Universal Electrical Services (Scotland) Ltd. SC227399 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is electrical contractors. Digita Accounts Production Advanced 6.30.9574.0 true SC227399 2023-02-01 2024-01-31 SC227399 2024-01-31 SC227399 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC227399 core:ShareCapital 2024-01-31 SC227399 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-01-31 SC227399 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-01-31 SC227399 core:CurrentFinancialInstruments 2024-01-31 SC227399 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 SC227399 core:Non-currentFinancialInstruments 2024-01-31 SC227399 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 SC227399 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-31 SC227399 core:MotorVehicles 2024-01-31 SC227399 core:OfficeEquipment 2024-01-31 SC227399 core:PlantMachinery 2024-01-31 SC227399 bus:SmallEntities 2023-02-01 2024-01-31 SC227399 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC227399 bus:FilletedAccounts 2023-02-01 2024-01-31 SC227399 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 SC227399 bus:RegisteredOffice 2023-02-01 2024-01-31 SC227399 bus:Director1 2023-02-01 2024-01-31 SC227399 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC227399 bus:Agent1 2023-02-01 2024-01-31 SC227399 core:ComputerEquipment 2023-02-01 2024-01-31 SC227399 core:LandBuildings 2023-02-01 2024-01-31 SC227399 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 SC227399 core:MotorVehicles 2023-02-01 2024-01-31 SC227399 core:OfficeEquipment 2023-02-01 2024-01-31 SC227399 core:PlantMachinery 2023-02-01 2024-01-31 SC227399 countries:Scotland 2023-02-01 2024-01-31 SC227399 2023-01-31 SC227399 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 SC227399 core:MotorVehicles 2023-01-31 SC227399 core:OfficeEquipment 2023-01-31 SC227399 core:PlantMachinery 2023-01-31 SC227399 2022-02-01 2023-01-31 SC227399 2023-01-31 SC227399 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC227399 core:ShareCapital 2023-01-31 SC227399 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-01-31 SC227399 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-01-31 SC227399 core:CurrentFinancialInstruments 2023-01-31 SC227399 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 SC227399 core:Non-currentFinancialInstruments 2023-01-31 SC227399 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 SC227399 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 SC227399 core:MotorVehicles 2023-01-31 SC227399 core:OfficeEquipment 2023-01-31 SC227399 core:PlantMachinery 2023-01-31 iso4217:GBP xbrli:pure

Registration number: SC227399

Universal Electrical Services (Scotland) Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Universal Electrical Services (Scotland) Ltd.

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

Accountants' Report

9

 

Universal Electrical Services (Scotland) Ltd.

Company Information

Director

Mr Robert Graham Leishman

Registered office

Unit 6 209 Glasgow Road
Longcroft
Bonnybridge
FK4 1QQ

Accountants

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Universal Electrical Services (Scotland) Ltd.

(Registration number: SC227399)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

48,710

63,711

Current assets

 

Stocks

5

26,808

4,940

Debtors

6

32,476

95,330

Cash at bank and in hand

 

9,292

-

 

68,576

100,270

Creditors: Amounts falling due within one year

7

(68,455)

(105,604)

Net current assets/(liabilities)

 

121

(5,334)

Total assets less current liabilities

 

48,831

58,377

Creditors: Amounts falling due after more than one year

7

(24,696)

(36,103)

Provisions for liabilities

(10,490)

(12,106)

Net assets

 

13,645

10,168

Capital and reserves

 

Called up share capital

6

6

Retained earnings

13,639

10,162

Shareholders' funds

 

13,645

10,168

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

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 September 2024
 

.........................................
Mr Robert Graham Leishman
Director

 

Universal Electrical Services (Scotland) Ltd.

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

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.

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.

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.

 

Universal Electrical Services (Scotland) Ltd.

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

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

Improvements to property

Straight line at 2.5%

Plant and machinery

Reducing balance at 25%

Motor vehicles

Reducing balance at 25%

Computer equipment

Straight line at 33%

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.

 

Universal Electrical Services (Scotland) Ltd.

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

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.

Financial instruments

Classification
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.

 

3

Employees and Directors

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

 

Universal Electrical Services (Scotland) Ltd.

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

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 February 2023

455

39,892

1,941

81,169

Additions

-

1,204

763

-

Disposals

(455)

(2,288)

(275)

(2,000)

At 31 January 2024

-

38,808

2,429

79,169

Depreciation

At 1 February 2023

137

20,207

1,286

38,116

Charge for the year

-

5,186

355

10,697

Eliminated on disposal

(137)

(2,143)

(275)

(1,733)

At 31 January 2024

-

23,250

1,366

47,080

Carrying amount

At 31 January 2024

-

15,558

1,063

32,089

At 31 January 2023

318

19,685

655

43,053

Total
£

Cost or valuation

At 1 February 2023

123,457

Additions

1,967

Disposals

(5,018)

At 31 January 2024

120,406

Depreciation

At 1 February 2023

59,746

Charge for the year

16,238

Eliminated on disposal

(4,288)

At 31 January 2024

71,696

Carrying amount

At 31 January 2024

48,710

At 31 January 2023

63,711

Included within the net book value of land and buildings above is £Nil (2023 - £319) in respect of freehold land and buildings.
 

 

Universal Electrical Services (Scotland) Ltd.

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

5

Stocks

2024
£

2023
£

Work in progress

22,838

1,180

Other inventories

3,970

3,760

26,808

4,940

6

Debtors

Current

2024
£

2023
£

Trade debtors

30,662

90,585

Prepayments

1,814

1,701

Other debtors

-

3,044

 

32,476

95,330

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

11,418

33,256

Trade creditors

 

24,988

36,155

Taxation and social security

 

16,922

17,890

Other creditors

 

15,127

18,303

 

68,455

105,604

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £11,418 (2023 £33,256).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

24,696

36,103

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £24,696 (2023 £36,103).

 

Universal Electrical Services (Scotland) Ltd.

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

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,011

9,666

Hire purchase contracts

19,685

26,437

24,696

36,103

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,656

4,000

Bank overdrafts

11

14,754

Hire purchase contracts

6,751

14,502

11,418

33,256

9

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Mr Robert Graham Leishman

13,127

14,303

 

13,127

14,303

The maximum balance outstanding during the year amounted to £14,303.

The director's current account is repayable on demand.

Included in other creditors are the following amounts which are owed to individuals who were shareholders of the company during the year; Mr Gregor Leishman £1,000 (2023: £2,000) and Mr Ross Leishman £1,000 (2023: £2,000).

The above loans are repayable on demand.


 

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Universal Electrical Services (Scotland) Ltd.
for the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Universal Electrical Services (Scotland) Ltd. for the year ended 31 January 2024 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Universal Electrical Services (Scotland) Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Universal Electrical Services (Scotland) Ltd. and state those matters that we have agreed to state to the Board of Directors of Universal Electrical Services (Scotland) Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Universal Electrical Services (Scotland) Ltd. and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Universal Electrical Services (Scotland) Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Universal Electrical Services (Scotland) Ltd.. You consider that Universal Electrical Services (Scotland) Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Universal Electrical Services (Scotland) Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

30 September 2024