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Registration number: 04758655

N & P Electrical Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 May 2024

 

N & P Electrical Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 13

 

N & P Electrical Ltd

Company Information

Directors

Mr Paul Arthur Gray

Mr Neil Firth

Registered office

Unit 4
Merrick Street
Hedon Road
Hull
East Yorkshire
HU9 1NG

Bankers

Natwest
Hull City Centre

Accountants

Flexibility Professional Services (UK) Ltd
Cherry Tree Court
36 Ferensway
Hull
East Yorkshire
HU2 8NH

 

N & P Electrical Ltd

(Registration number: 04758655)
Abridged Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

45,500

52,310

Tangible assets

5

359,207

205,187

 

404,707

257,497

Current assets

 

Stocks

6

312,329

162,337

Debtors

7

1,337,901

1,792,927

Cash at bank and in hand

 

28,456

193,669

 

1,678,686

2,148,933

Prepayments and accrued income

 

8,667

6,500

Creditors: Amounts falling due within one year

(593,934)

(1,070,620)

Net current assets

 

1,093,419

1,084,813

Total assets less current liabilities

 

1,498,126

1,342,310

Creditors: Amounts falling due after more than one year

(231,104)

(90,264)

Provisions for liabilities

-

(41,891)

Accruals and deferred income

 

(4,750)

(5,245)

Net assets

 

1,262,272

1,204,910

Capital and reserves

 

Called up share capital

8

400

300

Retained earnings

1,261,872

1,204,610

Shareholders' funds

 

1,262,272

1,204,910

For the financial year ending 31 May 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.

 

N & P Electrical Ltd

(Registration number: 04758655)
Abridged Balance Sheet as at 31 May 2024

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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.

Approved and authorised by the Board on 12 August 2024 and signed on its behalf by:
 

.........................................
Mr Paul Arthur Gray
Director

.........................................
Mr Neil Firth
Director

 

N & P Electrical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
Unit 4
Merrick Street
Hedon Road
Hull
East Yorkshire
HU9 1NG
United Kingdom

These financial statements were authorised for issue by the Board on 12 August 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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

 

N & P Electrical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Contract revenue recognition

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when costs incurred and costs to complete can be reliably estimated. The stage of completion is calculated by comparing costs incurred in relation to contractual hourly labour rates and materials as a proportion of total costs. Where the outcome cannot be reliably estimated, revenue is recognised only to the extent of the expenses that are recoverable.

Government grants

Government grants are charged to the Profit and Loss account on accrual basis unless they are connected to an asset purchase in which case they amortised over the life of the asset. Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

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.

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

Reducing balance at 25%

Motor vehicles

Reducing balance at 15%

Office equipment

Reducing balance at 25%

Furniture and fittings

Reducing balance at 25%

 

N & P Electrical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

Software development

Straight line over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

N & P Electrical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

N & P Electrical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 42 (2023 - 46).

 

N & P Electrical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 June 2023

80,399

At 31 May 2024

80,399

Amortisation

At 1 June 2023

28,089

Amortisation charge

6,810

At 31 May 2024

34,899

Carrying amount

At 31 May 2024

45,500

At 31 May 2023

52,310

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

134,349

338,690

9,754

482,793

Additions

2,459

378,546

-

381,005

Disposals

-

(289,669)

-

(289,669)

At 31 May 2024

136,808

427,567

9,754

574,129

Depreciation

At 1 June 2023

106,468

168,176

2,961

277,605

Charge for the year

7,585

56,241

1,698

65,524

Eliminated on disposal

-

(128,207)

-

(128,207)

At 31 May 2024

114,053

96,210

4,659

214,922

Carrying amount

At 31 May 2024

22,755

331,357

5,095

359,207

At 31 May 2023

27,881

170,513

6,793

205,187

 

N & P Electrical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

6

Stocks

2024
£

2023
£

Work in progress

229,829

162,337

Other inventories

82,500

-

312,329

162,337

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

 

N & P Electrical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary £1 of £1 each

400

400

400

400

         

9

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £47.00 (2023 - £125.00) per each Ordinary £1

 

18,750

 

50,000

         

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £47 (2023 - £125) per each Ordinary £1

 

18,750

 

50,000

         

Recommended final dividends paid and not recognised in the accounts

The directors are recommending the following final dividends:

These dividends have not been accrued in the balance sheet.

10

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

At 31 May 2024
£

Mr Paul Arthur Gray

Directors loan account

(2,740)

145,924

143,184

       
     

Mr Neil Firth

Directors loan account

16,729

140,483

157,212

       
     

 

 

N & P Electrical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

2023

At 1 June 2022
£

Repayments by director
£

At 31 May 2023
£

Mr Paul Arthur Gray

Directors loan account

190,947

(193,687)

(2,740)

       
     

Mr Neil Firth

Directors loan account

252,209

(235,480)

16,729

       
     

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

35,317

32,727

Summary of transactions with other related parties

N & P Climate Control Ltd
N & P Plumbing Ltd

 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

3,671

3,671

Advanced

1,285

1,285

At end of period

4,956

4,956

2023

Other related parties
£

Total
£

At start of period

3,671

3,671

At end of period

3,671

3,671

 

N & P Electrical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

18,535

18,535

At end of period

18,535

18,535

2023

Other related parties
£

Total
£

At start of period

18,535

18,535

At end of period

18,535

18,535