Registered number: 14639149
KC ELECTRICAL SERVICES NORTH NORFOLK LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD FROM 3 FEBRUARY 2023 TO 31 MARCH 2024
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KC ELECTRICAL SERVICES NORTH NORFOLK LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KC ELECTRICAL SERVICES NORTH NORFOLK LTD
FOR THE PERIOD FROM 3 FEBRUARY 2023 TO 31 MARCH 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KC Electrical Services North Norfolk Ltd for the period ended 31 March 2024 which comprise the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of directors of KC Electrical Services North Norfolk Ltd, as a body, in accordance with the terms of our engagement letter dated 20 February 2023. Our work has been undertaken solely to prepare for your approval the financial statements of KC Electrical Services North Norfolk Ltd and state those matters that we have agreed to state to the Board of directors of KC Electrical Services North Norfolk Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KC Electrical Services North Norfolk Ltd and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that KC Electrical Services North Norfolk Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of KC Electrical Services North Norfolk Ltd. You consider that KC Electrical Services North Norfolk Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or review of the financial statements of KC Electrical Services North Norfolk Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MA Partners LLP
Chartered Accountants
12 Church Street
Cromer
Norfolk
NR27 9ER
31 October 2024
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KC ELECTRICAL SERVICES NORTH NORFOLK LTD
REGISTERED NUMBER: 14639149
BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
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KC ELECTRICAL SERVICES NORTH NORFOLK LTD
REGISTERED NUMBER: 14639149
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 October 2024.
The notes on pages 5 to 9 form part of these financial statements.
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KC ELECTRICAL SERVICES NORTH NORFOLK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
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Comprehensive income for the period
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Other comprehensive income for the period
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Total comprehensive income for the period
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Contributions by and distributions to owners
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Dividends: Equity capital
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Shares issued during the period
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Total transactions with owners
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The notes on pages 5 to 9 form part of these financial statements.
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KC ELECTRICAL SERVICES NORTH NORFOLK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
EThe company is a private company incorporated in the United Kingdom and limited by shares. It is registered in England and Wales. The address of its registered office is Carousel Sandpit Lane, Thorpe Market, Norwich, England, NR11 8TJ.
The company's principal activity is that of electrical installations.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
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Turnover and other income
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Turnover comprises of revenue recognised by the company in respect of electrical installations. Turnover is measured as the fair value of the consideration received net of VAT and recognised on an accruals basis.
Interest income is recognised using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expenses as they become payable.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax.
Deferred tax balances are recognised in respect of timing differences that have originated but not
reversed by the balance sheet date.
Current and deferred tax is determined using tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.
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KC ELECTRICAL SERVICES NORTH NORFOLK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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KC ELECTRICAL SERVICES NORTH NORFOLK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
The Company only enters into financial instrument transactions that result in recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable wihtin one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
The average monthly number of employees, including directors, during the year was 2.
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Charge for the period on owned assets
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Charge for the period on financed assets
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KC ELECTRICAL SERVICES NORTH NORFOLK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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KC ELECTRICAL SERVICES NORTH NORFOLK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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Allotted, called up and fully paid
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40 Ordinary A shares of £1.00 each
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40 Ordinary B shares of £1.00 each
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20 Ordinary C shares of £1.00 each
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Contributions totalling £79 were payable to the fund at the balance sheet date and are included in creditors.
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Related party transactions
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As at 31 March 2024, the balance of the directors' loan accounts were £16,631 owing to the directors, as included within other creditors note 6 and is repayable on demand.
During the year, the company made payments on behalf of the directors, totalling £38,970, and the directors advanced the company £55,657. Interest of £95 was charged by the company in respect of overdrawn balances. Interest was charged at 2% before 5 April 2023 and 2.25% thereafter.
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