10 false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 10011104 2022-03-01 2023-02-28 10011104 2023-02-28 10011104 2022-02-28 10011104 2021-03-01 2022-02-28 10011104 2022-02-28 10011104 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 10011104 core:MotorVehicles 2022-03-01 2023-02-28 10011104 bus:Director1 2022-03-01 2023-02-28 10011104 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-28 10011104 core:MotorVehicles 2022-02-28 10011104 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 10011104 core:MotorVehicles 2023-02-28 10011104 core:WithinOneYear 2023-02-28 10011104 core:WithinOneYear 2022-02-28 10011104 core:AfterOneYear 2023-02-28 10011104 core:AfterOneYear 2022-02-28 10011104 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-28 10011104 core:ShareCapital 2023-02-28 10011104 core:ShareCapital 2022-02-28 10011104 core:RevaluationReserve 2023-02-28 10011104 core:RetainedEarningsAccumulatedLosses 2023-02-28 10011104 core:RestatedAmount core:RetainedEarningsAccumulatedLosses 2022-02-28 10011104 core:RestatedAmount 2022-02-28 10011104 core:MotorVehicles 2022-02-28 10011104 bus:SmallEntities 2022-03-01 2023-02-28 10011104 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 10011104 bus:FullAccounts 2022-03-01 2023-02-28 10011104 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 10011104 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10011104 core:ComputerEquipment 2022-03-01 2023-02-28 10011104 core:ComputerEquipment 2023-02-28 10011104 core:AfterOneYear 2022-03-01 2023-02-28
COMPANY REGISTRATION NUMBER: 10011104
Foster Electrical Services (Anglia) Ltd
Unaudited financial statements
28 February 2023
Foster Electrical Services (Anglia) Ltd
Statement of financial position
28 February 2023
2023
2022
(restated)
Note
£
£
£
£
Fixed assets
Tangible assets
5
588,761
320,115
Current assets
Stocks
90,500
Debtors
6
319,683
123,942
Cash at bank and in hand
23,717
---------
---------
319,683
238,159
Creditors: Amounts falling due within one year
7
( 234,535)
( 364,313)
---------
---------
Net current assets/(liabilities)
85,148
( 126,154)
---------
---------
Total assets less current liabilities
673,909
193,961
Creditors: Amounts falling due after more than one year
8
( 535,254)
( 104,632)
Provisions
Taxation including deferred tax
( 27,682)
( 7,445)
---------
---------
Net assets
110,973
81,884
---------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
57,979
Profit and loss account
52,894
81,784
---------
-------
Shareholders funds
110,973
81,884
---------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Foster Electrical Services (Anglia) Ltd
Statement of financial position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 22 November 2023 , and are signed on behalf of the board by:
R Foster
Director
Company registration number: 10011104
Foster Electrical Services (Anglia) Ltd
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2A Telford Way, Thetford, Norfolk, IP24 1HU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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 in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of employees during the year was 10 (2022: 14 ).
5. Tangible assets
Freehold property
Motor vehicles
Equipment
Total
£
£
£
£
Cost or valuation
At 1 March 2022 (as restated)
273,740
60,225
333,965
Additions
207,511
7,678
215,189
Disposals
( 12,926)
( 12,926)
Revaluations
75,166
75,166
---------
-------
------
---------
At 28 February 2023
556,417
47,299
7,678
611,394
---------
-------
------
---------
Depreciation
At 1 March 2022
13,850
13,850
Charge for the year
6,417
10,960
1,794
19,171
Disposals
( 10,388)
( 10,388)
---------
-------
------
---------
At 28 February 2023
6,417
14,422
1,794
22,633
---------
-------
------
---------
Carrying amount
At 28 February 2023
550,000
32,877
5,884
588,761
---------
-------
------
---------
At 28 February 2022
273,740
46,375
320,115
---------
-------
------
---------
Tangible assets held at valuation
The freehold property was revalued by the director on 28 February 2023.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 28 February 2023
Aggregate cost
481,251
Aggregate depreciation
(6,417)
---------
Carrying value
474,834
---------
At 28 February 2022
Aggregate cost
273,740
Aggregate depreciation
---------
Carrying value
273,740
---------
6. Debtors
2023
2022
(restated)
£
£
Trade debtors
58,463
Amounts owed by group undertakings and undertakings in which the company has a participating interest
14,390
10,850
Other debtors
305,293
54,629
---------
---------
319,683
123,942
---------
---------
7. Creditors: Amounts falling due within one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
65,583
173,478
Trade creditors
1,925
47,263
Amounts owed to group undertakings and undertakings in which the company has a participating interest
145,723
92,102
Social security and other taxes
6,788
32,093
Other creditors
14,516
19,377
---------
---------
234,535
364,313
---------
---------
Included in creditors are bank loans and an overdraft of £65,583 (2022: £173,478) which are secured by charges over assets held by the company. Included in other creditors are obligations under hire purchase contracts of £7,962 (2022: £7,326) which are secured on the assets concerned.
8. Creditors: Amounts falling due after more than one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
507,551
68,968
Other creditors
27,703
35,664
---------
---------
535,254
104,632
---------
---------
Included in creditors are bank loans of £507,551 (2022: £68,968) which are secured by charges over assets held by the company. Included in other creditors are obligations under hire purchase contracts of £27,703 (2022: £35,664) which are secured on the assets concerned.
9. Director's advances, credits and guarantees
At the balance sheet date, included within debtors is £140,661 (2022: £35,841) which is owed to the company by the director. Interest has been charged on the loan at the official rate.