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REGISTERED NUMBER: 03162644 (England and Wales)







FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

COUNTRYWIDE ELECTRICAL SERVICES LIMITED

COUNTRYWIDE ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03162644)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


COUNTRYWIDE ELECTRICAL SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: D J Harrison
J A Collins
A J McCabe
T J McCabe





SECRETARY: J A Collins





REGISTERED OFFICE: Charter House
161 Newhall Street
Birmingham
West Midlands
B3 1SW





REGISTERED NUMBER: 03162644 (England and Wales)





AUDITORS: Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

COUNTRYWIDE ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03162644)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 46,230 66,562

CURRENT ASSETS
Stocks 610,560 345,912
Debtors 5 1,443,015 2,085,946
Cash at bank and in hand 42,747 258,887
2,096,322 2,690,745
CREDITORS
Amounts falling due within one year 6 1,470,650 1,542,175
NET CURRENT ASSETS 625,672 1,148,570
TOTAL ASSETS LESS CURRENT
LIABILITIES

671,902

1,215,132

CREDITORS
Amounts falling due after more than one
year

7

(41,899

)

(80,234

)

PROVISIONS FOR LIABILITIES (3,961 ) (10,371 )
NET ASSETS 626,042 1,124,527

CAPITAL AND RESERVES
Called up share capital 200,000 200,000
Retained earnings 426,042 924,527
SHAREHOLDERS' FUNDS 626,042 1,124,527

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 29 November 2024 and were signed on its behalf by:





A J McCabe - Director


COUNTRYWIDE ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03162644)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Countrywide 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.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax. Revenue is recognised on the completion of each stage of work during a contract. Profit is taken on those contracts, the outcome of which can reasonably be foreseen, in proportion to the stage of completion reached. This is calculated on cost incurred as a percentage of estimated cost at completion. Provision is made for any foreseeable losses.

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.
Fixtures and fittings - 33.33% on cost
Motor vehicles - at varying rates on cost

Stocks
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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

COUNTRYWIDE ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03162644)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 and loss in the period to which they relate. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 57 (2023 - 66 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 March 2023 48,683 230,627 279,310
Additions 7,473 - 7,473
At 29 February 2024 56,156 230,627 286,783
DEPRECIATION
At 1 March 2023 30,568 182,180 212,748
Charge for year 10,408 17,397 27,805
At 29 February 2024 40,976 199,577 240,553
NET BOOK VALUE
At 29 February 2024 15,180 31,050 46,230
At 28 February 2023 18,115 48,447 66,562

COUNTRYWIDE ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03162644)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2023
and 29 February 2024 69,587
DEPRECIATION
At 1 March 2023 21,140
Charge for year 17,397
At 29 February 2024 38,537
NET BOOK VALUE
At 29 February 2024 31,050
At 28 February 2023 48,447

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,413,157 1,708,627
Amounts owed by group undertakings - 159,417
Other debtors 29,858 217,902
1,443,015 2,085,946

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 25,000 25,000
Hire purchase contracts 13,335 22,306
Trade creditors 864,939 1,198,338
Amounts owed to group undertakings 343,330 -
Taxation and social security 88,178 86,437
Other creditors 135,868 210,094
1,470,650 1,542,175

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 39,264 64,264
Hire purchase contracts 2,635 15,970
41,899 80,234

COUNTRYWIDE ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03162644)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 64,264 89,264
Hire purchase contracts 15,970 38,276
80,234 127,540

The bank loan ("CBIL") is secured by way of a fixed and floating charge, given by the company's parent company, MCD Holdings (UK) Limited, covering all the property or undertaking of the company.

Further, The Secretary of State for Business, Energy and Industrial Strategy has provided a partial guarantee of 80% against the outstanding CBIL.

The hire purchase liabilities are secured by way of a fixed and floating charge against the assets to which they relate.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
The financial statements to 29 February 2024 contain a stock value of £610,560. Our audit procedures were unable to confirm that stock with a value of £549,166 within this stock figure, has been valued 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.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) applicable. Our responsibilities under those standards are further described in the Auditors' responsibilities 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 qualified opinion.

Jeremy Kitson BA FCA (Senior Statutory Auditor)
for and on behalf of Prime

10. RELATED PARTY DISCLOSURES

Transactions with company's ultimate parent during the year involved a charge for rent of £107,408 (2023: £53,704) and management charges of £40,000 (2023: £Nil). As at the year end £343,330 was owed to MCD Holdings (UK) Limited (2023: £159,417 owing by).

Included in administrative expenses is rent of £30,000 (2023: £30,000), payable to a pension scheme of which A J McCabe, T J McCabe and J A Collins are Trustees and Members. At the year end, a balance of £Nil (2023: £Nil) was owed to the scheme by the company.

COUNTRYWIDE ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03162644)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


11. ULTIMATE CONTROLLING PARTY

The company's ultimate parent undertaking is MCD Holdings (UK) Limited, whose registered office is Charter House, 161 Newhall Street, Birmingham, B3 1SW.