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COMPANY REGISTRATION NUMBER: 08684594
DC Electrical (Northwest) Limited
Filleted Unaudited Financial Statements
31 August 2023
DC Electrical (Northwest) Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
70,735
73,392
Current assets
Stocks
26,500
70,500
Debtors
7
44,004
24,447
Cash at bank and in hand
40,978
42,696
---------
---------
111,482
137,643
Creditors: amounts falling due within one year
8
148,763
206,296
---------
---------
Net current liabilities
37,281
68,653
--------
--------
Total assets less current liabilities
33,454
4,739
Creditors: amounts falling due after more than one year
9
28,768
--------
-------
Net assets
4,686
4,739
--------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
4,586
4,639
-------
-------
Shareholders funds
4,686
4,739
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DC Electrical (Northwest) Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 19 August 2024 , and are signed on behalf of the board by:
D. J. Corser
Director
Company registration number: 08684594
DC Electrical (Northwest) Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ground Floor, 4 Broadgate, Broadway Business Park, Chadderton, OL9 9XA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax, for the company's principal activity of electrical installation.
Income tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. 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 income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that: - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2022: 16 ).
5. Intangible assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
40,000
--------
Amortisation
At 1 September 2022 and 31 August 2023
40,000
--------
Carrying amount
At 31 August 2023
--------
At 31 August 2022
--------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 September 2022
4,305
176,946
181,251
Additions
20,774
20,774
-------
---------
---------
At 31 August 2023
4,305
197,720
202,025
-------
---------
---------
Depreciation
At 1 September 2022
3,208
104,651
107,859
Charge for the year
164
23,267
23,431
-------
---------
---------
At 31 August 2023
3,372
127,918
131,290
-------
---------
---------
Carrying amount
At 31 August 2023
933
69,802
70,735
-------
---------
---------
At 31 August 2022
1,097
72,295
73,392
-------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
44,004
24,447
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,568
41,904
Trade creditors
106,308
122,172
Corporation tax
5,303
2,037
Social security and other taxes
29,292
16,831
Pension creditor
848
771
Other creditors
444
22,581
---------
---------
148,763
206,296
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
28,768
--------
----
10. Directors' advances, credits and guarantees
At the year end the directors were owed £444 (2022: £3,995). The balance was interest free and repayable on demand.
11. Related party transactions
The company was under the control of D.J. Corser and T. Corser throughout the current and previous year. D.J. Corser and T. Corser are the managing directors and majority shareholders. During the year dividends totalling £20,000 (2022: £10,000) were paid to the directors.