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Registration number: 05614715

K.T.P. Electrical Services Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 November 2023

Pages for filing with Registrar

 

K.T.P. Electrical Services Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

K.T.P. Electrical Services Limited

Company Information

Directors

Mr K Pate

Mrs S J Pate

Company secretary

Mrs A L Purtill

Registered office

Thomas House
Meadowcroft Business Park
Pope Lane, Whitestake
Preston
Lancashire
PR4 4AZ

 

K.T.P. Electrical Services Limited

(Registration number: 05614715)
Abridged Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

43

Tangible assets

5

10,449

16,225

Investments

6

20,510

18,633

 

30,959

34,901

Current assets

 

Stocks

17,875

58,742

Debtors

385,496

471,088

Cash at bank and in hand

 

270,979

149,038

 

674,350

678,868

Prepayments and accrued income

 

11,432

7,587

Creditors: Amounts falling due within one year

(185,164)

(268,803)

Net current assets

 

500,618

417,652

Total assets less current liabilities

 

531,577

452,553

Provisions for liabilities

(5,394)

(6,369)

Accruals and deferred income

 

(8,430)

(560)

Net assets

 

517,753

445,624

Capital and reserves

 

Called up share capital

10

10

Retained earnings

517,743

445,614

Shareholders' funds

 

517,753

445,624

 

K.T.P. Electrical Services Limited

(Registration number: 05614715)
Abridged Balance Sheet as at 30 November 2023 (continued)

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 January 2024 and signed on its behalf by:
 

.........................................
Mr K Pate
Director

 

K.T.P. Electrical Services Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Thomas House
Meadowcroft Business Park
Pope Lane, Whitestake
Preston
Lancashire
PR4 4AZ
England

The principal place of business is:
Unit 1a, Pearlbrook Industrial Estate
Chorley New Road
Horwich
Bolton
BL6 5PX

These financial statements were authorised for issue by the Board on 31 January 2024.

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 abridged 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 abridged 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.

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

 

K.T.P. Electrical Services Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

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.

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.

 

K.T.P. Electrical Services Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Asset class

Depreciation method and rate

Plant and machinery

15% Reducing balance

Motor vehicles

25% Reducing balance

Computer equipment

33% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Investments

Investments are initially stated in the financial statements at cost. Subsequent measurement is at fair value with any fair value movements being recognised through profit and loss.

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.

 

K.T.P. Electrical Services Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods comprises direct materials. 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.

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.

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.

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.

 

K.T.P. Electrical Services Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company’s statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

 

K.T.P. Electrical Services Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023 (continued)

4

Intangible assets

Total
£

Cost or valuation

At 1 December 2022

36,926

At 30 November 2023

36,926

Amortisation

At 1 December 2022

36,883

Amortisation charge

43

At 30 November 2023

36,926

Carrying amount

At 30 November 2023

-

At 30 November 2022

43

5

Tangible assets

Total
£

Cost or valuation

At 1 December 2022

49,547

Disposals

(23,953)

At 30 November 2023

25,594

Depreciation

At 1 December 2022

33,322

Charge for the year

4,422

Eliminated on disposal

(22,599)

At 30 November 2023

15,145

Carrying amount

At 30 November 2023

10,449

At 30 November 2022

16,225

 

K.T.P. Electrical Services Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023 (continued)

6

Investments

Total
£

Cost or valuation

At 1 December 2022

18,633

Revaluation

1,877

At 30 November 2023

20,510

Provision

Carrying amount

At 30 November 2023

20,510

At 30 November 2022

18,633