Company registration number 09514762 (England and Wales)
LSAB Electrical Services Limited
Unaudited financial statements
For the year ended 31 July 2023
LSAB Electrical Services Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
LSAB Electrical Services Limited
Statement of financial position
As at 31 July 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
34,444
21,278
Current assets
Debtors
4
39,936
69,694
Cash at bank and in hand
99,240
99,912
139,176
169,606
Creditors: amounts falling due within one year
5
(57,409)
(77,333)
Net current assets
81,767
92,273
Total assets less current liabilities
116,211
113,551
Creditors: amounts falling due after more than one year
6
(25,667)
(14,191)
Net assets
90,544
99,360
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
90,444
99,260
Total equity
90,544
99,360
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LSAB Electrical Services Limited
Statement of financial position (continued)
As at 31 July 2023
31 July 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 January 2024 and are signed on its behalf by:
Mr L C Saunders
Mr A G Beardmore
Director
Director
Company Registration No. 09514762
LSAB Electrical Services Limited
Notes to the financial statements
For the year ended 31 July 2023
- 3 -
1
Accounting policies
Company information
LSAB Electrical Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4, New Haden Industrial Estate, Draycott Cross Road, Cheadle, Stoke on Trent, Staffordshire, England, ST10 2NP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33.33% on cost
Motor vehicles
25% reducing balance
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.
LSAB Electrical Services Limited
Notes to the financial statements (continued)
For the year ended 31 July 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Financial instruments
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 settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LSAB Electrical Services Limited
Notes to the financial statements (continued)
For the year ended 31 July 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
LSAB Electrical Services Limited
Notes to the financial statements (continued)
For the year ended 31 July 2023
- 6 -
3
Tangible fixed assets
Computers
Motor vehicles
Total
£
£
£
Cost
At 1 August 2022
432
42,132
42,564
Additions
17,640
17,640
At 31 July 2023
432
59,772
60,204
Depreciation and impairment
At 1 August 2022
432
20,854
21,286
Depreciation charged in the year
4,474
4,474
At 31 July 2023
432
25,328
25,760
Carrying amount
At 31 July 2023
34,444
34,444
At 31 July 2022
21,278
21,278
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
37,553
65,080
Other debtors
2,383
4,614
39,936
69,694
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,930
Trade creditors
34,435
34,277
Taxation and social security
19,487
31,950
Other creditors
3,487
8,176
57,409
77,333
LSAB Electrical Services Limited
Notes to the financial statements (continued)
For the year ended 31 July 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
8,977
8,977
Other creditors
16,690
5,214
25,667
14,191
7
Security
Included within other creditors are hire purchase contracts of £10,191 (2021 - £5,390) which are secured against the assets which they relate to.