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COMPANY REGISTRATION NUMBER: NI064624
Lakeland Electrical Services (NI) Ltd
Unaudited Abridged Financial Statements
31 October 2023
Lakeland Electrical Services (NI) Ltd
Abridged Financial Statements
Year ended 31 October 2023
Contents
Page
Officers and professional advisers
1
Director's report
2
Report to the director on the preparation of the unaudited statutory abridged financial statements
3
Statement of income and retained earnings
4
Abridged statement of financial position
5
Notes to the abridged financial statements
7
Lakeland Electrical Services (NI) Ltd
Officers and Professional Advisers
Director
Mr A Mulligan
Company secretary
Amanda Mulligan
Registered office
26-27 Enniskillen Business Centre
Lackaboy Industrial Estate
Enniskillen
Co Fermanagh
BT74 4RL
Accountant
GA Thompson Accountancy
Chartered accountants
24 Main Street
Kesh
Co Fermanagh
BT93 1TF
Lakeland Electrical Services (NI) Ltd
Director's Report
Year ended 31 October 2023
The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 October 2023 .
Director
The director who served the company during the year was as follows:
Mr A Mulligan
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 22 July 2024 and signed on behalf of the board by:
Mr A Mulligan
Amanda Mulligan
Director
Company Secretary
Registered office:
26-27 Enniskillen Business Centre
Lackaboy Industrial Estate
Enniskillen
Co Fermanagh
BT74 4RL
Lakeland Electrical Services (NI) Ltd
Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Lakeland Electrical Services (NI) Ltd
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the abridged financial statements of Lakeland Electrical Services (NI) Ltd for the year ended 31 October 2023, which comprise the statement of income and retained earnings, abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given me. As a practising member of Chartered Accountants Ireland, I am subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the director of Lakeland Electrical Services (NI) Ltd. My work has been undertaken solely to prepare for your approval the abridged financial statements of Lakeland Electrical Services (NI) Ltd and state those matters that I have agreed to state to you in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Lakeland Electrical Services (NI) Ltd and its director for my work or for this report.
It is your duty to ensure that Lakeland Electrical Services (NI) Ltd has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lakeland Electrical Services (NI) Ltd. You consider that Lakeland Electrical Services (NI) Ltd is exempt from the statutory audit requirement for the year. I have not been instructed to carry out an audit or a review of the abridged financial statements of Lakeland Electrical Services (NI) Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory abridged financial statements.
GA Thompson Accountancy Chartered accountants
24 Main Street Kesh Co Fermanagh BT93 1TF
22 July 2024
Lakeland Electrical Services (NI) Ltd
Statement of Income and Retained Earnings
Year ended 31 October 2023
2023
2022
Note
£
£
Turnover
1,951,387
1,587,132
Cost of sales
1,458,338
1,151,459
------------
------------
Gross profit
493,049
435,673
Administrative expenses
261,268
220,583
Other operating income
11,500
---------
---------
Operating profit
231,781
226,590
Interest payable and similar expenses
831
1,104
---------
---------
Profit before taxation
5
230,950
225,486
Tax on profit
50,889
39,910
---------
---------
Profit for the financial year and total comprehensive income
180,061
185,576
---------
---------
Dividends paid and payable
( 45,000)
( 56,000)
Retained earnings at the start of the year
552,421
422,845
---------
---------
Retained earnings at the end of the year
687,482
552,421
---------
---------
All the activities of the company are from continuing operations.
Lakeland Electrical Services (NI) Ltd
Abridged Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
7
210,161
205,769
Current assets
Stocks
97,823
88,585
Debtors
164,440
103,511
Cash at bank and in hand
477,259
413,109
---------
---------
739,522
605,205
Creditors: amounts falling due within one year
235,595
222,130
---------
---------
Net current assets
503,927
383,075
---------
---------
Total assets less current liabilities
714,088
588,844
Creditors: amounts falling due after more than one year
8
26,504
36,321
---------
---------
Net assets
687,584
552,523
---------
---------
Capital and reserves
Called up share capital
102
102
Profit and loss account
687,482
552,421
---------
---------
Shareholders funds
687,584
552,523
---------
---------
These abridged financial statements have been prepared 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'.
For the year ending 31 October 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Lakeland Electrical Services (NI) Ltd
Abridged Statement of Financial Position (continued)
31 October 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 22 July 2024 , and are signed on behalf of the board by:
Mr A Mulligan
Director
Company registration number: NI064624
Lakeland Electrical Services (NI) Ltd
Notes to the Abridged Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 26-27 Enniskillen Business Centre, Lackaboy Industrial Estate, Enniskillen, Co Fermanagh, BT74 4RL.
2. Statement of compliance
These abridged 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 abridged 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 abridged 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 19 (2022: 15 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
70,056
68,593
--------
--------
6. Intangible assets
£
Cost
At 1 November 2022 and 31 October 2023
61,500
--------
Amortisation
At 1 November 2022 and 31 October 2023
61,500
--------
Carrying amount
At 31 October 2023
--------
At 31 October 2022
--------
7. Tangible assets
£
Cost
At 1 November 2022
480,775
Additions
74,448
---------
At 31 October 2023
555,223
---------
Depreciation
At 1 November 2022
275,006
Charge for the year
70,056
---------
At 31 October 2023
345,062
---------
Carrying amount
At 31 October 2023
210,161
---------
At 31 October 2022
205,769
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
26,504
36,321
--------
--------
9. Related party transactions
The company was under the control of Mr Alan Mulligan & Mrs Amanda Mulligan throughout the year. They own 100% of the Share Capital at the year end.