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Registration number: 12241433

DMJ Electrical Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

DMJ Electrical Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

DMJ Electrical Services Ltd

Company Information

Director

Mr David M Jones

Registered office

Kings Arms Vaults
Watton
Brecon
Powys
LD3 7EF

Accountants

King Morter Proud and Co Ltd
Chartered Accountants
Kings Arms Vaults
Watton
Brecon
Powys
LD3 7EF

 

DMJ Electrical Services Ltd

(Registration number: 12241433)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

215,191

172,128

Current assets

 

Debtors

5

37,627

56,063

Cash at bank and in hand

 

34,917

7,086

 

72,544

63,149

Creditors: Amounts falling due within one year

6

(70,521)

(62,883)

Net current assets

 

2,023

266

Total assets less current liabilities

 

217,214

172,394

Creditors: Amounts falling due after more than one year

6

(15,579)

-

Provisions for liabilities

(32,704)

(32,704)

Net assets

 

168,931

139,690

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

168,930

139,689

Shareholders' funds

 

168,931

139,690

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 July 2024
 

 

DMJ Electrical Services Ltd

(Registration number: 12241433)
Balance Sheet as at 31 October 2023

.........................................
Mr David M Jones
Director

 

DMJ Electrical Services Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Kings Arms Vaults
Watton
Brecon
Powys
LD3 7EF

These financial statements were authorised for issue by the director on 30 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

DMJ Electrical Services Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

10% per annum on cost

Motor vehicles

20% per annum on cost

Office equipment

25% per annum on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

DMJ Electrical Services Ltd

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

DMJ Electrical Services Ltd

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

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 November 2022

7,151

157,536

1,831

61,689

Additions

-

18,317

-

62,183

Disposals

-

-

-

(21,377)

At 31 October 2023

7,151

175,853

1,831

102,495

Depreciation

At 1 November 2022

-

30,946

458

24,675

Charge for the year

-

17,585

457

6,569

Eliminated on disposal

-

-

-

(8,551)

At 31 October 2023

-

48,531

915

22,693

Carrying amount

At 31 October 2023

7,151

127,322

916

79,802

At 31 October 2022

7,151

126,590

1,373

37,014

Total
£

Cost or valuation

At 1 November 2022

228,207

Additions

80,500

Disposals

(21,377)

At 31 October 2023

287,330

Depreciation

At 1 November 2022

56,079

Charge for the year

24,611

Eliminated on disposal

(8,551)

At 31 October 2023

72,139

Carrying amount

At 31 October 2023

215,191

At 31 October 2022

172,128

Included within the net book value of land and buildings above is £7,151 (2022 - £7,151) in respect of freehold land and buildings.
 

 

DMJ Electrical Services Ltd

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

5

Debtors

Current

2023
£

2022
£

Trade debtors

10,184

22,997

Other debtors

27,443

33,066

 

37,627

56,063

 

DMJ Electrical Services Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

9,927

-

Trade creditors

 

5,679

7,291

Taxation and social security

 

362

361

Accruals and deferred income

 

3,580

3,580

Other creditors

 

50,973

51,651

 

70,521

62,883

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

15,579

-

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £0.01 each

100

1

100

1

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

15,579

-

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

9,927

-

 

DMJ Electrical Services Ltd

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

9

Dividends

2023

2022

£

£

Interim dividend of £1,000.00 (2022 - £2,000.00) per ordinary share

2,000

2,000

 

 

10

Related party transactions

 

DMJ Electrical Services Ltd

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

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,319

11,896

Contributions paid to money purchase schemes

444

169

12,763

12,065