Silverfin false 31/05/2023 01/06/2022 31/05/2023 Mr C E Taylor 22/05/2019 29 November 2023 The principal activity of the company is that of electrical contractors. 12011354 2023-05-31 12011354 bus:Director1 2023-05-31 12011354 2022-05-31 12011354 core:CurrentFinancialInstruments 2023-05-31 12011354 core:CurrentFinancialInstruments 2022-05-31 12011354 core:Non-currentFinancialInstruments 2023-05-31 12011354 core:Non-currentFinancialInstruments 2022-05-31 12011354 core:ShareCapital 2023-05-31 12011354 core:ShareCapital 2022-05-31 12011354 core:RetainedEarningsAccumulatedLosses 2023-05-31 12011354 core:RetainedEarningsAccumulatedLosses 2022-05-31 12011354 core:PlantMachinery 2022-05-31 12011354 core:Vehicles 2022-05-31 12011354 core:FurnitureFittings 2022-05-31 12011354 core:OfficeEquipment 2022-05-31 12011354 core:PlantMachinery 2023-05-31 12011354 core:Vehicles 2023-05-31 12011354 core:FurnitureFittings 2023-05-31 12011354 core:OfficeEquipment 2023-05-31 12011354 2022-06-01 2023-05-31 12011354 bus:FullAccounts 2022-06-01 2023-05-31 12011354 bus:SmallEntities 2022-06-01 2023-05-31 12011354 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 12011354 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 12011354 bus:Director1 2022-06-01 2023-05-31 12011354 core:PlantMachinery 2022-06-01 2023-05-31 12011354 core:PlantMachinery core:TopRangeValue 2022-06-01 2023-05-31 12011354 core:Vehicles 2022-06-01 2023-05-31 12011354 core:FurnitureFittings 2022-06-01 2023-05-31 12011354 core:OfficeEquipment core:TopRangeValue 2022-06-01 2023-05-31 12011354 2021-06-01 2022-05-31 12011354 core:OfficeEquipment 2022-06-01 2023-05-31 12011354 core:Non-currentFinancialInstruments 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Company No: 12011354 (England and Wales)

ICA ELECTRICAL SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

ICA ELECTRICAL SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

ICA ELECTRICAL SERVICES LIMITED

BALANCE SHEET

As at 31 May 2023
ICA ELECTRICAL SERVICES LIMITED

BALANCE SHEET (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 84,222 42,033
84,222 42,033
Current assets
Stocks 30,000 8,474
Debtors 4 57,138 49,725
Cash at bank and in hand 967 36,897
88,105 95,096
Creditors: amounts falling due within one year 5 ( 104,837) ( 54,954)
Net current (liabilities)/assets (16,732) 40,142
Total assets less current liabilities 67,490 82,175
Creditors: amounts falling due after more than one year 6 ( 23,520) ( 64,026)
Provision for liabilities ( 26,825) ( 8,371)
Net assets 17,145 9,778
Capital and reserves
Called-up share capital 100 100
Profit and loss account 17,045 9,678
Total shareholders' funds 17,145 9,778

For the financial year ending 31 May 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 financial statements of ICA Electrical Services Limited (registered number: 12011354) were approved and authorised for issue by the Director on 29 November 2023. They were signed on its behalf by:

Mr C E Taylor
Director
ICA ELECTRICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
ICA ELECTRICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

ICA Electrical Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 6 Kimmeridge Close, Weymouth, DT3 5RL, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
5 years straight line
Vehicles 15 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 June 2022 33,722 32,156 0 2,618 68,496
Additions 35,899 18,372 1,000 5,466 60,737
Disposals 0 ( 7,587) 0 0 ( 7,587)
At 31 May 2023 69,621 42,941 1,000 8,084 121,646
Accumulated depreciation
At 01 June 2022 14,389 9,745 0 2,329 26,463
Charge for the financial year 7,116 5,736 59 1,327 14,238
Disposals 0 ( 3,277) 0 0 ( 3,277)
At 31 May 2023 21,505 12,204 59 3,656 37,424
Net book value
At 31 May 2023 48,116 30,737 941 4,428 84,222
At 31 May 2022 19,333 22,411 0 289 42,033

4. Debtors

2023 2022
£ £
Trade debtors 54,364 46,501
Corporation tax 0 746
Other debtors 2,774 2,478
57,138 49,725

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 2,222 2,222
Other taxation and social security 15,749 19,380
Obligations under finance leases and hire purchase contracts 3,285 3,285
Other creditors 83,581 30,067
104,837 54,954

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 13,334 15,556
Obligations under finance leases and hire purchase contracts 10,186 13,470
Other creditors 0 35,000
23,520 64,026

There are no amounts included above in respect of which any security has been given by the small entity.

7. Related party transactions

During the year the director maintained an interest free loan which is repayable on demand. At the balance sheet date the amount due to the director was £74,987 (2022 - £59,881).