Registered number
05990422
Electricity Solutions Limited
Unaudited Filleted Accounts
30 November 2023
Electricity Solutions Limited
Registered number: 05990422
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 192,088 139,702
Current assets
Stocks 468,782 393,082
Debtors 4 489,331 227,415
Cash at bank and in hand 239,069 806,404
1,197,182 1,426,901
Creditors: amounts falling due within one year 5 (644,679) (785,779)
Net current assets 552,503 641,122
Total assets less current liabilities 744,591 780,824
Creditors: amounts falling due after more than one year 6 (164,854) (165,623)
Provisions for liabilities (36,497) (26,543)
Net assets 543,240 588,658
Capital and reserves
Called up share capital 100 100
Profit and loss account 543,140 588,558
Shareholders' funds 543,240 588,658
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Kevin Bergin
Director
Approved by the board on 23 August 2024
Electricity Solutions Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery Over 10 years straigh line
Fixtures, fittings, tools and equipment Over 5 years straight line
Motor Vehicles Over 5 years straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 20 16
3 Tangible fixed assets
Plant and machinery & Equip etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 337,709 142,681 480,390
Additions 23,200 103,145 126,345
Disposals (176,572) - (176,572)
At 30 November 2023 184,337 245,826 430,163
Depreciation
At 1 December 2022 259,140 81,548 340,688
Charge for the year 36,226 37,733 73,959
On disposals (176,572) - (176,572)
At 30 November 2023 118,794 119,281 238,075
Net book value
At 30 November 2023 65,543 126,545 192,088
At 30 November 2022 78,569 61,133 139,702
4 Debtors 2023 2022
£ £
Trade debtors 293,730 88,604
Taxation and social security costs 139,217 14,687
Other debtors 56,384 124,124
489,331 227,415
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 45,455 45,455
Obligations under finance lease and hire purchase contracts 19,443 19,443
Trade creditors 489,464 169,510
Taxation and social security costs 64,188 20,028
Other creditors 26,129 531,343
644,679 785,779
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 68,182 113,636
Obligations under finance lease and hire purchase contracts 96,672 51,987
164,854 165,623
7 Related party transactions
At the balance sheet date, £75,200 is owed to Electricity Solutuions Limited from KGB Estates Limited which is owned jointly by Kevin and Gillian Bergin.
8 Controlling party
At the balance sheet date, Mr Kevin Bergin and Mrs Gillian Bergin are the controlling parties by virtue of their shareholding.
9 Other information
Electricity Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
Station Works
Hooton Road
Ellesmere Port
Cheshire
CH66 7NF
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