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Registration number: 11018125

AC Electrical and Interiors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

AC Electrical and Interiors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

AC Electrical and Interiors Limited

Company Information

Director

Mr A A Clayton

Registered office

Unit 6
Stonehouse Commercial Centre
Bristol Road
Stonehouse
Gloucestershire
GL10 3RD

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

AC Electrical and Interiors Limited

(Registration number: 11018125)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

73,774

67,170

Current assets

 

Stocks

4

-

32,419

Debtors

5

1,032,538

916,613

Cash at bank and in hand

 

275,568

3,929

 

1,308,106

952,961

Creditors: Amounts falling due within one year

6

(575,399)

(428,843)

Net current assets

 

732,707

524,118

Total assets less current liabilities

 

806,481

591,288

Creditors: Amounts falling due after more than one year

6

(88,584)

(92,689)

Provisions for liabilities

(18,443)

(12,762)

Net assets

 

699,454

485,837

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

699,453

485,836

Shareholders' funds

 

699,454

485,837

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

AC Electrical and Interiors Limited

(Registration number: 11018125)
Balance Sheet as at 31 October 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 October 2024
 

.........................................
Mr A A Clayton
Director

 

AC Electrical and Interiors Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

1

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

AC Electrical and Interiors Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

25% reducing balance

Office equipment

33.3% reducing balance

Fixture & fittings

25% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

AC Electrical and Interiors Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases 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 profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

AC Electrical and Interiors Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 4).

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

15,861

104,442

12,859

133,162

Additions

3,225

32,408

-

35,633

Disposals

(13,967)

(25,718)

-

(39,685)

At 31 October 2023

5,119

111,132

12,859

129,110

Depreciation

At 1 November 2022

11,298

45,398

9,296

65,992

Charge for the year

1,229

22,863

890

24,982

Eliminated on disposal

(9,920)

(25,718)

-

(35,638)

At 31 October 2023

2,607

42,543

10,186

55,336

Carrying amount

At 31 October 2023

2,512

68,589

2,673

73,774

At 31 October 2022

4,563

59,044

3,563

67,170

 

AC Electrical and Interiors Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

4

Stocks

2023
£

2022
£

Work in progress

-

32,419

5

Debtors

Current

2023
£

2022
£

Trade debtors

507,501

298,758

Prepayments

4,756

2,367

Other debtors

520,281

615,488

 

1,032,538

916,613

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

32,511

28,243

Trade creditors

 

285,357

255,426

Accruals and deferred income

 

83,001

57,020

Other creditors

 

174,530

88,154

 

575,399

428,843

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

88,584

92,689

 

AC Electrical and Interiors Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

100

1

100

1

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,750

38,750

Hire purchase contracts

64,834

53,939

88,584

92,689

2023
£

2022
£

Current loans and borrowings

Bank borrowings

15,000

15,000

Bank overdrafts

-

2,272

Hire purchase contracts

17,511

10,971

32,511

28,243

 

AC Electrical and Interiors Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

9

Related party transactions

Loans to related parties

2023

Key management
£

Other related parties
£

Total
£

At start of period

116,510

173,244

289,754

Advanced

127,885

-

127,885

Repaid

(140,000)

-

(140,000)

At end of period

104,395

173,244

277,639

2022

Key management
£

Other related parties
£

Total
£

At start of period

50,887

173,244

224,131

Advanced

205,589

-

205,589

Repaid

(139,966)

-

(139,966)

At end of period

116,510

173,244

289,754