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REGISTERED NUMBER: 13484865 (England and Wales)















Evans Electrical Holdings Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 October 2023






Evans Electrical Holdings Limited (Registered number: 13484865)






Contents of the Consolidated Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


Evans Electrical Holdings Limited

Company Information
for the Year Ended 31 October 2023







Directors: D J Clark
O Evans
J Kennedy



Registered office: 59 Waterloo Road
Penylan
CARDIFF
CF23 9BL



Registered number: 13484865 (England and Wales)



Senior statutory auditor: Victoria Carter



Auditors: Haines Watts Wales LLP, Statutory Auditors
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

Evans Electrical Holdings Limited (Registered number: 13484865)

Group Strategic Report
for the Year Ended 31 October 2023

The directors present their strategic report of the company and the group for the year ended 31 October 2023.

Review of business
Turnover has decreased from £14,939,766 to £11,534,734 in a period of consolidation. The group acquired Innovative Fire & Security Limited in the period ended 31 October 2023.

The group's overall performed well during the year and in a sometimes difficult market place within which to operate. Gross profit margins have increased within the year and the group has managed to maintain its operational structure, achieving a profit before tax of £988,681 (2022: £1,310,472).

The net assets of the business totalled £2,146,740 (2022: £1,480,053) representing the desire of management to maintain reserves to better equip the group for the future.

Principal risks and uncertainties
The business' principal financial instruments comprise bank balances, trade debtors and trade creditors to the business. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by the group maintaining tight controls over the cash levels held within the business. Directors and management closely monitor cash flows to ensure that the group is able to meet its future obligations. All of the business' cash balances are held in such a way that achieves a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

On behalf of the board:





O Evans - Director


29 July 2024

Evans Electrical Holdings Limited (Registered number: 13484865)

Report of the Directors
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 October 2023.

Principal activity
The principal activity of the group in the year under review was that of electrical installation and maintenance contractors.

Dividends
The total distribution of dividends for the year ended 31 October 2023 will be £ 102,313 .

Directors
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

D J Clark
O Evans
J Kennedy

Statement of directors' responsibilities
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Auditors
The auditors, Haines Watts Wales LLP, Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





O Evans - Director


29 July 2024

Report of the Independent Auditors to the Members of
Evans Electrical Holdings Limited

Opinion
We have audited the financial statements of Evans Electrical Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Evans Electrical Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial statements of the group. These are reviewed internally with the audit team including relevant industry experience and expectations as well as externally with the client management. The key laws and regulations we considered in this context were the UK Companies Act 2006, UK GAAP (FRS 102) and relevant tax legislation.

Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities, including fraud and adjust our testing accordingly. Our audit procedures include:

- Discussing with Directors and management which areas of the business they believe to be more susceptible to
fraud, and whether they have any knowledge or suspicion of fraudulent activities;
- Obtaining an understanding of the key controls put in place by the group to address risks identified, assessing the
effectiveness of those and discussing how these are maintained and monitored internally;
- Assessing the risk of management override and review and testing of journal entries made into the accounting
system;
- Challenging assumptions and judgements made by the group in relation to the significant accounting estimates
employed in the preparation of the financial statements;
- Discussing with Directors and Management the legal and regulatory obligations of the business and whether they
have any knowledge or suspicion of non compliance.

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional misrepresentation, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Evans Electrical Holdings Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Victoria Carter (Senior Statutory Auditor)
for and on behalf of Haines Watts Wales LLP, Statutory Auditors
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

31 July 2024

Evans Electrical Holdings Limited (Registered number: 13484865)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 31 October 2023

2023 2022
Notes £    £   

Turnover 11,534,734 14,939,766

Cost of sales (9,526,198 ) (13,220,156 )
Gross profit 2,008,536 1,719,610

Distribution costs (25,475 ) (631 )
Administrative expenses (1,023,799 ) (394,150 )
959,262 1,324,829

