Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-06-01false22falsetrue 03702063 2022-06-01 2023-05-31 03702063 2021-06-01 2022-05-31 03702063 2023-05-31 03702063 2022-05-31 03702063 2021-06-01 03702063 c:Director1 2022-06-01 2023-05-31 03702063 d:Buildings d:ShortLeaseholdAssets 2022-06-01 2023-05-31 03702063 d:Buildings d:ShortLeaseholdAssets 2023-05-31 03702063 d:Buildings d:ShortLeaseholdAssets 2022-05-31 03702063 d:MotorVehicles 2022-06-01 2023-05-31 03702063 d:MotorVehicles 2023-05-31 03702063 d:MotorVehicles 2022-05-31 03702063 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 03702063 d:OfficeEquipment 2022-06-01 2023-05-31 03702063 d:OfficeEquipment 2023-05-31 03702063 d:OfficeEquipment 2022-05-31 03702063 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 03702063 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 03702063 d:Goodwill 2023-05-31 03702063 d:Goodwill 2022-05-31 03702063 d:CurrentFinancialInstruments 2023-05-31 03702063 d:CurrentFinancialInstruments 2022-05-31 03702063 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 03702063 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 03702063 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 03702063 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 03702063 d:ShareCapital 2022-06-01 2023-05-31 03702063 d:ShareCapital 2023-05-31 03702063 d:ShareCapital 2021-06-01 2022-05-31 03702063 d:ShareCapital 2022-05-31 03702063 d:ShareCapital 2021-06-01 03702063 d:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 03702063 d:RetainedEarningsAccumulatedLosses 2023-05-31 03702063 d:RetainedEarningsAccumulatedLosses 2021-06-01 2022-05-31 03702063 d:RetainedEarningsAccumulatedLosses 2022-05-31 03702063 d:RetainedEarningsAccumulatedLosses 2021-06-01 03702063 c:FRS102 2022-06-01 2023-05-31 03702063 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 03702063 c:FullAccounts 2022-06-01 2023-05-31 03702063 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 03702063 d:WithinOneYear 2023-05-31 03702063 d:WithinOneYear 2022-05-31 03702063 d:HirePurchaseContracts d:WithinOneYear 2023-05-31 03702063 d:HirePurchaseContracts d:WithinOneYear 2022-05-31 03702063 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-05-31 03702063 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-05-31 03702063 2 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 03702063










KRAMER ELECTRICAL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

 
KRAMER ELECTRICAL LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Statement of changes in equity
 
3
Notes to the financial statements
 
4 - 10

 
KRAMER ELECTRICAL LIMITED
REGISTERED NUMBER: 03702063

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
20,684
23,445

  
20,684
23,445

Current assets
  

Stocks
 6 
105,159
107,897

Debtors: amounts falling due within one year
 7 
11,590
23,286

Cash at bank and in hand
  
222
297

  
116,971
131,480

Creditors: amounts falling due within one year
 8 
(30,485)
(22,367)

Net current assets
  
 
 
86,486
 
 
109,113

Creditors: amounts falling due after more than one year
  
(16,626)
(19,237)

  

Net assets
  
90,544
113,321


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
89,544
112,321

  
90,544
113,321

Page 1

 
KRAMER ELECTRICAL LIMITED
REGISTERED NUMBER: 03702063
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr S Kramer
Director

Date: 16 October 2023

The notes on pages 4 to 10 form part of these financial statements.
Page 2

 
KRAMER ELECTRICAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 June 2022
1,000
112,321
113,321


Comprehensive income for the year

Loss for the year
-
(22,777)
(22,777)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(22,777)
(22,777)


Total transactions with owners
-
-
-


At 31 May 2023
1,000
89,544
90,544


The notes on pages 4 to 10 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 June 2021
1,000
112,632
113,632


Comprehensive income for the year

Profit for the year
-
8,689
8,689


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
8,689
8,689


Contributions by and distributions to owners

Dividends: Equity capital
-
(9,000)
(9,000)


Total transactions with owners
-
(9,000)
(9,000)


At 31 May 2022
1,000
112,321
113,321


The notes on pages 4 to 10 form part of these financial statements.
Page 3

 
KRAMER ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

The entity is a private limited liability company, limited by shares, incorporated in England and Wales. The address of the registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU.
The principal activity of the company during the year was the provision of electrical supplies.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 
 
The financial statements are presented in pounds sterling, the functional currency of the company, and rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
KRAMER ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.4

Hire purchase and finance lease agreements

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Goodwill is amortised over its estimated economic life of ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
KRAMER ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Leasehold Improvements
-
Straight line over twelve years
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 6

 
KRAMER ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 7

 
KRAMER ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 June 2022
18,000



At 31 May 2023

18,000



Amortisation


At 1 June 2022
18,000



At 31 May 2023

18,000



Net book value



At 31 May 2023
-



At 31 May 2022
-



Page 8

 
KRAMER ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Tangible fixed assets





S/Term Leasehold Property
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 June 2022
18,977
24,576
5,147
48,700


Additions
-
4,942
-
4,942



At 31 May 2023

18,977
29,518
5,147
53,642



Depreciation


At 1 June 2022
18,091
2,560
4,604
25,255


Charge for the year
827
6,740
136
7,703



At 31 May 2023

18,918
9,300
4,740
32,958



Net book value



At 31 May 2023
59
20,218
407
20,684



At 31 May 2022
886
22,016
543
23,445

The net book value of assets held under hire purchase agreements at 31 May 2023 was £20,218 (2022– £22,016).


6.


Stocks

2023
2022
£
£

Stocks
105,159
107,897

105,159
107,897



7.


Debtors

2023
2022
£
£


Trade debtors
6,516
11,512

Other debtors
4,074
10,645

Prepayments and accrued income
1,000
1,129

11,590
23,286

Page 9

 
KRAMER ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
13,758
5,282

Trade creditors
8,766
8,336

Obligations under finance lease and hire purchase contracts
2,611
2,611

Other creditors
-
788

Accruals and deferred income
5,350
5,350

30,485
22,367


Obligations under finance leases and hire purchase contracts of £2,611 (2022: £2,611) are secured on the assets of the company.


9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
3,531
3,531

Between 1-5 years
17,240
20,771

20,771
24,302

At the balance sheet date, the total hire purchase creditor was £19,237 (2022 - £21,848). The difference between the creditor and the minimum lease payments of £20,771 is future interest payable.


10.


Commitments under operating leases

At 31 May 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
21,500
21,500

21,500
21,500

Operating lease costs in the year totalled £21,500 (2022 - £21,500).


11.


Controlling party

The company was under the control of Mr and Mrs Kramer throughout the current and prior years.

Page 10

 
KRAMER ELECTRICAL LIMITED
 
 
Page 11