Company registration number 04502299 (England and Wales)
R WALSH ELECTRICAL LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
R WALSH ELECTRICAL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
R WALSH ELECTRICAL LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
206,081
184,998
Current assets
Stocks
500
500
Debtors
4
154,007
185,856
Cash at bank and in hand
224,682
86,585
379,189
272,941
Creditors: amounts falling due within one year
5
(119,879)
(112,409)
Net current assets
259,310
160,532
Total assets less current liabilities
465,391
345,530
Creditors: amounts falling due after more than one year
6
(65,289)
(79,799)
Provisions for liabilities
(19,130)
(10,533)
Net assets
380,972
255,198
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
380,772
254,998
Total equity
380,972
255,198

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

R WALSH ELECTRICAL LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 11 October 2024
Mr R D Walsh
Director
Company registration number 04502299 (England and Wales)
R WALSH ELECTRICAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

R Walsh Electrical Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4 Brackley Close, Bournemouth International Airport, Christchurch, Dorset, BH23 6SE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
None
Equipment
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

R WALSH ELECTRICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current tax is recognised on taxable profit for the current and, where not previously recognised, 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

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.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
2
R WALSH ELECTRICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
139,562
57,885
81,389
278,836
Additions
-
0
2,617
42,821
45,438
Disposals
-
0
-
0
(35,160)
(35,160)
At 31 March 2024
139,562
60,502
89,050
289,114
Depreciation and impairment
At 1 April 2023
6,000
45,269
42,569
93,838
Depreciation charged in the year
1,000
3,603
13,494
18,097
Eliminated in respect of disposals
-
0
-
0
(28,902)
(28,902)
At 31 March 2024
7,000
48,872
27,161
83,033
Carrying amount
At 31 March 2024
132,562
11,630
61,889
206,081
At 31 March 2023
133,562
12,616
38,820
184,998
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
50,867
75,074
Other debtors
103,140
110,782
154,007
185,856
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,547
6,293
Trade creditors
26,472
56,761
Taxation and social security
47,723
11,272
Other creditors
39,137
38,083
119,879
112,409

The bank loans are secured by a fixed charge over the company's freehold property.

R WALSH ELECTRICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
62,495
68,624
Other creditors
2,794
11,175
65,289
79,799

The bank loans are secured by a fixed charge over the company's freehold property.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
33,218
40,457
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