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Company Registration No. SC460692 (Scotland)
Ideal Electrical Solutions (UK) Limited Unaudited accounts for the year ended 31 October 2023
Ideal Electrical Solutions (UK) Limited Unaudited accounts Contents
Page
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Ideal Electrical Solutions (UK) Limited Company Information for the year ended 31 October 2023
Director
Mark Denholm
Company Number
SC460692 (Scotland)
Registered Office
4 & 5 PARSONS GREEN TERRACE EDINBURGH EH8 7AN
Accountants
DC Accountancy Services (Edinburgh) Ltd 105 Forrest Place Armadale West Lothian EH48 2GZ
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Ideal Electrical Solutions (UK) Limited Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
198,879 
122,999 
Current assets
Inventories
10,000 
10,000 
Debtors
128,770 
165,998 
Cash at bank and in hand
47,451 
28,117 
186,221 
204,115 
Creditors: amounts falling due within one year
(128,692)
(116,684)
Net current assets
57,529 
87,431 
Total assets less current liabilities
256,408 
210,430 
Creditors: amounts falling due after more than one year
(72,596)
(37,593)
Provisions for liabilities
Deferred tax
(16,413)
(8,331)
Net assets
167,399 
164,506 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
167,398 
164,505 
Shareholders' funds
167,399 
164,506 
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 22 August 2024 and were signed on its behalf by
Mark Denholm Director Company Registration No. SC460692
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Ideal Electrical Solutions (UK) Limited Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
Ideal Electrical Solutions (UK) Limited is a private company, limited by shares, registered in Scotland, registration number SC460692. The registered office is 4 & 5, PARSONS GREEN TERRACE, EDINBURGH, EH8 7AN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% Straight Line Basis
Plant & machinery
20% Straight Line Basis
Motor vehicles
25% Straight Line Basis
Fixtures & fittings
10% Straight Line Basis
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Ideal Electrical Solutions (UK) Limited Notes to the Accounts for the year ended 31 October 2023
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 November 2022
10,000 
At 31 October 2023
10,000 
Amortisation
At 1 November 2022
10,000 
At 31 October 2023
10,000 
Net book value
At 31 October 2023
- 
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 November 2022
86,435 
26,169 
103,344 
51,469 
267,417 
Additions
- 
2,437 
96,064 
- 
98,501 
At 31 October 2023
86,435 
28,606 
199,408 
51,469 
365,918 
Depreciation
At 1 November 2022
9,962 
21,290 
92,578 
20,588 
144,418 
Charge for the year
1,729 
2,357 
13,388 
5,147 
22,621 
At 31 October 2023
11,691 
23,647 
105,966 
25,735 
167,039 
Net book value
At 31 October 2023
74,744 
4,959 
93,442 
25,734 
198,879 
At 31 October 2022
76,473 
4,879 
10,766 
30,881 
122,999 
2023 
2022 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Motor vehicles
88,059 
- 
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Ideal Electrical Solutions (UK) Limited Notes to the Accounts for the year ended 31 October 2023
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
64,328 
101,915 
Accrued income and prepayments
1,164 
1,992 
Other debtors
63,278 
62,091 
128,770 
165,998 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
5,555 
9,656 
VAT
24,342 
19,024 
Obligations under finance leases and hire purchase contracts
11,212 
- 
Trade creditors
59,033 
53,536 
Taxes and social security
5,077 
19,876 
Loans from directors
10,226 
- 
Accruals
13,247 
14,592 
128,692 
116,684 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
31,482 
37,593 
Obligations under finance leases and hire purchase contracts
41,114 
- 
72,596 
37,593 
9
Deferred taxation
2023 
2022 
£ 
£ 
Accelerated capital allowances
30,485 
8,331 
Tax losses carried forward
(14,072)
- 
16,413 
8,331 
2023 
2022 
£ 
£ 
Provision at start of year
8,331 
10,242 
Charged/(credited) to the profit and loss account
8,082 
(1,911)
Provision at end of year
16,413 
8,331 
10
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1 
1 
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Ideal Electrical Solutions (UK) Limited Notes to the Accounts for the year ended 31 October 2023
11
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Mark Denholm
Directors Current Account
2,043 
33,456 
45,725 
(10,226)
2,043 
33,456 
45,725 
(10,226)
12
Average number of employees
During the year the average number of employees was 8 (2022: 11).
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