Company registration number 09456597 (England and Wales)
T2 ELECTRICAL CONTRACTORS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
T2 ELECTRICAL CONTRACTORS LTD
COMPANY INFORMATION
Directors
Mr T D Bevan
Ms M E P Bevan
Company number
09456597
Registered office
6 Byron Road
Redditch
Worcestershire
B97 5EB
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
19 Church Green East
Redditch
Worcestershire
B98 8BZ
T2 ELECTRICAL CONTRACTORS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
T2 ELECTRICAL CONTRACTORS LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF T2 ELECTRICAL CONTRACTORS LTD FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of T2 Electrical Contractors Ltd for the year ended 29 February 2024 which comprise, the balance sheet 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 T2 Electrical Contractors Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of T2 Electrical Contractors Ltd and state those matters that we have agreed to state to the board of directors of T2 Electrical Contractors Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than T2 Electrical Contractors Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that T2 Electrical Contractors 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 T2 Electrical Contractors Ltd. You consider that T2 Electrical Contractors Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of T2 Electrical Contractors 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.

Ormerod Rutter Limited
13 November 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
T2 ELECTRICAL CONTRACTORS LTD
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,201
7,942
Investments
4
13,523
8,050
20,724
15,992
Current assets
Stocks
581
592
Debtors
5
151,257
72,798
Cash at bank and in hand
88,298
205,267
240,136
278,657
Creditors: amounts falling due within one year
6
(186,194)
(209,645)
Net current assets
53,942
69,012
Total assets less current liabilities
74,666
85,004
Creditors: amounts falling due after more than one year
7
(12,247)
(23,219)
Provisions for liabilities
9
(1,763)
(1,509)
Net assets
60,656
60,276
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
60,556
60,176
Total equity
60,656
60,276

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 29 February 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.

T2 ELECTRICAL CONTRACTORS LTD
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 13 November 2024 and are signed on its behalf by:
Mr T D Bevan
Director
Company registration number 09456597 (England and Wales)
T2 ELECTRICAL CONTRACTORS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information

T2 Electrical Contractors Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6 Byron Road, Redditch, Worcestershire, B97 5EB.

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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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.

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.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated 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:

Plant and equipment
25% on reducing balance
Computer equipment
25% on reducing balance
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

T2 ELECTRICAL CONTRACTORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.

1.7
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Retirement benefits

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

1.9
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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

T2 ELECTRICAL CONTRACTORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
2
Employees

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

2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Plant and equipment
Computer equipment
Total
£
£
£
Cost
At 1 March 2023
9,381
12,912
22,293
Additions
-
0
1,664
1,664
At 29 February 2024
9,381
14,576
23,957
Depreciation and impairment
At 1 March 2023
6,689
7,661
14,350
Depreciation charged in the year
676
1,730
2,406
At 29 February 2024
7,365
9,391
16,756
Carrying amount
At 29 February 2024
2,016
5,185
7,201
At 28 February 2023
2,692
5,250
7,942
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
13,523
8,050
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 March 2023
8,050
Additions
5,473
At 29 February 2024
13,523
Carrying amount
At 29 February 2024
13,523
At 28 February 2023
8,050
T2 ELECTRICAL CONTRACTORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
126,936
71,258
Other debtors
24,321
1,540
151,257
72,798
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,190
10,125
Trade creditors
47,927
56,770
Taxation and social security
63,116
77,901
Other creditors
64,961
64,849
186,194
209,645
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,247
23,219
8
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
22,437
33,344
Bank loans are secured by way of a government-backed guarantee.
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
1,763
1,509
T2 ELECTRICAL CONTRACTORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
50
50
50
50
Ordinary B of £1 each
50
50
50
50
100
100
100
100
11
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group

12
Control

Ultimate parent company

The ultimate parent company is TM Bevan Holdings Limited, a company registered in England and Wales.

Ultimate controlling party

The ultimate controlling party is Mr T D Bevan, by virtue of his controlling interest in the ultimate parent company.

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