Other operating income 26,086 -
Operating profit 985,348 1,324,829

Interest receivable and similar income 18,158 830
1,003,506 1,325,659

Interest payable and similar expenses 5 (14,825 ) (15,190 )
Profit before taxation 6 988,681 1,310,469

Tax on profit 7 (219,678 ) (52,490 )
Profit for the financial year 769,003 1,257,979

Other comprehensive income - -
Total comprehensive income for the year 769,003 1,257,979

Profit attributable to:
Owners of the parent 745,289 1,257,979
Non-controlling interests 23,714 -
769,003 1,257,979

Total comprehensive income attributable to:
Owners of the parent 769,003 1,257,979

Evans Electrical Holdings Limited (Registered number: 13484865)

Consolidated Balance Sheet
31 October 2023

2023 2022
Notes £    £   
Fixed assets
Intangible assets 10 (174,030 ) (127,899 )
Tangible assets 11 450,715 61,572
Investments 12 - -
276,685 (66,327 )

Current assets
Stocks 13 26,596 -
Debtors 14 3,291,238 2,675,292
Cash at bank and in hand 1,494,346 3,000,401
4,812,180 5,675,693
Creditors
Amounts falling due within one year 15 (2,282,044 ) (3,163,469 )
Net current assets 2,530,136 2,512,224
Total assets less current liabilities 2,806,821 2,445,897

Creditors
Amounts falling due after more than one year 16 (602,351 ) (965,847 )

Provisions for liabilities 19 (57,730 ) -
Net assets 2,146,740 1,480,050

Capital and reserves
Called up share capital 20 77,890 77,890
Retained earnings 21 1,987,021 1,402,160
Shareholders' funds 2,064,911 1,480,050

Non-controlling interests 22 81,829 -
Total equity 2,146,740 1,480,050

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





O Evans - Director


Evans Electrical Holdings Limited (Registered number: 13484865)

Company Balance Sheet
31 October 2023

2023 2022
Notes £    £   
Fixed assets
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 2,722,878 2,602,878
2,722,878 2,602,878

Current assets
Cash at bank 54,509 7,054

Creditors
Amounts falling due within one year 15 (200,000 ) (200,000 )
Net current liabilities (145,491 ) (192,946 )
Total assets less current liabilities 2,577,387 2,409,932

Creditors
Amounts falling due after more than one year 16 (582,514 ) (782,514 )
Net assets 1,994,873 1,627,418

Capital and reserves
Called up share capital 20 77,890 77,890
Retained earnings 21 1,916,983 1,549,528
Shareholders' funds 1,994,873 1,627,418

Company's profit for the financial year 469,768 293,554

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





O Evans - Director


Evans Electrical Holdings Limited (Registered number: 13484865)

Consolidated Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 November 2021 77,890 230,893 308,783 - 308,783

Changes in equity
Dividends - (86,712 ) (86,712 ) - (86,712 )
Total comprehensive income - 1,257,979 1,257,979 - 1,257,979
Balance at 31 October 2022 77,890 1,402,160 1,480,050 - 1,480,050

Changes in equity
Dividends - (102,313 ) (102,313 ) - (102,313 )
Total comprehensive income - 745,289 745,289 - 745,289
77,890 2,045,136 2,123,026 - 2,123,026
Non-controlling interest arising on
business combination

-

-

-

23,714

23,714
Balance at 31 October 2023 77,890 2,045,136 2,123,026 23,714 2,146,740

Evans Electrical Holdings Limited (Registered number: 13484865)

Company Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2021 77,890 1,342,686 1,420,576

Changes in equity
Dividends - (86,712 ) (86,712 )
Total comprehensive income - 293,554 293,554
Balance at 31 October 2022 77,890 1,549,528 1,627,418

Changes in equity
Dividends - (102,313 ) (102,313 )
Total comprehensive income - 469,768 469,768
Balance at 31 October 2023 77,890 1,916,983 1,994,873

Evans Electrical Holdings Limited (Registered number: 13484865)

