REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Electrical Testing Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Electrical Testing Limited |
Electrical Testing Limited (Registered number: 02476049) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Income and Retained Earnings | 10 |
Balance Sheet | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
Electrical Testing Limited |
Company Information |
for the Year Ended 31 December 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Senior statutory auditor: |
Auditors: |
Ingram House |
6 Meridian Way |
Norwich |
NR7 0TA |
Electrical Testing Limited (Registered number: 02476049) |
Strategic Report |
for the Year Ended 31 December 2023 |
This report is based on the financial statements for Electrical Testing Limited to 31st December 2023. They contain company information (list of directors, company number etc), a report from the directors, a report from the auditors, an income statement, balance sheet, cash flow statement and profit and loss account. |
Within these accounts are other comments from our financial auditors that are legalistic and detail the legislation that the company has adhered to and that the accounts have been prepared correctly. |
The purpose of this report is to review the performance of the business in 2023. |
Review of business and future outlook |
In the past year, Electrical Testing Limited has prioritised strengthening its core service offerings, with a keen focus on the consolidation of our existing markets. A significant part of our strategy has been to enhance our UKAS 17020 inspection services and solidify our presence in the highway electrical connections sector, areas where we already excel and see potential for further growth. |
Our approach for 2023 has been to deepen our market penetration by refining the quality and breadth of services we offer. This includes a concerted effort to improve customer satisfaction through the delivery of exceptional service and the development of innovative software solutions that enhance operational efficiency. |
As part of our commitment to maintain leadership in our field, we are also expanding our services to address the evolving needs of the electric vehicle (EV) charging infrastructure market. This expansion not only diversifies our service portfolio but also ensures we remain at the forefront of industry developments. |
The establishment of specialised traffic management division is a strategic move to complement our existing offerings, enabling us to offer comprehensive solutions tailored to the unique requirements of our clients in the highway electrical and EV charging sectors. |
Our focus on continuous improvement is underscored by our investment in research and development, aiming to introduce new technologies and methodologies that elevate the standard of our services. This initiative is coupled with a robust quality assurance program and active engagement with our clients to gather feedback and identify opportunities for service enhancement. |
With an overarching goal of solidifying our market position and enhancing our core service offerings, Electrical Testing Limited is dedicated to ensuring the highest levels of service excellence and customer satisfaction. Our strategic focus on consolidation, coupled with our commitment to innovation and quality, positions us to achieve sustained growth and success in our industry. |
Financial Highlights |
The directors consider that the key performance indicators (KPIs) are turnover and profit or loss before taxation. The KPIs for the year ended 31 December 2023 with comparatives for the year ended 31 December 2022 are as follows: |
Turnover for the year ended 31 December 2023 is £13,714,399 (2022: £13,614,076) |
Profit before taxation for the year ended 31 December 2023 is £818,353 (2022: profit of £1,526,703) |
Electrical Testing Limited (Registered number: 02476049) |
Strategic Report |
for the Year Ended 31 December 2023 |
Principal risks and uncertainties |
Principal risks and uncertainties are categorised as operational risks, commercial risks, ethical risks, environmental risks and training risks. |
Risk analysis is considered a key business activity and we maintain a risk control spreadsheet that:- |
1) Accurately identifies the category of risk |
2) Provides details of the risk |
3) Specifies the measures in place to minimise the risk and: |
4) Details the potential consequences if the risk is not managed or mitigated |
The risk register is discussed during board meetings and is regularly reviewed, updated and revised as necessary. It is considered that all risks identified are currently managed or mitigated. |
By order of the board: |
Electrical Testing Limited (Registered number: 02476049) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
Principal activity |
We are a leading provider of Highways Services in the United Kingdom. With over 30 years of experience, we have built the business on a foundation of trust, performance and unparalleled customer service. |
Our team of chartered engineers and specialists work with a large range of clients across the UK, from local authorities and contractors to consultants and individuals. We're proud to be recognised as a significant independent player in the world of electrical inspection and testing, connections and training in cities and on highways across the country. |
