Caseware UK (AP4) 2023.0.135 2023.0.135 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2022-10-01falseNo description of principal activity9688true NI012273 2022-10-01 2023-09-30 NI012273 2021-10-01 2022-09-30 NI012273 2023-09-30 NI012273 2022-09-30 NI012273 2021-10-01 NI012273 1 2022-10-01 2023-09-30 NI012273 d:CompanySecretary1 2022-10-01 2023-09-30 NI012273 d:Director1 2022-10-01 2023-09-30 NI012273 d:Director2 2022-10-01 2023-09-30 NI012273 d:Director3 2022-10-01 2023-09-30 NI012273 d:Director3 2023-09-30 NI012273 d:RegisteredOffice 2022-10-01 2023-09-30 NI012273 d:Agent1 2022-10-01 2023-09-30 NI012273 c:Buildings 2022-10-01 2023-09-30 NI012273 c:Buildings 2023-09-30 NI012273 c:Buildings 2022-09-30 NI012273 c:Buildings c:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 NI012273 c:Buildings c:LongLeaseholdAssets 2022-10-01 2023-09-30 NI012273 c:Buildings c:LongLeaseholdAssets 2023-09-30 NI012273 c:Buildings c:LongLeaseholdAssets 2022-09-30 NI012273 c:PlantMachinery 2022-10-01 2023-09-30 NI012273 c:PlantMachinery 2023-09-30 NI012273 c:PlantMachinery 2022-09-30 NI012273 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 NI012273 c:MotorVehicles 2022-10-01 2023-09-30 NI012273 c:MotorVehicles 2023-09-30 NI012273 c:MotorVehicles 2022-09-30 NI012273 c:MotorVehicles c:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 NI012273 c:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 NI012273 c:CurrentFinancialInstruments 2023-09-30 NI012273 c:CurrentFinancialInstruments 2022-09-30 NI012273 c:Non-currentFinancialInstruments 2023-09-30 NI012273 c:Non-currentFinancialInstruments 2022-09-30 NI012273 c:CurrentFinancialInstruments c:WithinOneYear 2023-09-30 NI012273 c:CurrentFinancialInstruments c:WithinOneYear 2022-09-30 NI012273 c:Non-currentFinancialInstruments c:AfterOneYear 2023-09-30 NI012273 c:Non-currentFinancialInstruments c:AfterOneYear 2022-09-30 NI012273 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-09-30 NI012273 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-09-30 NI012273 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-09-30 NI012273 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-09-30 NI012273 c:ShareCapital 2023-09-30 NI012273 c:ShareCapital 2022-09-30 NI012273 c:RevaluationReserve 2022-10-01 2023-09-30 NI012273 c:RevaluationReserve 2023-09-30 NI012273 c:RevaluationReserve 2022-09-30 NI012273 c:OtherMiscellaneousReserve 2023-09-30 NI012273 c:OtherMiscellaneousReserve 2022-09-30 NI012273 c:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 NI012273 c:RetainedEarningsAccumulatedLosses 2023-09-30 NI012273 c:RetainedEarningsAccumulatedLosses 2022-09-30 NI012273 c:AcceleratedTaxDepreciationDeferredTax 2023-09-30 NI012273 c:AcceleratedTaxDepreciationDeferredTax 2022-09-30 NI012273 c:TaxLossesCarry-forwardsDeferredTax 2023-09-30 NI012273 c:TaxLossesCarry-forwardsDeferredTax 2022-09-30 NI012273 d:OrdinaryShareClass1 2022-10-01 2023-09-30 NI012273 d:OrdinaryShareClass1 2023-09-30 NI012273 d:OrdinaryShareClass1 2022-09-30 NI012273 d:FRS102 2022-10-01 2023-09-30 NI012273 d:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 NI012273 d:FullAccounts 2022-10-01 2023-09-30 NI012273 d:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 NI012273 c:EntityControlledByKeyManagementPersonnel1 2022-10-01 2023-09-30 NI012273 c:EntityControlledByKeyManagementPersonnel1 2023-09-30 NI012273 c:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-10-01 2023-09-30 NI012273 5 2022-10-01 2023-09-30 iso4217:GBP xbrli:shares xbrli:pure

Unaudited Financial Statements
Grants Electrical Services (NI) Limited
For the year ended 30 September 2023





































