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Registration number: 10935605

Adrian Verrin Electrical Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Adrian Verrin Electrical Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Adrian Verrin Electrical Ltd

(Registration number: 10935605)
Statement of Financial Position as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

154,226

186,552

Current assets

 

Stocks

5

48,000

48,375

Debtors

6

86,148

61,011

Cash at bank and in hand

 

29,185

13,755

 

163,333

123,141

Creditors: Amounts falling due within one year

7

(200,812)

(210,588)

Net current liabilities

 

(37,479)

(87,447)

Total assets less current liabilities

 

116,747

99,105

Creditors: Amounts falling due after more than one year

7

(39,759)

(62,472)

Provisions for liabilities

(23,394)

(34,668)

Net assets

 

53,594

1,965

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

53,584

1,955

Shareholders' funds

 

53,594

1,965

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 28 March 2024
 

 

Adrian Verrin Electrical Ltd

(Registration number: 10935605)
Statement of Financial Position as at 31 August 2023 (continued)


Adrian Verrin
Director

 

Adrian Verrin Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Plym House
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is that of electrical contracting.

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 prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Adrian Verrin Electrical Ltd

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

2

Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

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 statement of financial position 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.

 

Adrian Verrin Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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

Plant & Machinery

20% Straight Line

Motor Vehicles

25% Reducing Balance

Computer Equipment

20% Straight Line

Freehold Property

10% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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 statement of comprehensive income 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.

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.

 

Adrian Verrin Electrical Ltd

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

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 3).

4

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

34,957

154,726

7,351

83,203

280,237

Additions

19,092

15,440

540

-

35,072

Disposals

-

(2,041)

-

(22,795)

(24,836)

At 31 August 2023

54,049

168,125

7,891

60,408

290,473

Depreciation

At 1 September 2022

-

79,581

4,393

9,711

93,685

Charge for the year

5,405

27,505

1,497

13,861

48,268

Eliminated on disposal

-

(957)

-

(4,749)

(5,706)

At 31 August 2023

5,405

106,129

5,890

18,823

136,247

Carrying amount

At 31 August 2023

48,644

61,996

2,001

41,585

154,226

At 31 August 2022

34,957

75,145

2,958

73,492

186,552

Included within the net book value of land and buildings above is £48,645 (2022 - £34,957) in respect of long leasehold land and buildings.
 

 

Adrian Verrin Electrical Ltd

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

5

Stocks

2023
£

2022
£

Stock

48,000

47,572

Work in progress

-

803

48,000

48,375

 

Adrian Verrin Electrical Ltd

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

6

Debtors

2023
£

2022
£

Trade debtors

83,215

50,015

Other debtors

2,483

9,558

Prepayments

450

1,438

86,148

61,011

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

9,883

9,585

Trade creditors

 

32,874

22,982

Taxation and social security

 

40,377

13,277

Other creditors

 

117,678

164,744

 

200,812

210,588

The bounceback loan benefits from a government guarantee. Other creditors includes £12,656 (2022:£12,656) relating to a hire purchase liability. This is secured against the relevant asset.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

18,214

28,271

Other creditors

 

21,545

34,201

 

39,759

62,472

The bounceback loan benefits from a government guarantee. Other creditors includes £21,545 (2022:£34,201) relating to a hire purchase liability. This is secured against the relevant asset.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Adrian Verrin Electrical Ltd

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

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

18,214

28,271

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,883

9,585

10

Related party transactions

During the year the director entered into the following advances and credits with the company:

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Director

(147,509)

53,098

(7,550)

(101,961)

         
       

 

2022

At 1 September 2021
£

Advances to director
£

Repayments by director
£

At 31 August 2022
£

Director

(123,719)

102,132

(125,922)

(147,509)