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REGISTERED NUMBER: 10678012 (England and Wales)










Malcolm Baines Electrical Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024






Malcolm Baines Electrical Ltd (Registered number: 10678012)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Malcolm Baines Electrical Ltd

Company Information
for the year ended 31 March 2024







DIRECTORS: R T Baines
Mrs J D Baines





REGISTERED OFFICE: 40 Raikeswood Road
Skipton
North Yorkshire
BD23 1NB





REGISTERED NUMBER: 10678012 (England and Wales)





ACCOUNTANTS: Walkers Accountants Limited
Aireside House
Aireside Business Centre
Royd Ings Avenue
Keighley
West Yorkshire
BD21 4BZ

Malcolm Baines Electrical Ltd (Registered number: 10678012)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 18,386 24,561

CURRENT ASSETS
Stocks 9,000 9,250
Debtors 5 25,207 56,479
Cash at bank and in hand 35,043 34,966
69,250 100,695
CREDITORS
Amounts falling due within one year 6 (31,117 ) (41,454 )
NET CURRENT ASSETS 38,133 59,241
TOTAL ASSETS LESS CURRENT
LIABILITIES

56,519

83,802

CREDITORS
Amounts falling due after more than one
year

7

(7,341

)

(13,462

)

PROVISIONS FOR LIABILITIES - (599 )
NET ASSETS 49,178 69,741

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 49,078 69,641
SHAREHOLDERS' FUNDS 49,178 69,741

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Malcolm Baines Electrical Ltd (Registered number: 10678012)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by:





R T Baines - Director


Malcolm Baines Electrical Ltd (Registered number: 10678012)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Malcolm Baines Electrical Ltd 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable during the year and is net of sales returns, trade discount and rebates. Revenue is recognised when goods are delivered and legal title has passed.

The company enters into contracts to provide its services. At the year end all contacts that have not been finalised are reviewed and an estimate of the recoverability of these contracts is determined, based on the expected contract value and work completed to date.

Tangible fixed assets
All tangible fixed assets are at cost less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Assets held under finance lease are depreciated in the same manner as owned assets.

Renewals, repairs and maintenance are charged to profit and loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a mixture of methods. The depreciation bases are as detailed above.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are credited or charged to the income statement.

Impairment of fixed assets
At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indications exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less that its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reserves, the carrying amount of the asset is increased to the revised estimate of its recoverable amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised as income immediately.

Malcolm Baines Electrical Ltd (Registered number: 10678012)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are measured at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for costs of realisation. Provision is made where necessary for obsolete, slow moving, and defective stocks.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. Impairment loss is recognised immediately in the profit and loss.

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

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.

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.

Government grants
Government grants are accounted for under the accrual model.

Grants received relating to revenue are recognised as income on a systematic basis over the periods in which the company recognises the related cost for which the grant is intended to compensate.

Grants received to give immediate financial support are recognised as income in the period in which they become receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

Malcolm Baines Electrical Ltd (Registered number: 10678012)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 59,682
DEPRECIATION
At 1 April 2023 35,121
Charge for year 6,175
At 31 March 2024 41,296
NET BOOK VALUE
At 31 March 2024 18,386
At 31 March 2023 24,561

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 23,154
DEPRECIATION
At 1 April 2023 17,320
Charge for year 1,459
At 31 March 2024 18,779
NET BOOK VALUE
At 31 March 2024 4,375
At 31 March 2023 5,834

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 9,013 37,809
Other debtors 16,194 18,670
25,207 56,479

Malcolm Baines Electrical Ltd (Registered number: 10678012)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 6,122 5,971
Taxation and social security 6,404 8,610
Other creditors 18,591 26,873
31,117 41,454

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 7,341 13,462

8. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. During the year £32,186 (2023: £9,804) has been charged to the profit and loss account in respect of pension contributions. At the balance sheet date, there were no prepaid or outstanding contributions.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
R T Baines
Balance outstanding at start of year 16,163 2,033
Amounts advanced 34,501 20,754
Amounts repaid (36,624 ) (6,624 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 14,040 16,163