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Company registration number: 09852850
H K Electrical Services Limited
Unaudited filleted financial statements
30 November 2023
H K Electrical Services Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
H K Electrical Services Limited
Directors and other information
Directors T Jolly
Stuart Gallagher
Hayley Walsh
Company number 09852850
Registered office Office 2.19
Sierra Quebec Bravo
London
E14 9SH
Business address Office 2.19
Sierra Quebec Bravo
London
E14 9SH
Accountants Hicks and Company
Chartered Accountants
83 High Street
Hemel Hempstead
Herts
HP1 3AH
Bankers Natwest
9 Bank court
Hemel Hempstead
Herts
HP1 1BS
H K Electrical Services Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of H K Electrical Services Limited
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of H K Electrical Services Limited for the year ended 30 November 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of H K Electrical Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of H K Electrical Services Limited and state those matters that we have agreed to state to the board of directors of H K Electrical Services Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than H K Electrical Services Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that H K Electrical Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of H K Electrical Services Limited. You consider that H K Electrical Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of H K Electrical Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
83 High Street
Hemel Hempstead
Herts
HP1 3AH
5 February 2024
H K Electrical Services Limited
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 48,333 -
_______ _______
48,333 -
Current assets
Stocks 682,958 320,000
Debtors 6 535,778 199,113
Cash at bank and in hand 46,258 228
_______ _______
1,264,994 519,341
Creditors: amounts falling due
within one year 7 ( 1,227,173) ( 483,746)
_______ _______
Net current assets 37,821 35,595
_______ _______
Total assets less current liabilities 86,154 35,595
_______ _______
Net assets 86,154 35,595
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 86,054 35,495
_______ _______
Shareholders funds 86,154 35,595
_______ _______
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.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 05 February 2024 , and are signed on behalf of the board by:
T Jolly Stuart Gallagher
Director Director
Company registration number: 09852850
H K Electrical Services 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 & Wales. The address of the registered office is Office 2.19, Sierra Quebec Bravo, London, E14 9SH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 8 ).
5. Tangible assets
Motor vehicles Total
£ £
Cost
At 1 December 2022 23,263 23,263
Additions 48,333 48,333
_______ _______
At 30 November 2023 71,596 71,596
_______ _______
Depreciation
At 1 December 2022 and 30 November 2023 23,263 23,263
_______ _______
Carrying amount
At 30 November 2023 48,333 48,333
_______ _______
At 30 November 2022 - -
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 454,862 156,244
Other debtors 80,916 42,869
_______ _______
535,778 199,113
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 28,148 50,572
Trade creditors 1,051,142 110,078
Corporation tax 91,795 113,410
Social security and other taxes 4,970 25,880
Other creditors 51,118 183,806
_______ _______
1,227,173 483,746
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
T Jolly 19,809 ( 19,971) ( 162)
Stuart Gallagher 19,048 ( 19,202) ( 154)
_______ _______ _______
38,857 ( 39,173) ( 316)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
T Jolly 23,635 ( 3,826) 19,809
Stuart Gallagher 20,717 ( 1,669) 19,048
_______ _______ _______
44,352 ( 5,495) 38,857
_______ _______ _______