Consolidated Cash Flow Statement
for the Year Ended 31 October 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (617,460 ) 1,264,818
Interest paid (9,166 ) (3,360 )
Interest element of hire purchase payments
paid

(5,659

)

(11,830

)
Tax paid (52,523 ) 34
Net cash from operating activities (684,808 ) 1,249,662

Cash flows from investing activities
Purchase of intangible fixed assets 112,460 -
Purchase of tangible fixed assets (450,963 ) (2,940 )
Sale of tangible fixed assets 8,111 -
Interest received 18,158 830
Net cash from investing activities (312,234 ) (2,110 )

Cash flows from financing activities
Loan repayments in year (398,493 ) (16,667 )
Capital repayments in year (8,207 ) (15,127 )
Equity dividends paid (102,313 ) (86,712 )
Net cash from financing activities (509,013 ) (118,506 )

(Decrease)/increase in cash and cash equivalents (1,506,055 ) 1,129,046
Cash and cash equivalents at beginning of
year

2

3,000,401

1,871,355

Cash and cash equivalents at end of year 2 1,494,346 3,000,401

Evans Electrical Holdings Limited (Registered number: 13484865)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 October 2023

1. Reconciliation of profit before taxation to cash generated from operations
2023 2022
£    £   
Profit before taxation 988,681 1,310,469
Depreciation charges (12,618 ) (260,288 )
Finance costs 14,825 15,190
Finance income (18,158 ) (830 )
972,730 1,064,541
Increase in stocks (26,596 ) -
Increase in trade and other debtors (622,818 ) (660,821 )
(Decrease)/increase in trade and other creditors (940,776 ) 861,098
Cash generated from operations (617,460 ) 1,264,818

2. Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 1,494,346 3,000,401
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 3,000,401 1,871,355


3. Analysis of changes in net funds

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank and in hand 3,000,401 (1,506,055 ) 1,494,346
3,000,401 (1,506,055 ) 1,494,346
Debt
Finance leases (8,207 ) 8,207 -
Debts falling due within 1 year (50,000 ) 39,947 (10,053 )
Debts falling due after 1 year (183,333 ) 163,496 (19,837 )
(241,540 ) 211,650 (29,890 )
Total 2,758,861 (1,294,405 ) 1,464,456

Evans Electrical Holdings Limited (Registered number: 13484865)

Notes to the Consolidated Financial Statements
for the Year Ended 31 October 2023

1. Statutory information

Evans Electrical Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 October 2023. No profit and loss account is presented for the company as permitted by Section 408 of the Companies Act 2006.

Subsidiary undertakings are included using the acquisitions method of accounting. Under this method the group profit and loss account and statement of cashflows include the results and cashflows of subsidiaries from the date of acquisition and to the date of sale outside the group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

Going concern
At the time of approving the financial statements, the director has reasonable expectation that the group has adequate resources to continue trading for the foreseeable future. In particular, the director reviewed the obligations under the group's finance documents and is satisfied that the group will continue to meet these obligations. Therefore the director continues to adopt the going concern basis of accounting in preparing these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the rendering of services is recognised by reference to the stage of completion. Stage of completion is based on surveys that estimate the value of work performed. Where the contract outcome cannot be measured reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Revenue generated from maintenance contracts is recognised in the month to which it relates.

Goodwill
Negative goodwill is recognised on the consolidated balance sheet as a result of the purchase of the share capital of its subsidiary companies at a bargain price. Negative goodwill will be released to the income statement as and when the fair value of non monetary assets are expected to be recovered. Any amounts in excess of the fair value of non monetary assets are recognised in the period in which the benefit is expected to arise. It is anticipated that the benefit will arise over a period of no greater than 12 months from the date of the acquisition of its subsidiary companies.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Evans Electrical Holdings Limited (Registered number: 13484865)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

2. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 20% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Evans Electrical Holdings Limited (Registered number: 13484865)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

2. Accounting policies - continued

Financial instruments
The group has elected to apply the 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 groups balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3. Critical accounting judgements and key sources of estimation uncertainty

In the application of the of the groups accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are as follows:

Impairment of debtors - The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management consider factors including the current credit rating of the debtor, the aging profile of debtors and historical experience.

