IRIS Accounts Production v24.2.0.383 10385381 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh103853812022-12-31103853812023-12-31103853812023-01-012023-12-31103853812021-12-31103853812022-01-012022-12-31103853812022-12-3110385381ns15:EnglandWales2023-01-012023-12-3110385381ns14:PoundSterling2023-01-012023-12-3110385381ns10:Director12023-01-012023-12-3110385381ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3110385381ns10:SmallEntities2023-01-012023-12-3110385381ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3110385381ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3110385381ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3110385381ns10:FullAccounts2023-01-012023-12-311038538112023-01-012023-12-3110385381ns10:OrdinaryShareClass12023-01-012023-12-3110385381ns10:Director22023-01-012023-12-3110385381ns10:Director32023-01-012023-12-3110385381ns10:RegisteredOffice2023-01-012023-12-3110385381ns5:CurrentFinancialInstruments2023-12-3110385381ns5:CurrentFinancialInstruments2022-12-3110385381ns5:Non-currentFinancialInstruments2023-12-3110385381ns5:Non-currentFinancialInstruments2022-12-3110385381ns5:ShareCapital2023-12-3110385381ns5:ShareCapital2022-12-3110385381ns5:RetainedEarningsAccumulatedLosses2023-12-3110385381ns5:RetainedEarningsAccumulatedLosses2022-12-3110385381ns5:NetGoodwill2022-12-3110385381ns5:NetGoodwill2023-01-012023-12-3110385381ns5:NetGoodwill2023-12-3110385381ns5:NetGoodwill2022-12-3110385381ns5:FurnitureFittings2022-12-3110385381ns5:MotorVehicles2022-12-3110385381ns5:ComputerEquipment2022-12-3110385381ns5:FurnitureFittings2023-01-012023-12-3110385381ns5:MotorVehicles2023-01-012023-12-3110385381ns5:ComputerEquipment2023-01-012023-12-3110385381ns5:FurnitureFittings2023-12-3110385381ns5:MotorVehicles2023-12-3110385381ns5:ComputerEquipment2023-12-3110385381ns5:FurnitureFittings2022-12-3110385381ns5:MotorVehicles2022-12-3110385381ns5:ComputerEquipment2022-12-3110385381ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-12-3110385381ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-01-012023-12-3110385381ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-12-3110385381ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-12-3110385381ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3110385381ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3110385381ns5:Secured2023-12-3110385381ns5:Secured2022-12-3110385381ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 10385381 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Initial Fire & Electrical Limited

Initial Fire & Electrical Limited (Registered number: 10385381)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Initial Fire & Electrical Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: E J Briscoe
C D Manton
M Barnett





REGISTERED OFFICE: Unit 23 Laches Close
Four Ashes
Wolverhampton
West Midlands
WV10 7DZ





REGISTERED NUMBER: 10385381 (England and Wales)





ACCOUNTANTS: Haines Watts Wolverhampton Limited
Keepers Lane
The Wergs
Wolverhampton
West Midlands
WV6 8UA

Initial Fire & Electrical Limited (Registered number: 10385381)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 15,625 17,500
Tangible assets 5 48,078 37,328
63,703 54,828

CURRENT ASSETS
Stocks 48,350 28,350
Debtors 6 74,726 83,621
Cash at bank 63,208 38,174
186,284 150,145
CREDITORS
Amounts falling due within one year 7 100,355 84,514
NET CURRENT ASSETS 85,929 65,631
TOTAL ASSETS LESS CURRENT
LIABILITIES

149,632

120,459

CREDITORS
Amounts falling due after more than one
year

8

(142,682

)

(109,344

)

PROVISIONS FOR LIABILITIES (5,907 ) (8,497 )
NET ASSETS 1,043 2,618

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 943 2,518
SHAREHOLDERS' FUNDS 1,043 2,618

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Initial Fire & Electrical Limited (Registered number: 10385381)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





E J Briscoe - Director


Initial Fire & Electrical Limited (Registered number: 10385381)

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

1. STATUTORY INFORMATION

Initial Fire & Electrical 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings - 15% Reducing Balance
Computer equipment - 20% Reducing Balance
Motor vehicles - 25% Reducing Balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current and deferred 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.


Initial Fire & Electrical Limited (Registered number: 10385381)

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

2. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

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

The average number of employees during the year was 6 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 25,000
AMORTISATION
At 1 January 2023 7,500
Amortisation for year 1,875
At 31 December 2023 9,375
NET BOOK VALUE
At 31 December 2023 15,625
At 31 December 2022 17,500

Initial Fire & Electrical Limited (Registered number: 10385381)

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

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 3,813 67,590 6,525 77,928
Additions - 24,894 - 24,894
Disposals - (15,643 ) - (15,643 )
At 31 December 2023 3,813 76,841 6,525 87,179
DEPRECIATION
At 1 January 2023 1,307 36,881 2,412 40,600
Charge for year 376 7,996 823 9,195
Eliminated on disposal - (10,694 ) - (10,694 )
At 31 December 2023 1,683 34,183 3,235 39,101
NET BOOK VALUE
At 31 December 2023 2,130 42,658 3,290 48,078
At 31 December 2022 2,506 30,709 4,113 37,328

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 67,590
Additions (1 )
Disposals (15,643 )
At 31 December 2023 51,946
DEPRECIATION
At 1 January 2023 36,881
Charge for year 6,440
Eliminated on disposal (10,694 )
At 31 December 2023 32,627
NET BOOK VALUE
At 31 December 2023 19,319
At 31 December 2022 30,709

Initial Fire & Electrical Limited (Registered number: 10385381)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 73,332 72,098
Other debtors 1,394 11,523
74,726 83,621

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,513 5,653
Hire purchase contracts 3,420 9,095
Trade creditors 18,833 6,623
Taxation and social security 29,307 18,130
Other creditors 43,282 45,013
100,355 84,514

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 4,589 10,102
Hire purchase contracts - 1,780
Other creditors 138,093 97,462
142,682 109,344

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 10,102 15,755
Hire purchase contracts 3,420 10,875
13,522 26,630

10. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
100 Share capital 1 1 100 100