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Company registration number: 05667526
CityFire&Electrical Services Limited
Unaudited filleted financial statements
31 January 2024
CityFire&Electrical Services Limited
Contents
Statement of financial position
Notes to the financial statements
CityFire&Electrical Services Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 31,284 41,044
_______ _______
31,284 41,044
Current assets
Stocks 96,308 124,059
Debtors 6 597,716 788,855
Cash at bank and in hand 21,900 89,819
_______ _______
715,924 1,002,733
Creditors: amounts falling due
within one year 7 ( 537,756) ( 778,508)
_______ _______
Net current assets 178,168 224,225
_______ _______
Total assets less current liabilities 209,452 265,269
Creditors: amounts falling due
after more than one year 8 ( 49,429) ( 100,000)
Provisions for liabilities ( 7,625) ( 10,023)
_______ _______
Net assets 152,398 155,246
_______ _______
Capital and reserves
Called up share capital 9 100 100
Profit and loss account 152,298 155,146
_______ _______
Shareholders funds 152,398 155,246
_______ _______
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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 October 2024 , and are signed on behalf of the board by:
Mr P D Glynn Mr C J Bowden
Director Director
Company registration number: 05667526
CityFire&Electrical Services Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 13 Portland Road, Edgbaston, Birmingham, B16 9HN. The business address is School house, St Philips Court, Church Hill, Coleshill, Birmingham, B46 3AD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity and have been rounded to the nearest £1.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Computer equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Debtors and creditors due within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2023: 23 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Computer equipment Total
£ £ £ £
Cost
At 1 February 2023 71,866 9,766 43,856 125,488
Additions - - 666 666
_______ _______ _______ _______
At 31 January 2024 71,866 9,766 44,522 126,154
_______ _______ _______ _______
Depreciation
At 1 February 2023 39,742 6,521 38,180 84,443
Charge for the year 8,031 811 1,585 10,427
_______ _______ _______ _______
At 31 January 2024 47,773 7,332 39,765 94,870
_______ _______ _______ _______
Carrying amount
At 31 January 2024 24,093 2,434 4,757 31,284
_______ _______ _______ _______
At 31 January 2023 32,124 3,245 5,676 41,045
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 259,903 493,651
Amounts owed by group undertakings and undertakings in which the company has a participating interest 176,204 165,088
Other debtors 161,609 130,116
_______ _______
597,716 788,855
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 394,615 394,464
Trade creditors 93,484 116,663
Corporation tax 16,324 70,847
Social security and other taxes 15,765 175,001
Other creditors 17,568 21,533
_______ _______
537,756 778,508
_______ _______
The company uses invoice financing which is secured over the assets of the company by way of a floating charge. Balance secured £358,632 (2023: -£373,631).
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 49,429 100,000
_______ _______
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary A shares of £ 1.00 each 80 80 80 80
Ordinary B shares of £ 1.00 each 20 20 20 20
_______ _______ _______ _______
100 100 100 100
_______ _______ _______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr P D Glynn 38,436 13,762 52,198
Mr C J Bowden 38,436 13,762 52,198
_______ _______ _______
76,872 27,524 104,396
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr P D Glynn 38,436 - 38,436
Mr C J Bowden 38,436 - 38,436
_______ _______ _______
76,872 - 76,872
_______ _______ _______