4. Employees and directors
2023 2022
£    £   
Wages and salaries 2,919,901 2,546,660
Social security costs 342,167 315,486
Other pension costs 159,802 146,220
3,421,870 3,008,366

The average number of employees during the year was as follows:
2023 2022

Management 3 3
Operational 79 67
82 70

The average number of employees by undertakings that were proportionately consolidated during the year was 82 (2022 - 70 ) .

2023 2022
£    £   
Directors' remuneration 177,491 172,301
Compensation to director for loss of office 10,000 -

Evans Electrical Holdings Limited (Registered number: 13484865)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

5. Interest payable and similar expenses
2023 2022
£    £   
Bank interest 218 -
Bank loan interest 8,948 3,360
Hire purchase 5,659 11,830
14,825 15,190

6. Profit before taxation

The profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 103,846 137,260
Depreciation - owned assets 50,363 12,562
Depreciation - assets on hire purchase contracts 3,346 7,244
Auditors' remuneration 3,165 3,165

7. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 219,678 52,490
Tax on profit 219,678 52,490

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 988,681 1,310,469
Profit multiplied by the standard rate of corporation tax in the UK of 22.080 %
(2022 - 19 %)

218,301

248,989

Effects of:
Expenses not deductible for tax purposes 32,780 10,421
Capital allowances in excess of depreciation (60,321 ) (52,695 )
Utilisation of tax losses (28,812 ) -
R&D tax credits - (154,225 )
Movement in deferred tax 57,730 -
Total tax charge 219,678 52,490

8. Individual statement of comprehensive income

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


Evans Electrical Holdings Limited (Registered number: 13484865)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

9. Dividends
2023 2022
£    £   
Ordinary A shares of £1 each
Interim 10,000 25,000
Ordinary B shares of £1 each
Interim 10,000 5,000
Ordinary C shares of £1 each
Interim 32,313 31,712
Ordinary D shares of £1 each
Interim 50,000 25,000
102,313 86,712

10. Intangible fixed assets

Group
Goodwill
£   
Cost
At 1 November 2022 (432,117 )
Additions (112,460 )
At 31 October 2023 (544,577 )
Amortisation
At 1 November 2022 (304,218 )
Charge written back (66,329 )
At 31 October 2023 (370,547 )
Net book value
At 31 October 2023 (174,030 )
At 31 October 2022 (127,899 )

Negative goodwill arises from the acquisition of the share capital of the groups subsidiaries at a bargain price. Goodwill is released to the income statement as and when the fair value of non monetary assets are expected to recovered. Any amounts in excess of the fair value of non monetary assets are recognised in the period in which the benefit is expected to arise. It is anticipated that the benefit will arise over a period of no greater than 12 months from the date of the acquisition of its subsidiary companies.

The group has not recognised any positive goodwill within these financial statements.

The company has no intangible assets.

Evans Electrical Holdings Limited (Registered number: 13484865)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

11. Tangible fixed assets

Group
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
Cost
At 1 November 2022 17,856 - 11,684
Additions 69,676 53,310 20,948
Disposals - - -
At 31 October 2023 87,532 53,310 32,632
Depreciation
At 1 November 2022 17,582 - 9,739
Charge for year 1,306 10,662 538
At 31 October 2023 18,888 10,662 10,277
Net book value
At 31 October 2023 68,644 42,648 22,355
At 31 October 2022 274 - 1,945

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 November 2022 212,173 71,308 313,021
Additions 290,535 16,494 450,963
Disposals (8,111 ) - (8,111 )
At 31 October 2023 494,597 87,802 755,873
Depreciation
At 1 November 2022 164,851 59,277 251,449
Charge for year 36,202 5,001 53,709
At 31 October 2023 201,053 64,278 305,158
Net book value
At 31 October 2023 293,544 23,524 450,715
At 31 October 2022 47,322 12,031 61,572

The company has no tangible fixed assets.

