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Registration number: NI688389

A1 Electrics (N.I.) Limited

Unaudited Filleted Financial Statements

for the Period from 23 May 2022 to 31 May 2023

 

A1 Electrics (N.I.) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

A1 Electrics (N.I.) Limited

Company Information

Directors

Mr Adrian Austin

Mr Michal Ulik

Registered office

Unit D11
Wakehurst Industrial Estate
Wakehurst Road
Ballymena
Co Antrim
BT42 1AZ

Accountants

J A Mc Clements & Co
13 Ballymena Business Centre
Galgorm
Ballymena
Co Antrim
BT42 1FL

 

A1 Electrics (N.I.) Limited

(Registration number: NI688389)
Balance Sheet as at 31 May 2023

Note

2023
£

Current assets

 

Stocks

4

90,547

Debtors

5

52,624

Cash at bank and in hand

 

28,691

 

171,862

Creditors: Amounts falling due within one year

6

(125,737)

Net assets

 

46,125

Capital and reserves

 

Retained earnings

46,125

Shareholders' funds

 

46,125

For the financial period 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 period 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 December 2023 and signed on its behalf by:
 

.........................................
Mr Michal Ulik
Director

 

A1 Electrics (N.I.) Limited

Notes to the Unaudited Financial Statements for the Period from 23 May 2022 to 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
Unit D11
Wakehurst Industrial Estate
Wakehurst Road
Ballymena
Co Antrim
BT42 1AZ
Northern Ireland

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

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

A1 Electrics (N.I.) Limited

Notes to the Unaudited Financial Statements for the Period from 23 May 2022 to 31 May 2023

Tax

The tax expense for the period comprises current 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.

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.

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.

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

 

A1 Electrics (N.I.) Limited

Notes to the Unaudited Financial Statements for the Period from 23 May 2022 to 31 May 2023

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.

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 period, was 5.

4

Stocks

2023
£

Other inventories

90,547

5

Debtors

Current

2023
£

Trade debtors

2,645

Other debtors

49,979

 

52,624

 

A1 Electrics (N.I.) Limited

Notes to the Unaudited Financial Statements for the Period from 23 May 2022 to 31 May 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Loans and borrowings

8

2,295

Trade creditors

 

87,908

Taxation and social security

 

20,356

Other creditors

 

15,178

 

125,737

7

Share capital

8

Loans and borrowings

2023
£

Current loans and borrowings

Bank overdrafts

2,295

9

Related party transactions

 

A1 Electrics (N.I.) Limited

Notes to the Unaudited Financial Statements for the Period from 23 May 2022 to 31 May 2023

Directors' remuneration

The directors' remuneration for the period was as follows:

2023
£

Remuneration

5,010

10

Transition to FRS 102

Balance Sheet at
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Total equity

-

-

-

-

 

A1 Electrics (N.I.) Limited

Notes to the Unaudited Financial Statements for the Period from 23 May 2022 to 31 May 2023

Balance Sheet at
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Total equity

-

-

-

-