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Registration number: 06191005

PM Electrical (SW) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

































 

image-name

Abacus Accountants
21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

 

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Company Information

Directors

Mr Conner James Oliver

Mrs Alanis Melita Oliver

Registered office

82a Fore Street
CHUDLEIGH
Devon
TQ13 0HT

Bankers

Santander
Business Banking
301 St Vincent Street
GLASGOW
G2 5NT

Accountants

Abacus Business Management Limited
21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
PM Electrical (SW) Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of PM Electrical (SW) Limited for the year ended 31 March 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

Although not a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), wherever possible we have carried out this engagement in accordance with its ethical and other professional requirements.

This report is made solely to the Board of Directors of PM Electrical (SW) Limited, as a body, in accordance with the terms of our engagement letter dated 30 April 2019. Our work has been undertaken solely to prepare for your approval the accounts of PM Electrical (SW) Limited and state those matters that we have agreed to state to the Board of Directors of PM Electrical (SW) Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PM Electrical (SW) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that PM Electrical (SW) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of PM Electrical (SW) Limited. You consider that PM Electrical (SW) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of PM Electrical (SW) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Abacus Business Management Limited
21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

31 July 2024

 

(Registration number: 06191005)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

10,583

19,867

Current assets

 

Stocks

6

2,680

2,746

Debtors

7

8,760

11,830

Cash at bank and in hand

 

26,815

64,655

 

38,255

79,231

Creditors: Amounts falling due within one year

8

(45,606)

(70,005)

Net current (liabilities)/assets

 

(7,351)

9,226

Net assets

 

3,232

29,093

Capital and reserves

 

Called up share capital

9

10

10

Retained earnings

3,222

29,083

Shareholders' funds

 

3,232

29,093

For the financial year ending 31 March 2024 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mr Conner James Oliver
Director

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
82a Fore Street
CHUDLEIGH
Devon
TQ13 0HT
United Kingdom

These financial statements were authorised for issue by the Board on 31 July 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

The company was in receipt of employment training support grant during the trading year.

Tax

The tax expense for the period comprises current 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.

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.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Tools and equipment

18% on written down value

Motor vehicles

18% on written down value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on straight line basis

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

Defined contribution pension obligation

Since the company's Workplace Pension automatic enrolment staging date on 1st January 2017 the company has operated a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in profit and loss account when due.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

15,000

15,000

At 31 March 2024

15,000

15,000

Amortisation

At 1 April 2023

15,000

15,000

At 31 March 2024

15,000

15,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Motor vehicles
 £

Tools and equipment
£

Total
£

Cost or valuation

At 1 April 2023

29,110

17,525

46,635

Additions

-

1,927

1,927

Disposals

(16,120)

-

(16,120)

At 31 March 2024

12,990

19,452

32,442

Depreciation

At 1 April 2023

15,406

11,362

26,768

Charge for the year

867

1,456

2,323

Eliminated on disposal

(7,232)

-

(7,232)

At 31 March 2024

9,041

12,818

21,859

Carrying amount

At 31 March 2024

3,949

6,634

10,583

At 31 March 2023

13,704

6,163

19,867

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Work in progress

1,680

1,746

Other inventories

1,000

1,000

2,680

2,746

7

Debtors

Current

2024
£

2023
£

Trade debtors

6,746

9,401

Prepayments

2,014

2,129

Other debtors

-

300

 

8,760

11,830

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

4,898

5,235

Amounts due to related parties

23,437

40,363

Taxation and social security

12,636

17,204

Accruals and deferred income

103

109

Other creditors

4,532

7,094

45,606

70,005

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary GBP £1 of £1 each

10

10

10

10

       

10

Dividends

2024

2023

£

£

Final dividend of £1,000.00 (2023 - £1,000.00) per ordinary share

10,000

10,000

Interim dividend of £2,310.90 (2023 - £3,800.00) per ordinary share

23,109

38,000

33,109

48,000

 

 

The directors are recommending a final dividend of £100.00 (2023 - £1,000.00) per share totalling £1,000.00 (2023 - £10,000.00). This dividend has not been accrued in the balance sheet.

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

11,940

11,940

Contributions paid to money purchase schemes

171

14

12,111

11,954