Company registration number 04502299 (England and Wales)
R WALSH ELECTRICAL LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
R WALSH ELECTRICAL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
R WALSH ELECTRICAL LTD
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
184,998
166,639
Current assets
Stocks
500
500
Debtors
4
185,856
257,060
Cash at bank and in hand
86,585
35,575
272,941
293,135
Creditors: amounts falling due within one year
5
(112,409)
(170,984)
Net current assets
160,532
122,151
Total assets less current liabilities
345,530
288,790
Creditors: amounts falling due after more than one year
6
(79,799)
(75,226)
Provisions for liabilities
(10,533)
(7,045)
Net assets
255,198
206,519
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
254,998
206,319
Total equity
255,198
206,519
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.
R WALSH ELECTRICAL LTD
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 29 September 2023
Mr R D Walsh
Director
Company Registration No. 04502299
R WALSH ELECTRICAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
R Walsh Electrical Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4 Brackley Close, Bournemouth International Airport, Christchurch, Dorset, BH23 6SE.
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.
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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:
Freehold land and buildings
None
Equipment
25% reducing balance
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
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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.
R WALSH ELECTRICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.10
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.
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
R WALSH ELECTRICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
139,562
51,820
79,710
271,092
Additions
6,065
34,979
41,044
Disposals
(33,300)
(33,300)
At 31 March 2023
139,562
57,885
81,389
278,836
Depreciation and impairment
At 1 April 2022
5,000
42,327
57,126
104,453
Depreciation charged in the year
1,000
2,942
12,940
16,882
Eliminated in respect of disposals
(27,497)
(27,497)
At 31 March 2023
6,000
45,269
42,569
93,838
Carrying amount
At 31 March 2023
133,562
12,616
38,820
184,998
At 31 March 2022
134,562
9,493
22,584
166,639
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
75,074
135,804
Other debtors
110,782
121,256
185,856
257,060
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,293
6,020
Trade creditors
56,761
119,349
Taxation and social security
11,272
11,921
Other creditors
38,083
33,694
112,409
170,984
The bank loans are secured by a fixed charge over the company's freehold property.
R WALSH ELECTRICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
68,624
75,226
Other creditors
11,175
79,799
75,226
The bank loans are secured by a fixed charge over the company's freehold property.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
40,457
48,256