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REGISTERED NUMBER: 02476049 (England and Wales)















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: Mr S A Hobbs
Mr A J Hobbs
Mrs E J Hobbs
Mr J N Hill
Mr B Humphrys
Mr J Barker



Secretary: Mrs M Hobbs



Registered office: The Bridge
Acle
Norwich
Norfolk
NR13 3AT



Registered number: 02476049 (England and Wales)



Senior statutory auditor: Mr Jeremy Laurence Hyde FCCA



Auditors: CG LEE Limited
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:





Mr S A Hobbs - Director


16 September 2024

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.

Mr S A Hobbs
Mr A J Hobbs
Mrs E J Hobbs
Mr J N Hill
Mr B Humphrys
Mr J Barker

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:





Mr S A Hobbs - Director


16 September 2024

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.




Mr Jeremy Laurence Hyde FCCA (Senior Statutory Auditor)
for and on behalf of CG LEE Limited
Ingram House
6 Meridian Way
Norwich
NR7 0TA

16 September 2024

Electrical Testing Limited (Registered number: 02476049)

Statement of Income and Retained Earnings
for the Year Ended 31 December 2023

2023 2022
Notes £ £

Turnover 13,714,399 13,614,076

Cost of sales (8,110,435 ) (7,491,985 )
Gross profit 5,603,964 6,122,091

Administrative expenses (4,821,290 ) (4,597,656 )
Operating profit 4 782,674 1,524,435

Interest receivable and similar income 35,731 2,308
818,405 1,526,743

Interest payable and similar expenses 5 (52 ) (40 )
Profit before taxation 818,353 1,526,703

Tax on profit 6 (137,011 ) (195,873 )
Profit for the financial year 681,342 1,330,830

Retained earnings at beginning of year 6,220,721 5,288,891

Dividends 7 (447,224 ) (399,000 )

Retained earnings at end of year 6,454,839 6,220,721

Electrical Testing Limited (Registered number: 02476049)

Balance Sheet
31 December 2023

2023 2022
Notes £ £
Fixed assets
Tangible assets 8 1,108,769 1,013,462

Current assets
Stocks 9 467,877 519,183
Debtors 10 2,673,825 2,769,104
Cash at bank and in hand 3,318,028 3,412,993
6,459,730 6,701,280
Creditors
Amounts falling due within one year 11 (1,038,607 ) (1,417,279 )
Net current assets 5,421,123 5,284,001
Total assets less current liabilities 6,529,892 6,297,463

Provisions for liabilities 13 (74,053 ) (76,740 )
Net assets 6,455,839 6,220,723

Capital and reserves
Called up share capital 14 1,000 2
Retained earnings 15 6,454,839 6,220,721
Shareholders' funds 6,455,839 6,220,723

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





Mr S A Hobbs - Director


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 1,027,888 1,498,528
Interest paid (52 ) (22 )
Interest element of hire purchase or finance
lease rental payments paid

-

(18

)
Tax paid (196,574 ) (94,952 )
Net cash from operating activities 831,262 1,403,536

Cash flows from investing activities
Purchase of tangible fixed assets (208,371 ) (262,246 )
Interest received 35,731 2,308
Net cash from investing activities (172,640 ) (259,938 )

Cash flows from financing activities
Capital repayments in year - (7,448 )
Amount introduced by directors 15,791 10,095
Amount withdrawn by directors (322,154 ) (15,791 )
Equity dividends paid (447,224 ) (399,000 )
Net cash from financing activities (753,587 ) (412,144 )

(Decrease)/increase in cash and cash equivalents (94,965 ) 731,454
Cash and cash equivalents at beginning of
year

2

3,412,993

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 818,353 1,526,703
Depreciation charges 109,338 143,806
Loss on disposal of fixed assets 3,725 19,375
Finance costs 52 40
Finance income (35,731 ) (2,308 )
895,737 1,687,616
Decrease/(increase) in stocks 51,306 (88,332 )
Decrease/(increase) in trade and other debtors 411,420 (245,743 )
(Decrease)/increase in trade and other creditors (330,575 ) 144,987
Cash generated from operations 1,027,888 1,498,528

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 (94,965 ) 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 2,161,627 1,958,566
Social security costs 61,298 64,427
Other pension costs 36,574 29,320
2,259,499 2,052,313

