Registration number:
Key Electrical Contractors & Storefitters Limited
for the Year Ended 30 April 2024
Key Electrical Contractors & Storefitters Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Independent Auditor's Report |
|
Profit and Loss Account (incorporating the Statement of Income and Retained Earnings) |
|
Balance Sheet |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Key Electrical Contractors & Storefitters Limited
Company Information
Directors |
Mr S Samardzija Mr S J Saddler Mr G Ingham |
Registered office |
|
Auditors |
|
Key Electrical Contractors & Storefitters Limited
Strategic Report
for the Year Ended 30 April 2024
The directors present their strategic report for the year ended 30 April 2024.
Principal activity
The principal activity of the company is that of building, store fitting, mechanical and electrical contractors.
Fair review of the business
The company has seen a slight decrease in sales this past year due to a reduction in work during the last quarter on 2024.
The results for the year are set out in the Profit and Loss Account and the KPI's are shown below. A decrease in sales resulted in a 5.6% decrease in Turnover and a decrease in gross profit by 5.5%.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2024 |
2023 |
Turnover |
£ |
50,027,977 |
52,987,802 |
Gross profit |
£ |
8,767,628 |
9,273,998 |
Continued investment has been made in further improving office space, building infrastructure, IT systems and internal management.
The focus on the future is firstly to maintain and improve our services to our existing clients and to continue to work on introductions and relationships with new potential clients Increasing turnover and subsequent profit alike.
We are keen to continue with our commitment to improvements in areas of Social, Economic and Environment sustainability.
Despite ongoing pressure on credit terms given to customers, the balance sheet remains strong, with working capital sufficient to cater for planned growth.
Principal risks and uncertainties
The principal risks to the company are directly related to our retail environment we work within. Recent inflationary rising costs on materials, fuel and labour may continue to be challenging over this coming year.
The contractor, client relationships remain strong and we continue to mitigate possible customer risk by seeking to develop relationships with new customers and new work streams.
Key Electrical Contractors & Storefitters Limited
Strategic Report
for the Year Ended 30 April 2024 (continued)
Approved and authorised by the
......................................... |
Key Electrical Contractors & Storefitters Limited
Directors' Report
for the Year Ended 30 April 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments and risk management
Price risk, credit risk, liquidity risk and cash flow risk
The company has a level of exposure to price, credit, liquidity and cash flow risk that is normal for the industry. Liquidity has reduced as credit terms offered have increased to market norms. The company has absorbed this without the need for finance and the directors do not foresee an increase in risk in the future.
Future developments
There have been no significant events since the year end.
Research and development
The company does not undertake research and development activity.
Key Electrical Contractors & Storefitters Limited
Directors' Report
for the Year Ended 30 April 2024 (continued)
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, Directors’ Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
Key Electrical Contractors & Storefitters Limited
Independent Auditor's Report to the Members of Key Electrical Contractors & Storefitters Limited
Opinion
We have audited the financial statements of Key Electrical Contractors & Storefitters Limited (the 'company') for the year ended 30 April 2024, which comprise the Profit and Loss Account (incorporating the Statement of Income and Retained Earnings), Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Key Electrical Contractors & Storefitters Limited
Independent Auditor's Report to the Members of Key Electrical Contractors & Storefitters Limited (continued)
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Key Electrical Contractors & Storefitters Limited
Independent Auditor's Report to the Members of Key Electrical Contractors & Storefitters Limited (continued)
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to:
i) Laws and regulations generally recognized to have a direct effect on the determination of material amounts and disclosures in the financial statements:
• The financial operating framework FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
• The Companies Act 2006
• Tax legislations – various
• Employment law
• Pension Regulation Authority
ii) Laws and regulations which provides the legal framework within which the company conducts its business and which is central to the company’s ability to conduct its business:
• ISO:9001, ISO: 14001 and OHSAS 18001 certification
• Construction Design and Management Regulations 2015
• NICEIC Regulations
We assessed the risks of material misstatement in respect of fraud through:
i) enquiries with management
ii) review of the company’s Anti-Fraud, Bribery and Corruption Policy
ii) the audit team initial discussions on fraud to identify particular areas that were susceptible to misstatement
Key Electrical Contractors & Storefitters Limited
Independent Auditor's Report to the Members of Key Electrical Contractors & Storefitters Limited (continued)
Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.
The audit team was assessed to have the appropriate competence and capability to identify or recognise non-compliance with laws and regulation.
Our approach to understanding the company’s policies and procedures for compliance with those laws and regulations and to gaining an understanding of how instances of non-compliance with laws and regulations or knowledge of actual, suspected, or alleged fraud is documented was via enquiry with management and obtaining a copy of the company’s Anti-Fraud, Bribery and Corruption Policy.
We corroborated our enquiries through:
i) review of correspondence with HMRC and Companies House (and their respective websites)
ii) review of relevant regulatory websites
iii) review of signed agreements / contracts
Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. The audit tests implemented involved checks with compliance on various company and employment laws and regulations.
Where there was considered to be a lack of segregation of duty, systems of controls in place were verified through observation and enquiry and substantive testing.
