IRIS Accounts Production v24.1.9.2 05220835 Board of Directors 1.12.22 30.11.23 30.11.23 false true false false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh052208352022-11-30052208352023-11-30052208352022-12-012023-11-30052208352021-11-30052208352021-12-012022-11-30052208352022-11-3005220835ns15:EnglandWales2022-12-012023-11-3005220835ns14:PoundSterling2022-12-012023-11-3005220835ns10:Director12022-12-012023-11-3005220835ns10:PrivateLimitedCompanyLtd2022-12-012023-11-3005220835ns10:SmallEntities2022-12-012023-11-3005220835ns10:AuditExempt-NoAccountantsReport2022-12-012023-11-3005220835ns10:SmallCompaniesRegimeForDirectorsReport2022-12-012023-11-3005220835ns10:SmallCompaniesRegimeForAccounts2022-12-012023-11-3005220835ns10:FullAccounts2022-12-012023-11-300522083512022-12-012023-11-3005220835ns10:Director22022-12-012023-11-3005220835ns10:Director32022-12-012023-11-3005220835ns10:RegisteredOffice2022-12-012023-11-3005220835ns5:CurrentFinancialInstruments2023-11-3005220835ns5:CurrentFinancialInstruments2022-11-3005220835ns5:Non-currentFinancialInstruments2023-11-3005220835ns5:Non-currentFinancialInstruments2022-11-3005220835ns5:ShareCapital2023-11-3005220835ns5:ShareCapital2022-11-3005220835ns5:FurtherSpecificReserve3ComponentTotalEquity2023-11-3005220835ns5:FurtherSpecificReserve3ComponentTotalEquity2022-11-3005220835ns5:RetainedEarningsAccumulatedLosses2023-11-3005220835ns5:RetainedEarningsAccumulatedLosses2022-11-3005220835ns5:NetGoodwill2022-12-012023-11-3005220835ns5:OwnedOrFreeholdAssetsns5:LandBuildings2022-12-012023-11-3005220835ns5:PlantMachinery2022-12-012023-11-3005220835ns5:FurnitureFittings2022-12-012023-11-3005220835ns5:MotorVehicles2022-12-012023-11-3005220835ns5:ComputerEquipment2022-12-012023-11-3005220835ns5:NetGoodwill2022-11-3005220835ns5:NetGoodwill2023-11-3005220835ns5:NetGoodwill2022-11-3005220835ns5:LandBuildings2022-11-3005220835ns5:PlantMachinery2022-11-3005220835ns5:FurnitureFittings2022-11-3005220835ns5:LandBuildings2022-12-012023-11-3005220835ns5:LandBuildings2023-11-3005220835ns5:PlantMachinery2023-11-3005220835ns5:FurnitureFittings2023-11-3005220835ns5:LandBuildings2022-11-3005220835ns5:PlantMachinery2022-11-3005220835ns5:FurnitureFittings2022-11-3005220835ns5:MotorVehicles2022-11-3005220835ns5:ComputerEquipment2022-11-3005220835ns5:MotorVehicles2023-11-3005220835ns5:ComputerEquipment2023-11-3005220835ns5:MotorVehicles2022-11-3005220835ns5:ComputerEquipment2022-11-3005220835ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-3005220835ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-3005220835ns5:FurtherSpecificReserve3ComponentTotalEquity2022-11-30
REGISTERED NUMBER: 05220835 (England and Wales)















N Smith Electrical Limited

Unaudited Financial Statements for the Year Ended 30 November 2023






N Smith Electrical Limited (Registered number: 05220835)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


N Smith Electrical Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: Mr N Smith
Mr C Smith
Mr R M Jones





REGISTERED OFFICE: Unit 23 Ghyll Industrial Estate
Ghyll Road
Heathfield
East Sussex
TN21 8AW





REGISTERED NUMBER: 05220835 (England and Wales)





ACCOUNTANTS: Swindells LLP
Chartered Accountants
Atlantic House
8 Bell Lane
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QL

N Smith Electrical Limited (Registered number: 05220835)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 850 1,700
Tangible assets 5 330,888 347,034
Investment property 6 280,000 280,000
611,738 628,734

