Company registration number 14793839 (England and Wales)
BSW ELECTRICAL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
BSW ELECTRICAL SERVICES LIMITED
COMPANY INFORMATION
Director
Mr B Williams
(Appointed 12 April 2023)
Company number
14793839
Registered office
34 Charles Street
Redditch
Worcestershire
B97 5AA
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Monzo Bank Limited
Broadwalk House
5 Appold Street
London
EC2A 2AG
BSW ELECTRICAL SERVICES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
BSW ELECTRICAL SERVICES LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BSW ELECTRICAL SERVICES LIMITED FOR THE PERIOD ENDED 30 APRIL 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BSW Electrical Services Limited for the period ended 30 April 2024 which comprise, the balance sheet and the related notes 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of BSW Electrical Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of BSW Electrical Services Limited and state those matters that we have agreed to state to the board of directors of BSW Electrical Services Limited, 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 BSW Electrical Services Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that BSW Electrical Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of BSW Electrical Services Limited. You consider that BSW Electrical Services Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of BSW Electrical Services Limited. 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 financial statements.
Ormerod Rutter Limited
30 July 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
BSW ELECTRICAL SERVICES LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 2 -
2024
Notes
£
£
Fixed assets
Intangible assets
3
4,749
Tangible assets
4
20,084
24,833
Current assets
Debtors
5
3,568
Cash at bank and in hand
48,869
52,437
Creditors: amounts falling due within one year
6
(61,345)
Net current liabilities
(8,908)
Total assets less current liabilities
15,925
Provisions for liabilities
7
(5,021)
Net assets
10,904
Capital and reserves
Called up share capital
8
100
Profit and loss reserves
10,804
Total equity
10,904
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 30 July 2024
Mr B Williams
Director
Company registration number 14793839 (England and Wales)
BSW ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
BSW Electrical Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 34 Charles Street, Redditch, Worcestershire, B97 5AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on reducing balance
Computer equipment
33% on cost
Motor vehicles
20% on reducing balance
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BSW ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
1
BSW ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 12 April 2023
Additions
5,937
At 30 April 2024
5,937
Amortisation and impairment
At 12 April 2023
Amortisation charged for the period
1,188
At 30 April 2024
1,188
Carrying amount
At 30 April 2024
4,749
4
Tangible fixed assets
Plant and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 12 April 2023
Additions
10,844
4,570
10,993
26,407
At 30 April 2024
10,844
4,570
10,993
26,407
Depreciation and impairment
At 12 April 2023
Depreciation charged in the period
2,714
1,509
2,100
6,323
At 30 April 2024
2,714
1,509
2,100
6,323
Carrying amount
At 30 April 2024
8,130
3,061
8,893
20,084
5
Debtors
2024
Amounts falling due within one year:
£
Other debtors
3,568
BSW ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
£
Taxation and social security
15,289
Other creditors
46,056
61,345
7
Provisions for liabilities
2024
£
Deferred tax liabilities
5,021
8
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A of £1 each
25
25
Ordinary B of £1 each
25
25
Ordinary C of £1 each
25
25
Ordinary D of £1 each
25
25
100
100
The following shares were allotted and fully paid for cash at par during the period:
25 Ordinary A of £1 each
25 Ordinary B of £1 each
25 Ordinary C of £1 each
25 Ordinary D of £1 each
9
Compararives
This is the company's first period of trade, therefore there are no comparatives.