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Company Registration number: 5535281

CJS Electrical (Wales) Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

CJS Electrical (Wales) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 10

 

CJS Electrical (Wales) Limited

(Registration number: 5535281)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

233,489

206,947

Current assets

 

Stocks

5

57,250

47,250

Debtors

6

407,236

304,639

Cash at bank and in hand

 

162,406

178,546

 

626,892

530,435

Creditors: Amounts falling due within one year

7

(460,556)

(356,598)

Net current assets

 

166,336

173,837

Total assets less current liabilities

 

399,825

380,784

Creditors: Amounts falling due after more than one year

7

(88,716)

(100,192)

Provisions for liabilities

(34,141)

(28,445)

Net assets

 

276,968

252,147

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

276,868

252,047

Shareholders' funds

 

276,968

252,147

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 August 2023
 

.........................................
Mr C J Williams
Director

 

CJS Electrical (Wales) 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 Wales.

The address of its registered office is:
The Old Work Shops
Mill Farm Industrial Estate
Lisvane
Cardiff
CF14 0SH

These financial statements were authorised for issue by the director on 9 August 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

CJS Electrical (Wales) Limited

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

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 & Machinery

20% Straight line basis

Motor Vehicles

20% Straight line basis

Fixtures & Fittings

10% Straight line basis

Office equipment

25% Straight line 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.

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.

 

CJS Electrical (Wales) Limited

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

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.

 

CJS Electrical (Wales) 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

CJS Electrical (Wales) Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 25 (2022 - 24).

 

CJS Electrical (Wales) Limited

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 April 2022

31,574

75,735

28,918

441,695

Additions

527

42,690

11,404

85,093

Disposals

-

-

-

(78,903)

At 31 March 2023

32,101

118,425

40,322

447,885

Depreciation

At 1 April 2022

15,155

41,555

14,777

299,488

Charge for the year

2,081

17,589

8,946

72,447

Eliminated on disposal

-

-

-

(66,794)

At 31 March 2023

17,236

59,144

23,723

305,141

Carrying amount

At 31 March 2023

14,865

59,281

16,599

142,744

At 31 March 2022

16,419

34,180

14,141

142,207

Total
£

Cost or valuation

At 1 April 2022

577,922

Additions

139,714

Disposals

(78,903)

At 31 March 2023

638,733

Depreciation

At 1 April 2022

370,975

Charge for the year

101,063

Eliminated on disposal

(66,794)

At 31 March 2023

405,244

Carrying amount

At 31 March 2023

233,489

At 31 March 2022

206,947

5

Stocks

2023
£

2022
£

Other inventories

57,250

47,250

 

CJS Electrical (Wales) Limited

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

288,782

192,551

Other debtors

118,454

112,088

 

407,236

304,639

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

66,108

51,277

Trade creditors

 

115,625

70,704

Taxation and social security

 

147,755

159,209

Accruals and deferred income

 

7,880

2,450

Other creditors

 

123,188

72,958

 

460,556

356,598

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £56,361 (2022 - £51,277).

 

CJS Electrical (Wales) Limited

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

88,716

100,192

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

30,746

50,000

Hire purchase contracts

57,970

50,192

88,716

100,192

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,747

-

Hire purchase contracts

56,361

51,277

66,108

51,277

10

Related party transactions

An amount of £22,340 (2022 £20,970) was paid to WDTW Capital Holdings Limited, a company controlled by Mr C Williams, in respect of leasing payments for the trading premises.

Transactions with the director

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr C J Williams

5,895

252,559

(250,000)

8,454

         
       

 

 

CJS Electrical (Wales) Limited

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

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mr C J Williams

4,075

226,820

(225,000)

5,895