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Company No: 07416123 (England and Wales)

KNIGHT ELECTRICAL SWITCHGEAR LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

KNIGHT ELECTRICAL SWITCHGEAR LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

KNIGHT ELECTRICAL SWITCHGEAR LIMITED

BALANCE SHEET

As at 30 April 2024
KNIGHT ELECTRICAL SWITCHGEAR LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 103,608 129,436
103,608 129,436
Current assets
Stocks 4 613,326 789,279
Debtors 5 919,610 420,152
Cash at bank and in hand 656,525 1,097,741
2,189,461 2,307,172
Creditors: amounts falling due within one year 6 ( 1,647,759) ( 1,948,747)
Net current assets 541,702 358,425
Total assets less current liabilities 645,310 487,861
Provision for liabilities ( 15,000) ( 15,000)
Net assets 630,310 472,861
Capital and reserves
Called-up share capital 7 180 180
Share premium account 684 684
Capital redemption reserve 115 115
Profit and loss account 629,331 471,882
Total shareholders' funds 630,310 472,861

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Knight Electrical Switchgear Limited (registered number: 07416123) were approved and authorised for issue by the Board of Directors on 04 September 2024. They were signed on its behalf by:

N Gould
Director
KNIGHT ELECTRICAL SWITCHGEAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
KNIGHT ELECTRICAL SWITCHGEAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Knight Electrical Switchgear Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 1 Donyatt Business Park, Donyatt, Ilminster, TA19 0RG, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts invoiced, net of value added tax and after trade discounts, in respect of the sale of goods and services, as adjusted to reflect changes in the value of amounts recoverable on contracts.

Contracts are stated at a net cost less foreseeable losses. Where the outcome of the contract can be foreseen and the net cost plus profit earned to date exceeds the invoiced amount, the value is included in debtors as amounts recoverable on long term contracts. Invoiced amounts which exceed net cost or valuation are included in creditors as payments on account.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
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 financial statements. 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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 6.67 years straight line
Plant and machinery 15 - 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 30 29

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 May 2023 41,261 125,077 114,664 38,867 319,869
Additions 0 6,605 0 4,505 11,110
Disposals 0 ( 9,260) 0 ( 5,495) ( 14,755)
At 30 April 2024 41,261 122,422 114,664 37,877 316,224
Accumulated depreciation
At 01 May 2023 20,228 85,938 57,106 27,161 190,433
Charge for the financial year 5,049 12,148 14,390 5,351 36,938
Disposals 0 ( 9,260) 0 ( 5,495) ( 14,755)
At 30 April 2024 25,277 88,826 71,496 27,017 212,616
Net book value
At 30 April 2024 15,984 33,596 43,168 10,860 103,608
At 30 April 2023 21,033 39,139 57,558 11,706 129,436

4. Stocks

2024 2023
£ £
Stocks 613,326 789,279

5. Debtors

2024 2023
£ £
Trade debtors 895,372 380,930
Other debtors 24,238 39,222
919,610 420,152

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 551,518 655,340
Taxation and social security 339,776 253,308
Other creditors 756,465 1,040,099
1,647,759 1,948,747

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
160 Ordinary A shares of £ 1.00 each 160 160
7 Ordinary F shares of £ 1.00 each 7 7
7 Ordinary G shares of £ 1.00 each 7 7
2 Ordinary H shares of £ 1.00 each 2 2
4 Ordinary I shares of £ 1.00 each 4 4
180 180