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Registration number: 11042444

Nextgen Electrical Contractors Ltd.

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Nextgen Electrical Contractors Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Nextgen Electrical Contractors Ltd.

Company Information

Directors

Mr J Henderson

Mr J A M Prideaux

Company secretary

Mrs H Henderson

Registered office

14 Teewell Avenue
Staple Hill
Bristol
BS16 5NF

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

Nextgen Electrical Contractors Ltd.

(Registration number: 11042444)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

59,602

63,613

Current assets

 

Stocks

4

26,220

21,040

Debtors

5

49,183

59,130

Cash at bank and in hand

 

19,791

32,933

 

95,194

113,103

Creditors: Amounts falling due within one year

6

(130,081)

(140,757)

Net current liabilities

 

(34,887)

(27,654)

Total assets less current liabilities

 

24,715

35,959

Creditors: Amounts falling due after more than one year

6

(6,180)

-

Provisions for liabilities

(11,325)

(12,087)

Net assets

 

7,210

23,872

Capital and reserves

 

Called up share capital

7

20

20

Retained earnings

7,190

23,852

Shareholders' funds

 

7,210

23,872

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.

 

Nextgen Electrical Contractors Ltd.

(Registration number: 11042444)
Balance Sheet as at 30 November 2023

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 2 August 2024 and signed on its behalf by:
 

.........................................
Mr J Henderson
Director

 

Nextgen Electrical Contractors Ltd.

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

1

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

 

Nextgen Electrical Contractors Ltd.

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

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

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

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 merchandise sold 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.

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.

 

Nextgen Electrical Contractors Ltd.

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Nextgen Electrical Contractors Ltd.

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

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 3).

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

5,348

87,947

22,853

116,148

Additions

-

25,699

954

26,653

Disposals

-

(14,395)

-

(14,395)

At 30 November 2023

5,348

99,251

23,807

128,406

Depreciation

At 1 December 2022

2,837

33,884

15,814

52,535

Charge for the year

628

17,242

1,998

19,868

Eliminated on disposal

-

(3,599)

-

(3,599)

At 30 November 2023

3,465

47,527

17,812

68,804

Carrying amount

At 30 November 2023

1,883

51,724

5,995

59,602

At 30 November 2022

2,511

54,063

7,039

63,613

 

Nextgen Electrical Contractors Ltd.

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

4

Stocks

2023
£

2022
£

Work in progress

23,720

18,540

Other inventories

2,500

2,500

26,220

21,040

5

Debtors

Current

2023
£

2022
£

Trade debtors

46,553

58,752

Prepayments

320

378

Other debtors

2,310

-

 

49,183

59,130

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans, overdrafts and finance liabilities

8

8,015

-

Trade creditors

 

10,376

9,089

Taxation and social security

 

7,772

9,148

Accruals and deferred income

 

2,243

2,037

Other creditors

 

101,675

120,483

 

130,081

140,757

 

Nextgen Electrical Contractors Ltd.

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

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

20

20

20

20

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

6,180

-

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

3,895

-

Hire purchase contracts

4,120

-

8,015

-

9

Related party transactions

Loans from related parties

2023

Key management
£

Total
£

At start of period

103,215

103,215

Advanced

14,054

14,054

Repaid

(30,974)

(30,974)

At end of period

86,295

86,295

2022

Key management
£

Total
£

At start of period

58,527

58,527

Advanced

45,893

45,893

Repaid

(1,205)

(1,205)

At end of period

103,215

103,215