CURRENT ASSETS
Stocks 435,292 435,463
Debtors 7 339,288 559,550
Cash at bank and in hand 466,497 251,913
1,241,077 1,246,926
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

8

658,886

880,016
NET CURRENT ASSETS 582,191 366,910
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,193,929

995,644

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

9

(269,522

)

(295,115

)

PROVISIONS FOR LIABILITIES (23,111 ) (25,656 )
NET ASSETS 901,296 674,873

CAPITAL AND RESERVES
Called up share capital 11 211 211
Fair value reserve 12 32,500 32,500
Retained earnings 868,585 642,162
SHAREHOLDERS' FUNDS 901,296 674,873

N Smith Electrical Limited (Registered number: 05220835)

Balance Sheet - continued
30 November 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2024 and were signed on its behalf by:





Mr C Smith - Director


N Smith Electrical Limited (Registered number: 05220835)

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

1. STATUTORY INFORMATION

N Smith Electrical Limited 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of electrical services supplied to customers. Revenue is recognised when the company obtains, through performance under contract, the right to consideration for those services.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at fair value at each reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.


N Smith Electrical Limited (Registered number: 05220835)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company contributes to an employees' defined contribution pension scheme. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in the profit or loss in the period in which it arises.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 31 ) .

N Smith Electrical Limited (Registered number: 05220835)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 17,000
AMORTISATION
At 1 December 2022 15,300
Charge for year 850
At 30 November 2023 16,150
NET BOOK VALUE
At 30 November 2023 850
At 30 November 2022 1,700

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 December 2022 313,930 10,229 13,024
Additions - - 1,150
Disposals - - -
At 30 November 2023 313,930 10,229 14,174
DEPRECIATION
At 1 December 2022 25,116 8,655 11,693
Charge for year 6,279 394 622
Eliminated on disposal - - -
At 30 November 2023 31,395 9,049 12,315
NET BOOK VALUE
At 30 November 2023 282,535 1,180 1,859
At 30 November 2022 288,814 1,574 1,331

N Smith Electrical Limited (Registered number: 05220835)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 December 2022 125,286 48,648 511,117
Additions - 7,019 8,169
Disposals (10,729 ) - (10,729 )
At 30 November 2023 114,557 55,667 508,557
DEPRECIATION
At 1 December 2022 86,456 32,163 164,083
Charge for year 9,231 5,880 22,406
Eliminated on disposal (8,820 ) - (8,820 )
At 30 November 2023 86,867 38,043 177,669
NET BOOK VALUE
At 30 November 2023 27,690 17,624 330,888
At 30 November 2022 38,830 16,485 347,034

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 280,000
NET BOOK VALUE
At 30 November 2023 280,000
At 30 November 2022 280,000

The investment property was valued on a fair value basis on 30 November 2023 by the directors.

If the investment property had not been revalued it would have been included at a historical cost of £250,000.


N Smith Electrical Limited (Registered number: 05220835)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 292,130 436,979
Other debtors 47,158 122,571
339,288 559,550

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 33,196 32,551
Trade creditors 398,179 691,484
Taxation and social security 176,038 100,028
Other creditors 51,473 55,953
658,886 880,016

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 269,522 295,115

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than five years by
instalments

151,079

167,880

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 273,551 288,221

The bank loan is secured by way of fixed and floating charges over the property of the company.

N Smith Electrical Limited (Registered number: 05220835)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
Value: £    £   
100 Ordinary 1 100 100
100 Ordinary A 1 100 100
10 Ordinary B 1 10 11
1 Ordinary C 1 1
211 211

During the accounting period, a share transfer occurred from Mr Rob Jones to Ms Bethany Jones of 1 Ordinary B share to 1 Ordinary C share.

12. RESERVES
Fair
value
reserve
£   
At 1 December 2022
and 30 November 2023 32,500

13. OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £50,658 (2022 - £48,692).

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, the company made advances to the directors totalling £1,386 (2022 - £11,000). At the balance sheet date the directors owed the company £904 (2022 - £482 owed to directors).

Loans to the directors are interest free, unsecured and repayable on demand.

15. RELATED PARTY DISCLOSURES

Dividends paid to the directors in the year amounted to £156,785 (2022 - £117,340).