IRIS Accounts Production v24.1.9.2 02979318 Board of Directors 1.11.22 31.10.23 31.10.23 Provision of electrical services and contractors true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh029793182022-10-31029793182023-10-31029793182022-11-012023-10-31029793182021-10-31029793182021-11-012022-10-31029793182022-10-3102979318ns15:EnglandWales2022-11-012023-10-3102979318ns14:PoundSterling2022-11-012023-10-3102979318ns10:Director12022-11-012023-10-3102979318ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3102979318ns10:FRS1022022-11-012023-10-3102979318ns10:Audited2022-11-012023-10-3102979318ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-11-012023-10-3102979318ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-11-012023-10-3102979318ns10:FullAccounts2022-11-012023-10-3102979318ns10:OrdinaryShareClass12022-11-012023-10-3102979318ns10:Director22022-11-012023-10-3102979318ns10:Director32022-11-012023-10-3102979318ns10:RegisteredOffice2022-11-012023-10-3102979318ns5:CurrentFinancialInstruments2023-10-3102979318ns5:CurrentFinancialInstruments2022-10-3102979318ns5:Non-currentFinancialInstruments2023-10-3102979318ns5:Non-currentFinancialInstruments2022-10-3102979318ns5:ShareCapital2023-10-3102979318ns5:ShareCapital2022-10-3102979318ns5:RetainedEarningsAccumulatedLosses2023-10-3102979318ns5:RetainedEarningsAccumulatedLosses2022-10-3102979318ns5:ShareCapital2021-10-3102979318ns5:RetainedEarningsAccumulatedLosses2021-10-3102979318ns5:RetainedEarningsAccumulatedLosses2021-11-012022-10-3102979318ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-3102979318ns5:LeaseholdImprovements2022-11-012023-10-3102979318ns5:FurnitureFittings2022-11-012023-10-3102979318ns5:MotorVehicles2022-11-012023-10-3102979318ns5:ComputerEquipment2022-11-012023-10-310297931812022-11-012023-10-3102979318ns5:HirePurchaseContracts2022-11-012023-10-3102979318ns5:HirePurchaseContracts2021-11-012022-10-3102979318ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-11-012023-10-3102979318ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2021-11-012022-10-3102979318ns5:OwnedAssets2022-11-012023-10-3102979318ns5:OwnedAssets2021-11-012022-10-3102979318ns5:LeasedAssets2022-11-012023-10-3102979318ns5:LeasedAssets2021-11-012022-10-3102979318ns10:OrdinaryShareClass12021-11-012022-10-3102979318ns5:LeaseholdImprovements2022-10-3102979318ns5:FurnitureFittings2022-10-3102979318ns5:MotorVehicles2022-10-3102979318ns5:ComputerEquipment2022-10-3102979318ns5:LeaseholdImprovements2023-10-3102979318ns5:FurnitureFittings2023-10-3102979318ns5:MotorVehicles2023-10-3102979318ns5:ComputerEquipment2023-10-3102979318ns5:LeaseholdImprovements2022-10-3102979318ns5:FurnitureFittings2022-10-3102979318ns5:MotorVehicles2022-10-3102979318ns5:ComputerEquipment2022-10-3102979318ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-10-3102979318ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-10-3102979318ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-11-012023-10-3102979318ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-10-3102979318ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3102979318ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3102979318ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-10-3102979318ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-10-3102979318ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-10-3102979318ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-10-3102979318ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3102979318ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3102979318ns5:Secured2023-10-3102979318ns5:Secured2022-10-3102979318ns5:DeferredTaxation2022-11-012023-10-3102979318ns5:DeferredTaxation2023-10-3102979318ns10:OrdinaryShareClass12023-10-31
REGISTERED NUMBER: 02979318 (England and Wales)















Evans Electrical Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 October 2023






Evans Electrical Limited (Registered number: 02979318)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 6

Balance Sheet 7

Statement of Changes in Equity 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 11


Evans Electrical Limited

Company Information
for the Year Ended 31 October 2023







Directors: J Kennedy
O Evans
D J Clark





Registered office: 59 Waterloo Road
Penylan
CARDIFF
CF23 9BL





Registered number: 02979318 (England and Wales)





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

Evans Electrical Limited (Registered number: 02979318)

Strategic Report
for the Year Ended 31 October 2023

The directors present their strategic report for the year ended 31 October 2023.

Review of business
Turnover has decreased from £14,939,766 to £10,892,504.

The company has performed well overall during the year and in a sometimes difficult market place within which to operate. Gross profit margins have increased within the year and the company has managed to maintain its operational structure, achieving a profit before tax of £828,377 (2022: £1,037,046).

The net assets of the business totalled £2,754,502 (2022: £2,583,411) representing the desire of management to maintain reserves to better equip the company 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 company maintaining tight controls over the cash levels held within the business. Directors and management closely monitor cash flows to ensure that the company 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 Limited (Registered number: 02979318)

Report of the Directors
for the Year Ended 31 October 2023

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

Dividends
The total distribution of dividends for the year ended 31 October 2023 was £470,000 (2022: £300,226).

