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REGISTERED NUMBER: 03100654 (England and Wales)











STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

THE FULL ELECTRICAL SERVICES COMPANY
LTD.

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 15


THE FULL ELECTRICAL SERVICES COMPANY
LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: R J Smith
A S Loyal





SECRETARY: J L Banky





REGISTERED OFFICE: The Lightbox
87 Castle Street
Reading
Berkshire
RG1 7SN





REGISTERED NUMBER: 03100654 (England and Wales)





AUDITORS: Cooper Parry Group Limited
Statutory Auditor
The Lightbox
87 Castle Street
Reading
Berkshire
RG1 7SN

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023


The directors present their strategic report for the year ended 30 November 2023.

REVIEW OF BUSINESS
Turnover for the year increased from £19,451,619 to £24,501,947, an increase of 26.0%
The company's gross profit margin also increased from 6.8% to 10.0%.

PRINCIPAL RISKS AND UNCERTAINTIES
There are a number of risks and uncertainties that can impact the performance of the company which are beyond the control of the company and its directors.

These include:

Market conditions
These include general economic conditions, interest rates and business confidence levels.

Competition
The company faces strong competition in all the markets it operates within. This competition can lead to reduced profitability in the short-term as competitors under-price work to gain contracts.

KEY PERFORMANCE INDICATORS
The company's performance is impacted by the pricing and availability of its key inputs.
The prices of the inputs can be volatile depending upon the demand and supply of these products. In 2023 the availability of skilled labour will continue to impact the construction market, especially since Brexit. Also products used by the company are being impacted by Brexit influences increasing the costs of certain production lines.

FINANCE RISK MANAGEMENT
The company's financial risk management objective is to seek to make neither profit nor loss from exposure to currency or interest rate risks. It's policy is to finance working capital through retained earnings and through borrowings at prevailing market interest rates. The company does not use hedge accounting.

ON BEHALF OF THE BOARD:





A S Loyal - Director


27 November 2024

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2023


The directors present their report with the financial statements of the company for the year ended 30 November 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of electrical services.

DIVIDENDS
Dividends paid in the period totalled £178,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

R J Smith
A S Loyal

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2023


AUDITORS
The audit business of Haines Watts was acquired by Cooper Parry Group Limited on 30th September 2024. Haines Watts has resigned as auditor and Cooper Parry Group Limited has been appointed in its place.

The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A S Loyal - Director


27 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE FULL ELECTRICAL SERVICES COMPANY
LTD.


Opinion
We have audited the financial statements of The Full Electrical Services Company Ltd. (the 'company') for the year ended 30 November 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE FULL ELECTRICAL SERVICES COMPANY
LTD.


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE FULL ELECTRICAL SERVICES COMPANY
LTD.


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS102 - the Financial Reporting Standard applicable in the UK & The Republic of Ireland, the Companies Act 2006 and relevant tax compliance regulations in the UK.

We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by meeting with management to understand where management considered there was susceptibility to fraud. Audit procedures performed by the audit team included:

- Challenging assumptions and judgements made by management in its significant accounting estimates;
- Identifying and testing journal entries, with a focus on entries made with unusual accounting combinations;
- Confirming with management whether they have knowledge of any actual, suspected or illegal fraud;
- Evaluating whether there was evidence of bias by management that represents a risk of material misstatement due to fraud.

These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance will all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE FULL ELECTRICAL SERVICES COMPANY
LTD.


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jacqueline Biggs FCCA ACA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
The Lightbox
87 Castle Street
Reading
Berkshire
RG1 7SN

27 November 2024

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023 2022
Notes £ £

TURNOVER 24,501,947 19,451,619

Cost of sales 22,052,642 18,119,041
GROSS PROFIT 2,449,305 1,332,578

Administrative expenses 1,288,079 1,208,437
OPERATING PROFIT 5 1,161,226 124,141

Interest receivable and similar income 191,610 37,985
1,352,836 162,126
Amounts written off investments 6 21,771 (21,771 )
PROFIT BEFORE TAXATION 1,331,065 183,897

Tax on profit 7 352,742 32,421
PROFIT FOR THE FINANCIAL YEAR 978,323 151,476

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

978,323
Prior year adjustment (513,144 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

(361,668

)

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 9 41,459 52,065
Investments 10 - 21,771
41,459 73,836

CURRENT ASSETS
Debtors 11 4,620,163 6,735,357
Cash at bank 10,077,401 6,522,132
14,697,564 13,257,489
CREDITORS
Amounts falling due within one year 12 4,665,237 4,056,348
NET CURRENT ASSETS 10,032,327 9,201,141
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,073,786

