REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 January 2024 |
for |
Halsall Electrical Limited |
REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 January 2024 |
for |
Halsall Electrical Limited |
Halsall Electrical Limited (Registered number: 03299063) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 7 |
Balance Sheet | 8 |
Statement of Changes in Equity | 9 |
Cash Flow Statement | 10 |
Notes to the Cash Flow Statement | 11 |
Notes to the Financial Statements | 12 |
Halsall Electrical Limited |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants & Business Advisers |
Chancery Court |
34 West Street |
Retford |
Nottinghamshire |
DN22 6ES |
Halsall Electrical Limited (Registered number: 03299063) |
Strategic Report |
for the Year Ended 31 January 2024 |
The directors present their strategic report for the year ended 31 January 2024. |
The principal activity of the company in the year under review was that of electrical contractors. |
REVIEW OF BUSINESS |
The directors are pleased to report that the company, going into 2024/2025, continues to generate good turnover and profit levels. |
The company enters the new financial year where future prospects remain positive, as it continues to report strong order books for the foreseeable future as a result of retaining strong links with long-term customers, which has been based on reputation and quality of service. |
We operate from our Cannock Head Office with works being generated across a number of areas in the commercial sector, an approach that has offered some protection against any downturn in activity in these markets. |
Halsall Electrical Limited's reputation has continued to attract enquiries from both existing and many new clients and as such the company is working closely with many large organisations in relation to future opportunities. |
Turnover in the year decreased to £70m, from £86m in the prior year, however this remains a significant increase over a five year average. |
Gross profit for the year is £10.80m (2023: £10.85m) |
Operating profit before tax stands at £344k (2023: £2.07m) |
The Company's Net Assets at the year end were £7.4m (2023: £7.9m) |
The directors consider, given the current unpredictable state of the current economic climate, that the results for financial year ended 31 January 2024 to be satisfactory and as such take this opportunity to formally convey their most sincere appreciation to all members of staff for their continued loyalty and commitment to the company. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors continue to monitor the level of enquiries, contracts awarded, turnover, gross profit and cash resources, which they consider all to be key performance indicators. |
The company is exposed to the usual business risks which the directors believe need to be monitored closely, especially during periods of economic uncertainty. The directors continually assess markets and contracts to identify any changes within the business sector in an attempt to mitigate the impact of any future general risk within the sector impacting upon the company. |
Additional to the general business risk within the market place the company is exposed to price risks, credit risks and cash flow associated with selling on credit. These risks are managed through tight credit control procedures, including credit assessments of customers. |
Halsall Electrical Limited (Registered number: 03299063) |
Strategic Report |
for the Year Ended 31 January 2024 |
SECTION 172(1) STATEMENT |
The revised UK Corporate Governance Code ('2018 Code') was published in July 2018 and applies to accounting periods beginning on or after January 1, 2019. The Companies (Miscellaneous Reporting) Regulations 2018 ('2018 MRR') require Directors to explain how they considered the interests of key stakeholders and the broader matters set out in section 172(1) (A) to (F) of the Companies Act 2006 ('S172') when performing their duty to promote the success of the Company under S172. This includes considering the interest of other stakeholders which will have an impact on the long-term success of the company. This S172 statement, explains how Halsall Electrical Limited Directors: |
- have engaged with employees, suppliers, customers and others; and |
- have had regard to employee interests, the need to foster the company's business relationships with suppliers, customers and other, and the effect of that regards, including on the principal decisions taken by the company during the financial year. |
The S172 statement focuses on matters of strategic importance to the company, and the level of information disclosed is consistent with the size and the complexity of the business. |
The Board of directors are aware of their responsibilities and when making decisions, each director ensures that they acts in the way that they consider in good faith, would most likely promote the Company's success for the benefit of its members as a whole and in doing so has regard to: |
S172(1) (A) The likely consequences of any decision in the long term. The aims set out in the review of the business section of the strategic report illustrate the long term focus of the directors. |
S172(1) (B) The interests of the company's employees. The directors recognise that the employees are fundamental to the delivery of strategic ambitions and work closely with their representatives. Frequent appraisals and assessment of our team members wellbeing ensures high retention of staff and key personnel. |
S172(1) (C) The need to foster the company's business relationships with suppliers, customers and others. Delivery of strategic goals requires strong mutually beneficial relationships with suppliers, customers and other agencies. The business continuously assesses the customer base within the context of business strategy and the management team ensures that these relationships are maintained. |
S172(1) (D) The impact of the company's operations on the community and the environment. The company considers its energy usage looking to make efficiencies where possible. |
S172(1) (E) The desirability of the company maintaining a reputation for high standards of business conduct. Compliance with relevant governance standards helps assure that the correct decision are made by the board which promote high standards of business conduct. |
S172(1) (F) The need to act fairly as between members of the company. The directors consider all factors when determining the best course of action to deliver the Company's long term strategic goals. The impact on all stakeholders is considered as fairly as possible in the interest of the Company. |
BAD DEBT |
In the year the company suffered a bad debt of £1.9m with relation to Readie Construction Limited who entered into administration on the 18th February 2024. This loss has been recognised in full in the current period of accounts with no current expectation that any of this balance will be recoverable. |
The company would like to draw attention to the profit in the period and recognise that without this impact operating profit for the year would be £2.24m. |
ON BEHALF OF THE BOARD: |
Halsall Electrical Limited (Registered number: 03299063) |
Report of the Directors |
for the Year Ended 31 January 2024 |
