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Registration number: 02092078

Kirkby Lindsey Electrical Engineering Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Kirkby Lindsey Electrical Engineering Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Kirkby Lindsey Electrical Engineering Limited

Company Information

Directors

J Kirkby

P J Hopley

Company secretary

J Kirkby

Registered office

Crowle Street
Hedon Road
Kingston Upon Hull
East Yorkshire
HU9 1RH

 

Kirkby Lindsey Electrical Engineering Limited

(Registration number: 02092078)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

237,646

235,908

Investments

5

6,017

6,017

 

243,663

241,925

Current assets

 

Stocks

6

52,162

37,189

Debtors

7

303,422

309,480

Cash at bank and in hand

 

216,198

152,867

 

571,782

499,536

Creditors: Amounts falling due within one year

8

(289,043)

(318,050)

Net current assets

 

282,739

181,486

Total assets less current liabilities

 

526,402

423,411

Creditors: Amounts falling due after more than one year

8

-

(40,493)

Provisions for liabilities

(19,889)

(18,927)

Net assets

 

506,513

363,991

Capital and reserves

 

Called up share capital

95

95

Capital redemption reserve

5

5

Revaluation reserve

122,841

122,841

Retained earnings

383,572

241,050

Shareholders' funds

 

506,513

363,991

For the financial year ending 31 March 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.

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 25 October 2023 and signed on its behalf by:
 

 

Kirkby Lindsey Electrical Engineering Limited

(Registration number: 02092078)
Balance Sheet as at 31 March 2023

.........................................
P J Hopley
Director

   
     
 

Kirkby Lindsey Electrical Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 02092078.

The address of its registered office is:
Crowle Street
Hedon Road
Kingston Upon Hull
East Yorkshire
HU9 1RH

These financial statements were authorised for issue by the Board on 25 October 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Group accounts not prepared

The financial statements contain information about Kirkby Lindsey Electrcial Engineering Limited as an individual company and do not contain consolidated financial information as part of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. .

Revenue recognition

Turnover arises from the sale of goods and the provision of electrical engineering services. Turnover is measured at the fair value of the consideration received or receivable and represents amounts for the sale of goods and the rendering of services in the normal course of business, net of discounts and other sales-related taxes.

Turnover from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, which is when the goods are delivered to the customer.

Turnover from the provision of services is recognised when the service is performed.

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 of each of the companies activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

 

Kirkby Lindsey Electrical Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 subsequently enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measure using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

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

5% cost

Plant and machinery

10% cost

Plant and machinery

33% cost

Motor vehicles

25% reducing balance

Fixtures and fittings

10% cost

Fixtures and fittings

15% cost

Fxtures and fittings

20% cost

Fixtures and fittings

33% cost

Long leasehold

1.455% cost

 

Kirkby Lindsey Electrical Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 the sale of goods and the provision of services in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. 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.

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.

 

Kirkby Lindsey Electrical Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 10 (2022 - 8).

 

Kirkby Lindsey Electrical Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

165,000

152,625

27,121

344,746

Additions

-

6,310

11,495

17,805

Disposals

-

(14,608)

-

(14,608)

At 31 March 2023

165,000

144,327

38,616

347,943

Depreciation

At 1 April 2022

4,800

81,825

22,213

108,838

Charge for the year

2,400

9,292

3,861

15,553

Eliminated on disposal

-

(14,094)

-

(14,094)

At 31 March 2023

7,200

77,023

26,074

110,297

Carrying amount

At 31 March 2023

157,800

67,304

12,542

237,646

At 31 March 2022

160,200

70,800

4,908

235,908

Included within the net book value of land and buildings above is £157,800 (2022 - £160,200) in respect of long leasehold land and buildings.

Leasehold buildings were valued on an open market basis on 31 March 2021 by the directors.

5

Investments

2023
£

2022
£

Investments in subsidiaries

6,017

6,017

Subsidiaries

£

Cost or valuation

At 1 April 2022

6,017

Provision

Carrying amount

At 31 March 2023

6,017

At 31 March 2022

6,017

6

Stocks

2023
£

2022
£

Other inventories

52,162

37,189

 

Kirkby Lindsey Electrical Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

237,106

257,200

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

1,645

5,955

Other debtors

 

17,358

7,147

Prepayments and accrued income

 

47,313

39,178

Total current trade and other debtors

 

303,422

309,480

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

-

9,507

Trade creditors

 

168,847

171,259

Taxation and social security

 

73,879

88,148

Accruals and deferred income

 

29,446

21,865

Other borrowings

9

16,871

27,271

 

289,043

318,050

Due after one year

 

Loans and borrowings

9

-

40,493

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

40,493

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

9,507

Other borrowings

16,871

27,271

16,871

36,778

Bank borrowings relate to the bounce back loan which is unsecured. Other borrowings relate to the directors loan account.

 

Kirkby Lindsey Electrical Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £84,570 (2022 - £107,073).

11

Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group.

Other transactions with Directors

At the year end, the company owed the directors £16,871 (2022: £27,271). This amount is unsecured, interest free and repayable on demand.