Registered number: NI012273

 
Grants Electrical Services (NI) Limited
 

Company Information


Directors
D Moore 
R C Paul 
I D Laverty (resigned 3 January 2023)




Company secretary
D Moore



Registered number
NI012273



Registered office
18a Pennybridge Industrial Estate

Ballymena

Northern Ireland

BT42 3HB




Accountants
Grant Thornton (NI) LLP
Chartered Accountants

12 - 15 Donegall Square West

Belfast

BT1 6JH




Bankers
Ulster Bank Limitied
The Diamond

Coleraine

BT52 1DP




Solicitors
Anderson Agnew & Co
14 Mill Street

Ballymena

Co. Antrim

BT43 5AE





 
Grants Electrical Services (NI) Limited
 

Contents



Page
Accountant's Report
1
Balance Sheet
2 - 3
Notes to the Financial Statements
4 - 15


  
img3dca.png
Independent Accountant's Report to the directors of the unaudited financial statements of Grants Electrical Services (NI) Limited for the year ended 30 September 2023

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Grants Electrical Services (NI) Limited for the year ended 30 September 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes In Equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the directors of Grants Electrical Services (NI) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Grants Electrical Services (NI) Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grants Electrical Services (NI) Limited and its directors, as a body, for our work or for this report.


We have carried out this engagement in accordance with the technical guidance issued by Chartered Accountants Ireland ("the Institute") and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 30 September 2023 and you have acknowledged on the Balance Sheet as at 30 September 2023 your duty to ensure that Grants Electrical Services (NI) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Grants Electrical Services (NI) Limited is exempt from the statutory audit requirement for the year ended 30 September 2023.

We have not been instructed to carry out an audit or review the financial statements of Grants Electrical Services (NI) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. 




  


Grant Thornton (NI) LLP

Chartered Accountants
12 - 15 Donegall Square West
Belfast
BT1 6JH







Date:   22 August 2024
Page 1

 
Grants Electrical Services (NI) Limited
Registered number:NI012273

Balance Sheet
As at 30 September 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
794,540
739,320

  
794,540
739,320

Current assets
  

Stocks
 6 
1,664,145
1,142,504

Debtors: amounts falling due within one year
 7 
2,137,488
2,532,650

Cash at bank and in hand
 8 
16,202
37,201

  
3,817,835
3,712,355

Creditors: amounts falling due within one year
 9 
(1,971,790)
(2,032,149)

Net current assets
  
 
 
1,846,045
 
 
1,680,206

Total assets less current liabilities
  
2,640,585
2,419,526

Creditors: amounts falling due after more than one year
 10 
(20,001)
(30,833)

Provisions for liabilities
  

Deferred tax
 12 
(65,542)
(62,704)

  
 
 
(65,542)
 
 
(62,704)

Net assets
  
2,555,042
2,325,989


Capital and reserves
  

Called up share capital 
 13 
230,000
230,000

Revaluation reserve
 14 
521,805
521,805

Other reserves
 14 
29,033
29,033

Profit and loss account
 14 
1,774,204
1,545,151

  
2,555,042
2,325,989


Page 2

 
Grants Electrical Services (NI) Limited
Registered number:NI012273

Balance Sheet (continued)
As at 30 September 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 August 2024.




D Moore
Director

The notes on pages 4 to 15 form part of these financial statements.

Page 3

 
Grants Electrical Services (NI) Limited
 
 
Notes to the Financial Statements
For the year ended 30 September 2023

1.


General information

Grant's Electrical Services (NI) Limited is a private company limited by shares incorporated and domiciled in United Kingdom. The address of its registered office is 18a Pennybridge Industrial Estate, Ballymena, Northern Ireland, BT42 3HB.
The principal activity of the Company is that of repairs of other equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
Grants Electrical Services (NI) Limited
 

Notes to the Financial Statements
For the year ended 30 September 2023

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 5

 
Grants Electrical Services (NI) Limited
 

Notes to the Financial Statements
For the year ended 30 September 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 6

 
Grants Electrical Services (NI) Limited
 

Notes to the Financial Statements
For the year ended 30 September 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Long-term leasehold property
-
5%
straight line
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 7

 
Grants Electrical Services (NI) Limited
 

Notes to the Financial Statements
For the year ended 30 September 2023

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 8

 
Grants Electrical Services (NI) Limited
 

Notes to the Financial Statements
For the year ended 30 September 2023

2.Accounting policies (continued)

 
2.17

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. 
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 9

 
Grants Electrical Services (NI) Limited
 
 
Notes to the Financial Statements
For the year ended 30 September 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
b) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets. 
c) Carrying value of stock
Stock represents goods for resale and is measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. Provision is made for obsolete and slow moving stock based on historical experience.


