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REGISTERED NUMBER: 11074779 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

OEC (ELECTRICAL) LTD

OEC (ELECTRICAL) LTD (REGISTERED NUMBER: 11074779)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


OEC (ELECTRICAL) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: Mrs L J Ellis
Mr M S Ellis





REGISTERED OFFICE: Unit 1 Long Barn
Frogmill Track, Wangfield Lane
Curdridge
Southampton
Hampshire
SO32 2DA





REGISTERED NUMBER: 11074779 (England and Wales)






OEC (ELECTRICAL) LTD (REGISTERED NUMBER: 11074779)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 108,478 34,744

CURRENT ASSETS
Stocks 40,000 30,000
Debtors 6 553,496 404,998
Cash at bank 65,133 31,032
658,629 466,030
CREDITORS
Amounts falling due within one year 7 699,414 509,945
NET CURRENT LIABILITIES (40,785 ) (43,915 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

67,693

(9,171

)

CREDITORS
Amounts falling due after more than one
year

8

(90,300

)

(52,848

)

PROVISIONS FOR LIABILITIES (20,611 ) (6,601 )
NET LIABILITIES (43,218 ) (68,620 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (43,220 ) (68,622 )
(43,218 ) (68,620 )

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:




Mr M S Ellis - Director


OEC (ELECTRICAL) LTD (REGISTERED NUMBER: 11074779)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

Oec (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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going Concern

Following a review of their customer base and updates to rates and pricing terms during FY23 the company has seen an improvement in trading levels and profitability. It remains a challenging market and high fuel costs and wage pressures continue to drive a high cost base. An investment in plant and new vehicles towards the latter part of FY23 should reduce some high repair/motoring costs. The directors are closely monitoring cashflow and are of the view the company has adequate resources to continue in operational existence for the foreseeable future. On this basis the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Over the remaining term of the lease
Plant and machinery - 25% straight line
Fixtures and fittings - 25% straight line
Motor vehicles - 25% straight line
Computer equipment - 33% straight line

All fixed assets are initially recorded at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


OEC (ELECTRICAL) LTD (REGISTERED NUMBER: 11074779)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


3. ACCOUNTING POLICIES - continued
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 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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 12 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 December 2022 1,683 81,822 4,400
Additions - 3,070 203
Disposals (1,683 ) (1,123 ) (755 )
At 30 November 2023 - 83,769 3,848
DEPRECIATION
At 1 December 2022 1,683 51,642 1,980
Charge for year - 11,946 1,033
Eliminated on disposal (1,683 ) (952 ) (714 )
At 30 November 2023 - 62,636 2,299
NET BOOK VALUE
At 30 November 2023 - 21,133 1,549
At 30 November 2022 - 30,180 2,420

OEC (ELECTRICAL) LTD (REGISTERED NUMBER: 11074779)

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 - 6,016 93,921
Additions 102,024 899 106,196
Disposals (10,800 ) - (14,361 )
At 30 November 2023 91,224 6,915 185,756
DEPRECIATION
At 1 December 2022 - 3,872 59,177
Charge for year 7,377 1,508 21,864
Eliminated on disposal (414 ) - (3,763 )
At 30 November 2023 6,963 5,380 77,278
NET BOOK VALUE
At 30 November 2023 84,261 1,535 108,478
At 30 November 2022 - 2,144 34,744

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 160,312 94,505
Other debtors 393,184 310,493
553,496 404,998

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 6,953 -
Hire purchase contracts 13,976 6,036
Trade creditors 68,562 41,073
Taxation and social security 555,011 420,823
Other creditors 54,912 42,013
699,414 509,945

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 36,920 43,873
Hire purchase contracts 53,380 8,975
90,300 52,848

9. OTHER FINANCIAL COMMITMENTS

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £25,955 (2022 - £21,750)

OEC (ELECTRICAL) LTD (REGISTERED NUMBER: 11074779)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022:

2023 2022
£    £   
Mrs L J Ellis
Balance outstanding at start of year 105,019 85,330
Amounts advanced 29,461 19,689
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 134,480 105,019

Mr M S Ellis
Balance outstanding at start of year 105,019 85,330
Amounts advanced 29,461 19,689
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 134,480 105,019