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
Ideal Electrical Solutions (UK) Limited
Company Information
for the year ended 31 October 2023
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
Ideal Electrical Solutions (UK) Limited
Statement of financial position
as at 31 October 2023
Tangible assets
198,879
122,999
Cash at bank and in hand
47,451
28,117
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
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
Ideal Electrical Solutions (UK) Limited
Notes to the Accounts
for the year ended 31 October 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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 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.
Ideal Electrical Solutions (UK) Limited
Notes to the Accounts
for the year ended 31 October 2023
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.
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
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
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
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
Carrying values included above held under finance leases and hire purchase contracts:
£
£
Ideal Electrical Solutions (UK) Limited
Notes to the Accounts
for the year ended 31 October 2023
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
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
5,555
9,656
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
-
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
41,114
-
9
Deferred taxation
2023
2022
Accelerated capital allowances
30,485
8,331
Tax losses carried forward
(14,072)
-
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
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
Ideal Electrical Solutions (UK) Limited
Notes to the Accounts
for the year ended 31 October 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
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).