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COMPANY REGISTRATION NUMBER: 05409281
Hosman Electrical Services Limited
Filleted Unaudited Financial Statements
31 March 2024
Hosman Electrical Services Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Hosman Electrical Services Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
15,738
17,476
Current assets
Stocks
2,219
2,728
Debtors
6
29,341
53,592
Cash at bank and in hand
20,125
2,946
--------
--------
51,685
59,266
Creditors: amounts falling due within one year
7
25,766
27,183
--------
--------
Net current assets
25,919
32,083
--------
--------
Total assets less current liabilities
41,657
49,559
Creditors: amounts falling due after more than one year
8
31,594
40,641
Provisions
3,934
4,369
--------
--------
Net assets
6,129
4,549
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
6,127
4,547
-------
-------
Shareholders funds
6,129
4,549
-------
-------
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 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 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 .
Hosman Electrical Services Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 27 September 2024 , and are signed on behalf of the board by:
Mr R C Hosking
Director
Company registration number: 05409281
Hosman Electrical Services Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, England.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery
-
5% reducing balance
Motor vehicles
-
10% reducing balance
Equipment
-
10% reducing balance
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.
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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
919
22,033
22,952
----
--------
--------
Depreciation
At 1 April 2023
725
4,751
5,476
Charge for the year
10
1,728
1,738
----
--------
--------
At 31 March 2024
735
6,479
7,214
----
--------
--------
Carrying amount
At 31 March 2024
184
15,554
15,738
----
--------
--------
At 31 March 2023
194
17,282
17,476
----
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
3,987
12,486
Other debtors
25,354
41,106
--------
--------
29,341
53,592
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,685
5,548
Trade creditors
2,071
3,241
Corporation tax
7,125
6,199
Social security and other taxes
3,051
3,567
Other creditors
7,834
8,628
--------
--------
25,766
27,183
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
28,694
34,262
Other creditors
2,900
6,379
--------
--------
31,594
40,641
--------
--------
9. Directors' advances, credits and guarantees
During the year, the directors made aggregate advances of £30,000 (2023: £44,264). During the year, the directors made aggregate repayments of £25,140 (2023: £30,000). Interest of £218 (2023: £Nil) was charged on this loan.
10. Related party transactions
At the year end the directors owed the company £4,311 (2023: £14,117).