T. K. Platt Electrical Limited 03320066 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is Electrical Contractors Digita Accounts Production Advanced 6.30.9574.0 true true 03320066 2023-03-01 2024-02-29 03320066 2024-02-29 03320066 bus:OrdinaryShareClass1 2024-02-29 03320066 bus:OrdinaryShareClass2 2024-02-29 03320066 bus:OrdinaryShareClass3 2024-02-29 03320066 bus:OrdinaryShareClass4 2024-02-29 03320066 core:FinanceLeases core:CurrentFinancialInstruments 2024-02-29 03320066 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 03320066 core:Non-currentFinancialInstruments 2024-02-29 03320066 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 03320066 core:MotorVehicles 2024-02-29 03320066 core:OfficeEquipment 2024-02-29 03320066 bus:SmallEntities 2023-03-01 2024-02-29 03320066 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 03320066 bus:FilletedAccounts 2023-03-01 2024-02-29 03320066 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 03320066 bus:RegisteredOffice 2023-03-01 2024-02-29 03320066 bus:CompanySecretaryDirector1 2023-03-01 2024-02-29 03320066 bus:Director2 2023-03-01 2024-02-29 03320066 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 03320066 bus:OrdinaryShareClass2 2023-03-01 2024-02-29 03320066 bus:OrdinaryShareClass3 2023-03-01 2024-02-29 03320066 bus:OrdinaryShareClass4 2023-03-01 2024-02-29 03320066 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03320066 core:MotorVehicles 2023-03-01 2024-02-29 03320066 core:OfficeEquipment 2023-03-01 2024-02-29 03320066 countries:England 2023-03-01 2024-02-29 03320066 2023-02-28 03320066 core:MotorVehicles 2023-02-28 03320066 core:OfficeEquipment 2023-02-28 03320066 2022-03-01 2023-02-28 03320066 2023-02-28 03320066 bus:OrdinaryShareClass1 2023-02-28 03320066 bus:OrdinaryShareClass2 2023-02-28 03320066 bus:OrdinaryShareClass3 2023-02-28 03320066 bus:OrdinaryShareClass4 2023-02-28 03320066 core:FinanceLeases core:CurrentFinancialInstruments 2023-02-28 03320066 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 03320066 core:Non-currentFinancialInstruments 2023-02-28 03320066 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 03320066 core:MotorVehicles 2023-02-28 03320066 core:OfficeEquipment 2023-02-28 03320066 bus:OrdinaryShareClass3 2022-03-01 2023-02-28 03320066 bus:OrdinaryShareClass4 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03320066

T. K. Platt Electrical Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

T. K. Platt Electrical Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

T. K. Platt Electrical Limited

Company Information

Directors

Mr Craig Wright

Mr Steven Kirkman

Company secretary

Mr Craig Wright

Registered office

Unit 10 Roundhouse Court
Barnes Wallis Way
Buckshaw Village
Chorley
Lancashire
PR7 7JN

Accountants

McGinty Demack Limited
Chartered Certified Accountants
Vermont House
Bradley Lane
Standish
Wigan
WN6 0XF

 

T. K. Platt Electrical Limited

(Registration number: 03320066)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

fixed assets

 

tangible assets

4

127,252

80,442

Current assets

 

Stock and Work in progress

5

22,020

35,112

Debtors

6

330,575

392,095

Cash at bank and in hand

 

218,230

250,340

 

570,825

677,547

Creditors: Amounts falling due within one year

7

(132,761)

(166,732)

Net current assets

 

438,064

510,815

Total assets less current liabilities

 

565,316

591,257

Creditors: Amounts falling due after more than one year

7

(23,333)

(33,333)

Provisions for liabilities

(8,349)

(8,349)

Net assets

 

533,634

549,575

capital and reserves

 

Called up share capital

8

14

14

Profit and loss account

533,620

549,561

Total equity

 

533,634

549,575

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

T. K. Platt Electrical Limited

(Registration number: 03320066)
Balance Sheet as at 29 February 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 April 2024 and signed on its behalf by:
 

.........................................
Mr Craig Wright
Company secretary and director

.........................................
Mr Steven Kirkman
Director

 

T. K. Platt Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 10 Roundhouse Court
Barnes Wallis Way
Buckshaw Village
Chorley
Lancashire
PR7 7JN
England

These financial statements were authorised for issue by the Board on 11 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

T. K. Platt Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% Reducing balance basis

 

T. K. Platt Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Motor vehicles

25% Reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stock and Work in progress

Stock and Work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stock and work in progress are assessed for impairment. If stock and work in progress are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

T. K. Platt Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

T. K. Platt Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 35 (2023 - 32).

 

T. K. Platt Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

18,000

211,119

229,119

Additions

6,402

93,029

99,431

Disposals

-

(79,833)

(79,833)

At 29 February 2024

24,402

224,315

248,717

Depreciation

At 1 March 2023

10,438

138,239

148,677

Charge for the year

3,491

38,926

42,417

Eliminated on disposal

-

(69,629)

(69,629)

At 29 February 2024

13,929

107,536

121,465

Carrying amount

At 29 February 2024

10,473

116,779

127,252

At 28 February 2023

7,562

72,880

80,442

5

Stock and Work in progress

2024
£

2023
£

Work in progress

17,020

30,112

Other inventories

5,000

5,000

22,020

35,112

6

Debtors

 

T. K. Platt Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Current

2024
£

2023
£

Trade debtors

300,766

351,164

Prepayments

1,670

1,486

Other debtors

28,139

39,445

 

330,575

392,095

 

T. K. Platt Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

37,805

-

Trade creditors

 

35,091

73,425

Taxation and social security

 

45,792

43,433

Accruals and deferred income

 

1,525

37,614

Other creditors

 

12,548

12,260

 

132,761

166,732

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

23,333

33,333

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

4

4

4

4

Ordinary C of £1 each

10

10

10

10

Ordinary D of £1 (2023 - £0) each

10

10

-

-

Ordinary E of £1 (2023 - £0) each

10

10

-

-

34

34

14

14

 

T. K. Platt Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

23,333

33,333

Current loans and borrowings

2024
£

2023
£

Finance lease liabilities

37,805

-