Stait Electrical Services Limited
Unaudited Financial Statements
For the year ended 30 November 2023
Pages for Filing with Registrar
Company Registration No. 04914617 (England and Wales)
Stait Electrical Services Limited
Company Information
Directors
Mr J Carrington-Stait
Mrs L Carrington-Stait
Secretary
Mrs L Carrington-Stait
Company number
04914617
Registered office
Suite 11, The Business Centre
Innsworth Technology Park
Innsworth Lane
Gloucester
Gloucestershire
England
GL3 1DL
Accountants
Moore Kingston Smith LLP
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
Business address
Suite 11, The Business Centre
Innsworth Technology Park
Innsworth Lane
Gloucester
Gloucestershire
United Kingdom
GL3 1DL
Stait Electrical Services Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Stait Electrical Services Limited
Balance Sheet
As at 30 November 2023
30 November 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,000
Tangible assets
4
6,216
9,610
6,216
14,610
Current assets
Stock
400
400
Debtors
5
187,744
106,947
Cash at bank and in hand
138,941
193,404
327,085
300,751
Creditors: amounts falling due within one year
6
(124,696)
(111,703)
Net current assets
202,389
189,048
Total assets less current liabilities
208,605
203,658
Provisions for liabilities
(1,554)
(2,403)
Net assets
207,051
201,255
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
206,951
201,155
Total equity
207,051
201,255
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Stait Electrical Services Limited
Balance Sheet (Continued)
As at 30 November 2023
30 November 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 16 April 2024 and are signed on its behalf by:
Mr J Carrington-Stait
Mrs L Carrington-Stait
Director
Director
Company Registration No. 04914617
Stait Electrical Services Limited
Notes to the Financial Statements
For the year ended 30 November 2023
Page 3
1
Accounting policies
Company information
Stait Electrical Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 11, The Business Centre, Innsworth Technology Park, Innsworth Lane, Gloucester, Gloucestershire, England, GL3 1DL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
Computer equipment
25% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Stait Electrical Services Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 4
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stock
Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.
Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.8
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Stait Electrical Services Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 5
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Stait Electrical Services Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 6
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
100,000
Amortisation and impairment
At 1 December 2022
95,000
Amortisation charged for the year
5,000
At 30 November 2023
100,000
Carrying amount
At 30 November 2023
At 30 November 2022
5,000
Stait Electrical Services Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 7
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
37,808
Additions
295
At 30 November 2023
38,103
Depreciation and impairment
At 1 December 2022
28,198
Depreciation charged in the year
3,689
At 30 November 2023
31,887
Carrying amount
At 30 November 2023
6,216
At 30 November 2022
9,610
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
181,470
100,978
Prepayments and accrued income
6,274
5,969
187,744
106,947
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
26,894
29,999
Corporation tax
32,586
28,128
Other taxation and social security
57,618
46,478
Other creditors
4,098
4,098
Accruals and deferred income
3,500
3,000
124,696
111,703
Stait Electrical Services Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 8
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Directors' transactions
Dividends totalling £100,000 (2022 - £120,000) were paid in the year in respect of shares held by the company's directors.
At the balance sheet date included within other creditors is an amount of £4,098 (2022: £4,098) owed to the directors of the company.
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