12 false false false false false false false false false false true false false false false false false No description of principal activity 2022-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 4,895 4,895 4,895 xbrli:pure xbrli:shares iso4217:GBP 03057128 2022-05-01 2023-04-30 03057128 2023-04-30 03057128 2022-04-30 03057128 2021-05-01 2022-04-30 03057128 2022-04-30 03057128 2021-04-30 03057128 core:LandBuildings core:LongLeaseholdAssets 2022-05-01 2023-04-30 03057128 core:MotorVehicles 2022-05-01 2023-04-30 03057128 bus:Director1 2022-05-01 2023-04-30 03057128 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-30 03057128 core:LandBuildings core:LongLeaseholdAssets 2022-04-30 03057128 core:MotorVehicles 2022-04-30 03057128 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 03057128 core:LandBuildings core:LongLeaseholdAssets 2023-04-30 03057128 core:MotorVehicles 2023-04-30 03057128 core:WithinOneYear 2023-04-30 03057128 core:WithinOneYear 2022-04-30 03057128 core:ShareCapital 2023-04-30 03057128 core:ShareCapital 2022-04-30 03057128 core:RetainedEarningsAccumulatedLosses 2023-04-30 03057128 core:RetainedEarningsAccumulatedLosses 2022-04-30 03057128 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-30 03057128 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-30 03057128 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-30 03057128 core:LandBuildings core:LongLeaseholdAssets 2022-04-30 03057128 core:MotorVehicles 2022-04-30 03057128 bus:Director1 2022-04-30 03057128 bus:Director1 2023-04-30 03057128 bus:Director1 2021-04-30 03057128 bus:Director1 2022-04-30 03057128 bus:Director1 2021-05-01 2022-04-30 03057128 bus:SmallEntities 2022-05-01 2023-04-30 03057128 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 03057128 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 03057128 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 03057128 bus:FullAccounts 2022-05-01 2023-04-30 03057128 core:OtherPropertyPlantEquipment 2022-05-01 2023-04-30 03057128 core:OtherPropertyPlantEquipment 2022-04-30 03057128 core:OtherPropertyPlantEquipment 2023-04-30
COMPANY REGISTRATION NUMBER: 03057128
Mullen Electrical Services Limited
Filleted Unaudited Financial Statements
30 April 2023
Mullen Electrical Services Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
4,895
4,895
Tangible assets
6
301,968
217,694
---------
---------
306,863
222,589
Current assets
Stocks
46,787
43,574
Debtors
7
964,822
864,812
Cash at bank and in hand
632,776
1,239,004
------------
------------
1,644,385
2,147,390
Creditors: amounts falling due within one year
8
1,113,747
990,025
------------
------------
Net current assets
530,638
1,157,365
---------
------------
Total assets less current liabilities
837,501
1,379,954
Provisions
Taxation including deferred tax
15,677
5,344
---------
------------
Net assets
821,824
1,374,610
---------
------------
Mullen Electrical Services Limited
Statement of Financial Position (continued)
30 April 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
821,822
1,374,608
---------
------------
Shareholders funds
821,824
1,374,610
---------
------------
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 comprehensive income has not been delivered.
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 1 February 2024 , and are signed on behalf of the board by:
P J Mullen
Director
Company registration number: 03057128
Mullen Electrical Services Limited
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Napier Road, Elms Farm Industrial Estate, Bedford, MK41 0RB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, except deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Leasehold property
-
5% straight line
Motor vehicles
-
25% straight line
Equipment
-
15% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 14 ).
5. Intangible assets
Development costs
£
Cost
At 1 May 2022 and 30 April 2023
4,895
-------
Amortisation
At 1 May 2022 and 30 April 2023
-------
Carrying amount
At 30 April 2023
4,895
-------
At 30 April 2022
4,895
-------
6. Tangible assets
Freehold property
Long leasehold property
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2022
51,228
17,017
408,260
62,848
539,353
Additions
191,156
3,319
194,475
Disposals
( 88,929)
( 88,929)
--------
--------
---------
--------
---------
At 30 April 2023
51,228
17,017
510,487
66,167
644,899
--------
--------
---------
--------
---------
Depreciation
At 1 May 2022
8,470
280,247
32,942
321,659
Charge for the year
851
74,285
9,493
84,629
Disposals
( 63,357)
( 63,357)
--------
--------
---------
--------
---------
At 30 April 2023
9,321
291,175
42,435
342,931
--------
--------
---------
--------
---------
Carrying amount
At 30 April 2023
51,228
7,696
219,312
23,732
301,968
--------
--------
---------
--------
---------
At 30 April 2022
51,228
8,547
128,013
29,906
217,694
--------
--------
---------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
716,325
581,689
Other debtors
248,497
283,123
---------
---------
964,822
864,812
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
521,179
337,957
Corporation tax
67,417
86,210
Social security and other taxes
79,150
73,620
Other creditors
446,001
492,238
------------
---------
1,113,747
990,025
------------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
20,111
12,695
--------
--------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
P J Mullen
60,171
16,730
( 77,000)
( 99)
--------
--------
--------
----
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
P J Mullen
( 51,800)
351,065
( 239,094)
60,171
--------
---------
---------
--------
11. Controlling party
The ultimate parent company is Mullen Holdings Limited a company registered in England and Wales.