We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries and accounting estimates into our audit approach. Any unusual transactions were investigated further and relevant documentary evidence obtained where deemed necessary.
We considered the risk of fraud through the selection and application of accounting policies by the company, particularly those related to subjective measurements and complex transactions, which may be indicative of fraudulent financial reporting resulting from management’s effort to manage earnings. In response, in our audit approach we reviewed the application of accounting policies, in particular those associated with accounting estimates, for reasonableness and correct application within the financial statements.
Audit test sample selection process involves random selection to incorporates an element of unpredictability in the selection of audit procedures.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Key Electrical Contractors & Storefitters Limited
Independent Auditor's Report to the Members of Key Electrical Contractors & Storefitters Limited (continued)
Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.
The audit team was assessed to have the appropriate competence and capability to identify or recognise non-compliance with laws and regulation.
Our approach to understanding the company’s policies and procedures for compliance with those laws and regulations and to gaining an understanding of how instances of non-compliance with laws and regulations or knowledge of actual, suspected, or alleged fraud is documented was via enquiry with management and obtaining a copy of the company’s Anti-Fraud, Bribery and Corruption Policy.
We corroborated our enquiries through:
i) review of correspondence with HMRC and Companies House (and their respective websites)
ii) review of relevant regulatory websites
iii) review of signed agreements / contracts
Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. The audit tests implemented involved checks with compliance on various company and employment laws and regulations.
Where there was considered to be a lack of segregation of duty, systems of controls in place were verified through observation and enquiry and substantive testing.
We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries and accounting estimates into our audit approach. Any unusual transactions were investigated further and relevant documentary evidence obtained where deemed necessary.
We considered the risk of fraud through the selection and application of accounting policies by the company, particularly those related to subjective measurements and complex transactions, which may be indicative of fraudulent financial reporting resulting from management’s effort to manage earnings. In response, in our audit approach we reviewed the application of accounting policies, in particular those associated with accounting estimates, for reasonableness and correct application within the financial statements.
Audit test sample selection process involves random selection to incorporates an element of unpredictability in the selection of audit procedures.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
First Floor
Rosemount House
Huddersfield Road
West Yorkshire
HX5 0EE
Key Electrical Contractors & Storefitters Limited
PROFIT AND LOSS ACCOUNT
(Incorporating the Statement of Income and Retained Earnings)
for the Year Ended 30 April 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar charges |
|
( |
|
64,313 |
6,539 |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
6,556,461 |
6,439,074 |
|
Dividends paid |
(394,737) |
(2,631,579) |
|
Retained earnings carried forward |
7,924,702 |
6,556,461 |
Key Electrical Contractors & Storefitters Limited
Balance Sheet
as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Approved and authorised by the
......................................... |
(Registration number: 05086611)
Key Electrical Contractors & Storefitters Limited
Statement of Cash Flows
for the Year Ended 30 April 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Finance income |
( |
( |
|
Finance costs |
- |
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
(Increase)/decrease in stocks |
( |
|
|
Decrease/(increase) in trade debtors |
|
( |
|
(Decrease)/increase in trade creditors |
( |
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Acquisition of intangible assets |
( |
( |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
- |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
Cash and cash equivalents at 1 May |
|
|
|
Cash and cash equivalents at 30 April |
4,166,611 |
3,549,073 |
Key Electrical Contractors & Storefitters Limited
Notes to the Financial Statements
for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer.
Key Electrical Contractors & Storefitters Limited
Notes to the Financial Statements
for the Year Ended 30 April 2024 (continued)
2 |
Accounting policies (continued) |
Contract revenue recognition
In respect of long term building and maintenance contracts revenue is recognised when all the following conditions are satisfied:
- The amount of revenue can be reliably measured;
- It is probable that the economic benefits associated with the transaction will flow to the entity;
- The stage of completion of the transaction at the end of the reporting period can be measured reliably; and
- The costs incurred for the transaction and the costs to complete the transaction can be measured reliably.
Where all of the conditions are satisfied, revenue is recognised using actual costs and expected profit margins on contracts that are on site at the period end.
If a contract is deemed to be onerous the entire revenue and costs are recognised immediately.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised on 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.
Key Electrical Contractors & Storefitters Limited
Notes to the Financial Statements
for the Year Ended 30 April 2024 (continued)
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Freehold property |
2% per annum on a straight line basis |
Leasehold property improvements |
20% per annum on a straight line basis |
Plant and machinery |
25% per annum on a reducing balance basis |
Office equipment |
25% per annum on a reducing balance basis and 33% per annum on a straight line basis. |
Motor vehicles |
25% per annum on a reducing balance basis |
Intangible assets
Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition and in preparing the asset for its intended use.
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 |
Computer software |
on a straight line basis over 3 years |
Key Electrical Contractors & Storefitters Limited
Notes to the Financial Statements
for the Year Ended 30 April 2024 (continued)
2 |
Accounting policies (continued) |
Financial instruments
Basic financial assets, which include trade debtors and bank balances and are all current assets, are initially measured at transaction price including transaction costs and are subsequently measured at the undiscounted amount expected to be received, net of any impairment.