9,274,977

PROVISIONS FOR LIABILITIES 15 2,761 4,275
NET ASSETS 10,071,025 9,270,702

CAPITAL AND RESERVES
Called up share capital 16 202 202
Capital redemption reserve 17 8 8
Retained earnings 17 10,070,815 9,270,492
SHAREHOLDERS' FUNDS 10,071,025 9,270,702

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:





A S Loyal - Director


THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£ £ £ £
Balance at 1 December 2021 202 9,748,060 8 9,748,270
Prior year adjustment - (513,144 ) - (513,144 )
As restated 202 9,234,916 8 9,235,126

Changes in equity
Dividends - (115,900 ) - (115,900 )
Total comprehensive income - 151,476 - 151,476
Balance at 30 November 2022 202 9,270,492 8 9,270,702

Changes in equity
Dividends - (178,000 ) - (178,000 )
Total comprehensive income - 978,323 - 978,323
Balance at 30 November 2023 202 10,070,815 8 10,071,025

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 3,224,572 (573,096 )
Tax paid (22,800 ) (368,031 )
Net cash from operating activities 3,201,772 (941,127 )

Cash flows from investing activities
Purchase of tangible fixed assets (2,934 ) (6,844 )
Interest received 191,610 37,985
Net cash from investing activities 188,676 31,141

Cash flows from financing activities
Equity dividends paid (178,000 ) (115,900 )
Net cash from financing activities (178,000 ) (115,900 )

Increase/(decrease) in cash and cash equivalents 3,212,448 (1,025,886 )
Cash and cash equivalents at
beginning of year

2

6,139,485

7,165,371

Cash and cash equivalents at end of
year

2

9,351,933

6,139,485

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS

2023 2022
£ £
Profit for the financial year 978,323 151,476
Depreciation charges 13,540 17,356
Amount written off - investments 21,771 (21,771 )
Finance income (191,610 ) (37,985 )
Taxation 352,742 32,421
1,174,766 141,497
Decrease/(increase) in trade and other debtors 2,106,607 (108,452 )
Decrease in trade and other creditors (56,801 ) (606,141 )
Cash generated from operations 3,224,572 (573,096 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2023
30/11/23 1/12/22
£ £
Cash and cash equivalents 10,077,401 6,522,132
Bank overdrafts (725,468 ) (382,647 )
9,351,933 6,139,485
Year ended 30 November 2022
30/11/22 1/12/21
£ £
Cash and cash equivalents 6,522,132 7,620,657
Bank overdrafts (382,647 ) (455,286 )
6,139,485 7,165,371


THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/12/22 Cash flow At 30/11/23
£ £ £
Net cash
Cash at bank 6,522,132 3,555,269 10,077,401
Bank overdrafts (382,647 ) (342,821 ) (725,468 )
6,139,485 3,212,448 9,351,933
Total 6,139,485 3,212,448 9,351,933

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

The Full Electrical Services Company Ltd. 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 (£).


The financial statements are rounded to the nearest £.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements contain information about The Full Electrical Services Company Ltd as an individual company and do not contain consolidated information as the parent of a group. The inclusion of the subsidiary undertaking is not material for the purpose of giving a true and fair view and has been excluded from consolidation under Section 405(2) of the Companies Act 2006.

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.

Turnover
Turnover represents the net invoiced sales of goods and services, adjusted for amounts recovered under contract excluding value added tax.

Construction contracts
When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Where applicable, the stage of completion is determined on the basis of the proportion of the contract costs incurred to date over the estimated total costs.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


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.

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:

Leasehold improvements-10% on cost
Computers-25% on reducing balance
Plant and equipment-25% on reducing balance
Motor vehicles-25% on 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.

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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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 payments 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.

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.


THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

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.

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.

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

Amounts recoverable on contracts
Amounts recoverable on long-term contracts are stated at the lower of cost and net realisable value. Long term contract balances are stated at net cost less foreseeable losses less any applicable payments on account. Provided that the outcome of long-term contracts can be assessed with reasonable certainty, such contracts are valued at cost plus attributable profit earned to date. The amount recorded as turnover in respect of long-term contracts is ascertained by reference to the value of work carried out to date and consists of material and direct labour costs plus attributable profit earned to date.

3. CRITICAL ACCOUNTING 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.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Amounts recoverable on contracts
The amount recorded as turnover in respect of long-term contracts is ascertained by reference to the value of work carried out to date and consists of material and direct labour costs plus attributable profit earned to date.