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
45 41

2023 2022
£ £
Directors' remuneration 577,749 500,433
Directors' pension contributions to money purchase schemes 8,377 3,963

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2023 2022
£ £
Emoluments etc 202,467 191,683
Pension contributions to money purchase schemes 5,735 1,321

4. Operating profit

The operating profit is stated after charging:

2023 2022
£ £
Other operating leases 68,659 66,449
Depreciation - owned assets 109,339 140,883
Depreciation - assets on hire purchase contracts or finance leases - 2,923
Loss on disposal of fixed assets 3,725 19,375
Auditors' remuneration 11,750 10,750

5. Interest payable and similar expenses
2023 2022
£ £
Late payment interest 52 22
Leasing - 18
52 40

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 139,698 270,464
Adjustment for prior years - (56,257 )
Total current tax 139,698 214,207

Deferred tax (2,687 ) (18,334 )
Tax on profit 137,011 195,873

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 818,353 1,526,703
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

204,588

290,074

Effects of:
Expenses not deductible for tax purposes 5,832 4,218
Income not taxable for tax purposes (58,910 ) (30,770 )
Adjustments to tax charge in respect of previous periods - (56,257 )
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 420,000 399,000
Ordinary B share of £1
Interim 13,612 -
Ordinary C share of £1
Interim 13,612 -
447,224 399,000

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 642,272 198,199 390,141
Additions 132,245 - 53,247
Disposals - - -
At 31 December 2023 774,517 198,199 443,388
Depreciation
At 1 January 2023 104,743 - 225,360
Charge for year 26,236 - 29,457
Eliminated on disposal - - -
At 31 December 2023 130,979 - 254,817
Net book value
At 31 December 2023 643,538 198,199 188,571
At 31 December 2022 537,529 198,199 164,781

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£ £ £ £
Cost
At 1 January 2023 38,539 701,234 271,420 2,241,805
Additions 5,338 - 17,541 208,371
Disposals - - (17,489 ) (17,489 )
At 31 December 2023 43,877 701,234 271,472 2,432,687
Depreciation
At 1 January 2023 21,761 694,509 181,970 1,228,343
Charge for year 4,679 4,660 44,307 109,339
Eliminated on disposal - - (13,764 ) (13,764 )
At 31 December 2023 26,440 699,169 212,513 1,323,918
Net book value
At 31 December 2023 17,437 2,065 58,959 1,108,769
At 31 December 2022 16,778 6,725 89,450 1,013,462

Electrical Testing Limited (Registered number: 02476049)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


9. Stocks
2023 2022
£ £
Stocks 467,877 519,183

10. Debtors
2023 2022
£ £
Amounts falling due within one year:
Trade debtors 968,792 1,161,319
Applications 473,641 675,711
Amounts owed by group undertakings 995 -
Other debtors 1,194 1,007
Directors' loan accounts 77,207 15,791
VAT debtor 49,394 123,285
Prepayments and accrued income 772,890 789,896
2,344,113 2,767,009

Amounts falling due after more than one year:
Directors' loan accounts 244,947 -
Tax 84,765 2,095
329,712 2,095

Aggregate amounts 2,673,825 2,769,104

11. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 405,023 642,889
Tax 222,368 270,465
Social security and other taxes 98,484 114,446
Other creditors 61,265 70,000
Accrued expenses 251,467 319,479
1,038,607 1,417,279

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 261,442 166,524
Between one and five years 187,361 54,503
448,803 221,027

13. Provisions for liabilities
2023 2022
£ £
Deferred tax 74,053 76,740

Deferred tax
£
Balance at 1 January 2023 76,740
Credit to Income Statement during year (2,687 )
Balance at 31 December 2023 74,053

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 6,220,721
Profit for the year 681,342
Dividends (447,224 )
At 31 December 2023 6,454,839

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
£ £
Mr A J Hobbs
Balance outstanding at start of year 104 104
Amounts repaid (95 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9 104

Mr S A Hobbs
Balance outstanding at start of year 15,490 9,794
Amounts advanced 306,457 6,407
Amounts repaid - (711 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 321,947 15,490

Mr J N Hill
Balance outstanding at start of year 198 198
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 198 198

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.