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REGISTERED NUMBER: 04592283 (England and Wales)



















Financial Statements

for the Year Ended 31 December 2023

for

Norwood Electrical (UK) Limited

Norwood Electrical (UK) Limited (Registered number: 04592283)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Norwood Electrical (UK) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J D Shuttlewood
Mrs J M Shuttlewood





SECRETARY: J D Shuttlewood





REGISTERED OFFICE: The Coach House
Lockington Hall
Lockington
Derbyshire
DE74 2RH





REGISTERED NUMBER: 04592283 (England and Wales)





ACCOUNTANTS: Bates Weston LLP
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

Norwood Electrical (UK) Limited (Registered number: 04592283)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 57,621 62,402
57,621 62,402

CURRENT ASSETS
Stocks 4,720 4,600
Debtors 6 1,692,935 1,309,647
Cash at bank and in hand 16,533 17,406
1,714,188 1,331,653
CREDITORS
Amounts falling due within one year 7 1,598,452 1,209,753
NET CURRENT ASSETS 115,736 121,900
TOTAL ASSETS LESS CURRENT
LIABILITIES

173,357

184,302

CAPITAL AND RESERVES
Called up share capital 14,800 14,800
Retained earnings 158,557 169,502
SHAREHOLDERS' FUNDS 173,357 184,302

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 15 April 2024 and were signed on its behalf by:



J D Shuttlewood - Director


Norwood Electrical (UK) Limited (Registered number: 04592283)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Norwood Electrical (UK) Limited 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover represents net invoiced sales of services, excluding value added tax where applicable. Turnover is accounted for in the year in which the services are provided. In the case of work in progress it includes relevant costs and overheads plus attributable profit to date.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, has been fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - Straight line over 3 years

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.

Grants
Revenue grants are recognised in the profit and loss account so as to match them with the expenditure towards which they are intended to contribute.

Debt factoring
The debts factored are included within trade debtors with a financing limit relating to proceeds received from the debt factor included within creditors.

The interest element and other factoring charges are recognised within the profit and loss account as they accrue.

Leasing 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 101 (2022 - 92 ) .

Norwood Electrical (UK) Limited (Registered number: 04592283)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 27,000
AMORTISATION
At 1 January 2023
and 31 December 2023 27,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
Equipment fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 109,090 62,616 91,598 263,304
Additions 995 1,618 8,222 10,835
At 31 December 2023 110,085 64,234 99,820 274,139
DEPRECIATION
At 1 January 2023 74,837 40,059 86,006 200,902
Charge for year 5,287 3,626 6,703 15,616
At 31 December 2023 80,124 43,685 92,709 216,518
NET BOOK VALUE
At 31 December 2023 29,961 20,549 7,111 57,621
At 31 December 2022 34,253 22,557 5,592 62,402

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,153,007 899,050
Amounts owed by group undertakings 362,695 362,695
Other debtors 759 5,105
Directors' current account 3,429 -
Prepayments 173,045 42,797
1,692,935 1,309,647

Norwood Electrical (UK) Limited (Registered number: 04592283)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 45,867 -
Invoice discounting account 852,574 673,297
Trade creditors 339,757 253,674
Tax 97,851 77,197
Social security and other taxes 258,917 188,998
Other creditors 1,012 578
Directors' current account - 14,220
Accrued expenses 2,474 1,789
1,598,452 1,209,753

8. LEASING AGREEMENTS
The minimum lease payments on non-cancellable operating leases committed be be paid are £41,000 (2022 - £61,000)

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Invoice discounting account 852,574 673,297

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year a net advance of £3,429 were made to one of the directors. This was interest free and repayable on demand.