Basic financial liabilities, which comprise of trade creditors falling due within one year, are initially measured at the undiscounted amount expected to be received from that entity, which is usually the invoice price. They are subsequently measured at the undiscounted amount expected to be paid, net of any impairment.
Cash at bank
Cash and cash equivalents are basic financial assets and comprise of cash on hand and call deposits.
Stocks and work in progress
Stocks are stated at the lower of cost and estimated selling price. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Where building and maintenance contracts have not yet progressed to be on site, associated costs are recognised as work in progress. The cost of work in progress comprises direct materials, direct labour and other directly attributable costs. No element of profit is recognised within work in progress.
Leases
Rentals 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 the profit and loss account on a straight-line basis over the period of the lease.
Defined contribution pension obligation
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.
Key Electrical Contractors & Storefitters Limited
Notes to the Financial Statements
for the Year Ended 30 April 2024 (continued)
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods and services |
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2024 |
2023 |
|
Other interest received |
11,507 |
955 |
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
|
- |
Profit on disposal of fixed assets |
( |
( |
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Other interest paid |
- |
|
Foreign exchange (gains)/losses |
( |
- |
( |
|
Key Electrical Contractors & Storefitters Limited
Notes to the Financial Statements
for the Year Ended 30 April 2024 (continued)
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Direct |
|
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
262,880 |
340,986 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
Key Electrical Contractors & Storefitters Limited
Notes to the Financial Statements
for the Year Ended 30 April 2024 (continued)
9 |
Directors' remuneration (continued) |
2024 |
2023 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Key Electrical Contractors & Storefitters Limited
Notes to the Financial Statements
for the Year Ended 30 April 2024 (continued)
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
|
- |
610,544 |
685,124 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
( |
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Deferred tax credit relating to changes in tax rates or laws |
- |
( |
Increase in UK and foreign current tax from adjustment for prior periods |
|
- |
Tax increase from effect of depreciation of assets not qualifying for capital allowances |
|
|
Tax decrease from effect of super deduction allowances claimed |
- |
( |
Total tax charge |
|
|
Key Electrical Contractors & Storefitters Limited
Notes to the Financial Statements
for the Year Ended 30 April 2024 (continued)
11 |
Taxation (continued) |
An increase in the corporation tax rate to 25% with effect from 1 April 2023 was substantively enacted. The 19.49% rate used in 2023 reflects 1 month at the new rate and 11 months the previous rate of 19%. The 25% rate is used to measure UK deferred taxes in 2024 and 2023.
The deferred tax creditor is made up of a credit balance of £108,074 (2023: £119,606) relating to accelerated capital allowances.
Intangible assets |
Computer software |
Total |
|
Cost or valuation |
||
At 1 May 2023 |
|
|
Additions acquired separately |
|
|
At 30 April 2024 |
|
|
Amortisation |
||
Amortisation charge |
|
|
At 30 April 2024 |
|
|
Carrying amount |
||
At 30 April 2024 |
|
|
At 30 April 2023 |
|
|
Key Electrical Contractors & Storefitters Limited
Notes to the Financial Statements
for the Year Ended 30 April 2024 (continued)
Tangible assets |
Land and buildings |
Fixtures, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
|||||
At 1 May 2023 |
|
|
|
|
|
Additions |
- |
|
|
|
|
Disposals |
- |
- |
( |
- |
( |
At 30 April 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 May 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
At 30 April 2024 |
|
|
|
|
|
Carrying amount |
|||||
At 30 April 2024 |
|
|
|
|
|
At 30 April 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £367,645 (2023 - £376,195) in respect of freehold land and buildings and £49,647 (2023 - £73,347) in respect of short leasehold land and buildings.
Stocks |
2024 |
2023 |
|
Work in progress |
|
|
Raw materials and consumables |
|
|
|
|
Key Electrical Contractors & Storefitters Limited
Notes to the Financial Statements
for the Year Ended 30 April 2024 (continued)
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Creditors |
2024 |
2023 |
|
Due within one year |
||
Trade creditors |
|
|
Directors' loan accounts |
|
|
Social security and other taxes |
|
|
Accruals and deferred income |
|
|
Corporation tax liability |
210,089 |
389,935 |
|
|
Deferred tax and other provisions |
Deferred tax |
Total |
|
At 1 May 2023 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 30 April 2024 |
|
|
|
Key Electrical Contractors & Storefitters Limited
Notes to the Financial Statements
for the Year Ended 30 April 2024 (continued)
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £126,933 (2023 - £116,569).
Contributions totalling £Nil (2023 - £Nil) were payable to the scheme at the end of the year and are included in creditors.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Key Electrical Contractors & Storefitters Limited
Notes to the Financial Statements
for the Year Ended 30 April 2024 (continued)
Analysis of changes in net debt |
At 1 May 2023 |
Cash flows |
At 30 April 2024 |
|
Cash and cash equivalents |
|||
Cash |
585 |
(585) |
- |
Cash equivalents |
3,548,488 |
618,123 |
4,166,611 |
|
|
|
|
|
Related party transactions |
Key management personnel
Key management compensation
2024 |
2023 |
|
Salaries and other short term employee benefits |
|
|
Transactions with directors |
Summary of transactions with other related parties