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REGISTERED NUMBER: 03139876 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Wisbech Electrical Limited

Wisbech Electrical Limited (Registered number: 03139876)

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










Page

Balance Sheet 1

Notes to the Financial Statements 3


Wisbech Electrical Limited (Registered number: 03139876)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £ £
Fixed assets
Tangible assets 4 388,172 250,974

Current assets
Stocks 173,057 114,654
Debtors 5 1,311,956 1,398,778
Cash at bank 789,553 755,968
2,274,566 2,269,400
Creditors
Amounts falling due within one year 6 (1,125,320 ) (1,308,672 )
Net current assets 1,149,246 960,728
Total assets less current liabilities 1,537,418 1,211,702

Creditors
Amounts falling due after more than
one year

7

(87,348

)

(16,311

)

Provisions for liabilities (73,360 ) (66,450 )
Net assets 1,376,710 1,128,941

Wisbech Electrical Limited (Registered number: 03139876)

Balance Sheet - continued
30 April 2024

30.4.24 30.4.23
Notes £ £
Capital and reserves
Called up share capital 25,530 25,530
Revaluation reserve 9 70,839 74,059
Capital redemption reserve 8,510 8,510
Retained earnings 1,271,831 1,020,842
1,376,710 1,128,941

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 Statement of Income and Retained Earnings has not been delivered.

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





Mr A T Spriggs - Director


Wisbech Electrical Limited (Registered number: 03139876)

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


1. Statement of compliance

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.

2. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 3.33% on cost
Plant and machinery - 15% on cost
Fixtures and fittings - 10% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

Wisbech Electrical Limited (Registered number: 03139876)

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


2. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Wisbech Electrical Limited (Registered number: 03139876)

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


2. Accounting policies - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Assets acquired under finance leases are capitalised in the balance sheet and depreciated over the shorter of the lease term and the expected useful life of the asset. A lease is treated as a finance lease when, substantially, all the risks and rewards of ownership of the asset transfer from the lessor to the company. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

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.

3. Employees and directors

The average number of employees during the year was 45 (2023 - 43 ) .

Wisbech Electrical Limited (Registered number: 03139876)

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


4. Tangible fixed assets
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
Cost
At 1 May 2023 165,000 78,374 123,030 32,999 399,403
Additions - 4,393 4,780 169,299 178,472
At 30 April 2024 165,000 82,767 127,810 202,298 577,875
Depreciation
At 1 May 2023 29,465 46,383 69,281 3,300 148,429
Charge for year 5,893 7,468 7,683 20,230 41,274
At 30 April 2024 35,358 53,851 76,964 23,530 189,703
Net book value
At 30 April 2024 129,642 28,916 50,846 178,768 388,172
At 30 April 2023 135,535 31,991 53,749 29,699 250,974

In January 2014 the freehold property from which the company trades was attributed a market value of £165,000.

The valuation was performed by an independent, locally-based Chartered Surveyor who is a member of the RICS Valuer Registration Scheme possessing the necessary knowledge of the market, and the skills and understanding required to undertake the valuation competently.

The Directors feel the value of the property has not altered materially since this date, and therefore this valuation has been adopted in these financial statements.

5. Debtors: amounts falling due within one year
30.4.24 30.4.23
£ £
Trade debtors 1,292,481 1,383,821
Amounts owed by group undertakings 321 1,271
Other debtors 19,154 13,686
1,311,956 1,398,778

Wisbech Electrical Limited (Registered number: 03139876)

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


6. Creditors: amounts falling due within one year
30.4.24 30.4.23
£ £
Hire purchase contracts 40,393 9,315
Trade creditors 388,890 402,358
Taxation and social security 259,936 322,600
Other creditors 436,101 574,399
1,125,320 1,308,672

7. Creditors: amounts falling due after more than one year
30.4.24 30.4.23
£ £
Hire purchase contracts 87,348 16,311

8. Secured debts

The following secured debts are included within creditors:

30.4.24 30.4.23
£ £
Hire purchase contracts 127,741 25,626

9. Reserves
Revaluation
reserve
£
At 1 May 2023 74,059
Reserve transfer (3,220 )

At 30 April 2024 70,839

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.