REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2023 |
FOR |
E & P ELECTRICS (BEDALE) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2023 |
FOR |
E & P ELECTRICS (BEDALE) LIMITED |
E & P ELECTRICS (BEDALE) LIMITED (REGISTERED NUMBER: 02084283) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
E & P ELECTRICS (BEDALE) LIMITED (REGISTERED NUMBER: 02084283) |
BALANCE SHEET |
31ST JANUARY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve | ( |
) | ( |
) |
Retained earnings |
SHAREHOLDERS' FUNDS |
E & P ELECTRICS (BEDALE) LIMITED (REGISTERED NUMBER: 02084283) |
BALANCE SHEET - continued |
31ST JANUARY 2023 |
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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
E & P ELECTRICS (BEDALE) LIMITED (REGISTERED NUMBER: 02084283) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2023 |
1. | STATUTORY INFORMATION |
E & P Electrics (Bedale) Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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, net of discounts and VAT. |
Revenue from the sale of goods is recognised when the significant risk and rewards of ownership of the goods have passed to the buyer which is usually at the point when the customer has taken delivery of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will pass to the entity, and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vans | - |
Tangible assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment. |
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 and loss. |
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). |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable reassurance that the grant conditions will be met. |
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised as income systematically over the assets expected useful life. |
If part of the grant is deferred, it is recognised as deferred income rather than being deducted from the assets carrying amount. |
E & P ELECTRICS (BEDALE) LIMITED (REGISTERED NUMBER: 02084283) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Construction contracts |
Where the outcome of a long term contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. |
Variations in contract work, claims and reactive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. |
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. |
The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items. |
Currency |
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 £. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
E & P ELECTRICS (BEDALE) LIMITED (REGISTERED NUMBER: 02084283) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vans | Totals |
£ | £ | £ | £ |
COST |
At 1st February 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st January 2023 |
DEPRECIATION |
At 1st February 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st January 2023 |
NET BOOK VALUE |
At 31st January 2023 |
At 31st January 2022 |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors | 23,602 | 16,438 |
Directors' current accounts | 8,522 | 8,522 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Other creditors |
8. | LEASING AGREEMENTS |
At the reporting end date the company had a monthly rolling commitment for future minimum lease payments under an operating lease. The current monthly commitment is £550. |
E & P ELECTRICS (BEDALE) LIMITED (REGISTERED NUMBER: 02084283) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2023 |
9. | SECURED DEBTS |
The Company entered into a cross guarantee and debenture with Mr E J Nicholson, a director of the Company on 18th December 2020. The facility is due to be repaid no later than the sixth anniversary of the agreement. The loan is interest free, subject to complying with the repayment schedule. Interest would accrue daily from the date of non-payment to the date of the actual payment at 5% on any default. |
The balance at the year end was £94,338 owed by PPH Holding Limited, the parent company. |
There is a combined fixed and floating charge over the assets of E & P Electrics (Bedale) Limited and PPH Holding Limited,its parent. |
10. | DIRECTORS' TRANSACTIONS |
Included in current assets is a loan to a director of £8,522 (2022 £8,522), advances in the year amounted to £Nil (2022 £8,522) and repayments totalled £Nil. |
The loan is interest free and is repayable upon demand. |