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

J Kennedy
O Evans
D J Clark

Political donations and expenditure
During the year, the company made political and charitable donations amounting to £5,718 (2022: £1,650).

Statement of directors' responsibilities
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company'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 Limited

Opinion
We have audited the financial statements of Evans Electrical Limited (the 'company') for the year ended 31 October 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 October 2023 and of its 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 company 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 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 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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.

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


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 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 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.

Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial statements of the company. 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 company 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 company 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.

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 Limited (Registered number: 02979318)

Statement of Comprehensive
Income
for the Year Ended 31 October 2023

2023 2022
Notes £    £   

Turnover 10,942,504 14,939,766

Cost of sales (9,180,958 ) (13,220,156 )
Gross profit 1,761,546 1,719,610

Distribution costs - (631 )
Administrative expenses (937,700 ) (667,573 )
Operating profit 823,846 1,051,406

Interest receivable and similar income 18,158 830
842,004 1,052,236

Interest payable and similar expenses 5 (13,627 ) (15,190 )
Profit before taxation 6 828,377 1,037,046

Tax on profit 7 (187,286 ) (52,490 )
Profit for the financial year 641,091 984,556

Other comprehensive income - -
Total comprehensive income for the year 641,091 984,556

Evans Electrical Limited (Registered number: 02979318)

Balance Sheet
31 October 2023

2023 2022
Notes £    £   
Fixed assets
Tangible assets 9 269,925 61,575

Current assets
Debtors 10 3,205,076 2,675,292
Cash at bank and in hand 1,343,686 2,993,347
4,548,762 5,668,639
Creditors
Amounts falling due within one year 11 (2,038,847 ) (2,963,470 )
Net current assets 2,509,915 2,705,169
Total assets less current liabilities 2,779,840 2,766,744

Creditors
Amounts falling due after more than one year 12 - (183,333 )

Provisions for liabilities 16 (25,338 ) -
Net assets 2,754,502 2,583,411

Capital and reserves
Called up share capital 17 100 100
Retained earnings 2,754,402 2,583,311
Shareholders' funds 2,754,502 2,583,411

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 Limited (Registered number: 02979318)

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 100 1,898,981 1,899,081

Changes in equity
Dividends - (300,226 ) (300,226 )
Total comprehensive income - 984,556 984,556
Balance at 31 October 2022 100 2,583,311 2,583,411

Changes in equity
Dividends - (470,000 ) (470,000 )
Total comprehensive income - 641,091 641,091
Balance at 31 October 2023 100 2,754,402 2,754,502

Evans Electrical Limited (Registered number: 02979318)

Cash Flow Statement
for the Year Ended 31 October 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (521,288 ) 1,471,490
Interest paid (7,968 ) (3,360 )
Interest element of hire purchase payments
paid

(5,659

)

(11,830

)
Tax paid (187,286 ) 34
Net cash from operating activities (722,201 ) 1,456,334

Cash flows from investing activities
Purchase of tangible fixed assets (234,078 ) (2,940 )
Interest received 18,158 830
Net cash from investing activities (215,920 ) (2,110 )

Cash flows from financing activities
Loan repayments in year (233,333 ) (16,667 )
Capital repayments in year (8,207 ) (15,127 )
Equity dividends paid (470,000 ) (300,226 )
Net cash from financing activities (711,540 ) (332,020 )

(Decrease)/increase in cash and cash equivalents (1,649,661 ) 1,122,204
Cash and cash equivalents at beginning of
year

2

2,993,347

1,871,143

Cash and cash equivalents at end of year 2 1,343,686 2,993,347

Evans Electrical Limited (Registered number: 02979318)

Notes to the 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 828,377 1,037,046
Depreciation charges 25,728 19,803
Finance costs 13,627 15,190
Finance income (18,158 ) (830 )
849,574 1,071,209
Increase in trade and other debtors (524,835 ) (660,821 )
(Decrease)/increase in trade and other creditors (846,027 ) 1,061,102
Cash generated from operations (521,288 ) 1,471,490

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 1,343,686 2,993,347
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 2,993,347 1,871,143


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 2,993,347 (1,649,661 ) 1,343,686
2,993,347 (1,649,661 ) 1,343,686
Debt
Finance leases (8,207 ) 8,207 -
Debts falling due within 1 year (50,000 ) 50,000 -
Debts falling due after 1 year (183,333 ) 183,333 -
(241,540 ) 241,540 -
Total 2,751,807 (1,408,121 ) 1,343,686

Evans Electrical Limited (Registered number: 02979318)

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

1. Statutory information

Evans Electrical 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 Company 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.

Going Concern
At the time of approving the financial statements, the directors has reasonable expectation that the company has adequate resources to continue trading for the foreseeable future. In particular, the directors reviewed the obligations under the company's finance documents and is satisfied that the company 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.

