Company registration number 06316494 (England and Wales)
BH ELECTRICAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
7 Kings Court
Newcomen Way
Colchester
Essex
CO4 9RA
BH ELECTRICAL LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 10
BH ELECTRICAL LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
119,116
145,942
Current assets
Stocks
14,500
22,000
Debtors
6
599,286
488,437
Cash at bank and in hand
56,524
40,639
670,310
551,076
Creditors: amounts falling due within one year
7
(301,224)
(233,985)
Net current assets
369,086
317,091
Total assets less current liabilities
488,202
463,033
Creditors: amounts falling due after more than one year
8
(66,025)
(72,788)
Provisions for liabilities
(28,087)
(26,892)
Net assets
394,090
363,353
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
393,990
363,253
Total equity
394,090
363,353
BH ELECTRICAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 3 -
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 August 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.
The financial statements were approved and signed by the director and authorised for issue on 13 November 2023
Mr B Huxtable
Director
Company Registration No. 06316494
BH ELECTRICAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2021
100
374,191
374,291
Year ended 31 August 2022:
Profit and total comprehensive income for the year
-
143,491
143,491
Dividends
-
(154,429)
(154,429)
Balance at 31 August 2022
100
363,253
363,353
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
229,295
229,295
Dividends
-
(198,558)
(198,558)
Balance at 31 August 2023
100
393,990
394,090
BH ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
1
Accounting policies
Company information
BH Electrical Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Dairy, Fiddlers Farm, Fordham Heath, Colchester, Essex, England, CO3 9TU.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Invoices are raised on completion of work carried out and an adjustment is made for any work unbilled at the year end.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
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.
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:
Leasehold improvements
10% on cost
Plant and equipment
25% on cost
Computers
25% on cost
Motor vehicles
25% on cost
BH ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 6 -
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
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.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
BH ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 7 -
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.
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.
1.10
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
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.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
BH ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 8 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 25.
2023
2022
Number
Number
Total
25
22
4
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
5,522
Amortisation and impairment
At 1 September 2022 and 31 August 2023
5,522
Carrying amount
At 31 August 2023
At 31 August 2022
BH ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 9 -
5
Tangible fixed assets
Leasehold improvements
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2022
6,803
7,504
6,165
219,845
240,317
Additions
3,245
3,978
1,230
16,999
25,452
Disposals
(2,593)
(8,491)
(11,084)
At 31 August 2023
10,048
11,482
4,802
228,353
254,685
Depreciation and impairment
At 1 September 2022
1,399
4,442
5,211
83,323
94,375
Depreciation charged in the year
1,005
2,300
849
48,124
52,278
Eliminated in respect of disposals
(2,593)
(8,491)
(11,084)
At 31 August 2023
2,404
6,742
3,467
122,956
135,569
Carrying amount
At 31 August 2023
7,644
4,740
1,335
105,397
119,116
At 31 August 2022
5,404
3,062
954
136,522
145,942
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
571,479
429,876
Other debtors
27,807
58,561
599,286
488,437
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
119,899
131,781
Taxation and social security
97,465
39,792
Other creditors
83,860
62,412
301,224
233,985
BH ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 10 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
66,025
72,788