Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-282022-03-01falseNo description of principal activity3537falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01003097 2022-03-01 2023-02-28 01003097 2021-03-01 2022-02-28 01003097 2023-02-28 01003097 2022-02-28 01003097 1 2022-03-01 2023-02-28 01003097 d:Director1 2022-03-01 2023-02-28 01003097 c:Buildings c:LongLeaseholdAssets 2022-03-01 2023-02-28 01003097 c:PlantMachinery 2022-03-01 2023-02-28 01003097 c:PlantMachinery 2023-02-28 01003097 c:PlantMachinery 2022-02-28 01003097 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 01003097 c:MotorVehicles 2022-03-01 2023-02-28 01003097 c:MotorVehicles 2023-02-28 01003097 c:MotorVehicles 2022-02-28 01003097 c:MotorVehicles c:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 01003097 c:FurnitureFittings 2022-03-01 2023-02-28 01003097 c:FurnitureFittings 2023-02-28 01003097 c:FurnitureFittings 2022-02-28 01003097 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 01003097 c:OfficeEquipment 2022-03-01 2023-02-28 01003097 c:OfficeEquipment 2023-02-28 01003097 c:OfficeEquipment 2022-02-28 01003097 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 01003097 c:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 01003097 c:CurrentFinancialInstruments 2023-02-28 01003097 c:CurrentFinancialInstruments 2022-02-28 01003097 c:CurrentFinancialInstruments c:WithinOneYear 2023-02-28 01003097 c:CurrentFinancialInstruments c:WithinOneYear 2022-02-28 01003097 c:ShareCapital 2023-02-28 01003097 c:ShareCapital 2022-02-28 01003097 c:CapitalRedemptionReserve 2023-02-28 01003097 c:CapitalRedemptionReserve 2022-02-28 01003097 c:RetainedEarningsAccumulatedLosses 2023-02-28 01003097 c:RetainedEarningsAccumulatedLosses 2022-02-28 01003097 d:FRS102 2022-03-01 2023-02-28 01003097 d:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 01003097 d:FullAccounts 2022-03-01 2023-02-28 01003097 d:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 01003097 2 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 01003097









ALAN ELECTRICAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
ALAN ELECTRICAL LIMITED
REGISTERED NUMBER: 01003097

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
53,301
44,313

  
53,301
44,313

Current assets
  

Stocks
 5 
515,744
519,359

Debtors: amounts falling due within one year
 6 
870,988
576,707

Cash at bank and in hand
 7 
3,987,205
3,200,675

  
5,373,937
4,296,741

Creditors: amounts falling due within one year
 8 
(1,733,291)
(1,692,752)

Net current assets
  
 
 
3,640,646
 
 
2,603,989

Total assets less current liabilities
  
3,693,947
2,648,302

  

Net assets
  
3,693,947
2,648,302


Capital and reserves
  

Called up share capital 
  
29,000
29,000

Capital redemption reserve
  
21,000
21,000

Profit and loss account
  
3,643,947
2,598,302

  
3,693,947
2,648,302


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
ALAN ELECTRICAL LIMITED
REGISTERED NUMBER: 01003097
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
M J Lambert
Director

Date: 29 November 2023

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
ALAN ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Alan Electrical Limited (the "Company") is incorporated and domiciled in England & Wales. The address of the registered office is Radius House, 51 Clarendon Road, Watford, Hertfordshire, WD17 1HP. 
The company's principal activity is the manufacturing of LV switchgear.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
ALAN ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
ALAN ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 5

 
ALAN ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Straight line over the life of the lease
Plant and machinery
-
25% reducing balance (50% in the first year)
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Office equipment
-
25% reducing balance

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
ALAN ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 35 (2022 - 37).

Page 7

 


 
ALAN ELECTRICAL LIMITED


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


4.


Tangible fixed assets






Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 March 2022
140,569
63,385
126,383
53,648
383,985


Additions
16,575
-
-
8,806
25,381


Disposals
-
(41,385)
-
-
(41,385)



At 28 February 2023

157,144
22,000
126,383
62,454
367,981



Depreciation


At 1 March 2022
132,237
50,227
110,238
46,971
339,673


Charge for the year on owned assets
6,225
3,208
2,421
3,869
15,723


Disposals
-
(40,716)
-
-
(40,716)



At 28 February 2023

138,462
12,719
112,659
50,840
314,680



Net book value



At 28 February 2023
18,682
9,281
13,724
11,614
53,301



At 28 February 2022
8,333
13,158
16,145
6,677
44,313

Page 8

 
ALAN ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Stocks

2023
2022
£
£

Raw materials and consumables
116,149
113,113

Long-term contract balances
399,595
406,246

515,744
519,359



6.


Debtors

2023
2022
£
£


Trade debtors
825,735
319,997

Other debtors
16,561
242,246

Prepayments and accrued income
28,692
14,464

870,988
576,707



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,987,205
3,200,675

Less: bank overdrafts
(101,561)
-

3,885,644
3,200,675


Page 9

 
ALAN ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
101,561
-

Trade creditors
737,617
1,403,312

Amounts owed to group undertakings
558,025
212,601

Corporation tax
270,820
27,543

Other taxation and social security
30,484
32,082

Other creditors
14,434
10,014

Accruals and deferred income
20,350
7,200

1,733,291
1,692,752



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £26,618 (2022: £25,081). Contributions totalling £9,179 (2022: £5,627) were payable to the fund at the balance sheet date


10.


Post balance sheet events

On the 23rd April 2023, the company underwent a demerger where the new controlling party became Alan Electrical Switchgear Holdings Limited. 


11.


Controlling party

The ultimate controlling party was Alan Electrical Holdings Limited during the year. However, post year end the new controlling party is Alan Electrical Switchgear Holdings Limited. 

 
Page 10