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
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Financial instruments
The company 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 company's balance sheet when the company 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.


Evans Electrical Limited (Registered number: 02979318)

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

2. Accounting policies - continued
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Termination benefits
Termination benefits are recognised as an expense in the profit and loss when the company is demonstrably committed to make payment.

3. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements,estimates and assumptions about the carrying amount 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 that are 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 in 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 company 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.

Evans Electrical Limited (Registered number: 02979318)

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

4. Employees and directors
2023 2022
£    £   
Wages and salaries 2,567,897 2,546,660
Social security costs 296,995 315,486
Other pension costs 153,084 146,220
3,017,976 3,008,366

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

Employees 67 70

2023 2022
£    £   
Directors' remuneration 177,401 172,301

5. Interest payable and similar expenses
2023 2022
£    £   
Bank interest 218 -
Bank loan interest 7,750 3,360
Hire purchase 5,659 11,830
13,627 15,190

6. Profit before taxation

The profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 87,911 137,260
Depreciation - owned assets 22,382 12,559
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 187,286 52,490
Tax on profit 187,286 52,490

UK corporation tax was charged at 19%) in 2022.

Evans Electrical Limited (Registered number: 02979318)

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

7. Taxation - continued

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 828,377 1,037,046
Profit multiplied by the standard rate of corporation tax in the UK of 22.500%
(2022 - 19%)

186,385

197,039

Effects of:
Expenses not deductible for tax purposes 20,211 9,153
Capital allowances in excess of depreciation (48,682 ) -
Depreciation in excess of capital allowances - 523
R&D tax credits - (154,225 )
Deferred tax 25,338 -
Deposit account interest 4,086 -
Group relief (52 ) -
Total tax charge 187,286 52,490

UK Corporation tax was charged at an effective rate of 22.5% in 2023 (2022: 19%).

8. Dividends
2023 2022
£    £   
Ordinary shares of £1 each
Interim 470,000 300,226

9. Tangible fixed assets
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 November 2022 17,856 11,684 212,173 71,308 313,021
Additions 69,676 20,948 137,471 5,983 234,078
At 31 October 2023 87,532 32,632 349,644 77,291 547,099
Depreciation
At 1 November 2022 17,581 9,738 164,851 59,276 251,446
Charge for year 1,306 538 20,334 3,550 25,728
At 31 October 2023 18,887 10,276 185,185 62,826 277,174
Net book value
At 31 October 2023 68,645 22,356 164,459 14,465 269,925
At 31 October 2022 275 1,946 47,322 12,032 61,575

Evans Electrical Limited (Registered number: 02979318)

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

9. Tangible fixed assets - continued

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

10. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 1,283,729 592,181
Amounts owed by group undertakings 6,870 -
Amounts recoverable on contract 1,320,963 1,125,540
Other debtors 537,884 800,424
VAT 49,435 152,417
Prepayments 6,195 4,730
3,205,076 2,675,292

11. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts (see note 13) - 50,000
Hire purchase contracts (see note 14) - 8,207
Trade creditors 1,480,571 2,571,030
Amounts owed to group undertakings 103,951 -
Tax 161,949 52,524
Social security and other taxes 153,434 135,040
Other creditors 5,039 2,767
Accruals and deferred income 133,903 143,902
2,038,847 2,963,470

12. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans (see note 13) - 183,333

Evans Electrical Limited (Registered number: 02979318)

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

13. Loans

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans - 50,000

Amounts falling due between one and two years:
Bank loans - 1-2 years - 50,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 133,333

14. Leasing agreements

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year - 8,207

15. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 233,333

16. Provisions for liabilities
2023 2022
£    £   
Deferred tax 25,338 -

Deferred
tax
£   
Provided during year 25,338
Balance at 31 October 2023 25,338

17. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

Evans Electrical Limited (Registered number: 02979318)

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

18. Ultimate parent company

Evans Electrical Holdings Limited is regarded by the directors as being the company's ultimate parent company.

The immediate and ultimate parent company is Evans Electrical Holdings Limited, whose registered office is 59 Waterloo Road, Penylan, Cardiff, Wales, CF23 9BL, is the smallest and largest group for which consolidated financial statements are prepared. Copies of the financial statements of both companies are available from Companies house, Crown Way, Cardiff CF14 3UZ. The Ultimate controlling party is Mr O Evans a director of the company and shareholder of Evans electrical Holdings Ltd.

19. Related party disclosures

During the year the Company 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.

During the period to 31 October 2023 the Company purchased goods and services totalling £778,644 from Innovative Fire & Security Limited, a fellow subsidiary of Evans Electrical Holdings Limited. The Company also sold goods and services to the value of £17,868. As at 31 October 2023 an amount is owed to the Company of £6,870, an amount of £103,951 is due to the Company.


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