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Registered number: NI058551
KWM Electrical Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Alan Hall Accountancy
7 Dunseark Road
Dungannon
Co Tyrone
BT71 7PH
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: NI058551
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 36,879 16,002
36,879 16,002
CURRENT ASSETS
Stocks 5 1,000 1,000
Debtors 6 28,968 30,349
Cash at bank and in hand 65,294 77,099
95,262 108,448
Creditors: Amounts Falling Due Within One Year 7 (23,988 ) (33,807 )
NET CURRENT ASSETS (LIABILITIES) 71,274 74,641
TOTAL ASSETS LESS CURRENT LIABILITIES 108,153 90,643
Creditors: Amounts Falling Due After More Than One Year 8 (2,906 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (6,700 ) (2,600 )
NET ASSETS 98,547 88,043
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 98,447 87,943
SHAREHOLDERS' FUNDS 98,547 88,043
Page 1
Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mr KENNETH MOFFETT
Director
13/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
KWM Electrical Ltd Registered number NI058551 is a limited by shares company incorporated in Northern Ireland. The Registered Office is 27 Kilmachugh Road, Markethill, Co Armagh, BT60 2ET.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Freehold 10% straight line
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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.
2.6. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.7. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
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4. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 April 2023 6,036 51,561 57,597
Additions - 41,126 41,126
Disposals - (27,365 ) (27,365 )
As at 31 March 2024 6,036 65,322 71,358
Depreciation
As at 1 April 2023 3,624 37,971 41,595
Provided during the period 604 10,987 11,591
Disposals - (18,707 ) (18,707 )
As at 31 March 2024 4,228 30,251 34,479
Net Book Value
As at 31 March 2024 1,808 35,071 36,879
As at 1 April 2023 2,412 13,590 16,002
5. Stocks
2024 2023
£ £
Materials 1,000 1,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 28,968 24,628
Other debtors - 5,721
28,968 30,349
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 2,325 -
Trade creditors 5,094 10,713
Bank loans and overdrafts 5,311 7,279
Other creditors 4,370 3,181
Taxation and social security 6,888 12,634
23,988 33,807
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 2,906 -
2,906 -
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 2,325 -
Later than one year and not later than five years 2,906 -
5,231 -
5,231 -
10. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
2024 2023
£ £
Other timing differences 6,700 2,600
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Directors Advances, Credits and Guarantees
Dividends paid to directors
13. Ultimate Controlling Party
The company's ultimate controlling party is Mr K Moffett by virtue of his ownership of 100% of the issued share capital in the company.
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