Evans Electrical Holdings Limited (Registered number: 13484865)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

11. Tangible fixed assets - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
Cost
At 1 November 2022 45,223
Transfer to ownership (45,223 )
At 31 October 2023 -
Depreciation
At 1 November 2022 37,547
Charge for year 3,346
Transfer to ownership (40,893 )
At 31 October 2023 -
Net book value
At 31 October 2023 -
At 31 October 2022 7,676

12. Fixed asset investments

Company
Shares in
group
undertakings
£   
Cost
At 1 November 2022 2,602,878
Additions 120,000
At 31 October 2023 2,722,878
Net book value
At 31 October 2023 2,722,878
At 31 October 2022 2,602,878

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Innovative Fire & Security Limited
Registered office: England & Wales
Nature of business: Installation of industrial equipment
%
Class of shares: holding
Ordinary A 75.00

Evans Electrical Holdings Limited (Registered number: 13484865)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

12. Fixed asset investments - continued

Evans Electrical Limited
Registered office: England & Wales
Nature of business: Electrical installation and maintenance
%
Class of shares: holding
Ordinary 100.00


13. Stocks

Group
2023 2022
£    £   
Stocks 16,596 -
Work-in-progress 10,000 -
26,596 -

The Company has no stock or work-in-progress balances.

14. Debtors: amounts falling due within one year

Group
2023 2022
£    £   
Trade debtors 1,359,457 592,181
Amounts recoverable on contract 1,320,963 1,125,540
Other debtors 537,884 800,424
VAT 58,556 152,417
Prepayments 14,378 4,730
3,291,238 2,675,292

The company has no debtor balances.

15. Creditors: amounts falling due within one year

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) 10,053 50,000 - -
Hire purchase contracts (see note 18) - 8,207 - -
Trade creditors 1,607,215 2,571,029 - -
Tax 161,949 52,524 - -
Social security and other taxes 153,434 135,040 - -
Other creditors 205,674 202,767 200,000 200,000
Accruals and deferred income 143,719 143,902 - -
2,282,044 3,163,469 200,000 200,000

Evans Electrical Holdings Limited (Registered number: 13484865)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

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

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 17) 19,837 183,333 - -
Other creditors 582,514 782,514 582,514 782,514
602,351 965,847 582,514 782,514

17. Loans

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,053 50,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 10,292 50,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 9,545 133,333

18. Leasing agreements

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 8,207

19. Provisions for liabilities

Group
2023 2022
£    £   
Deferred tax 57,730 -

Group
Deferred
tax
£   
Provided during year 57,730
Balance at 31 October 2023 57,730

Evans Electrical Holdings Limited (Registered number: 13484865)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

20. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100
51 Ordinary A £1 51 51
13 Ordinary B £1 24 24
12 Ordinary C £1 13 13
24 Ordinary D £1 12 12
77,690 Preference £1 77,690 77,690
77,890 77,890

21. Reserves

Group
Retained
earnings
£   

At 1 November 2022 1,344,045
Profit for the year 745,289
Dividends (102,313 )
At 31 October 2023 1,987,021

Company
Retained
earnings
£   

At 1 November 2022 1,549,528
Profit for the year 469,768
Dividends (102,313 )
At 31 October 2023 1,916,983


22. Non-controlling interests

profits relating to Minority Interest in Innovative Fire & Security Limited during the period were £23,714.

During the period no dividends were paid to the minority interest.

As at 31 October 2023 net assets in relation to Minority Interests were £81,829.

23. Ultimate parent company

The Ultimate controlling party is Mr O Evans by virtue of his shareholding.

24. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Evans Electrical Holdings Limited (Registered number: 13484865)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

24. Related party disclosures - continued

During the year the group paid rents of £22,000 (2022: £22,000) to Evans Property Services.

Evans Property Services is an unincorporated business that is controlled by an immediate family member of a director.