16 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 61,461 61,461 61,461 xbrli:pure xbrli:shares iso4217:GBP SC091868 2023-01-01 2023-12-31 SC091868 2023-12-31 SC091868 2022-12-31 SC091868 2022-01-01 2022-12-31 SC091868 2022-12-31 SC091868 2021-12-31 SC091868 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 SC091868 bus:Director1 2023-01-01 2023-12-31 SC091868 bus:Director2 2023-01-01 2023-12-31 SC091868 core:LandBuildings 2022-12-31 SC091868 core:PlantMachinery 2022-12-31 SC091868 core:LandBuildings 2023-12-31 SC091868 core:PlantMachinery 2023-12-31 SC091868 core:PlantMachinery 2023-01-01 2023-12-31 SC091868 core:WithinOneYear 2023-12-31 SC091868 core:WithinOneYear 2022-12-31 SC091868 core:AfterOneYear 2023-12-31 SC091868 core:AfterOneYear 2022-12-31 SC091868 core:ShareCapital 2023-12-31 SC091868 core:ShareCapital 2022-12-31 SC091868 core:CapitalRedemptionReserve 2023-12-31 SC091868 core:CapitalRedemptionReserve 2022-12-31 SC091868 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC091868 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC091868 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 SC091868 core:Non-currentFinancialInstruments 2023-12-31 SC091868 core:Non-currentFinancialInstruments 2022-12-31 SC091868 core:PlantMachinery 2022-12-31 SC091868 bus:SmallEntities 2023-01-01 2023-12-31 SC091868 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC091868 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC091868 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC091868 bus:FullAccounts 2023-01-01 2023-12-31 SC091868 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: SC091868
Express Electrical & Engineering Supplies Limited
Filleted Unaudited Financial Statements
31 December 2023
Express Electrical & Engineering Supplies Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Express Electrical & Engineering Supplies Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Express Electrical & Engineering Supplies Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Express Electrical & Engineering Supplies Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Express Electrical & Engineering Supplies Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Express Electrical & Engineering Supplies Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Express Electrical & Engineering Supplies Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Express Electrical & Engineering Supplies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Express Electrical & Engineering Supplies Limited. You consider that Express Electrical & Engineering Supplies Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Express Electrical & Engineering Supplies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
6 September 2024
Express Electrical & Engineering Supplies Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
93,987
115,996
Investments
6
61,461
61,461
---------
---------
155,448
177,457
Current assets
Stocks
421,375
476,358
Debtors
7
592,165
604,907
Investments
8
47,739
45,199
Cash at bank and in hand
387,515
163,494
------------
------------
1,448,794
1,289,958
Creditors: amounts falling due within one year
9
500,845
428,887
------------
------------
Net current assets
947,949
861,071
------------
------------
Total assets less current liabilities
1,103,397
1,038,528
Creditors: amounts falling due after more than one year
10
3,990
10,141
Provisions
Taxation including deferred tax
7,331
12,892
------------
------------
Net assets
1,092,076
1,015,495
------------
------------
Capital and reserves
Called up share capital
30,000
30,000
Capital redemption reserve
10,000
10,000
Profit and loss account
1,052,076
975,495
------------
------------
Shareholders funds
1,092,076
1,015,495
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Express Electrical & Engineering Supplies Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 6 September 2024 , and are signed on behalf of the board by:
Mr R D Perrett
Mr A W Perrett
Director
Director
Company registration number: SC091868
Express Electrical & Engineering Supplies Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 37 Cable Depot Road, Riverside Industrial Estate, Clydebank, Glasgow, G81 4UY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change of value.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible 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
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:
Leasehold Fittings
-
over the remaining term
Plant & Machinery
-
20% - 33% on cost
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2022: 14 ).
5. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 January 2023
5,882
581,163
587,045
Additions
47,520
47,520
Disposals
( 57,985)
( 57,985)
-------
---------
---------
At 31 December 2023
5,882
570,698
576,580
-------
---------
---------
Depreciation
At 1 January 2023
5,882
465,167
471,049
Charge for the year
53,090
53,090
Disposals
( 41,546)
( 41,546)
-------
---------
---------
At 31 December 2023
5,882
476,711
482,593
-------
---------
---------
Carrying amount
At 31 December 2023
93,987
93,987
-------
---------
---------
At 31 December 2022
115,996
115,996
-------
---------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
61,461
--------
Impairment
At 1 January 2023 and 31 December 2023
--------
Carrying amount
At 31 December 2023
61,461
--------
At 31 December 2022
61,461
--------
The investment relates to 100% shareholding in Express Electrical & Engineering Supplies LLC, which is based in Dubai.
7. Debtors
2023
2022
£
£
Trade debtors
553,839
538,116
Other debtors
38,326
66,791
---------
---------
592,165
604,907
---------
---------
8. Investments
2023
2022
£
£
Other investments
47,739
45,199
--------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
208,971
159,735
Corporation tax
136,518
104,770
Social security and other taxes
12,452
Other creditors
142,904
164,382
---------
---------
500,845
428,887
---------
---------
The bank holds a bond and floating charge over the assets of the company in respect of any bank borrowings. All amounts due on hire purchase contracts are secured on the underlying assets.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
3,990
10,141
-------
--------
11. Related party transactions
The company was under the control of the directors throughout the current and previous year. During the year the company had transactions with Express Electrical & Engineering Supplies LLC. The balance owed at 31st December 2023 amounted to £55,763 (2022: £56,776) and this is disclosed within other creditors. During the year the company made sales to Express Electrical & Engineering Supplies LLC which amounted to NIL (2022: £24,365). During the year the company made purchases from Express Electrical & Engineering Supplies LLC amounting to NIL (2022: £85,165). All transactions were conducted at open market value.