The directors present their report with the financial statements of the company for the year ended 31 January 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 January 2024 on the Ordinary £1 shares will be £750,000 payable to the parent company, Halsall Holdings Limited. No dividends were paid on the Ordinary A £1 shares. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO 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 the information. The directors confirm that there is no relevant information that they know of and which they know the auditors are aware of. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Halsall Electrical Limited |
Opinion |
We have audited the financial statements of Halsall Electrical Limited (the 'company') for the year ended 31 January 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31 January 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 Auditors' 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 financial statements are 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the 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 or the Report of the Directors. |
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. |
Report of the Independent Auditors to the Members of |
Halsall Electrical Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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 to cease operations, or have no realistic alternative but to do so. |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). |
In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- | We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework. |
- | We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance. |
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: |
- | Substantive procedures performed in accordance with the ISAs (UK). |
- | Challenging assumptions and judgments made by management in its significant accounting estimates. |
- | Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals. |
- | Assessing the extent of compliance with the relevant laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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 a Report of the Auditors 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 |
Statutory Auditors |
Chartered Accountants & Business Advisers |
Chancery Court |
34 West Street |
Retford |
Nottinghamshire |
DN22 6ES |
Halsall Electrical Limited (Registered number: 03299063) |
Statement of Comprehensive |
Income |
for the Year Ended 31 January 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
342,185 | 2,064,526 |
Other operating income |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Halsall Electrical Limited (Registered number: 03299063) |
Balance Sheet |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Halsall Electrical Limited (Registered number: 03299063) |
Statement of Changes in Equity |
for the Year Ended 31 January 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 February 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2024 |
Halsall Electrical Limited (Registered number: 03299063) |
Cash Flow Statement |
for the Year Ended 31 January 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
5,431,228 |
Cash and cash equivalents at end of year | 2 | 6,803,226 | 11,540,158 |
Halsall Electrical Limited (Registered number: 03299063) |
Notes to the Cash Flow Statement |
for the Year Ended 31 January 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
479,705 | 2,203,438 |
(Increase)/decrease in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 January 2024 |
31.1.24 | 1.2.23 |
£ | £ |
Cash and cash equivalents | 6,803,226 | 11,540,158 |
Year ended 31 January 2023 |
31.1.23 | 1.2.22 |
£ | £ |
Cash and cash equivalents | 11,540,158 | 5,431,228 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.2.23 | Cash flow | At 31.1.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 11,540,158 | (4,736,932 | ) | 6,803,226 |
11,540,158 | ( |
) | 6,803,226 |
Total | 11,540,158 | (4,736,932 | ) | 6,803,226 |
Halsall Electrical Limited (Registered number: 03299063) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Halsall Electrical Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Turnover is inclusive of accrued income in respect of work undertaken during the year which at the balance sheet date has not been billed in accordance with FRS 102 section 23. |
Turnover recognised in this manner is based upon an assessment of the fair value of the contracts at the balance sheet date as a proportion of the total value of the engagement. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost , net of depreciation and any impairment losses. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Halsall Electrical Limited (Registered number: 03299063) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Amounts recoverable on contracts |
The amount by which recorded turnover on long term contracts is in excess of payments on account is classified as amounts recoverable on contracts under debtors. |
Payments received on account |
The balance of payments on account in excess of amounts offset against amounts recoverable on contracts and long-term contract balances is classified as payments received on account under creditors, where applicable. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration and support | 53 | 54 |
Production | 55 | 53 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Halsall Electrical Limited (Registered number: 03299063) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Change in tax rates | (4,295 | ) | - |
Total tax charge | 106,413 | 414,635 |
The rate of current tax has increased from 19% to 25% due to changes in legislation affecting the rate of mainstream corporation tax. |
7. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim |
Halsall Electrical Limited (Registered number: 03299063) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
9. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Prepayments | 152,483 | 148,842 |
Amounts owed by group undertakings |
Amounts recoverable on contracts |
Other debtors |
VAT |
Amounts falling due after more than one year: |
Trade debtors |
Aggregate amounts |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax | ( |
) | ( |
) |
Social security and other taxes |
VAT | 1,176,682 | - |
Other creditors |
Payments received on account | 1,465,745 | 1,846,360 |
Accrued expenses |
Halsall Electrical Limited (Registered number: 03299063) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 40,000 | 40,000 |
Ordinary A | £1 | 10,000 | 10,000 |
50,000 | 50,000 |
Ordinary shares confer the holders thereof with voting rights and rights in respect of any return of capital. |
A Ordinary shares confer the holders thereof with rights to distribution as determined by the directors of the Company. |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 February 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 January 2024 |
13. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
At 31 January 2024, a balance of £9,741,257 (2023: £11,976,078) was owing to a company that is controlled by the owners of Halsall Holdings Limited. During the year, the company purchased services of £1,700,000 (2023: £3,200,000). |
At 31 January 2024, a balance of £1,048,266 (2023: £2,833,852) is owed to another company that is controlled by the owners of Halsall Holdings Limited. During the year, the company purchased services of £19,970,964 (2023: 26,020,578). |
At 31 January 2024, a balance of £4,758,083 (2023: £5,290,553) is owed by a company owned by connected persons. |
14. | ULTIMATE CONTROLLING PARTY |
The company is controlled by Halsall Holdings Limited by virtue of it owning 100% of the share capital. The ultimate controlling parties are A J Wright and S Halsall by virtue of them owning 100% of the Ordinary share capital in Halsall Holdings Limited. |