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REGISTRAR OF COMPANIES

Registration number: 03450310

Premier Electrical Ltd.

Unaudited Financial Statements

30 November 2023

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Premier Electrical Ltd.

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Premier Electrical Ltd.
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Premier Electrical Ltd. for the year ended 30 November 2023 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Premier Electrical Ltd., as a body, in accordance with the terms of our engagement letter dated 10 March 2021. Our work has been undertaken solely to prepare for your approval the accounts of Premier Electrical Ltd. and state those matters that we have agreed to state to the Board of Directors of Premier Electrical Ltd., as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Premier Electrical Ltd. and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Premier Electrical Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Premier Electrical Ltd.. You consider that Premier Electrical Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Premier Electrical Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

17 May 2024

 

Premier Electrical Ltd.

(Registration number: 03450310)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

70,220

40,589

Current assets

 

Stocks

320,429

321,428

Debtors

5

3,072,480

3,411,071

Cash at bank and in hand

 

810,305

472,781

 

4,203,214

4,205,280

Creditors: Amounts falling due within one year

6

(648,533)

(729,857)

Net current assets

 

3,554,681

3,475,423

Total assets less current liabilities

 

3,624,901

3,516,012

Provisions for liabilities

(17,555)

(10,147)

Net assets

 

3,607,346

3,505,865

Capital and reserves

 

Allotted, called up and fully paid share capital

2,000

2,000

Profit and loss account

3,605,346

3,503,865

Total equity

 

3,607,346

3,505,865

 

Premier Electrical Ltd.

(Registration number: 03450310)
Balance Sheet as at 30 November 2023 (continued)

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 May 2024 and signed on its behalf by:
 

.........................................

L A Sutherland

Company secretary and director

 

Premier Electrical Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
Unit 17
Chapel Place
Dentonholme Trading Estate
CARLISLE
CA2 5DF

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

 

Premier Electrical Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

Tax

The tax expense for the period comprises current and deferred 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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 and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Furniture, fittings and office equipment

15% reducing balance and 3 years straight line

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 the sale of goods 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.

 

Premier Electrical Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 directors) during the year, was 12 (2022 - 12).

 

Premier Electrical Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

4

Tangible assets

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 December 2022

16,747

51,380

49,456

117,583

Additions

-

47,683

-

47,683

Disposals

-

(16,183)

-

(16,183)

At 30 November 2023

16,747

82,880

49,456

149,083

Depreciation

At 1 December 2022

1,047

34,677

41,270

76,994

Charge for the year

2,355

8,403

2,494

13,252

Eliminated on disposal

-

(11,383)

-

(11,383)

At 30 November 2023

3,402

31,697

43,764

78,863

Carrying amount

At 30 November 2023

13,345

51,183

5,692

70,220

At 30 November 2022

15,700

16,703

8,186

40,589

 

Premier Electrical Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

5

Debtors

2023
£

2022
£

Trade debtors

920,501

1,201,433

Amounts owed by group undertakings and undertakings in which the company has a participating interest

2,010,000

1,948,925

Other debtors

141,979

260,713

3,072,480

3,411,071

6

Creditors

2023
£

2022
£

Due within one year

 

Trade creditors

 

551,405

598,328

Taxation and social security

 

32,564

39,891

Corporation tax liability

 

53,764

84,393

Other creditors

 

10,800

7,245

 

648,533

729,857

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £40,480 (2022 - £56,458). £32,000 of these financial commitments relates to the annual commitment under open ended property leases.

 

Premier Electrical Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

8

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 November 2023
£

L A Sutherland

Loan

334

80,476

-

-

(29,684)

855

51,981

               
         

J A Freshwater

Loan

237,909

43,476

(234,645)

-

(29,684)

3,710

20,766

               
         

J D Freshwater

Loan

116

76,976

-

-

(29,684)

774

48,182

               
         

 

2022

At 1 December 2021
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 November 2022
£

L A Sutherland

Loan

16,134

78,876

(94,876)

-

-

200

334

               
         

J A Freshwater

Loan

-

271,011

(36,366)

-

-

3,264

237,909

               
         

J D Freshwater

Loan

-

36,366

(36,366)

-

-

116

116

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% on advances to directors up to March 2023, thereafter, interest has been charged at a rate of 2.25%.