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Registration number: 01114330

Nomico Electrical Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Nomico Electrical Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Nomico Electrical Company Limited

Company Information

Directors

R P R Dunkley

R J Jones

Registered office

Units 4 & 5
Saxon House
Warley Street
Upminster
Essex
RM14 3PJ

Bankers

National Westminster Bank Plc
120-122 High Street
Hornchurch
Essex
RM12 4UL

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Nomico Electrical Company Limited

(Registration number: 01114330)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

44,618

49,351

Current assets

 

Debtors

5

2,133,365

1,690,977

Cash at bank and in hand

 

1,177,282

1,102,104

 

3,310,647

2,793,081

Creditors: Amounts falling due within one year

6

(1,031,827)

(734,457)

Net current assets

 

2,278,820

2,058,624

Total assets less current liabilities

 

2,323,438

2,107,975

Provisions for liabilities

(11,155)

(12,338)

Net assets

 

2,312,283

2,095,637

Capital and reserves

 

Called up share capital

7

1,500

1,500

Capital redemption reserve

85

85

Retained earnings

2,310,698

2,094,052

Shareholders' funds

 

2,312,283

2,095,637

For the financial year ending 30 June 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.

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.

 

Nomico Electrical Company Limited

(Registration number: 01114330)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 3 October 2024 and signed on its behalf by:
 

R P R Dunkley
Director

R J Jones
Director

 

Nomico Electrical Company Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is: Units 4 & 5, Saxon House, Warley Street, Upminster, Essex, RM14 3PJ.

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 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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Going concern

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

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of electrical contractor services to customers on an accruals basis.

Work completed but not invoiced at the year end is included within amounts recoverable on long term contracts under debtors. To the extent that progress payments are ahead of the work completed then this amount is included under creditors as payments on account.

Tax

Current Tax is recognised in the profit and loss account, 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 on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

 

Nomico Electrical Company Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Depreciation

Depreciation is charged so as to write off the cost or valuation 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

20% Reducing balance method

Office equipment

33% Reducing balance method

Motor vehicles

25% Reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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. 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.

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.

Borrowings

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.

Share capital

Ordinary shares are classified as equity.

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.

 

Nomico Electrical Company Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

3

Tangible assets

Office equipment
 £

Motor vehicles
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 July 2023

63,665

68,921

23,190

155,776

Additions

6,375

4,583

291

11,249

Disposals

-

(24,551)

-

(24,551)

At 30 June 2024

70,040

48,953

23,481

142,474

Depreciation

At 1 July 2023

39,226

50,154

17,045

106,425

Charge for the year

6,082

4,905

1,263

12,250

Eliminated on disposal

-

(20,819)

-

(20,819)

At 30 June 2024

45,308

34,240

18,308

97,856

Carrying amount

At 30 June 2024

24,732

14,713

5,173

44,618

At 30 June 2023

24,439

18,767

6,145

49,351

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2023 - 25).

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

1,401,061

827,390

Amounts recoverable on long term contracts

 

41,039

277,500

Amounts owed by group undertakings

9

351,460

435,854

Prepayments

 

78,938

72,833

Other debtors

 

260,867

77,400

 

2,133,365

1,690,977

 

Nomico Electrical Company Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

682,861

554,085

Social security and other taxes

21,428

28,972

Directors loan

624

415

Other creditors

4,484

6,524

Corporation tax

245,931

110,263

Accruals and deferred income

76,499

34,198

1,031,827

734,457

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

800

800

800

800

Ordinary B shares of £1 each

700

700

700

700

1,500

1,500

1,500

1,500

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £192,951 (2023 - £218,108).

9

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Directors loan account

-

585

(543)

42

 

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Directors loan account

267

344

(611)

-

 

 

Nomico Electrical Company Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

10

Parent and ultimate parent undertaking

The company's immediate parent is Nomico Group Limited, incorporated in England and Wales.