shares incorporated in Scotland. The registered office is 33/35 Tryst Road, Stenhousemuir, Falkirk, Larbert, Stirlingshire, United Kingdom, FK5 4QH.
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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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:
Leasehold improvements
20% Reducing Balance
Plant and machinery
25% Reducing Balance
Fixtures and fittings
25% Reducing Balance
Computer Equipment
20% Straight Line
Motor vehicles
25% Reducing Balance
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
NEIL HART (ELECTRICAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.10
Investments held as fixed assets are shown at fair value.
NEIL HART (ELECTRICAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
9
3
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Computer Equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
21,476
33,945
57,390
16,332
107,441
236,584
Additions
24,995
24,995
Disposals
(11,945)
(11,945)
At 31 March 2023
21,476
33,945
57,390
16,332
120,491
249,634
Depreciation and impairment
At 1 April 2022
21,298
33,887
57,331
12,616
96,111
221,243
Depreciation charged in the year
35
14
15
967
5,575
6,606
Eliminated in respect of disposals
(11,945)
(11,945)
At 31 March 2023
21,333
33,901
57,346
13,583
89,741
215,904
Carrying amount
At 31 March 2023
143
44
44
2,749
30,750
33,730
At 31 March 2022
178
58
59
3,716
11,330
15,341
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
27,994
26,018
NEIL HART (ELECTRICAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2022
26,018
Valuation changes
1,976
At 31 March 2023
27,994
Carrying amount
At 31 March 2023
27,994
At 31 March 2022
26,018
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
43,265
89,596
Other debtors
20,663
2,011
63,928
91,607
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
27,243
60,777
Taxation and social security
20,792
75,329
Other creditors
48,818
19,270
106,853
165,376
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,667
31,667
NEIL HART (ELECTRICAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
8
Loans and overdrafts
2023
2022
£
£
Bank loans
31,667
41,667
Payable within one year
10,000
10,000
Payable after one year
21,667
31,667
The Clydesdale Bank Plc holds a floating charge over the assets of the company. The bank also holds a standard security over a property belonging to a director.
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
250
250
250
250
Ordinary B Shares of £1 each
190
190
190
190
440
440
440
440
10
Fair value reserve
2023
2022
£
£
At the beginning of the year
5,915
5,412
Non distributable profits in the year
(10)
503
At the end of the year
5,905
5,915
NEIL HART (ELECTRICAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Other related parties
8,058
7,964
Other information
Loans from related parties are unsecured, interest free with no fixed date for repayment.