4.


Employees

The average monthly number of employees, including directors, during the year was 96 (2022 -88).

Page 10

 
Grants Electrical Services (NI) Limited
 
 
Notes to the Financial Statements
For the year ended 30 September 2023

5.


Tangible fixed assets





Freehold property
Leasehold improvemets
Plant and machinery
Motor vehicles
Total

£
£
£
£
£



Cost or valuation


At 1 October 2022
525,000
141,755
925,838
45,320
1,637,913


Additions
-
45,268
58,755
12,300
116,323


Disposals
-
-
(52,647)
(45,320)
(97,967)



At 30 September 2023

525,000
187,023
931,946
12,300
1,656,269



Depreciation


At 1 October 2022
66,743
-
789,992
41,858
898,593


Charge for the year
9,500
-
38,290
-
47,790


Disposals
-
-
(42,796)
(41,858)
(84,654)



At 30 September 2023

76,243
-
785,486
-
861,729



Net book value



At 30 September 2023
448,757
187,023
146,460
12,300
794,540



At 30 September 2022
458,257
141,755
135,846
3,462
739,320


6.


Stocks

2023
2022
£
£

Work in progress
887,793
645,416

Finished goods and goods for resale
776,352
497,088

1,664,145
1,142,504




Page 11

 
Grants Electrical Services (NI) Limited
 
 
Notes to the Financial Statements
For the year ended 30 September 2023

7.


Debtors

2023
2022
£
£


Trade debtors
1,601,595
1,716,900

Amounts owed by group undertakings
10,687
10,687

Other debtors
514,389
775,981

Prepayments and accrued income
10,817
29,082

2,137,488
2,532,650


Amounts owed by related undertakings are unsecured, interest free and repayable on demand.


8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
16,202
37,201

Less: bank overdrafts
(123,326)
(562,010)

(107,124)
(524,809)


Page 12

 
Grants Electrical Services (NI) Limited
 
 
Notes to the Financial Statements
For the year ended 30 September 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
123,326
562,010

Bank loans
23,378
10,000

Trade creditors
1,388,811
930,486

Corporation tax
237,310
257,688

Other taxation and social security
158,459
254,798

Other creditors
26,235
-

Accruals and deferred income
14,271
17,167

1,971,790
2,032,149


Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers’ usual and customary credit terms.
Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.
Details of security provided:
The above bank loans and overdrafts are secured by and fixed and floating charge over the property of the company.


10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
20,001
30,833

20,001
30,833


Page 13

 
Grants Electrical Services (NI) Limited
 
 
Notes to the Financial Statements
For the year ended 30 September 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
23,378
10,000


23,378
10,000

Amounts falling due 1-2 years

Bank loans
10,001
10,000


10,001
10,000

Amounts falling due 2-5 years

Bank loans
10,001
20,833


10,001
20,833


43,380
40,833



12.


Deferred taxation




2023
2022


£

£






At beginning of year
62,704
43,470


Charged to profit or loss
2,838
17,010


Utilised in year
-
2,224



At end of year
65,542
62,704

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
68,517
63,755

Short term timing differences
(2,975)
(1,051)

65,542
62,704

Page 14

 
Grants Electrical Services (NI) Limited
 
 
Notes to the Financial Statements
For the year ended 30 September 2023

13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



230,000 (2022 -230,000) Ordinary shares of £1.00 each
230,000
230,000



14.


Reserves

Share capital
Represents the nominal value of shares that have been issued. 

Revaluation reserve

This represents the accumulated increase in value of investment properties net of provision for deferred tax.

Profit and loss account

Includes all current and prior period retained profits and losses.


15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £11,901 (2022 - £12,185) were payable to the fund at the balance sheet date.


16.


Related party transactions

At the balance sheet date a company which is related by virtue of common control owed the company £10,687 (2022: £10,687).
Included within other debtors is an amount owed by the Director of £341,295 (2022: £603,488).


17.


Comparative figures

Comparative figures have been restated to conform with current year presentation. This has had no impact on profit and loss reported. 

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