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REGISTERED NUMBER: 03824894 (England and Wales)







Unaudited Financial Statements

for the Year Ended 30 June 2024

for

L M Electrical Services Limited

L M Electrical Services Limited (Registered number: 03824894)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 13

L M Electrical Services Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: L McSweeney
Mrs E F McSweeney





SECRETARY: Mrs E F McSweeney





REGISTERED OFFICE: Unit 11
Beech Court
Wokingham Road
Hurst
Berkshire
RG10 0RU





REGISTERED NUMBER: 03824894 (England and Wales)





ACCOUNTANTS: PKB Accountants Limited
Chartered Certified Accountants
Beechey House
87 Church Street
Crowthorne
Berkshire
RG45 7AW

L M Electrical Services Limited (Registered number: 03824894)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 869,619 843,101
Investments 5 24,768 21,823
894,387 864,924

CURRENT ASSETS
Debtors 6 565,718 901,044
Cash at bank and in hand 1,226,437 11,715
1,792,155 912,759
CREDITORS
Amounts falling due within one year 7 1,589,402 812,377
NET CURRENT ASSETS 202,753 100,382
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,097,140

965,306

CREDITORS
Amounts falling due after more than
one year

8

(88,164

)

(166,615

)

PROVISIONS FOR LIABILITIES (38,336 ) (32,398 )
NET ASSETS 970,640 766,293

L M Electrical Services Limited (Registered number: 03824894)

Balance Sheet - continued
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 11,203 8,994
Fair value reserve 25,415 25,934
Retained earnings 934,020 731,363
SHAREHOLDERS' FUNDS 970,640 766,293

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2024 and were signed on its behalf by:





Mrs E F McSweeney - Director


L M Electrical Services Limited (Registered number: 03824894)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

L M Electrical Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
At 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.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

L M Electrical Services Limited (Registered number: 03824894)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 33% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Plant & Machinery, Motor Vehicles and Computer Equipment are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the Company reviews the carrying amounts of its Tangible Fixed Assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined ( net of depreciation ) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

L M Electrical Services Limited (Registered number: 03824894)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

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 the realise the asset and settle the liability simultaneously.

Loans and Receivables
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and other receivables are measured at amortised cost using the effective interest method,less any impairment.

Interest is recognised by applying the effective interest rate, except for short term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Trade debtors with no stated interest rate and receivable within one year are recorded at a transaction price. Any losses arising from impairment are recognised in the income statement in any other administrative expenses.

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 profits differs from net profit as reported in the profit and loss account as 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 date.

Deferred Tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

L M Electrical Services Limited (Registered number: 03824894)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Fixed asset investments are recorded at market value at the balance sheet date.

Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

At each reporting date non-financial assets not carried at face value are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 23 ) .

L M Electrical Services Limited (Registered number: 03824894)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 July 2023 655,940 196,617 45,752
Additions - 18,056 -
Disposals - - -
At 30 June 2024 655,940 214,673 45,752
DEPRECIATION
At 1 July 2023 5,940 184,262 27,985
Charge for year 5,119 10,137 4,442
Eliminated on disposal - - -
At 30 June 2024 11,059 194,399 32,427
NET BOOK VALUE
At 30 June 2024 644,881 20,274 13,325
At 30 June 2023 650,000 12,355 17,767

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 July 2023 376,541 28,194 1,303,044
Additions 94,234 21,912 134,202
Disposals (56,745 ) - (56,745 )
At 30 June 2024 414,030 50,106 1,380,501
DEPRECIATION
At 1 July 2023 213,562 28,194 459,943
Charge for year 58,843 7,304 85,845
Eliminated on disposal (34,906 ) - (34,906 )
At 30 June 2024 237,499 35,498 510,882
NET BOOK VALUE
At 30 June 2024 176,531 14,608 869,619
At 30 June 2023 162,979 - 843,101

L M Electrical Services Limited (Registered number: 03824894)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 June 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2023 32,598 - -
Cost 623,342 214,673 45,752
655,940 214,673 45,752

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2023 - - 32,598
Cost 414,030 50,106 1,347,903
414,030 50,106 1,380,501

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 July 2023 72,474
Additions 35,083
Disposals (37,990 )
At 30 June 2024 69,567
DEPRECIATION
At 1 July 2023 25,242
Charge for year 15,236
Eliminated on disposal (16,621 )
At 30 June 2024 23,857
NET BOOK VALUE
At 30 June 2024 45,710
At 30 June 2023 47,232

L M Electrical Services Limited (Registered number: 03824894)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 July 2023 21,823
Revaluations 2,945
At 30 June 2024 24,768
NET BOOK VALUE
At 30 June 2024 24,768
At 30 June 2023 21,823

Cost or valuation at 30 June 2024 is represented by:

Other
investments
£   
Valuation in 2015 4,087
Valuation in 2016 (179 )
Valuation in 2017 3,059
Valuation in 2018 1,416
Valuation in 2019 (116 )
Valuation in 2020 (2,531 )
Valuation in 2021 3,574
Valuation in 2022 9
Valuation in 2023 1,504
Valuation in 2024 2,945
Cost 11,000
24,768

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 363,223 398,698
Other debtors 9,010 4,697
VAT - 838
Prepayments 28,123 36,039
Accrued income 165,362 460,772
565,718 901,044

L M Electrical Services Limited (Registered number: 03824894)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 57,696 32,328
Hire purchase contracts (see note 9) 23,567 25,300
Trade creditors 247,247 285,354
Tax 163,311 92,421
Social security and other taxes 102,290 93,797
VAT 69,888 -
Other creditors 11,115 39,815
Wages - 40,914
Directors' current accounts 15 50
Accruals 288,715 202,398
Deferred income 625,558 -
1,589,402 812,377

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans - 1-2 years 59,065 33,696
Bank loans - 2-5 years 22,319 109,298
Bank loans more 5 yr by instal - 12,904
Hire purchase contracts (see note 9) 6,780 10,717
88,164 166,615

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 12,904

L M Electrical Services Limited (Registered number: 03824894)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.6.24 30.6.23
£    £   
Gross obligations repayable:
Within one year 25,008 26,971
Between one and five years 6,919 10,907
31,927 37,878

Finance charges repayable:
Within one year 1,441 1,671
Between one and five years 139 190
1,580 1,861

Net obligations repayable:
Within one year 23,567 25,300
Between one and five years 6,780 10,717
30,347 36,017

10. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Bank loans 139,080 188,226

The bank loan is secured on the freehold property of the company.

Chartered Certified Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
L M Electrical Services Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of L M Electrical Services Limited for the year ended 30 June 2024 which comprise the Income Statement, 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of L M Electrical Services Limited, 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 L M Electrical Services Limited and state those matters that we have agreed to state to the Board of Directors of L M Electrical Services Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that L M Electrical Services Limited 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 L M Electrical Services Limited. You consider that L M Electrical Services Limited 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 L M Electrical Services Limited. 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.






PKB Accountants Limited
Chartered Certified Accountants
Beechey House
87 Church Street
Crowthorne
Berkshire
RG45 7AW


20 November 2024