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Registration number: 11345581

Prolec East Anglia Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Prolec East Anglia Ltd

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Prolec East Anglia Ltd

Registration number: 11345581

Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

678,884

711,260

Current assets

 

Stocks

5

100,000

100,000

Debtors

6

454,422

135,230

Cash at bank and in hand

 

18,163

276,747

 

572,585

511,977

Creditors: Amounts falling due within one year

7

(456,362)

(355,123)

Net current assets

 

116,223

156,854

Total assets less current liabilities

 

795,107

868,114

Creditors: Amounts falling due after more than one year

7

(377,911)

(398,157)

Provisions for liabilities

(47,149)

(40,044)

Net assets

 

370,047

429,913

Capital and reserves

 

Called up share capital

8

300

300

Retained earnings

369,747

429,613

Shareholders' funds

 

370,047

429,913



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

Prolec East Anglia Ltd

Registration number: 11345581

Balance Sheet as at 31 May 2023 (continued)

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.

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.

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 20 February 2024 and signed on its behalf by:
 


L J Slatter
Director


R S McCune
Director

 

Prolec East Anglia Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Communications House
Unit D10 Pinetrees Road
Norwich
Norfolk
NR7 9BB
England

The principal place of business is:
Communications House
Unit D10 Pinetrees Road
Norwich
Norfolk
NR7 9BB
England

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 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 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 presented in sterling which is the functional currency of the company and rounded to the nearest £.

 

Prolec East Anglia Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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.

Government grants

Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, Government grants in relation to expenditure are credited when the expenditure is charged to profit and loss.

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.

 

Prolec East Anglia Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% Reducing balance

Furniture, fittings and equipment

25% Reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Prolec East Anglia Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 13).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

510,715

18,215

296,148

825,078

Additions

-

2,759

37,945

40,704

At 31 May 2023

510,715

20,974

334,093

865,782

Depreciation

At 1 June 2022

10,214

5,094

98,510

113,818

Charge for the year

10,214

3,970

58,896

73,080

At 31 May 2023

20,428

9,064

157,406

186,898

Carrying amount

At 31 May 2023

490,287

11,910

176,687

678,884

At 31 May 2022

500,501

13,121

197,638

711,260

Included within the net book value of land and buildings above is £490,287 (2022 - £500,501) in respect of freehold land and buildings.
 

 

Prolec East Anglia Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

5

Stocks

2023
£

2022
£

Other inventories

100,000

100,000

 

Prolec East Anglia Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

6

Debtors

Current

2023
£

2022
£

Trade debtors

317,515

28,295

Prepayments

4,252

3,274

Other debtors

132,655

103,661

 

454,422

135,230

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

45,805

69,578

Trade creditors

 

272,704

142,266

Directors loan account

10

6

9,500

Taxation and social security

 

125,475

127,573

Other creditors

 

12,372

6,206

 

456,362

355,123

Due after one year

 

Loans and borrowings

9

377,911

398,157


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £45,805 (2022 - £69,578).

 

Prolec East Anglia Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

7

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

377,911

398,157

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £377,911 (2022 - £398,157).


Assets purchased unders finance lease and hire purchase contracts are secured on the infdividual asset purchased.

On 17th September 2021 HSBC UK BANK PLC registered a fixed and floating charge over all assets.

On 4th October 2021 HSBC UK BANK PLC registered a charge over the freehold property.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

300

300

300

300

         
 

Prolec East Anglia Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

344,852

334,294

HP and finance lease liabilities

33,059

63,863

377,911

398,157

2023
£

2022
£

Current loans and borrowings

Bank borrowings

15,000

39,788

HP and finance lease liabilities

30,805

29,790

45,805

69,578

10

Related party transactions

Other transactions with directors
During the year the company made loans to a company under the common control of the directors. At the 31 May 2023 the balance outstanding was £26,578 (2022: £26,482)