4. EMPLOYEES AND DIRECTORS
2023 2022
£ £
Wages and salaries 2,680,788 2,571,508
Social security costs 299,487 301,001
Other pension costs 45,932 46,509
3,026,207 2,919,018

The average number of employees during the year was as follows:
2023 2022

Management 2 2
Site 35 38
Admin 6 5
43 45

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


4. EMPLOYEES AND DIRECTORS - continued

2023 2022
£ £
Directors' remuneration 24,000 24,000
Directors' pension contributions to money purchase schemes 346 259

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£ £
Depreciation - owned assets 13,540 17,356
Auditors' remuneration 33,224 33,000
Auditors' remuneration for non audit work 12,750 83,679
Foreign exchange differences (19,584 ) 59,182
Operating lease charges 102,551 98,996

6. AMOUNTS WRITTEN OFF INVESTMENTS
2023 2022
£ £
Amounts w/o invs 21,771 (21,771 )

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax 354,256 34,919
Corporation tax adjust prior
period - (2,143 )
Total current tax 354,256 32,776

Deferred tax (1,514 ) (355 )
Tax on profit 352,742 32,421

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£ £
Profit before tax 1,331,065 183,897
Profit multiplied by the standard rate of corporation tax in the UK of
23.011% (2022 - 19%)

306,291

34,940

Effects of:
Expenses not deductible for tax purposes 40,571 2,562
Depreciation in excess of capital allowances 2,384 1,553
Adjustments to tax charge in respect of previous periods - (2,143 )
Deferred tax (1,514 ) (355 )
Investment write off 5,010 (4,136 )
Total tax charge 352,742 32,421

As of 1 April 2023, the UK Government has increased the main rate of corporation tax from 19% to 25%.

8. DIVIDENDS

Dividends voted and paid in the period totalled £178,000 (2022: £115,900).

9. TANGIBLE FIXED ASSETS
Long Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£ £ £ £ £
COST
At 1 December 2022 114,878 3,126 80,104 157,966 356,074
Additions - - - 2,934 2,934
At 30 November 2023 114,878 3,126 80,104 160,900 359,008
DEPRECIATION
At 1 December 2022 114,878 3,126 54,965 131,040 304,009
Charge for year - - 6,285 7,255 13,540
At 30 November 2023 114,878 3,126 61,250 138,295 317,549
NET BOOK VALUE
At 30 November 2023 - - 18,854 22,605 41,459
At 30 November 2022 - - 25,139 26,926 52,065

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 December 2022 21,771
Impairments (21,771 )
At 30 November 2023 -
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 21,771

The company's investments at the Balance Sheet date in the share capital of companies include the following:

FES GmbH
Registered office: Europadamm 4, 41460 Neuss, Germany
Nature of business:
%
Class of shares: holding
25,000 1€ Shares 100.00

11. DEBTORS
2023 2022
£ £
Amounts falling due within one year:
Trade debtors 2,568,208 3,622,702
Amounts owed by group undertakings 90,371 966,819
Other debtors 12,350 4,270
Tax 123,722 132,309
VAT 206,610 193,190
Prepayments and accrued income 39,299 15,208
3,040,560 4,934,498

Amounts falling due after more than one year:
Customer retentions 1,579,603 1,800,859

Aggregate amounts 4,620,163 6,735,357

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts (see note 13) 725,468 382,647
Trade creditors 3,023,580 2,714,541
Tax 357,788 34,919
Social security and other taxes 70,720 142,756
Other creditors 21,955 48,400
Directors' current accounts 4,655 3,963
Accruals and deferred income 461,071 729,122
4,665,237 4,056,348

13. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 725,468 382,647

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 20,563 54,709
Between one and five years 10,286 6,441
30,849 61,150

15. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 2,761 4,275

Deferred tax
£
Balance at 1 December 2022 4,275
Utilised during year (1,514 )
Balance at 30 November 2023 2,761

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
92 Ordinary £1 92 92
100 A Non Voting Ordinary £1 100 100
10 B Non Voting Ordinary £1 10 10
202 202

17. RESERVES
Capital
Retained redemption
earnings reserve Totals
£ £ £

At 1 December 2022 9,270,492 8 9,270,500
Profit for the year 978,323 978,323
Dividends (178,000 ) (178,000 )
At 30 November 2023 10,070,815 8 10,070,823

18. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions included in the profit or loss in respect of defined contribution schemes during the year were £45,931 (2022: £46,250). There were £13,598 (2022: £23,180) contributions outstanding at the balance sheet date.

19. RELATED PARTY DISCLOSURES

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.

At the balance sheet date, £8,618 was due to key management personnel (2022: £3,963).

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A S Loyal.