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Registration number: 06083943

MCBS Electrical Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

image-name
 

MCBS Electrical Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

MCBS Electrical Limited

Company Information

Director

S Rayner

Registered office

Saxon House 27 Duke Street
Chelmsford
Essex
CM1 1HT

Accountants

Viewpoint Accountants Ltd
Saxon House 27 Duke Street
Chelmsford
Essex
CM1 1HT

 

MCBS Electrical Limited

(Registration number: 06083943)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

209,162

159,378

Current assets

 

Stocks

6

4,500

4,500

Debtors

7

1,609,348

1,411,925

Cash at bank and in hand

 

201,055

162,571

 

1,814,903

1,578,996

Creditors: Amounts falling due within one year

8

(1,219,717)

(856,098)

Net current assets

 

595,186

722,898

Total assets less current liabilities

 

804,348

882,276

Creditors: Amounts falling due after more than one year

8

(104,779)

(82,566)

Provisions for liabilities

(40,344)

(26,003)

Net assets

 

659,225

773,707

Capital and reserves

 

Called up share capital

9

59

59

Capital redemption reserve

45

45

Retained earnings

659,121

773,603

Shareholders' funds

 

659,225

773,707

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

 

MCBS Electrical Limited

(Registration number: 06083943)
Balance Sheet as at 29 February 2024

Approved and authorised by the director on 28 November 2024
 

.........................................
S Rayner
Director

 

MCBS Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Saxon House 27 Duke Street
Chelmsford
Essex
CM1 1HT

These financial statements were authorised for issue by the director on 28 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.

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 current and deferred 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.

 

MCBS Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Plant and machinery

15% reducing balance

Computer equipment

33% straight line

Fixtures, fittings & equipment

20% reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

MCBS Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

MCBS Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract
that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares
are issued, any component that creates a financial liability of the company is presented as a liability in the
balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in
the profit and loss account.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 25 (2023 - 25).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

64,522

46,431

 

MCBS Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

53,879

261,302

28,187

343,368

Additions

7,104

131,602

-

138,706

Disposals

(10,465)

(56,691)

(7,324)

(74,480)

At 29 February 2024

50,518

336,213

20,863

407,594

Depreciation

At 1 March 2023

42,201

121,618

20,171

183,990

Charge for the year

4,934

58,358

1,230

64,522

Eliminated on disposal

(9,157)

(34,825)

(6,098)

(50,080)

At 29 February 2024

37,978

145,151

15,303

198,432

Carrying amount

At 29 February 2024

12,540

191,062

5,560

209,162

At 28 February 2023

11,678

139,684

8,016

159,378

6

Stocks

2024
£

2023
£

Other inventories

4,500

4,500

7

Debtors

2024
£

2023
£

Trade debtors

208,661

380,892

Other debtors

47,270

21,062

Prepayments

31,273

40,675

Gross amount due from customers for contract work

1,322,144

969,296

1,609,348

1,411,925

 

MCBS Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

105,595

44,624

Trade creditors

 

873,561

376,597

Taxation and social security

 

33,904

17,543

Other creditors

 

206,657

417,334

 

1,219,717

856,098

Due after one year

 

Loans and borrowings

104,779

82,566

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

59

59

59

59