Company registration number 04796236 (England and Wales)
CHRIS BARTHOLOMEW ELECTRICAL CONTRACTOR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
CHRIS BARTHOLOMEW ELECTRICAL CONTRACTOR LIMITED
CONTENTS
Page
Statement of financial position
3 - 4
Statement of changes in equity
2
Notes to the financial statements
5 - 11
CHRIS BARTHOLOMEW ELECTRICAL CONTRACTOR LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 May 2024.

Principal activities
The principal activity of the company continued to be that of electrical contractors.
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C Bartholomew
Mrs A Bartholomew
Mr R Santler
Mr N Catt
(Resigned 1 March 2024)
Mr J C S Bartholomew
(Appointed 2 September 2024)
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr C Bartholomew
Director
7 November 2024
CHRIS BARTHOLOMEW ELECTRICAL CONTRACTOR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2022
329
7,974
456,337
464,640
Year ended 31 May 2023:
Profit and total comprehensive income
-
-
103,867
103,867
Dividends
-
-
(142,356)
(142,356)
Balance at 31 May 2023
329
7,974
417,848
426,151
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
168,997
168,997
Dividends
-
-
(97,139)
(97,139)
Own shares acquired
-
-
(51,926)
(51,926)
Reduction of shares
(100)
(7,974)
-
0
(8,074)
Balance at 31 May 2024
229
-
0
437,780
438,009
CHRIS BARTHOLOMEW ELECTRICAL CONTRACTOR LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MAY 2024
31 May 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
400,724
349,914
Current assets
Stocks
109,968
142,516
Debtors
5
87,522
164,423
Cash at bank and in hand
687,679
947,152
885,169
1,254,091
Creditors: amounts falling due within one year
6
(645,148)
(1,015,182)
Net current assets
240,021
238,909
Total assets less current liabilities
640,745
588,823
Creditors: amounts falling due after more than one year
8
(158,995)
(131,316)
Provisions for liabilities
11
(43,741)
(31,356)
Net assets
438,009
426,151
Capital and reserves
Called up share capital
229
329
Share premium account
-
0
7,974
Profit and loss reserves
437,780
417,848
Total equity
438,009
426,151

The directors of the company have elected not to include a copy of the income statement 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.

CHRIS BARTHOLOMEW ELECTRICAL CONTRACTOR LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 7 November 2024 and are signed on its behalf by:
Mr C Bartholomew
Director
Company registration number 04796236 (England and Wales)
CHRIS BARTHOLOMEW ELECTRICAL CONTRACTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
1
Accounting policies
Company information

Chris Bartholomew Electrical Contractor Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Barn, 27A South Street, East Hoathly, East Sussex, BN8 6DS.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

1.3
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.4
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:

Land and buildings Freehold
2% straight line
Plant and machinery
15% reducing balance
Fixtures, Fittings and Property Improvements
15% and 10% 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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

CHRIS BARTHOLOMEW ELECTRICAL CONTRACTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

Financial instruments are recognised in the company's statement of financial position 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

CHRIS BARTHOLOMEW ELECTRICAL CONTRACTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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 income statement 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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
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 statement of financial position 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.

CHRIS BARTHOLOMEW ELECTRICAL CONTRACTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 8 -
1.13
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
31
27
CHRIS BARTHOLOMEW ELECTRICAL CONTRACTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
259,401
391,252
650,653
Additions
-
0
113,911
113,911
Disposals
-
0
(15,216)
(15,216)
At 31 May 2024
259,401
489,947
749,348
Depreciation and impairment
At 1 June 2023
42,246
258,493
300,739
Depreciation charged in the year
5,294
52,992
58,286
Eliminated in respect of disposals
-
0
(10,401)
(10,401)
At 31 May 2024
47,540
301,084
348,624
Carrying amount
At 31 May 2024
211,861
188,863
400,724
At 31 May 2023
217,155
132,759
349,914
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
76,016
155,258
Other debtors
11,506
9,165
87,522
164,423
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
12,355
14,331
Trade creditors
255,583
196,983
Taxation and social security
185,366
85,158
Other creditors
191,844
718,710
645,148
1,015,182

 

CHRIS BARTHOLOMEW ELECTRICAL CONTRACTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
7
Loans and overdrafts
2024
2023
£
£
Bank loans
90,440
99,459
Payable within one year
12,355
14,331
Payable after one year
78,085
85,128

The company has granted fixed and floating charges over the undertaking and all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures, fixed plant and machinery.

 

 

 

 

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
78,085
85,128
Other creditors
80,910
46,188
158,995
131,316
9
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
41,514
26,530
In two to five years
80,910
46,188
122,424
72,718

Finance lease payments represent hire purchase obligations payable by the company for certain items of plant and machinery. Leases are all under hire purchase arrangements and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent hire purchase payments.

CHRIS BARTHOLOMEW ELECTRICAL CONTRACTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
43,741
31,356
2024
Movements in the year:
£
Liability at 1 June 2023
31,356
Charge to profit or loss
12,385
Liability at 31 May 2024
43,741
11
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10
43,741
31,356
12
Directors' transactions

At the start of the year, the company was owed £162 (2023: £Nil) by a director of the company. During the year, the company advanced £Nil (2023: £162) to the director. During the year, amounts of £162 (2023: £Nil) were repaid to the company. The total outstanding to the company at the balance sheet date was £Nil (2023: £162).

 

During the year, the company repurchased 100 Ordinary shares from the directors of the company for a combined value of £60,000.

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