IRIS Accounts Production v24.1.4.33 SC413668 Board of Directors Board of Directors 1.3.23 28.2.24 28.2.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4136682023-02-28SC4136682024-02-28SC4136682023-03-012024-02-28SC4136682022-02-28SC4136682022-03-012023-02-28SC4136682023-02-28SC413668ns15:Scotland2023-03-012024-02-28SC413668ns14:PoundSterling2023-03-012024-02-28SC413668ns10:Director12023-03-012024-02-28SC413668ns10:Director22023-03-012024-02-28SC413668ns10:PrivateLimitedCompanyLtd2023-03-012024-02-28SC413668ns10:SmallEntities2023-03-012024-02-28SC413668ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-28SC413668ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-28SC413668ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-28SC413668ns10:FullAccounts2023-03-012024-02-28SC413668ns10:RegisteredOffice2023-03-012024-02-28SC413668ns5:CurrentFinancialInstruments2024-02-28SC413668ns5:CurrentFinancialInstruments2023-02-28SC413668ns5:Non-currentFinancialInstruments2024-02-28SC413668ns5:Non-currentFinancialInstruments2023-02-28SC413668ns5:ShareCapital2024-02-28SC413668ns5:ShareCapital2023-02-28SC413668ns5:RetainedEarningsAccumulatedLosses2024-02-28SC413668ns5:RetainedEarningsAccumulatedLosses2023-02-28SC413668ns5:FurnitureFittings2023-03-012024-02-28SC413668ns5:MotorVehicles2023-03-012024-02-28SC413668ns5:ComputerEquipment2023-03-012024-02-28SC413668ns5:FurnitureFittings2023-02-28SC413668ns5:MotorVehicles2023-02-28SC413668ns5:ComputerEquipment2023-02-28SC413668ns5:FurnitureFittings2024-02-28SC413668ns5:MotorVehicles2024-02-28SC413668ns5:ComputerEquipment2024-02-28SC413668ns5:FurnitureFittings2023-02-28SC413668ns5:MotorVehicles2023-02-28SC413668ns5:ComputerEquipment2023-02-28SC413668ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-28SC413668ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-28
REGISTERED NUMBER: SC413668 (Scotland)












Financial Statements

for the Year Ended 28 February 2024

for

I D S Electrical Contractors Ltd

I D S Electrical Contractors Ltd (Registered number: SC413668)






Contents of the Financial Statements
for the Year Ended 28 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


I D S Electrical Contractors Ltd

Company Information
for the Year Ended 28 February 2024







DIRECTORS: I P Dunphy
D S Shearer





REGISTERED OFFICE: 27a Blackhall Street
Paisley
PA1 1TD





REGISTERED NUMBER: SC413668 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

I D S Electrical Contractors Ltd (Registered number: SC413668)

Balance Sheet
28 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 103,777 97,817

CURRENT ASSETS
Stocks 132,984 25,075
Debtors 5 138,914 569,199
Cash at bank 68,178 -
340,076 594,274
CREDITORS
Amounts falling due within one year 6 362,112 525,654
NET CURRENT (LIABILITIES)/ASSETS (22,036 ) 68,620
TOTAL ASSETS LESS CURRENT
LIABILITIES

81,741

166,437

CREDITORS
Amounts falling due after more than one year 7 (41,931 ) (53,162 )

PROVISIONS FOR LIABILITIES (25,944 ) (18,626 )
NET ASSETS 13,866 94,649

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 13,864 94,647
SHAREHOLDERS' FUNDS 13,866 94,649

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 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.

I D S Electrical Contractors Ltd (Registered number: SC413668)

Balance Sheet - continued
28 February 2024


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 15 August 2024 and were signed on its behalf by:




D S Shearer - Director



I P Dunphy - Director


I D S Electrical Contractors Ltd (Registered number: SC413668)

Notes to the Financial Statements
for the Year Ended 28 February 2024

1. STATUTORY INFORMATION

I D S Electrical Contractors Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Going concern
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Turnover is measured at the fair value of the consideration received or receivable in respect of work done on contracts, net of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


I D S Electrical Contractors Ltd (Registered number: SC413668)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2024

2. 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.

Tangible fixed assets
Motor Vehicles, included in the above, which are held under hire purchase contracts are £163,763. NBV £83,437.

Impairment of fixed assets
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 15 ) .

I D S Electrical Contractors Ltd (Registered number: SC413668)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 March 2023 32,369 165,780 6,522 204,671
Additions 233 25,315 3,017 28,565
At 28 February 2024 32,602 191,095 9,539 233,236
DEPRECIATION
At 1 March 2023 15,964 84,930 5,960 106,854
Charge for year 3,475 18,280 850 22,605
At 28 February 2024 19,439 103,210 6,810 129,459
NET BOOK VALUE
At 28 February 2024 13,163 87,885 2,729 103,777
At 28 February 2023 16,405 80,850 562 97,817

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 65,631 510,002
Other debtors 73,283 59,197
138,914 569,199

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 14,717
Hire purchase contracts 24,717 18,376
Trade creditors 163,824 244,125
Taxation and social security 158,189 224,212
Other creditors 5,382 24,224
362,112 525,654

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 11,667 21,667
Hire purchase contracts 30,264 31,495
41,931 53,162