We're respected as one of the first independent companies to receive accreditation under the National Electricity Registration Scheme (NERS) run by Lloyds Register on behalf of the UK Distribution Network Operators. |
With a commitment to modernisation, impartiality and technological innovation, we aim higher, to raise the bar and set the standards for others to follow. |
We employ only the best staff, offering a broad range of experience and skills across industry, and we inspect and test a complete range of premises including Government buildings, MOD sites, petrol and oil installations, swimming pools, tower blocks, shopping malls, council assets, utility company assets, museums, public buildings, office blocks and private homes. |
We offer a wide spectrum of services including electrical testing and inspections, Underground cable route tracing and plotting, Thermographic surveys, Street lighting data collection surveys, Jointing (live/dead) of street light columns, Structural testing street lighting using Dipstik, Underground cable fault locating. |
We are approved to the highest standards for technical expertise, quality, environmental standards and health & safety. This is demonstrated with registrations held through UKAS, Lloyds (NERS), HEA (HERS), NICEIC, Lantra Awards and City and Guilds. |
Dividends |
The total distribution of dividends for the year ended 31 December 2023 was £447,224 (2022 - £399,000). |
Directors |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Throughout the period Mr S A Hobbs, Mr A J Hobbs and Mrs E J Hobbs were directors of Electrical Testing (Holdings) Limited, the ultimate parent company. |
Electrical Testing Limited (Registered number: 02476049) |
Report of the Directors |
for the Year Ended 31 December 2023 |
Statement of directors' responsibilities |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Auditors |
The auditors, CG LEE Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
By order of the board: |
Report of the Independent Auditors to the Members of |
Electrical Testing Limited |
Opinion |
We have audited the financial statements of Electrical Testing Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Report of the Independent Auditors to the Members of |
Electrical Testing Limited |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Electrical Testing Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws and tax legislation, and we considered the extent to which non compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: |
- discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation; |
- evaluating management's controls designed to prevent and detect irregularities; |
- identifying and testing of journal entries for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business; and |
- reviewing significant accounting estimates for management bias. |
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Electrical Testing Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Ingram House |
6 Meridian Way |
Norwich |
NR7 0TA |
Electrical Testing Limited (Registered number: 02476049) |
Statement of Income and Retained Earnings |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
Operating profit | 4 |
Interest receivable and similar income |
818,405 | 1,526,743 |
Interest payable and similar expenses | 5 | ( |
) | ( |
) |
Profit before taxation |
Tax on profit | 6 | ( |
) | ( |
) |
Profit for the financial year |
Retained earnings at beginning of year |
Dividends | 7 | ( |
) | ( |
) |
Retained earnings at end of year |
Electrical Testing Limited (Registered number: 02476049) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 8 |
Current assets |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 11 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 13 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 14 |
Retained earnings | 15 |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
Electrical Testing Limited (Registered number: 02476049) |
Cash Flow Statement |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase or finance lease rental payments paid |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) |
Amount introduced by directors | 15,791 | 10,095 |
Amount withdrawn by directors | (322,154 | ) | (15,791 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
2,681,539 |
Cash and cash equivalents at end of year | 2 | 3,318,028 | 3,412,993 |
Electrical Testing Limited (Registered number: 02476049) |
Notes to the Cash Flow Statement |
for the Year Ended 31 December 2023 |
1. | Reconciliation of profit before taxation to cash generated from operations |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs |
Finance income | ( |
) | ( |
) |
895,737 | 1,687,616 |
Decrease/(increase) in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | Cash and cash equivalents |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 3,318,028 | 3,412,993 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 3,412,993 | 2,681,539 |
3. | Analysis of changes in net funds |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,412,993 | (94,965 | ) | 3,318,028 |
3,412,993 | ( |
) | 3,318,028 |
Total | 3,412,993 | (94,965 | ) | 3,318,028 |
