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REGISTERED NUMBER: 08202209 (England and Wales)

















OLIVER RUSSELL ELECTRICAL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






OLIVER RUSSELL ELECTRICAL LIMITED (REGISTERED NUMBER: 08202209)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


OLIVER RUSSELL ELECTRICAL LIMITED (REGISTERED NUMBER: 08202209)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 43,841 26,572

CURRENT ASSETS
Stocks 5 1,500 1,500
Debtors 6 78,577 72,001
Cash at bank 24,703 42,926
104,780 116,427
CREDITORS
Amounts falling due within one year 7 54,657 72,149
NET CURRENT ASSETS 50,123 44,278
TOTAL ASSETS LESS CURRENT
LIABILITIES

93,964

70,850

CREDITORS
Amounts falling due after more than one
year

8

(23,955

)

-

PROVISIONS FOR LIABILITIES (7,328 ) (3,983 )
NET ASSETS 62,681 66,867

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 62,679 66,865
SHAREHOLDERS' FUNDS 62,681 66,867

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

OLIVER RUSSELL ELECTRICAL LIMITED (REGISTERED NUMBER: 08202209)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 October 2024 and were signed by:





O J Bradly Russell - Director


OLIVER RUSSELL ELECTRICAL LIMITED (REGISTERED NUMBER: 08202209)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Oliver Russell Electrical Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08202209

Registered office: 71 Knowl Piece
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments 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 non-puttable 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 Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


OLIVER RUSSELL ELECTRICAL LIMITED (REGISTERED NUMBER: 08202209)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 9 ) .

OLIVER RUSSELL ELECTRICAL LIMITED (REGISTERED NUMBER: 08202209)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 15,077 62,824 1,005 78,906
Additions 354 29,398 500 30,252
At 31 March 2024 15,431 92,222 1,505 109,158
DEPRECIATION
At 1 April 2023 11,959 39,877 498 52,334
Charge for year 861 11,861 261 12,983
At 31 March 2024 12,820 51,738 759 65,317
NET BOOK VALUE
At 31 March 2024 2,611 40,484 746 43,841
At 31 March 2023 3,118 22,947 507 26,572

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 22,030
Additions 29,398
Transfer to ownership (22,030 )
At 31 March 2024 29,398
DEPRECIATION
At 1 April 2023 14,866
Charge for year 6,125
Transfer to ownership (14,866 )
At 31 March 2024 6,125
NET BOOK VALUE
At 31 March 2024 23,273
At 31 March 2023 7,164

5. STOCKS
2024 2023
£    £   
Stocks 1,500 1,500

OLIVER RUSSELL ELECTRICAL LIMITED (REGISTERED NUMBER: 08202209)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 21,693 16,501
Other debtors 56,884 55,500
78,577 72,001

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 3,199 10,783
Trade creditors 15,610 17,396
Taxation and social security 17,756 24,120
Other creditors 18,092 19,850
54,657 72,149

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 23,955 -

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
O J Bradly Russell
Balance outstanding at start of year (232 ) 654
Amounts advanced 33,213 4,454
Amounts repaid (24,000 ) (5,340 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,981 (232 )

Dividends of £12,000 were paid to the director during the year (2023: £2,670).

Dividends of £12,000 were paid to a close family member of the director during the year (2023: £2,670).

OLIVER RUSSELL ELECTRICAL LIMITED (REGISTERED NUMBER: 08202209)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. RELATED PARTY DISCLOSURES

Russell Property Management Limited

A company in which Mr O J Bradly Russell is a director and shareholder.

Rent costs totalling £14,000 (2023: £15,700) were charged from Russell Property Management Ltd during the year.

Amounts due from the related party at the balance sheet date is £46,632 (2023: £53,632).

This loan is unsecured, there is no interest payable and there are no agreed repayment terms.