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REGISTERED NUMBER: 03299063 (England and Wales)






















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: A J Wright
S Halsall
Mrs K Halsall
A J Perry
G Messham
D Shuter
A P Parker





SECRETARY: A J Wright





REGISTERED OFFICE: The Graduation Centre
Progress Drive
Cannock
Staffordshire
WS11 0JF





REGISTERED NUMBER: 03299063 (England and Wales)





AUDITORS: Wright Vigar Limited
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:





A J Wright - Director


17 October 2024

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.

A J Wright
S Halsall
Mrs K Halsall
A J Perry
G Messham
D Shuter
A P Parker

Other changes in directors holding office are as follows:

K P Keary - resigned 16 May 2023

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:





A J Wright - Director


17 October 2024

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.




Matthew Chadwick BA (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
Chancery Court
34 West Street
Retford
Nottinghamshire
DN22 6ES

17 October 2024

Halsall Electrical Limited (Registered number: 03299063)

Statement of Comprehensive
Income
for the Year Ended 31 January 2024

2024 2023
Notes £    £   

TURNOVER 3 70,407,270 86,119,909

Cost of sales 59,600,335 75,266,563
GROSS PROFIT 10,806,935 10,853,346

Administrative expenses 10,464,750 8,788,820
342,185 2,064,526

Other operating income 2,500 1,500
OPERATING PROFIT and
PROFIT BEFORE TAXATION 344,685 2,066,026

Tax on profit 6 106,413 414,635
PROFIT FOR THE FINANCIAL YEAR 238,272 1,651,391

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

238,272

1,651,391

Halsall Electrical Limited (Registered number: 03299063)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 390,955 412,237

CURRENT ASSETS
Debtors 9 21,851,962 20,381,287
Cash at bank and in hand 6,803,226 11,540,158
28,655,188 31,921,445
CREDITORS
Amounts falling due within one year 10 21,645,077 24,420,888
NET CURRENT ASSETS 7,010,111 7,500,557
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,401,066

7,912,794

CAPITAL AND RESERVES
Called up share capital 11 50,000 50,000
Retained earnings 12 7,351,066 7,862,794
SHAREHOLDERS' FUNDS 7,401,066 7,912,794

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2024 and were signed on its behalf by:





A J Wright - Director


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 50,000 6,961,403 7,011,403

Changes in equity
Dividends - (750,000 ) (750,000 )
Total comprehensive income - 1,651,391 1,651,391
Balance at 31 January 2023 50,000 7,862,794 7,912,794

Changes in equity
Dividends - (750,000 ) (750,000 )
Total comprehensive income - 238,272 238,272
Balance at 31 January 2024 50,000 7,351,066 7,401,066

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 (3,773,192 ) 7,180,001
Tax paid (100,000 ) (300,000 )
Net cash from operating activities (3,873,192 ) 6,880,001

Cash flows from investing activities
Purchase of tangible fixed assets (113,740 ) (21,071 )
Net cash from investing activities (113,740 ) (21,071 )

Cash flows from financing activities
Equity dividends paid (750,000 ) (750,000 )
Net cash from financing activities (750,000 ) (750,000 )

(Decrease)/increase in cash and cash equivalents (4,736,932 ) 6,108,930
Cash and cash equivalents at beginning
of year

2

11,540,158

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 344,685 2,066,026
Depreciation charges 131,494 137,412
Loss on disposal of fixed assets 3,526 -
479,705 2,203,438
(Increase)/decrease in trade and other debtors (1,470,675 ) 434,979
(Decrease)/increase in trade and other creditors (2,782,222 ) 4,541,584
Cash generated from operations (3,773,192 ) 7,180,001

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 (4,736,932 ) 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

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
£    £   
Electrical contracting 70,407,270 86,119,909
70,407,270 86,119,909

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 70,407,270 86,119,909
70,407,270 86,119,909

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 7,699,419 7,515,184
Social security costs 886,914 896,447
Other pension costs 156,790 191,410
8,743,123 8,603,041

The average number of employees during the year was as follows:
2024 2023

Administration and support 53 54
Production 55 53
108 107

2024 2023
£    £   
Directors' remuneration 2,004,851 2,092,022
Directors' pension contributions to money purchase schemes 56,940 63,644

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

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 509,544 509,543
Pension contributions to money purchase schemes - 2,134

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 863,381 912,553
Depreciation - owned assets 131,496 137,413
Loss on disposal of fixed assets 3,526 -
Auditors' remuneration 39,750 36,750

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 106,413 414,635
Tax on profit 106,413 414,635

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 344,685 2,066,026
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

86,171

392,545

Effects of:
Expenses not deductible for tax purposes 21,032 2,033
Depreciation in excess of capital allowances 3,505 20,057

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 750,000 750,000

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 572,881 642,630 1,215,511
Additions 108,225 5,515 113,740
Disposals (25,251 ) (250,369 ) (275,620 )
At 31 January 2024 655,855 397,776 1,053,631
DEPRECIATION
At 1 February 2023 374,400 428,874 803,274
Charge for year 76,676 54,820 131,496
Eliminated on disposal (24,770 ) (247,324 ) (272,094 )
At 31 January 2024 426,306 236,370 662,676
NET BOOK VALUE
At 31 January 2024 229,549 161,406 390,955
At 31 January 2023 198,481 213,756 412,237

9. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 4,358,329 6,896,890
Prepayments 152,483 148,842
Amounts owed by group undertakings 5,458,958 1,607,380
Amounts recoverable on contracts 3,766,930 3,616,010
Other debtors 7,417,525 6,268,236
VAT - 922,303
21,154,225 19,459,661

Amounts falling due after more than one year:
Trade debtors 697,737 921,626

Aggregate amounts 21,851,962 20,381,287

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 16,943,582 19,346,232
Tax (201,042 ) (207,453 )
Social security and other taxes 385,289 452,871
VAT 1,176,682 -
Other creditors 1,384,695 2,727,146
Payments received on account 1,465,745 1,846,360
Accrued expenses 490,126 255,732
21,645,077 24,420,888

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: £    £   
40,000 Ordinary £1 40,000 40,000
10,000 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 7,862,794
Profit for the year 238,272
Dividends (750,000 )
At 31 January 2024 7,351,066

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.