A-Spec Electrical Ltd 11911033 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Electrical installation Digita Accounts Production Advanced 6.30.9574.0 true true 11911033 2023-04-01 2024-03-31 11911033 2024-03-31 11911033 core:CurrentFinancialInstruments 2024-03-31 11911033 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 11911033 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 11911033 core:MotorVehicles 2024-03-31 11911033 bus:SmallEntities 2023-04-01 2024-03-31 11911033 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11911033 bus:FilletedAccounts 2023-04-01 2024-03-31 11911033 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 11911033 bus:RegisteredOffice 2023-04-01 2024-03-31 11911033 bus:Director1 2023-04-01 2024-03-31 11911033 bus:Director2 2023-04-01 2024-03-31 11911033 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11911033 core:MotorVehicles 2023-04-01 2024-03-31 11911033 countries:Wales 2023-04-01 2024-03-31 11911033 2023-03-31 11911033 core:MotorVehicles 2023-03-31 11911033 2022-04-01 2023-03-31 11911033 2023-03-31 11911033 core:CurrentFinancialInstruments 2023-03-31 11911033 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 11911033 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 11911033 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 11911033

A-Spec Electrical Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

A-Spec Electrical Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

A-Spec Electrical Ltd

Company Information

Directors

Adam Leigh Reynolds

Joanna Louise Reynolds

Registered office

34 The Hawthorns
Pant
Merthyr Tydfil
CF48 2EJ

Accountants

AIMS Accountants for Business
 
C12
12 Cathedral Road
Cardiff
CF11 9LJ

 

A-Spec Electrical Ltd

(Registration number: 11911033)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

27,294

3,146

Current assets

 

Debtors

5

904

3,281

Cash at bank and in hand

 

975

3,404

 

1,879

6,685

Creditors: Amounts falling due within one year

6

(18,816)

(4,399)

Net current (liabilities)/assets

 

(16,937)

2,286

Total assets less current liabilities

 

10,357

5,432

Creditors: Amounts falling due after more than one year

6

(18,033)

-

Net (liabilities)/assets

 

(7,676)

5,432

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(7,776)

5,332

Shareholders' (deficit)/funds

 

(7,676)

5,432

For the financial year ending 31 March 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.

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 18 November 2024 and signed on its behalf by:
 

.........................................
Adam Leigh Reynolds
Director

 

A-Spec Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
34 The Hawthorns
Pant
Merthyr Tydfil
CF48 2EJ

These financial statements were authorised for issue by the Board on 18 November 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.

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 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.

 

A-Spec Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Motor vehicles

25% reducing balance

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.

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

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.

 

A-Spec Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Leases

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

A-Spec Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

9,944

9,944

Additions

31,194

31,194

Disposals

(9,944)

(9,944)

At 31 March 2024

31,194

31,194

Depreciation

At 1 April 2023

6,798

6,798

Charge for the year

3,900

3,900

Eliminated on disposal

(6,798)

(6,798)

At 31 March 2024

3,900

3,900

Carrying amount

At 31 March 2024

27,294

27,294

At 31 March 2023

3,146

3,146

5

Debtors

Current

2024
£

2023
£

Other debtors

904

3,281

 

904

3,281

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

2,625

-

Taxation and social security

 

-

3,352

Accruals and deferred income

 

792

792

Other creditors

 

15,399

255

 

18,816

4,399

Creditors: amounts falling due after more than one year

 

A-Spec Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

18,033

-

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

18,033

-

Current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

2,625

-