Company registration number 4817719 (England and Wales)
CS ELECTRICAL (ELECTRICAL CONTRACTORS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
CS ELECTRICAL (ELECTRICAL CONTRACTORS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CS ELECTRICAL (ELECTRICAL CONTRACTORS) LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
268,525
264,683
Current assets
Stocks
1,200
1,200
Debtors
4
215,666
167,227
Cash at bank and in hand
48,359
49,787
265,225
218,214
Creditors: amounts falling due within one year
5
(275,702)
(324,863)
Net current liabilities
(10,477)
(106,649)
Total assets less current liabilities
258,048
158,034
Creditors: amounts falling due after more than one year
6
(20,729)
(30,916)
Provisions for liabilities
(12,334)
(10,520)
Net assets
224,985
116,598
Capital and reserves
Called up share capital
101
101
Capital redemption reserve
55
55
Profit and loss reserves
224,829
116,442
Total equity
224,985
116,598
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
CS ELECTRICAL (ELECTRICAL CONTRACTORS) LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 6 February 2024
Mr N D Fribbence
Director
Company Registration No. 4817719
CS ELECTRICAL (ELECTRICAL CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information
CS Electrical (Electrical Contractors) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 10 Precision 2 Industrial Estate, Bingham Road, Sittingbourne, Kent, ME10 3TR. The principal place of business is Lewis Mews, Malling Road, Snodland, Kent, ME6 5LN.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies are set out below.
1.2
Turnover
Turnover represents revenue earned under a wide variety of contracts to provide services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost, net of depreciation.
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:
Freehold buildings
10% straight line on buildings
Plant and equipment
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price.
1.5
Financial instruments
The company has elected to apply the recognition and measurement 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price.
CS ELECTRICAL (ELECTRICAL CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable or receivable and deferred tax.
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet 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. Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date.
1.7
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
6
5
CS ELECTRICAL (ELECTRICAL CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2022
225,153
73,247
298,400
Additions
24,924
24,924
Disposals
(10,750)
(10,750)
At 31 May 2023
225,153
87,421
312,574
Depreciation and impairment
At 1 June 2022
3,000
30,717
33,717
Depreciation charged in the year
3,000
11,532
14,532
Eliminated in respect of disposals
(4,200)
(4,200)
At 31 May 2023
6,000
38,049
44,049
Carrying amount
At 31 May 2023
219,153
49,372
268,525
At 31 May 2022
222,153
42,530
264,683
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
176,534
130,075
Other debtors
39,132
37,152
215,666
167,227
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,186
10,254
Trade creditors
178,547
171,084
Taxation and social security
43,071
20,417
Other creditors
43,898
123,108
275,702
324,863
Other creditors includes £24,887 (2022 - £42,570) owed to the director and his wife.
Bank borrowings are secured by way of a fixed and floating charge over the assets of the company.
CS ELECTRICAL (ELECTRICAL CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
20,729
30,916