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Registration number: 05111167

Argyle Electrical Services Limited

trading as AES Mechanical & Electrical Contractors

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 September 2023

 

Argyle Electrical Services Limited

trading as AES Mechanical & Electrical Contractors

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 11

 

Argyle Electrical Services Limited

trading as AES Mechanical & Electrical Contractors

Company Information

Directors

D Hutton

M P Parratt

T Athey

Registered office

Unit 7 The Old Print Works
Fishponds Road
Wokingham
Berkshire
RG41 2QX

Accountants

M J Vousden FCCA t/a AIMS
Synegis House
Crockhamwell Road
Woodley
Reading
Berkshire
RG5 3LE

 

Argyle Electrical Services Limited

trading as AES Mechanical & Electrical Contractors

(Registration number: 05111167)
Abridged Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

146,284

5,565

Current assets

 

Stocks

5

14,343

-

Debtors

6

477,349

596,244

Cash at bank and in hand

 

535,567

721,678

 

1,027,259

1,317,922

Prepayments and accrued income

 

13,697

12,989

Creditors: Amounts falling due within one year

(412,132)

(548,501)

Net current assets

 

628,824

782,410

Total assets less current liabilities

 

775,108

787,975

Creditors: Amounts falling due after more than one year

(52,083)

(144,583)

Provisions for liabilities

(1,472)

(1,057)

Accruals and deferred income

 

(27,561)

(134,085)

Net assets

 

693,992

508,250

Capital and reserves

 

Called up share capital

7

20,000

20,000

Revaluation reserve

136,393

-

Retained earnings

537,599

488,250

Shareholders' funds

 

693,992

508,250

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Argyle Electrical Services Limited

trading as AES Mechanical & Electrical Contractors

(Registration number: 05111167)
Abridged Balance Sheet as at 30 September 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 November 2023 and signed on its behalf by:
 

.........................................
D Hutton
Director

 

Argyle Electrical Services Limited

trading as AES Mechanical & Electrical Contractors

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 7 The Old Print Works
Fishponds Road
Wokingham
Berkshire
RG41 2QX

These financial statements were authorised for issue by the Board on 9 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Argyle Electrical Services Limited

trading as AES Mechanical & Electrical Contractors

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

25% straight line basis

Furniture, fittings and office equipment

25% straight line basis

Motor vehicles

25% straight line basis

Plant and machinery

25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Argyle Electrical Services Limited

trading as AES Mechanical & Electrical Contractors

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Argyle Electrical Services Limited

trading as AES Mechanical & Electrical Contractors

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 14).

 

Argyle Electrical Services Limited

trading as AES Mechanical & Electrical Contractors

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 October 2022

45,537

159,430

46,268

-

Revaluations

-

20,460

26,542

75,048

Additions

-

3,097

3,250

35,000

Disposals

(45,537)

(149,112)

(46,268)

(1,000)

At 30 September 2023

-

33,875

29,792

109,048

Depreciation

At 1 October 2022

45,537

153,865

46,268

-

Charge for the year

-

4,505

3,792

13,381

Eliminated on disposal

(45,537)

(149,112)

(46,268)

-

At 30 September 2023

-

9,258

3,792

13,381

Carrying amount

At 30 September 2023

-

24,617

26,000

95,667

At 30 September 2022

-

5,565

-

-

 

Argyle Electrical Services Limited

trading as AES Mechanical & Electrical Contractors

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Total
£

Cost or valuation

At 1 October 2022

251,235

Revaluations

122,050

Additions

41,347

Disposals

(241,917)

At 30 September 2023

172,715

Depreciation

At 1 October 2022

245,670

Charge for the year

21,678

Eliminated on disposal

(240,917)

At 30 September 2023

26,431

Carrying amount

At 30 September 2023

146,284

At 30 September 2022

5,565

5

Stocks

2023
£

2022
£

Other inventories

14,343

-

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

20,000

20,000

20,000

20,000

         
 

Argyle Electrical Services Limited

trading as AES Mechanical & Electrical Contractors

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

136,393

136,393

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £4.00 (2022 - £1.50) per each Ordinary

 

50,000

 

18,750

         

10

Related party transactions

 

Argyle Electrical Services Limited

trading as AES Mechanical & Electrical Contractors

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

231,700

207,000

Contributions paid to money purchase schemes

11,079

9,200

242,779

216,200