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COMPANY REGISTRATION NUMBER: 10011104
Foster Electrical Services (Anglia) Ltd
Unaudited financial statements
29 February 2024
Foster Electrical Services (Anglia) Ltd
Statement of financial position
29 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
571,046
588,761
Current assets
Debtors
6
116,801
319,683
Creditors: Amounts falling due within one year
7
( 109,960)
( 234,535)
---------
---------
Net current assets
6,841
85,148
---------
---------
Total assets less current liabilities
577,887
673,909
Creditors: Amounts falling due after more than one year
8
( 471,891)
( 535,254)
Provisions
Taxation including deferred tax
( 24,456)
( 27,682)
---------
---------
Net assets
81,540
110,973
---------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
60,761
57,979
Profit and loss account
20,679
52,894
-------
---------
Shareholders funds
81,540
110,973
-------
---------
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 income statement has not been delivered.
For the year ending 29 February 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Foster Electrical Services (Anglia) Ltd
Statement of financial position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 16 October 2024 , and are signed on behalf of the board by:
R Foster
Director
Company registration number: 10011104
Foster Electrical Services (Anglia) Ltd
Notes to the financial statements
Year ended 29 February 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 2A Telford Way, Thetford, Norfolk, IP24 1HU.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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. Revenue from the supply of services is recognised when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property
-
2% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of employees during the year was 1 (2023: 10 ).
5. Tangible assets
Freehold property
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 March 2023 and 29 February 2024
556,417
47,299
7,678
611,394
---------
-------
------
---------
Depreciation
At 1 March 2023
6,417
14,422
1,794
22,633
Charge for the year
6,961
8,220
2,534
17,715
---------
-------
------
---------
At 29 February 2024
13,378
22,642
4,328
40,348
---------
-------
------
---------
Carrying amount
At 29 February 2024
543,039
24,657
3,350
571,046
---------
-------
------
---------
At 28 February 2023
550,000
32,877
5,884
588,761
---------
-------
------
---------
Tangible assets held at valuation
The freehold property was revalued by the director on 28 February 2023.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 29 February 2024
Aggregate cost
481,251
Aggregate depreciation
(11,875)
---------
Carrying value
469,376
---------
At 28 February 2023
Aggregate cost
481,251
Aggregate depreciation
(6,417)
---------
Carrying value
474,834
---------
6. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
109,989
14,390
Other debtors
6,812
305,293
---------
---------
116,801
319,683
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
79,254
65,583
Trade creditors
4,983
1,925
Amounts owed to group undertakings and undertakings in which the company has a participating interest
145,723
Social security and other taxes
14,625
6,788
Other creditors
11,098
14,516
---------
---------
109,960
234,535
---------
---------
Included in creditors are bank loans and an overdraft of £79,254 (2023: £65,583) which are secured by charges over assets held by the company. Included in other creditors are obligations under hire purchase contracts of £8,598 (2023: £7,962) which are secured on the assets concerned.
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
452,786
507,551
Other creditors
19,105
27,703
---------
---------
471,891
535,254
---------
---------
Bank loans outstanding at the year end include amounts due after more than five years of £394,875 (2023: £394,875).
Included in creditors are bank loans of £452,786 (2023: £507,551) which are secured by charges over assets held by the company. Included in other creditors are obligations under hire purchase contracts of £19,105 (2023: £27,703) which are secured on the assets concerned.
9. Director's advances, credits and guarantees
At the balance sheet date, included within debtors is £2,546 (2023: £140,661) which is owed to the company by the director. Interest has been charged on the loan at the official rate.