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Registration number: 04095090

James Electrics Contracting Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2024

 

James Electrics Contracting Limited
(Registration number: 04095090)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

James Electrics Contracting Limited
(Registration number: 04095090)

Company Information

Directors

Mr A Heighton

Mr G Horsman

Mr D E Gould

Registered office

Unit A1
Brannam Crescent
Roundswell Business Park
Barnstaple
Devon
EX31 3TD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

James Electrics Contracting Limited
(Registration number: 04095090)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

230,879

150,009

Current assets

 

Stocks

6

9,000

9,000

Debtors

7

597,281

758,334

Cash at bank and in hand

 

363,209

320,341

 

969,490

1,087,675

Creditors: Amounts falling due within one year

8

(678,712)

(828,067)

Net current assets

 

290,778

259,608

Total assets less current liabilities

 

521,657

409,617

Creditors: Amounts falling due after more than one year

8

(308,460)

(208,051)

Provisions for liabilities

(47,353)

(20,887)

Net assets

 

165,844

180,679

Capital and reserves

 

Called up share capital

60

60

Capital redemption reserve

40

40

Profit and loss account

165,744

180,579

Total equity

 

165,844

180,679

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.

 

James Electrics Contracting Limited
(Registration number: 04095090)

Balance Sheet as at 31 March 2024

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 5 September 2024 and signed on its behalf by:
 

.........................................
Mr A Heighton
Director

 

James Electrics Contracting Limited
(Registration number: 04095090)

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:
Unit A1
Brannam Crescent
Roundswell Business Park
Barnstaple
Devon
EX31 3TD

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.

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.

 

James Electrics Contracting Limited
(Registration number: 04095090)

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

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

Short leasehold

Over 20 years

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Office equipment

Over 4 years

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

Over 10 years

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.

 

James Electrics Contracting Limited
(Registration number: 04095090)

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

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.

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.

 

James Electrics Contracting Limited
(Registration number: 04095090)

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

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.

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 38 (2023 - 40).

 

James Electrics Contracting Limited
(Registration number: 04095090)

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

800,000

800,000

At 31 March 2024

800,000

800,000

Amortisation

At 1 April 2023

800,000

800,000

At 31 March 2024

800,000

800,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

40,085

66,776

356,556

16,920

480,337

Additions

-

787

122,110

531

123,428

Disposals

-

-

(80,933)

-

(80,933)

At 31 March 2024

40,085

67,563

397,733

17,451

522,832

Depreciation

At 1 April 2023

31,689

61,478

221,201

15,960

330,328

Charge for the year

2,004

2,267

20,350

242

24,863

Eliminated on disposal

-

-

(63,238)

-

(63,238)

At 31 March 2024

33,693

63,745

178,313

16,202

291,953

Carrying amount

At 31 March 2024

6,392

3,818

219,420

1,249

230,879

At 31 March 2023

8,396

5,298

135,355

960

150,009

Included within the net book value of land and buildings above is £6,392 (2023 - £8,396) in respect of short leasehold land and buildings.

 

James Electrics Contracting Limited
(Registration number: 04095090)

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

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

9,000

9,000

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

412,974

504,848

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

70,543

-

Other debtors

 

91,992

244,970

Prepayments and accrued income

 

21,772

8,516

Total current trade and other debtors

 

597,281

758,334

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

73,409

63,899

Trade creditors

 

355,490

443,449

Taxation and social security

 

148,866

126,075

Other creditors

 

64,688

184,973

Accrued expenses

 

6,259

9,671

Deferred income

 

30,000

-

 

678,712

828,067

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £30,409 (2023 - £20,899).

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

251,419

119,810

Other non-current financial liabilities

 

57,041

88,241

 

308,460

208,051

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £49,714 (2023 - £16,561).

 

James Electrics Contracting Limited
(Registration number: 04095090)

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

9

Related party transactions

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Interest free loan

23,062

33,474

(23,062)

33,474

         

Interest free loan

22,184

33,596

(22,184)

33,596

         

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Interest free loan

-

23,062

-

23,062

         
       

Interest free loan

-

22,184

-

22,184