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Registered number: 06579647
J. Hirst Electrical Engineers Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06579647
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 23,618 28,513
23,618 28,513
CURRENT ASSETS
Stocks 6 29,624 32,952
Debtors 7 110,608 106,071
Cash at bank and in hand 204,880 137,019
345,112 276,042
Creditors: Amounts Falling Due Within One Year 8 (121,867 ) (124,886 )
NET CURRENT ASSETS (LIABILITIES) 223,245 151,156
TOTAL ASSETS LESS CURRENT LIABILITIES 246,863 179,669
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (3,969 ) (4,866 )
NET ASSETS 242,894 174,803
CAPITAL AND RESERVES
Called up share capital 10 1,050 1,050
Profit and Loss Account 241,844 173,753
SHAREHOLDERS' FUNDS 242,894 174,803
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Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms L Taylor
Director
13th September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
J. Hirst Electrical Engineers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06579647 . The registered office is New Bank Street, Morley, Leeds, West Yorkshire, LS27 8NT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 6)
7 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 20,000
As at 31 May 2024 20,000
Amortisation
As at 1 June 2023 20,000
As at 31 May 2024 20,000
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
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5. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 June 2023 33,955 17,211 51,166
Additions - 867 867
As at 31 May 2024 33,955 18,078 52,033
Depreciation
As at 1 June 2023 13,094 9,559 22,653
Provided during the period 4,049 1,713 5,762
As at 31 May 2024 17,143 11,272 28,415
Net Book Value
As at 31 May 2024 16,812 6,806 23,618
As at 1 June 2023 20,861 7,652 28,513
6. Stocks
2024 2023
£ £
Stock 29,624 32,952
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 110,608 96,838
Prepayments and accrued income - 9,233
110,608 106,071
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 42,590 54,509
Corporation tax 28,337 18,956
Other taxes and social security 13,068 11,780
VAT 23,109 18,076
Accruals and deferred income 11,825 17,652
Director's loan account 2,938 3,913
121,867 124,886
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9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 3,969 4,866
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,050 1,050
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