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Registration number: 11308475

Kirkburton Electrical Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Kirkburton Electrical Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 11

 

Kirkburton Electrical Limited

Company Information

Directors

C Rowbottom

CJ Jackson

Registered office

Unit 8 Silver Court Industrial Estate
Aspley
Huddersfield
HD5 9AG

 

Kirkburton Electrical Limited

(Registration number: 11308475)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

28,774

36,409

Current assets

 

Stocks

5

38,912

84,723

Debtors

6

135,131

46,738

Cash at bank and in hand

 

63,080

5,897

 

237,123

137,358

Creditors: Amounts falling due within one year

7

(163,881)

(118,656)

Net current assets

 

73,242

18,702

Total assets less current liabilities

 

102,016

55,111

Creditors: Amounts falling due after more than one year

7

(17,781)

(31,214)

Provisions for liabilities

(7,193)

(6,918)

Net assets

 

77,042

16,979

Capital and reserves

 

Called up share capital

10

10

Retained earnings

77,032

16,969

Shareholders' funds

 

77,042

16,979

 

Kirkburton Electrical Limited

(Registration number: 11308475)
Balance Sheet as at 31 May 2023

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 February 2024 and signed on its behalf by:
 

.........................................
CJ Jackson
Director

 

Kirkburton Electrical Limited

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

Share capital
£

Retained earnings
£

Total
£

At 1 June 2022

10

16,969

16,979

Profit for the year

-

110,063

110,063

Dividends

-

(50,000)

(50,000)

At 31 May 2023

10

77,032

77,042

Share capital
£

Retained earnings
£

Total
£

At 1 June 2021

10

15,319

15,329

Profit for the year

-

51,650

51,650

Dividends

-

(50,000)

(50,000)

At 31 May 2022

10

16,969

16,979

 

Kirkburton Electrical Limited

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

1

General information

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

The address of its registered office is:
Unit 8 Silver Court Industrial Estate
Aspley
Huddersfield
HD5 9AG
England

These financial statements were authorised for issue by the Board on 16 February 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Kirkburton Electrical Limited

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

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Motor vehicles

25% reducing balance

Fixtures & fittings

20% reducing balance

Office equipment

15% straight line

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.

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.

 

Kirkburton Electrical Limited

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

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Kirkburton Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

12,109

5,289

46,187

63,585

Additions

875

-

-

875

At 31 May 2023

12,984

5,289

46,187

64,460

Depreciation

At 1 June 2022

2,615

1,982

22,579

27,176

Charge for the year

1,947

662

5,901

8,510

At 31 May 2023

4,562

2,644

28,480

35,686

Carrying amount

At 31 May 2023

8,422

2,645

17,707

28,774

At 31 May 2022

9,494

3,307

23,608

36,409

 

Kirkburton Electrical Limited

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

5

Stocks

2023
£

2022
£

Work in progress

33,912

79,723

Other inventories

5,000

5,000

38,912

84,723

6

Debtors

Current

2023
£

2022
£

Trade debtors

40,357

17,263

Prepayments

4,111

3,275

Other debtors

90,663

26,200

 

135,131

46,738

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

12,849

13,948

Trade creditors

 

84,848

34,852

Taxation and social security

 

38,770

13,486

Accruals and deferred income

 

3,724

3,614

Other creditors

 

23,690

52,756

 

163,881

118,656

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

17,781

31,214

 

Kirkburton Electrical Limited

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

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

-

2,201

Other borrowings

17,781

29,013

17,781

31,214

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

2,201

3,300

Other borrowings

10,648

10,648

12,849

13,948

9

Related party transactions

Transactions with directors

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

CJ Jackson

There are no conditions attached to this loan. Interest is charged at 2.5%

(16,709)

110,183

(56,663)

36,811

         
       

C Rowbottom

There are no conditions attached to this loan. Interest is charged at 2.5%

19,494

69,358

(35,000)

53,852

         
       

 

 

Kirkburton Electrical Limited

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

2022

At 1 June 2021
£

Advances to director
£

Repayments by director
£

At 31 May 2022
£

CJ Jackson

There are no conditions attached to this loan. Interest is charged at 2.5%

15,741

38,499

(70,949)

(16,709)

         
       

C Rowbottom

There are no conditions attached to this loan. Interest is charged at 2.5%

19,743

34,088

(34,337)

19,494

         
       

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

18,200

17,773