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REGISTERED NUMBER: 03162644 (England and Wales)







FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

COUNTRYWIDE ELECTRICAL SERVICES LIMITED

COUNTRYWIDE ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03162644)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


COUNTRYWIDE ELECTRICAL SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: D J Harrison
J A Collins
A J McCabe
T J McCabe





SECRETARY: J A Collins





REGISTERED OFFICE: Linley Lodge Industrial Estate
Westgate,Aldrige,Walsall
Birmingham
West Midlands
WS9 8WZ





REGISTERED NUMBER: 03162644 (England and Wales)





AUDITORS: Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

COUNTRYWIDE ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03162644)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 66,562 41,053

CURRENT ASSETS
Stocks 345,912 349,544
Debtors 5 2,085,946 1,774,056
Cash at bank and in hand 258,887 665,929
2,690,745 2,789,529
CREDITORS
Amounts falling due within one year 6 1,542,175 1,611,833
NET CURRENT ASSETS 1,148,570 1,177,696
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,215,132

1,218,749

CREDITORS
Amounts falling due after more than one
year

7

(80,234

)

(101,825

)

PROVISIONS FOR LIABILITIES (10,371 ) (1,321 )
NET ASSETS 1,124,527 1,115,603

CAPITAL AND RESERVES
Called up share capital 200,000 200,000
Retained earnings 924,527 915,603
SHAREHOLDERS' FUNDS 1,124,527 1,115,603

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 November 2023 and were signed on its behalf by:





A J McCabe - Director


COUNTRYWIDE ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03162644)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Countrywide Electrical Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax. Revenue is recognised on the completion of each stage of work during a contract. Profit is taken on those contracts, the outcome of which can reasonably be foreseen, in proportion to the stage of completion reached. This is calculated on cost incurred as a percentage of estimated cost at completion. Provision is made for any foreseeable losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 33.33% on cost
Motor vehicles - at varying rates on cost

Stocks
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

COUNTRYWIDE ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03162644)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 66 (2022 - 62 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 March 2022 37,783 206,587 244,370
Additions 10,900 37,290 48,190
Disposals - (13,250 ) (13,250 )
At 28 February 2023 48,683 230,627 279,310
DEPRECIATION
At 1 March 2022 22,955 180,362 203,317
Charge for year 7,613 15,068 22,681
Eliminated on disposal - (13,250 ) (13,250 )
At 28 February 2023 30,568 182,180 212,748
NET BOOK VALUE
At 28 February 2023 18,115 48,447 66,562
At 28 February 2022 14,828 26,225 41,053

COUNTRYWIDE ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03162644)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2022 32,298
Additions 37,289
At 28 February 2023 69,587
DEPRECIATION
At 1 March 2022 6,239
Charge for year 14,901
At 28 February 2023 21,140
NET BOOK VALUE
At 28 February 2023 48,447
At 28 February 2022 26,059

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,708,627 1,758,000
Amounts owed by group undertakings 159,417 -
Other debtors 217,902 16,056
2,085,946 1,774,056

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 25,000 25,000
Hire purchase contracts 22,306 10,766
Trade creditors 1,198,338 1,275,996
Amounts owed to group undertakings - 22,879
Taxation and social security 86,437 74,293
Other creditors 210,094 202,899
1,542,175 1,611,833

COUNTRYWIDE ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03162644)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 64,264 89,264
Hire purchase contracts 15,970 12,561
80,234 101,825

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 89,264 114,264
Hire purchase contracts 38,276 23,327
127,540 137,591

The bank loan ("CBIL") is secured by way of a fixed and floating charge, given by the company's parent company, MCD Holdings (UK) Limited, covering all the property or undertaking of the company.

Further, The Secretary of State for Business, Energy and Industrial Strategy has provided a partial guarantee of 80% against the outstanding CBIL.

The hire purchase liabilities are secured by way of a fixed and floating charge against the assets to which they relate.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Leigh Dudley FCCA (Senior Statutory Auditor)
for and on behalf of Prime

10. RELATED PARTY DISCLOSURES

Transactions with company's ultimate parent during the year involved a charge for rent of £53,704 (2022: £107,408) and management charges of £nil (2022: £40,000). As at the year end £159,417 was owed by MCD Holdings (UK) Limited (2022: £22,879 owing to).

Included in administrative expenses is rent of £30,000 (2022: £30,000), payable to a pension scheme of which A J McCabe, T J McCabe and J A Collins are Trustees and Members. At the year end, a balance of £Nil (2022: £5,000) was owed to the scheme by the company.

11. ULTIMATE CONTROLLING PARTY

The company's ultimate parent undertaking is MCD Holdings (UK) Limited, whose registered office is Charter House, 161 Newhall Street, Birmingham, B3 1SW.