Company registration number 09591670 (England and Wales)
D.C BUILDING & ELECTRICAL SERVICES LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
D.C BUILDING & ELECTRICAL SERVICES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
D.C BUILDING & ELECTRICAL SERVICES LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
103,771
4,180
Current assets
Stocks
237,190
185,690
Debtors
4
96,923
78,036
Cash at bank and in hand
104,245
139,377
438,358
403,103
Creditors: amounts falling due within one year
5
(229,466)
(175,420)
Net current assets
208,892
227,683
Total assets less current liabilities
312,663
231,863
Creditors: amounts falling due after more than one year
6
(127,967)
(175,723)
Provisions for liabilities
(25,943)
(1,045)
Net assets
158,753
55,095
Capital and reserves
Called up share capital
7
2,000
2,000
Profit and loss reserves
156,753
53,095
Total equity
158,753
55,095
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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.
The financial statements were approved by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
Mr P Connolly
Director
Company Registration No. 09591670
D.C BUILDING & ELECTRICAL SERVICES LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
- 2 -
1
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
2
Accounting policies
Company information
D.C Building & Electrical Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Beeches Industrial Estate, Coedcae Lane, Pontyclun, Rhondda Cynon Taff, Wales, CF72 9DY.
2.1
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. The principal accounting policies adopted are set out below.
2.2
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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
2.3
Tangible fixed assets
Tangible fixed assets are measured at cost, 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:
Plant and machinery
25% straight line
Computer equipment
33.3% reducing balance
Motor vehicles
25% reducing balance
D.C BUILDING & ELECTRICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2
Accounting policies
(Continued)
- 3 -
2.4
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.
Work in progress represents costs incurred on contracts prior to being invoiced to the customer.
2.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
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.
2.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
D.C BUILDING & ELECTRICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
2
Accounting policies
(Continued)
- 4 -
2.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
3
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
13,308
13,308
Additions
23,144
3,916
79,900
106,960
At 31 May 2024
36,452
3,916
79,900
120,268
Depreciation and impairment
At 1 June 2023
9,128
9,128
Depreciation charged in the year
4,900
805
1,664
7,369
At 31 May 2024
14,028
805
1,664
16,497
Carrying amount
At 31 May 2024
22,424
3,111
78,236
103,771
At 31 May 2023
4,180
4,180
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,432
4,668
Other debtors
85,491
73,368
96,923
78,036
D.C BUILDING & ELECTRICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,129
22,164
Trade creditors
120,264
36,116
Taxation and social security
64,265
63,710
Other creditors
34,808
53,430
229,466
175,420
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,184
31,863
Other creditors
112,783
143,860
127,967
175,723
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
3,421
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £2 each
1,000
1,000
2,000
2,000
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
15,572
28,176
D.C BUILDING & ELECTRICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
9
Directors' transactions
Dividends totalling £104,206 (2023 - £70,000) were paid in the year in respect of shares held by the company's directors.
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors
-
58,650
112,192
872
(101,033)
70,681
58,650
112,192
872
(101,033)
70,681