Company Registration No. 06240545 (England and Wales)
INTERFLEX ELECTRICAL ENGINEERING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
INTERFLEX ELECTRICAL ENGINEERING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
INTERFLEX ELECTRICAL ENGINEERING LIMITED
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
1,045
-
0
Tangible assets
5
20,318
19,830
Current assets
Stocks
5,000
3,800
Debtors
6
140,886
112,853
Cash at bank and in hand
11,524
7,145
157,410
123,798
Creditors: amounts falling due within one year
7
(96,374)
(65,608)
Net current assets
61,036
58,190
Total assets less current liabilities
82,399
78,020
Creditors: amounts falling due after more than one year
8
(22,435)
(32,387)
Provisions for liabilities
(4,059)
(3,768)
Net assets
55,905
41,865
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
55,895
41,855
Total equity
55,905
41,865

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 May 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.

INTERFLEX ELECTRICAL ENGINEERING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2023
31 May 2023
- 2 -

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

The financial statements were approved and signed by the director and authorised for issue on 6 November 2023
Mr R Smith
Director
Company Registration No. 06240545
INTERFLEX ELECTRICAL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information

Interflex Electrical Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is Synergy House, 7 Acorn Business Park, Commercial Gate, Mansfield, Nottinghamshire, NG18 1EX.

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 measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of goods.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
5 years Straight Line
1.4
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.

INTERFLEX ELECTRICAL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -

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:

Fixtures, fittings & equipment
25% Reducing Balance / 3 years 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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

 

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

1.9
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

INTERFLEX ELECTRICAL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
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.

 

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 in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

INTERFLEX ELECTRICAL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
6
4
Intangible fixed assets
Other
£
Cost
At 1 June 2022
-
0
Additions
1,250
At 31 May 2023
1,250
Amortisation and impairment
At 1 June 2022
-
0
Amortisation charged for the year
205
At 31 May 2023
205
Carrying amount
At 31 May 2023
1,045
At 31 May 2022
-
0
INTERFLEX ELECTRICAL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022
72,857
Additions
13,289
Disposals
(21,799)
At 31 May 2023
64,347
Depreciation and impairment
At 1 June 2022
53,027
Depreciation charged in the year
5,167
Eliminated in respect of disposals
(14,165)
At 31 May 2023
44,029
Carrying amount
At 31 May 2023
20,318
At 31 May 2022
19,830
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
118,341
94,358
Gross amounts owed by contract customers
18,000
8,245
Corporation tax recoverable
-
0
1,277
Prepayments and accrued income
4,545
8,973
140,886
112,853
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,952
9,707
Trade creditors
34,311
15,085
Corporation tax
2,652
9,299
Other taxation and social security
22,019
18,773
Other creditors
23,869
7,969
Accruals and deferred income
3,571
4,775
96,374
65,608

Obligations under finance leases are secured against the asset to which they relate.

INTERFLEX ELECTRICAL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,435
32,387

Obligations under finance leases are secured against the asset to which they relate.

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
0
4,775
2023-05-312022-06-01false06 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr R K SmithMrs J Smithfalse062405452022-06-012023-05-31062405452023-05-31062405452022-05-3106240545core:IntangibleAssetsOtherThanGoodwill2023-05-3106240545core:IntangibleAssetsOtherThanGoodwill2022-05-3106240545core:OtherPropertyPlantEquipment2023-05-3106240545core:OtherPropertyPlantEquipment2022-05-3106240545core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3106240545core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3106240545core:CurrentFinancialInstruments2023-05-3106240545core:CurrentFinancialInstruments2022-05-3106240545core:Non-currentFinancialInstruments2023-05-3106240545core:Non-currentFinancialInstruments2022-05-3106240545core:ShareCapital2023-05-3106240545core:ShareCapital2022-05-3106240545core:RetainedEarningsAccumulatedLosses2023-05-3106240545core:RetainedEarningsAccumulatedLosses2022-05-3106240545bus:Director12022-06-012023-05-3106240545core:IntangibleAssetsOtherThanGoodwill2022-06-012023-05-3106240545core:ComputerSoftware2022-06-012023-05-3106240545core:FurnitureFittings2022-06-012023-05-3106240545core:MotorVehicles2022-06-012023-05-31062405452021-06-012022-05-3106240545core:IntangibleAssetsOtherThanGoodwill2022-05-3106240545core:OtherPropertyPlantEquipment2022-05-3106240545core:OtherPropertyPlantEquipment2022-06-012023-05-3106240545bus:PrivateLimitedCompanyLtd2022-06-012023-05-3106240545bus:SmallCompaniesRegimeForAccounts2022-06-012023-05-3106240545bus:FRS1022022-06-012023-05-3106240545bus:AuditExemptWithAccountantsReport2022-06-012023-05-3106240545bus:CompanySecretary12022-06-012023-05-3106240545bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP