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Registered number: 07425689
Electrical Solutions (Europe) Ltd
Financial Statements
For The Year Ended 30 November 2023
Nijjer Accountants Ltd
Chartered Accountants
5-7 Station Road
Longfield
Kent
DA3 7QD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07425689
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 129,841 90,567
129,841 90,567
CURRENT ASSETS
Stocks 5 27,163 30,150
Debtors 6 483,906 313,714
Cash at bank and in hand 201,215 313,112
712,284 656,976
Creditors: Amounts Falling Due Within One Year 7 (347,695 ) (304,901 )
NET CURRENT ASSETS (LIABILITIES) 364,589 352,075
TOTAL ASSETS LESS CURRENT LIABILITIES 494,430 442,642
Creditors: Amounts Falling Due After More Than One Year 8 (65,677 ) (60,292 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (27,961 ) (17,208 )
NET ASSETS 400,792 365,142
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 400,791 365,141
SHAREHOLDERS' FUNDS 400,792 365,142
Page 1
Page 2
For the 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.
The member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Arvinder Kaur Balrow
Director
30 August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Electrical Solutions (Europe) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07425689 . The registered office is 5-7, Station Road, Longfield, Kent, DA3 7QD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
2.4. Leasing and Hire Purchase Contracts
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum leasepayments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2.5. Stocks and Work in Progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
2.6. Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2.7. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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2.8. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.9. Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 5)
5 5
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 December 2022 30,975 103,981 - 134,956
Additions 26,085 26,176 13,000 65,261
As at 30 November 2023 57,060 130,157 13,000 200,217
Depreciation
As at 1 December 2022 12,375 32,014 - 44,389
Provided during the period 3,591 21,918 478 25,987
As at 30 November 2023 15,966 53,932 478 70,376
Net Book Value
As at 30 November 2023 41,094 76,225 12,522 129,841
As at 1 December 2022 18,600 71,967 - 90,567
5. Stocks
2023 2022
£ £
Stock 27,163 30,150
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 230,975 236,958
Other debtors 252,931 76,756
483,906 313,714
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 14,757 14,406
Trade creditors 271,101 225,525
Other creditors 59,653 63,138
Taxation and social security 2,184 1,832
347,695 304,901
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 65,677 60,292
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
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