Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseNo description of principal activity3338falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07602255 2023-04-01 2024-03-31 07602255 2022-04-01 2023-03-31 07602255 2024-03-31 07602255 2023-03-31 07602255 c:Director3 2023-04-01 2024-03-31 07602255 d:CurrentFinancialInstruments 2024-03-31 07602255 d:CurrentFinancialInstruments 2023-03-31 07602255 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07602255 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07602255 d:ShareCapital 2024-03-31 07602255 d:ShareCapital 2023-03-31 07602255 d:RetainedEarningsAccumulatedLosses 2024-03-31 07602255 d:RetainedEarningsAccumulatedLosses 2023-03-31 07602255 d:OtherDeferredTax 2024-03-31 07602255 d:OtherDeferredTax 2023-03-31 07602255 c:FRS102 2023-04-01 2024-03-31 07602255 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07602255 c:FullAccounts 2023-04-01 2024-03-31 07602255 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07602255 2 2023-04-01 2024-03-31 07602255 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 07602255










STUDLEY ELECTRICAL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
STUDLEY ELECTRICAL LIMITED
REGISTERED NUMBER: 07602255

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
  
3,000
3,000

Debtors: amounts falling due within one year
 4 
2,422,001
1,347,543

Cash at bank and in hand
 5 
734,070
569,676

  
3,159,071
1,920,219

Creditors: amounts falling due within one year
 6 
(1,693,812)
(864,569)

Net current assets
  
 
 
1,465,259
 
 
1,055,650

Total assets less current liabilities
  
1,465,259
1,055,650

  

Net assets
  
1,465,259
1,055,650


Capital and reserves
  

Called up share capital 
  
11,250
10,000

Profit and loss account
  
1,454,009
1,045,650

  
1,465,259
1,055,650


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 year 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 November 2024.



J. Hyland
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
STUDLEY ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Studley Electrical Limited is a private company limited by shares, incorporated in England and Wales with company number 07602255. Its registered office is 3 Hornhouse Lane, Knowsley Industrial Park, Liverpool, Merseyside, L33 7YQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

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

Page 2

 
STUDLEY ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

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.

 
2.6

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.7

Stocks

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 reporting 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.

 
2.8

Debtors

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.

Page 3

 
STUDLEY ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

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.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 33 (2023 - 38).

Page 4

 
STUDLEY ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Debtors

2024
2023
£
£


Trade debtors
714,201
1,302,833

Other debtors
1,367,590
4,732

Prepayments and accrued income
3,595
10,111

Amounts recoverable on long term contracts
188,896
28,618

Deferred taxation
147,719
1,249

2,422,001
1,347,543



5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
734,070
569,676

734,070
569,676



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
116,863
227,260

Corporation tax
287,223
51,687

Other taxation and social security
292,652
178,310

Other creditors
359,984
160,438

Accruals and deferred income
637,090
246,874

1,693,812
864,569


Page 5

 
STUDLEY ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Deferred taxation




2024


£






At beginning of year
1,249


Charged to profit or loss
146,470



At end of year
147,719

The deferred tax asset is made up as follows:

2024
2023
£
£


Short term timing differences
147,719
1,249

147,719
1,249


8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £597,814 (2023 - £42,420). Contributions totalling £597,840 (2023 - £11,780) were payable to the fund at the reporting date and are included in creditors.

 
Page 6