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Registration number: 03320066

T. K. Platt Electrical Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

T. K. Platt Electrical Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

T. K. Platt Electrical Limited

Company Information

Directors

Mr Craig Wright

Mr Steven Kirkman

Company secretary

Mr Craig Wright

Registered office

Unit 10 Roundhouse Court
Barnes Wallis Way
Buckshaw Village
Chorley
Lancashire
PR7 7JN

Accountants

McGinty Demack Limited
Chartered Certified Accountants
Vermont House
Bradley Lane
Standish
Wigan
WN6 0XF

 

T. K. Platt Electrical Limited

(Registration number: 03320066)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

fixed assets

 

tangible assets

4

80,442

59,407

Current assets

 

Stock and Work in progress

5

35,112

15,786

Debtors

6

392,095

413,046

Cash at bank and in hand

 

250,340

188,811

 

677,547

617,643

Creditors: Amounts falling due within one year

7

(166,732)

(138,103)

Net current assets

 

510,815

479,540

Total assets less current liabilities

 

591,257

538,947

Creditors: Amounts falling due after more than one year

7

(33,333)

(43,333)

Provisions for liabilities

(8,349)

(12,488)

Net assets

 

549,575

483,126

capital and reserves

 

Called up share capital

8

14

14

Profit and loss account

549,561

483,112

Total equity

 

549,575

483,126

For the financial year ending 28 February 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.

 

T. K. Platt Electrical Limited

(Registration number: 03320066)
Balance Sheet as at 28 February 2023

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 May 2023 and signed on its behalf by:
 

.........................................
Mr Craig Wright
Company secretary and director

.........................................
Mr Steven Kirkman
Director

 

T. K. Platt Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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 10 Roundhouse Court
Barnes Wallis Way
Buckshaw Village
Chorley
Lancashire
PR7 7JN
England

These financial statements were authorised for issue by the Board on 10 May 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 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 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.

 

T. K. Platt Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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 current and 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.

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

Plant and machinery

15% Reducing balance basis

 

T. K. Platt Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Motor vehicles

25% Reducing balance 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.

Stock and Work in progress

Stock and Work in progress 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, stock and work in progress are assessed for impairment. If stock and work in progress 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

 

T. K. Platt Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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.

 

T. K. Platt Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2022 - 32).

 

T. K. Platt Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

16,981

195,494

212,475

Additions

1,019

36,500

37,519

Disposals

-

(20,875)

(20,875)

At 28 February 2023

18,000

211,119

229,119

Depreciation

At 1 March 2022

7,917

145,151

153,068

Charge for the year

2,521

12,127

14,648

Eliminated on disposal

-

(19,039)

(19,039)

At 28 February 2023

10,438

138,239

148,677

Carrying amount

At 28 February 2023

7,562

72,880

80,442

At 28 February 2022

9,064

50,343

59,407

5

Stock and Work in progress

2023
£

2022
£

Work in progress

30,112

10,786

Other inventories

5,000

5,000

35,112

15,786

6

Debtors

 

T. K. Platt Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Current

2023
£

2022
£

Trade debtors

351,164

378,833

Prepayments

1,486

1,678

Other debtors

39,445

32,535

 

392,095

413,046

 

T. K. Platt Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

73,425

68,175

Taxation and social security

43,433

58,774

Accruals and deferred income

37,614

1,395

Other creditors

12,260

9,759

166,732

138,103

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

33,333

43,333

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

4

4

4

4

Ordinary C of £1 each

10

10

10

10

 

14

14

14

14

 

T. K. Platt Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

33,333

43,333

10

Related party transactions

 

T. K. Platt Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

13,996

16,328