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REGISTERED NUMBER: SC569504















TNC ELECTRICAL SERVICES LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023






TNC ELECTRICAL SERVICES LTD (REGISTERED NUMBER: SC569504)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


TNC ELECTRICAL SERVICES LTD (REGISTERED NUMBER: SC569504)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,810 10,645

CURRENT ASSETS
Stocks 2,000 2,000
Debtors 5 59,705 136,407
Cash at bank and in hand 238,051 78,561
299,756 216,968
CREDITORS
Amounts falling due within one year 6 260,853 189,769
NET CURRENT ASSETS 38,903 27,199
TOTAL ASSETS LESS CURRENT
LIABILITIES

41,713

37,844

CREDITORS
Amounts falling due after more than one
year

7

(22,963

)

(32,963

)

PROVISIONS FOR LIABILITIES (2,023 ) (2,023 )
NET ASSETS 16,727 2,858

CAPITAL AND RESERVES
Called up share capital 101 101
Retained earnings 16,626 2,757
SHAREHOLDERS' FUNDS 16,727 2,858

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

TNC ELECTRICAL SERVICES LTD (REGISTERED NUMBER: SC569504)

BALANCE SHEET - continued
30 JUNE 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:





C F Callaghan - Director


TNC ELECTRICAL SERVICES LTD (REGISTERED NUMBER: SC569504)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

TNC Electrical Services Ltd is a private company, limited by shares, registered in Scotland. The company's registered address is Block 1 Unit 2, Arrol Place, London Road Industrial Estate, Glasgow, G40 3NY.

The presentation currency of the financial statements is Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. There were no material departures from that standard.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements.

The directors consider there are no such significant judgements.

Turnover
Turnover, exclusive of value added tax, represents the amount receivable for work completed, services provided and, in respect of long term contracts, the sales value of work done in the year.

Long term contracts are reflected in the profit and loss account by recording turnover and related costs as activity progresses. Turnover represents net costs plus attributable profit, estimated to have been earned, less foreseeable losses. Turnover in excess of payments on account is separately disclosed in debtors as amounts recoverable on contracts. Payments on account that exceed turnover are included in creditors.

The company's policy is to recognise income when substantively all the risks and rewards in connection with the services provided have been passed to the buyer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - Over the unexpired lease term
Plant and machinery etc - 33.3% on cost and 25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stocks
Stocks have been valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items. Replacement cost of stock is not materially different.

TNC ELECTRICAL SERVICES LTD (REGISTERED NUMBER: SC569504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

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 financial institutions and loans to and from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Hire purchase
Assets held under hire purchase agreements are capitalised with the capital element of the future payments treated as a liability and interest charged to the profit and loss account.

Pension costs and other post-retirement benefits
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.

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

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

TNC ELECTRICAL SERVICES LTD (REGISTERED NUMBER: SC569504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 14 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2022 1,670 77,368 79,038
Additions - 2,265 2,265
Disposals - (1,221 ) (1,221 )
At 30 June 2023 1,670 78,412 80,082
DEPRECIATION
At 1 July 2022 1,670 66,723 68,393
Charge for year - 10,050 10,050
Eliminated on disposal - (1,171 ) (1,171 )
At 30 June 2023 1,670 75,602 77,272
NET BOOK VALUE
At 30 June 2023 - 2,810 2,810
At 30 June 2022 - 10,645 10,645

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 10,005 168
Other debtors 49,700 136,239
59,705 136,407

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 154,134 85,322
Taxation and social security 52,024 35,910
Other creditors 44,695 58,537
260,853 189,769

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 22,963 32,963

TNC ELECTRICAL SERVICES LTD (REGISTERED NUMBER: SC569504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

8. COMMITMENTS

At the year end, the company had £8,100 (2022: £4,500) in operating lease commitments.

9. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed the directors £24,639 (2022 : £32,041). The balance is unsecured, interest free with no fixed repayment terms.