Electrical Testing Limited (Registered number: 02476049) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | Statutory information |
Electrical Testing Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
Land and buildings- Over the lease period |
Plant and machinery etc. -15 - 25% reducing balance, 25% straight line |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Electrical Testing Limited (Registered number: 02476049) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | Accounting policies - continued |
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. |
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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
3. | Employees and directors |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
Electrical Testing Limited (Registered number: 02476049) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | Employees and directors - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 6 | 6 |
Sales | 3 | 3 |
Administration | 36 | 32 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
4. | Operating profit |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts or finance leases |
Loss on disposal of fixed assets |
Auditors' remuneration |
5. | Interest payable and similar expenses |
2023 | 2022 |
£ | £ |
Late payment interest |
Leasing |
Electrical Testing Limited (Registered number: 02476049) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Adjustment for prior years | - | (56,257 | ) |
Total current tax |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
Structures & building allowance | (5,404 | ) | (3,604 | ) |
Super deduction allowance | (303 | ) | (3,388 | ) |
Change in tax rate | (8,792 | ) | (4,400 | ) |
Total tax charge | 137,011 | 195,873 |
7. | Dividends |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim |
Ordinary B share of £1 |
Interim |
Ordinary C share of £1 |
Interim |
Electrical Testing Limited (Registered number: 02476049) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | Tangible fixed assets |
Improvements | Long | Plant and |
to property | leasehold | machinery |
£ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
Disposals |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Eliminated on disposal |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
Electrical Testing Limited (Registered number: 02476049) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | Stocks |
2023 | 2022 |
£ | £ |
Stocks |
10. | Debtors |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Applications | 473,641 | 675,711 |
Amounts owed by group undertakings |
Other debtors |
Directors' loan accounts | 77,207 | 15,791 |
VAT debtor | 49,394 | 123,285 |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Directors' loan accounts | 244,947 | - |
Tax |
Aggregate amounts |
11. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
Electrical Testing Limited (Registered number: 02476049) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
13. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax | 74,053 | 76,740 |
Deferred tax |
£ |
Balance at 1 January 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31 December 2023 |
14. | Called up share capital |
Allotted, issued and full paid: |
Number: | Class: | 2023 | 2022 |
£ | £ |
997 | Ordinary shares of £1 | 997 | 2 |
1 | Ordinary B shares of £1 | 1 | - |
1 | Ordinary C shares of £1 | 1 | - |
1 | Ordinary D shares of £1 | 1 | - |
1,000 | 2 |
The following shares were issued during the year for cash at par: |
995 Ordinary shares of £1 |
1 Ordinary B share of £1 |
1 Ordinary C share of £1 |
1 Ordinary D share of £1 |
Electrical Testing Limited (Registered number: 02476049) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
15. | Reserves |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
Reserves wholly relate to distributable profit and loss reserves. |
16. | Directors' advances, credits and guarantees |
The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Interest has been charge at HM Revenue & Customs' authorised rate where applicable. |
Electrical Testing Limited (Registered number: 02476049) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
17. | Related party disclosures |
During the year sales of £2,800 (2022 - £2,500) were made to, and purchases of £340,140 (2022 - £334,783) were made from related companies. At the balance sheet date an amount of £74,857 (2022 - £71,943) was due to and £995 (2022 - £nil) due from related companies. |
At the balance sheet date the company owed £61,250 (2022 - £70,000) in respect of a loan from related parties, of which £35,000 (2022 - £70,000) is due in one year and £26,250 (2022 - £nil) due after one year. |
18. | Ultimate controlling party |
Electrical Testing (Holdings) Limited is regarded by the directors as being the company's ultimate parent company. |
Electrical Testing (Holdings) Limited is a company incorporated in England whose registered office address is The Bridge, Acle, Norwich, NR13 3AT. |
Copies of the consolidated financial statements are publicly available from Companies House, England & Wales. |
Ultimate control of the company rests with Mr S A Hobbs. |
19. | Pension scheme |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit or loss in the period to which they relate. There were no outstanding pension commitments at the year end. |