Silverfin false false 31/07/2023 01/08/2022 31/07/2023 Mr D Allen 31/07/2015 Mr S Coward 31/07/2015 22 April 2024 The principal activity of the Company during the financial year was that of electrical contractors. 04042557 2023-07-31 04042557 bus:Director1 2023-07-31 04042557 bus:Director2 2023-07-31 04042557 2022-07-31 04042557 core:CurrentFinancialInstruments 2023-07-31 04042557 core:CurrentFinancialInstruments 2022-07-31 04042557 core:Non-currentFinancialInstruments 2023-07-31 04042557 core:Non-currentFinancialInstruments 2022-07-31 04042557 core:ShareCapital 2023-07-31 04042557 core:ShareCapital 2022-07-31 04042557 core:RetainedEarningsAccumulatedLosses 2023-07-31 04042557 core:RetainedEarningsAccumulatedLosses 2022-07-31 04042557 core:PlantMachinery 2022-07-31 04042557 core:Vehicles 2022-07-31 04042557 core:ComputerEquipment 2022-07-31 04042557 core:PlantMachinery 2023-07-31 04042557 core:Vehicles 2023-07-31 04042557 core:ComputerEquipment 2023-07-31 04042557 core:CurrentFinancialInstruments 1 2023-07-31 04042557 core:CurrentFinancialInstruments 1 2022-07-31 04042557 2022-08-01 2023-07-31 04042557 bus:FilletedAccounts 2022-08-01 2023-07-31 04042557 bus:SmallEntities 2022-08-01 2023-07-31 04042557 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 04042557 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 04042557 bus:Director1 2022-08-01 2023-07-31 04042557 bus:Director2 2022-08-01 2023-07-31 04042557 core:PlantMachinery 2022-08-01 2023-07-31 04042557 core:Vehicles 2022-08-01 2023-07-31 04042557 core:ComputerEquipment 2022-08-01 2023-07-31 04042557 2021-08-01 2022-07-31 04042557 core:Non-currentFinancialInstruments 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Company No: 04042557 (England and Wales)

PYE HILL ELECTRICAL LTD

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

PYE HILL ELECTRICAL LTD

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

PYE HILL ELECTRICAL LTD

BALANCE SHEET

As at 31 July 2023
PYE HILL ELECTRICAL LTD

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 20,314 25,402
20,314 25,402
Current assets
Stocks 4 1,500 1,500
Debtors 5 40,024 53,596
Cash at bank and in hand 6 32,706 25,715
74,230 80,811
Creditors: amounts falling due within one year 7 ( 65,537) ( 85,416)
Net current assets/(liabilities) 8,693 (4,605)
Total assets less current liabilities 29,007 20,797
Creditors: amounts falling due after more than one year 8 ( 18,334) ( 25,681)
Provision for liabilities ( 5,079) ( 4,827)
Net assets/(liabilities) 5,594 ( 9,711)
Capital and reserves
Called-up share capital 200 200
Profit and loss account 5,394 ( 9,911 )
Total shareholders' funds/(deficit) 5,594 ( 9,711)

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Pye Hill Electrical Ltd (registered number: 04042557) were approved and authorised for issue by the Board of Directors on 22 April 2024. They were signed on its behalf by:

Mr S Coward
Director
PYE HILL ELECTRICAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
PYE HILL ELECTRICAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pye Hill Electrical Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leanne House East Wing Ground, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 20 % reducing balance
Computer equipment 20 % reducing balance
Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Tangible assets

Plant and machinery Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 August 2022 2,601 36,020 5,013 43,634
At 31 July 2023 2,601 36,020 5,013 43,634
Accumulated depreciation
At 01 August 2022 2,471 11,807 3,954 18,232
Charge for the financial year 33 4,843 212 5,088
At 31 July 2023 2,504 16,650 4,166 23,320
Net book value
At 31 July 2023 97 19,370 847 20,314
At 31 July 2022 130 24,213 1,059 25,402

4. Stocks

2023 2022
£ £
Stocks 1,500 1,500

5. Debtors

2023 2022
£ £
Trade debtors 25,336 35,428
Other debtors 14,688 18,168
40,024 53,596

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 25,563 14,601
Short-term deposits 7,143 11,114
32,706 25,715

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 4,728 4,800
Trade creditors 25,493 44,718
CIS withheld 20 11,033
Taxation and social security 16,212 16,486
Obligations under finance leases and hire purchase contracts 2,597 2,443
Other creditors 16,487 5,936
65,537 85,416

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 10,237 14,800
Obligations under finance leases and hire purchase contracts 8,097 10,881
18,334 25,681

There are no amounts included above in respect of which any security has been given by the small entity.

9. Related party transactions

Transactions with the entity's directors

Mr D Allen's Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 01 August 2022 the balance owed to the Company was £3,496. During the year, £6,167 was advanced and £9,663 was repaid. The balance owed to the Company as at 31 July 2023 was £nil.

At 01 August 2021 the balance owed to the Company was £3,419. During the year, £21,173 was advanced and £21,096 was repaid. The balance owed to the Company as at 31 July 2022 was £3,496.



Mr S Coward's Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 01 August 2022 the balance owed to the Company was £10,378. During the year, £6,991 was advanced and £6,675 was repaid. The balance owed to the Company as at 31 July 2023 was £10,694.

At 01 August 2021 the balance owed to the Company was £1,354. During the year, £10,378 was advanced and £1,354 was repaid. The balance owed to the Company as at 31 July 2022 was £10,378.