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Registration number: 06775442

Disc Electrical Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Disc Electrical Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Disc Electrical Limited

Company Information

Directors

Mr D I Davies

Mr D C Kinsella

Registered office

3 Stadium Court
Plantation Road
Bromborough
Wirral
CH62 3QG

Accountants

G W Kelly & Company
Chartered Certified Accountants
3 Stadium Court
Plantation Road
Bromborough
Merseyside
CH62 3QG

 

Disc Electrical Limited

(Registration number: 06775442)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

187,500

426,163

Current assets

 

Debtors

5

428,738

486,581

Cash at bank and in hand

 

278,212

177,297

 

706,950

663,878

Creditors: Amounts falling due within one year

6

(369,323)

(335,172)

Net current assets

 

337,627

328,706

Total assets less current liabilities

 

525,127

754,869

Creditors: Amounts falling due after more than one year

6

(62,086)

(254,694)

Provisions for liabilities

(39,944)

(33,698)

Net assets

 

423,097

466,477

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

423,095

466,475

Shareholders' funds

 

423,097

466,477

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

 

Disc Electrical Limited

(Registration number: 06775442)
Balance Sheet as at 31 December 2023

.........................................
Mr D I Davies
Director

.........................................
Mr D C Kinsella
Director

 

Disc Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
3 Stadium Court
Plantation Road
Bromborough
Wirral
CH62 3QG

The principal place of business is:
Unit 10
Wistaston Road Business Centre
Wistaston Road
Crewe
Cheshire
CW2 7RP

These financial statements were authorised for issue by the Board on 10 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

 

Disc Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

20%per annum straight line

Motor Vehicles

25% per annum straight line

Office Equipment

33% per annum straight line

Fixtures & Fittings

10% per annum straight line

Land and Buildings

2% per annum straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Disc Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Disc Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2022 - 18).

 

Disc Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

319,815

35,010

213,118

68,768

636,711

Additions

-

-

87,820

13,614

101,434

Disposals

(319,815)

-

(24,997)

-

(344,812)

At 31 December 2023

-

35,010

275,941

82,382

393,333

Depreciation

At 1 January 2023

12,100

32,498

133,934

32,016

210,548

Charge for the year

2,122

354

21,955

10,073

34,504

Eliminated on disposal

(14,222)

-

(24,997)

-

(39,219)

At 31 December 2023

-

32,852

130,892

42,089

205,833

Carrying amount

At 31 December 2023

-

2,158

145,049

40,293

187,500

At 31 December 2022

307,715

2,512

79,184

36,752

426,163

Included within the net book value of land and buildings above is £ (2022 - £307,715) in respect of freehold land and buildings.
 

 

Disc Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

333,738

391,581

Other debtors

95,000

95,000

 

428,738

486,581

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

10,561

10,561

Trade creditors

 

287,356

204,840

Taxation and social security

 

68,854

133,413

Other creditors

 

2,552

(13,642)

 

369,323

335,172

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £10,561 (2022 - £10,561).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

62,086

254,694

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £62,086 (2022 - £254,694).

Creditors include bank loans repayable by instalments of £Nil (2022- £211,877) due after more than five years.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

Disc Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

19,910

241,671

Hire purchase contracts

42,176

13,023

62,086

254,694

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,000

5,000

Hire purchase contracts

5,561

5,561

10,561

10,561

9

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

30,000

30,000

Contributions paid to money purchase schemes

178,000

142,000

208,000

172,000