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COMPANY REGISTRATION NUMBER: 08767641
P.H. Electrical Services (S.E.) Limited
Filleted Unaudited Financial Statements
30 November 2023
P.H. Electrical Services (S.E.) Limited
Financial Statements
Year ended 30 November 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
P.H. Electrical Services (S.E.) Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,832
1,721
Current assets
Stocks
2,304
2,304
Debtors
6
16,267
31,600
Cash at bank and in hand
9,130
11,816
--------
--------
27,701
45,720
Creditors: amounts falling due within one year
7
18,508
24,797
--------
--------
Net current assets
9,193
20,923
--------
--------
Total assets less current liabilities
11,025
22,644
Creditors: amounts falling due after more than one year
8
4,004
5,967
Provisions
Taxation including deferred tax
459
328
--------
--------
Net assets
6,562
16,349
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
6,462
16,249
-------
--------
Shareholders funds
6,562
16,349
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
P.H. Electrical Services (S.E.) Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 5 April 2024 , and are signed on behalf of the board by:
Mr P Woods
Director
Company registration number: 08767641
P.H. Electrical Services (S.E.) Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revenue recognition The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax, and accrued amounts for the value of work completed in the year. Long term projects are based on the stage of completion. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25% straight line
Motor vehicles - 25% straight line
Equipment - 25% straight line
Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 5 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 December 2022
3,818
27,474
5,301
36,593
Additions
328
847
1,175
-------
--------
-------
--------
At 30 November 2023
4,146
27,474
6,148
37,768
-------
--------
-------
--------
Depreciation
At 1 December 2022
3,353
27,474
4,045
34,872
Charge for the year
296
768
1,064
-------
--------
-------
--------
At 30 November 2023
3,649
27,474
4,813
35,936
-------
--------
-------
--------
Carrying amount
At 30 November 2023
497
1,335
1,832
-------
--------
-------
--------
At 30 November 2022
465
1,256
1,721
-------
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
12,667
19,518
Other debtors
3,600
12,082
--------
--------
16,267
31,600
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,046
1,927
Trade creditors
3,360
8,874
Corporation tax
2,686
3,597
Social security and other taxes
3,831
5,315
Other creditors
6,585
5,084
--------
--------
18,508
24,797
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,004
5,967
-------
-------
9. Director's advances, credits and guarantees
At the year end a company owed the director £175 (the director owed the company 2022: £7,494). During the year advances of £8,651 (2022: £10,503) were made and repayments of £16,320 (2022: £3,009) were made. No interest was charged on this amount. At the year end a director owed the company £nil (2022: £1,875). During the year advances of £nil (2022: £2,872) were made and the loan was fully repaid (repayments of 2022: £997 were made). No interest was charged on this amount.