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REGISTERED NUMBER: 04694419 (England and Wales)



UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

KELVELEC ELECTRICAL SUPPLIES LTD

KELVELEC ELECTRICAL SUPPLIES LTD (REGISTERED NUMBER: 04694419)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KELVELEC ELECTRICAL SUPPLIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: I J Gooding
R W Norfolk





SECRETARY: R W Norfolk





REGISTERED OFFICE: Kingfisher House
11 Hoffmanns Way
Chelmsford
Essex
CM1 1GU





REGISTERED NUMBER: 04694419 (England and Wales)





ACCOUNTANTS: Lucentum Business Services Ltd
Kingfisher House
11 Hoffmanns Way
Chelmsford
Essex
CM1 1GU

KELVELEC ELECTRICAL SUPPLIES LTD (REGISTERED NUMBER: 04694419)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 17,375 15,925
17,375 15,925

CURRENT ASSETS
Stocks 7 836,054 801,953
Debtors 8 892,979 797,924
Cash at bank and in hand 9 185 66
1,729,218 1,599,943
CREDITORS
Amounts falling due within one year 10 1,327,128 1,276,577
NET CURRENT ASSETS 402,090 323,366
TOTAL ASSETS LESS CURRENT
LIABILITIES

419,465

339,291

PROVISIONS FOR LIABILITIES 14 (4,344 ) (3,026 )

PENSION LIABILITY 16 (150,000 ) (150,000 )
NET ASSETS 265,121 186,265

CAPITAL AND RESERVES
Called up share capital 15 100 100
Retained earnings 265,021 186,165
SHAREHOLDERS' FUNDS 265,121 186,265

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

KELVELEC ELECTRICAL SUPPLIES LTD (REGISTERED NUMBER: 04694419)

BALANCE SHEET - continued
31 MAY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 February 2024 and were signed on its behalf by:




I J Gooding - Director



R W Norfolk - Director


KELVELEC ELECTRICAL SUPPLIES LTD (REGISTERED NUMBER: 04694419)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Kelvelec Electrical Supplies Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The functional and presentation currency of these financial statements is the Pound Sterling (£).

Amounts in these financial statements are rounded to the nearest Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Summary of significant accounting policies
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.

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying value of assets and liabilities. The directors' judgement, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that considered to be applicable. Due to the inherent sensitivity involved in making judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised prospectively.

Pension obligation
The cost of defined benefit pension plans are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long term nature of these plans, such estimates are subject to significant uncertainty.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met.

The company distributes electrical components. The sale of goods are recognised when the goods are despatched to the customer.

KELVELEC ELECTRICAL SUPPLIES LTD (REGISTERED NUMBER: 04694419)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

3. ACCOUNTING POLICIES - continued

Goodwill
Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis over its useful life of 10 years.

Goodwill amortisation is included in administrative expenses in the statement of comprehensive income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Depreciation of a tangible fixed asset begins when it is in the location and condition necessary available to the use intended.

Tangible fixed asset depreciation is included in administrative expenses in the statement of comprehensive income.

Stocks
Stock are valued at the lower of cost and net realisable value using the AVCO basis. Cost is determined on the actual amount paid for the stock, net of value added tax. Net realisable value represents estimated selling price less costs to complete and sell. Provisions are made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

KELVELEC ELECTRICAL SUPPLIES LTD (REGISTERED NUMBER: 04694419)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

3. ACCOUNTING POLICIES - continued

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
Defined benefit pension scheme
For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries.

Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income.

Current and past service costs, along with settlements or curtailments, are charged to the Income Statement. Interest on pension plan liabilities are recognised within finance expenses.

Defined contribution pension scheme
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation taking into account the risks and uncertainties surrounding the obligation.

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

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 11 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 316,853
AMORTISATION
At 1 June 2022
and 31 May 2023 316,853
NET BOOK VALUE
At 31 May 2023 -
At 31 May 2022 -

KELVELEC ELECTRICAL SUPPLIES LTD (REGISTERED NUMBER: 04694419)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

6. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2022 69,595 12,974 13,852 96,421
Additions 567 - 5,845 6,412
At 31 May 2023 70,162 12,974 19,697 102,833
DEPRECIATION
At 1 June 2022 56,193 12,916 11,387 80,496
Charge for year 2,794 15 2,153 4,962
At 31 May 2023 58,987 12,931 13,540 85,458
NET BOOK VALUE
At 31 May 2023 11,175 43 6,157 17,375
At 31 May 2022 13,402 58 2,465 15,925

7. STOCKS
2023 2022
£    £   
Stocks 836,054 801,953

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 879,619 794,281
Other debtors 13,360 3,643
892,979 797,924

9. CASH AT BANK AND IN HAND
2023 2022
£    £   
Reserve bank account 66 66
Cash in hand 119 -
185 66

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 11) 287,466 179,355
Trade creditors 428,472 560,502
Amounts owed to related parties 43,456 44,502
Taxation and social security 124,656 74,823
Other creditors 443,078 417,395
1,327,128 1,276,577

KELVELEC ELECTRICAL SUPPLIES LTD (REGISTERED NUMBER: 04694419)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

11. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 287,466 179,355

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 5,100 12,921
Between one and five years 44,424 -
49,524 12,921

Lease payments made in the year were £8,312 (2022: £10,105).

13. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 287,466 179,355
Commercial invoice financing 426,737 401,911
714,203 581,266

The bank hold a debenture with fixed and floating charges over all the current and future assets of the company.

The commercial invoice finance facility is secured against the associated trade debts and also by way of a floating charge over all the other assets of the company.

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 4,344 3,026

Deferred
tax
£   
Balance at 1 June 2022 3,026
Charge to Income Statement during year 1,318
Balance at 31 May 2023 4,344

KELVELEC ELECTRICAL SUPPLIES LTD (REGISTERED NUMBER: 04694419)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

Each share is entitled to one vote in any circumstance. Each share has equal rights to dividends and each share is entitled to particpate in a distribution arising from a wind up of the company.

16. EMPLOYEE BENEFIT OBLIGATIONS

Employer Pension Obligation
The company had previously agreed to fund a defined benefit pension scheme in respect of key employees. The present value of the unfunded obligations at both 31 May 2023 and 31 May 2022 was £150,000.

Defined contribution scheme

The company operates a defined contribution pension scheme. The assets of the scheme are held separate from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund.Contributions payable to the fund at the year end by the company and included in other creditors are £1,219 (2022: £1,157).

20232022
££

Contributions payable by the company for the year19,68419,945

17. ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by its shareholders, I J Gooding and R W Norfolk, by virtue of them each holding 50% of the issued share capital of the company.