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Registration number: 02471484

Tidey Electrical Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Tidey Electrical Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Tidey Electrical Limited

(Registration number: 02471484)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

561,800

569,679

Current assets

 

Stocks

5

112,419

97,735

Debtors

6

119,823

75,519

Cash at bank and in hand

 

763,579

849,159

 

995,821

1,022,413

Creditors: Amounts falling due within one year

7

(156,590)

(197,893)

Net current assets

 

839,231

824,520

Total assets less current liabilities

 

1,401,031

1,394,199

Creditors: Amounts falling due after more than one year

7

(72,927)

(80,844)

Provisions for liabilities

(10,289)

(5,175)

Net assets

 

1,317,815

1,308,180

Capital and reserves

 

Called up share capital

6

5

Revaluation reserve

30,000

30,000

Retained earnings

1,287,809

1,278,175

Shareholders' funds

 

1,317,815

1,308,180

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Tidey Electrical Limited

(Registration number: 02471484)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

.........................................
Mr T Tidey
Director

 

Tidey Electrical Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Engalnd and Wales.

The address of its registered office is:
Unit 7
Wedgewood Court
Stevenage
Hertfordshire
SG1 4QR
United Kingdom

These financial statements were authorised for issue by the Board on 11 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

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 comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Tidey Electrical Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance

Fixtures, fittings and equipment

25% Reducing balance

Computer Equipment

25% Reducing balance

Motor Vehciles

25% Reducing balance

Freehold property

Freehold property is carried at fair value, derived from the current market prices for comparable real estate determined annually by either an external valuer or the director. In determining the value, observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset are used. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Tidey Electrical Limited

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

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed for bad debts on a quarterly basis and any adjustment is made accordingly thorugh the profit and loss account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Tidey Electrical Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 13).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

425,000

62,309

180,722

80,671

748,702

Additions

4,497

1,224

58,400

8,522

72,643

Disposals

-

(9,693)

(93,479)

(48,172)

(151,344)

At 31 March 2024

429,497

53,840

145,643

41,021

670,001

Depreciation

At 1 April 2023

-

29,648

85,973

63,402

179,023

Charge for the year

-

8,128

19,612

2,555

30,295

Eliminated on disposal

-

(8,496)

(55,077)

(37,544)

(101,117)

At 31 March 2024

-

29,280

50,508

28,413

108,201

Carrying amount

At 31 March 2024

429,497

24,560

95,135

12,608

561,800

At 31 March 2023

425,000

32,661

94,749

17,269

569,679

Included within the net book value of land and buildings above is £429,497 (2023 - £425,000) in respect of freehold land and buildings.

There has been no valuation of freehold property by an independent valuer. The Directors' have considered the market value of the property and consider the current value is representative of the market value of the freehold property at the balance sheet date.
 

 

Tidey Electrical Limited

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

5

Stocks

2024
£

2023
£

Work in progress

95,039

75,015

Other inventories

17,380

22,720

112,419

97,735

6

Debtors

Current

2024
£

2023
£

Trade debtors

110,732

55,719

Prepayments

8,423

19,039

Other debtors

668

761

 

119,823

75,519

 

Tidey Electrical Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

21,811

18,724

Trade creditors

 

19,166

26,549

Taxation and social security

 

47,673

89,701

Accruals and deferred income

 

4,300

5,272

Other creditors

 

63,640

57,647

 

156,590

197,893

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

72,927

80,844

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

72,927

80,844

Current loans and borrowings

2024
£

2023
£

Bank borrowings

21,811

18,724

The total borrowings of £86,236 (2023 - £99,568) are secured via a fixed and floating charge over the freehold property owned by the company.

 

Tidey Electrical Limited

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

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

Ordinary A Shares of £1 each

1

1

1

1

Ordinary B Shares of £1 each

1

1

1

1

Ordinary C Shares of £1 each

1

1

1

1

Ordinary D Shares of £1 (2023 - £0) each

1

1

-

-

 

6

6

5

5

During the year 1 Ordinary D Share was issued at par value.
 

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £22,695.00 (2023 - £37,600.00) per each Ordinary A Shares

22,695

37,600

Interim dividend of £35,295.00 (2023 - £37,600.00) per each Ordinary B Shares

35,295

37,600

Interim dividend of £Nil (2023 - £9,500.00) per each Ordinary C Shares

-

9,500

Interim dividend of £10,000.00 (2023 - £Nil) per each Ordinary D Shares

10,000

-

67,990

84,700

 

Tidey Electrical Limited

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

11

Related party transactions

Other transactions with directors


At the balance sheet date the company owed £50,200 (2023: £49,298) to Mr T Tidey and Mrs D Tidey, directors.

At the balance sheet date the company owed £2,084 (2023: £8,349) to Mr C Tidey, director.

At the balance sheet date the company owed £10,000 (2023: £nil) to Mrs E Tidey, shareholder.

The loans are provided interest free and are repayable on demand.

12

Ultimate controlling party

The ultimate controlling party is Mr T Tidey and Mrs D Tidey, by virtue of their shareholdings.