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Haddow Electrical Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 January 2024
Phoenix Accounting Services Ltd
MAAT
3 Selsey Bus Ctr
Selsey
Chichester
PO20 0RS
Contents
Page
Statement of Financial Position 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 04637870
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 13,948 28,073
13,948 28,073
CURRENT ASSETS
Stocks 5 64,988 82,752
Debtors 6 790,163 720,739
Cash at bank and in hand - 32,549
855,151 836,040
Creditors: Amounts Falling Due Within One Year 7 (749,854 ) (585,151 )
NET CURRENT ASSETS (LIABILITIES) 105,297 250,889
TOTAL ASSETS LESS CURRENT LIABILITIES 119,245 278,962
Creditors: Amounts Falling Due After More Than One Year 8 (103,276 ) (246,247 )
NET ASSETS 15,969 32,715
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Income Statement 14,969 31,715
SHAREHOLDERS' FUNDS 15,969 32,715
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
All of the company's members have consented to the preparation of an Abridged Income Statement for the year end 31 January 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Phillip Haddow
Director
30/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Haddow Electrical Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04637870 . The registered office is Unit 2 Oakwood Business Park, Nr East Ashling, Chichester, West Sussex, PO18 9AL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% SL
Motor Vehicles 25% SL
Fixtures & Fittings 25% SL
Computer Equipment 25 & 33.33 SL
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 25 (2023: 25)
25 25
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 300,563 338,509 106,909 745,981
Additions 1 - 1,569 1,570
As at 31 January 2024 300,564 338,509 108,478 747,551
Depreciation
As at 1 February 2023 298,048 338,509 81,351 717,908
Provided during the period 1,463 - 14,232 15,695
As at 31 January 2024 299,511 338,509 95,583 733,603
Net Book Value
As at 31 January 2024 1,053 - 12,895 13,948
As at 1 February 2023 2,515 - 25,558 28,073
5. Stocks
2024 2023
£ £
Work in progress 64,988 82,752
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 291,263 261,004
Prepayments and accrued income 5,911 -
Other debtors 492,989 459,735
790,163 720,739
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 23,178
Trade creditors 452,428 358,506
Bank loans and overdrafts 121,301 51,690
Other taxes and social security 77,074 100,660
VAT 2,322 -
Other creditors 93,729 48,117
Accruals and deferred income 3,000 3,000
749,854 585,151
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 103,276 246,247
Page 4
Page 5
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 23,178
Later than one year and not later than five years - -
- 23,178
- 23,178
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
Page 5