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Registration number: 08009178

Supply Electrical Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Supply Electrical Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 17

 

Supply Electrical Ltd

Company Information

Director

Mr Mark Paine

Company secretary

Britannia Accountancy & Tax Services Ltd

Registered office

A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

Accountants

Britannia Accountancy & Tax Services Ltd
A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

 

Supply Electrical Ltd

Director's Report for the Year Ended 31 March 2023

The director presents his report and the financial statements for the year ended 31 March 2023.

Director of the company

The director who held office during the year was as follows:

Mr Mark Paine

Principal activity

The principal activity of the company is that of electrical contractors

Small companies provision statement

This report has 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.

Approved by the director on 22 December 2023 and signed on its behalf by:

.........................................
Mr Mark Paine
Director

   
     
 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Supply Electrical Ltd
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Supply Electrical Ltd for the year ended 31 March 2023 as set out on pages 4 to 17 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Supply Electrical Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Supply Electrical Ltd and state those matters that we have agreed to state to the Board of Directors of Supply Electrical Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Supply Electrical Ltd and its Board of Directors as a body for our work or for this report. To the best of our knowledge at the time of preparation; all information contained in this report is accurate, based upon the information and representations made to us by Supply Electrical Ltd

It is your duty to ensure that Supply Electrical Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Supply Electrical Ltd. You consider that Supply Electrical Ltd 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 accounts of Supply Electrical Ltd. 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 accounts.

......................................

Britannia Accountancy & Tax Services Ltd
A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

22 December 2023

 

Supply Electrical Ltd

Profit and Loss Account for the Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

 

93,227

92,658

Cost of sales

 

(45,600)

(27,918)

Gross profit

 

47,627

64,740

Administrative expenses

 

(38,886)

(46,717)

Operating profit

 

8,741

18,023

Interest payable and similar expenses

 

(756)

-

Profit before tax

4

7,985

18,023

Profit for the financial year

 

7,985

18,023

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Supply Electrical Ltd

Statement of Comprehensive Income for the Year Ended 31 March 2023

2023
£

2022
£

Profit for the year

7,985

18,023

Total comprehensive income for the year

7,985

18,023

 

Supply Electrical Ltd

(Registration number: 08009178)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

6,240

10,200

Tangible assets

6

42,530

51,394

 

48,770

61,594

Current assets

 

Stocks

7

44,878

40,918

Debtors

8

15,000

43,527

Cash at bank and in hand

 

5,730

13,381

 

65,608

97,826

Creditors: Amounts falling due within one year

9

(101,266)

(84,675)

Net current (liabilities)/assets

 

(35,658)

13,151

Total assets less current liabilities

 

13,112

74,745

Creditors: Amounts falling due after more than one year

9

(12,667)

(73,285)

Net assets

 

445

1,460

Capital and reserves

 

Called up share capital

10

6

6

Retained earnings

439

1,454

Shareholders' funds

 

445

1,460

For the financial year ending 31 March 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.

Approved and authorised by the director on 22 December 2023
 

 

Supply Electrical Ltd

(Registration number: 08009178)
Balance Sheet as at 31 March 2023

.........................................
Mr Mark Paine
Director

   
     
 

Supply Electrical Ltd

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

6

1,454

1,460

Profit for the year

-

7,985

7,985

Dividends

-

(9,000)

(9,000)

New share capital subscribed

1

-

1

Purchase of own share capital

(1)

-

(1)

At 31 March 2023

6

439

445

Share capital
£

Retained earnings
£

Total
£

At 1 April 2021

6

431

437

Profit for the year

-

18,023

18,023

Dividends

-

(17,000)

(17,000)

At 31 March 2022

6

1,454

1,460

 

Supply Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

The principal place of business is:
62 Silvester Road
Cowplain
Waterlooville
Hants
PO8 8TS
United Kingdom

These financial statements were authorised for issue by the director on 22 December 2023.

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.

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 sales/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.

 

Supply Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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 and machinery

18% on net book value

Vehicles

18% on net book value

Office equipment

18% on net book value

Furniture and fittings

18% on net book value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

 

Supply Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Supply Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

9,334

11,279

Amortisation expense

3,960

3,960

 

Supply Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

39,600

39,600

At 31 March 2023

39,600

39,600

Amortisation

At 1 April 2022

29,400

29,400

Amortisation charge

3,960

3,960

At 31 March 2023

33,360

33,360

Carrying amount

At 31 March 2023

6,240

6,240

At 31 March 2022

10,200

10,200

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

5,188

79,175

5,633

89,996

Additions

-

-

470

470

At 31 March 2023

5,188

79,175

6,103

90,466

Depreciation

At 1 April 2022

3,286

31,625

3,691

38,602

Charge for the year

341

8,559

434

9,334

At 31 March 2023

3,627

40,184

4,125

47,936

Carrying amount

At 31 March 2023

1,561

38,991

1,978

42,530

At 31 March 2022

1,902

47,550

1,942

51,394

 

Supply Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Stocks

2023
£

2022
£

Work in progress

44,878

40,918

8

Debtors

Current

2023
£

2022
£

Other debtors

15,000

43,527

 

Supply Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

27,088

-

Trade creditors

 

-

7,072

Accruals and deferred income

 

2,695

4,212

Other creditors

 

71,483

73,391

 

101,266

84,675

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

12,667

73,285

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

Ordinary Non-Voting A of £1 each

1

1

1

1

Ordinary Non-Voting B of £1 each

1

1

1

1

 

4

4

4

4

11

Loans and borrowings

 

Supply Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

12,667

16,285

Other borrowings

-

57,000

12,667

73,285

2023
£

2022
£

Current loans and borrowings

Other borrowings

27,088

-

12

Dividends

Final dividends paid

 

2023
£

2022
£

Final dividend of £0 per each Ordinary share

-

-

Final dividend of £0 per each Ordinary Non-Voting A share

-

-

Final dividend of £0 per each Ordinary Non-Voting B share

-

-

 

-

-

Interim dividends paid

 

2023
£

2022
£

Interim dividend of £0 per each Ordinary share

-

-

Interim dividend of £7,000 (2022 - £8,500) per each Ordinary Non-Voting A share

7,000

8,500

Interim dividend of £2,000 (2022 - £8,500) per each Ordinary Non-Voting B share

2,000

8,500

 

9,000

17,000

13

Related party transactions

 

Supply Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

-

7,370