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REGISTERED NUMBER: 02367403 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

PORTER ELECTRICAL CO. LIMITED

PORTER ELECTRICAL CO. LIMITED (REGISTERED NUMBER: 02367403)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


PORTER ELECTRICAL CO. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: A S Walton





REGISTERED OFFICE: Baxter Road
Sheffield
South Yorkshire
S6 1JF





REGISTERED NUMBER: 02367403 (England and Wales)





ACCOUNTANTS: Michael A Jarvis & Co Ltd
Edenthorpe
Grove Road
Rotherham
South Yorkshire
S60 2ER

PORTER ELECTRICAL CO. LIMITED (REGISTERED NUMBER: 02367403)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 125,329 121,086

CURRENT ASSETS
Stocks 173,634 118,989
Debtors 5 1,289,651 657,974
Cash at bank and in hand 773,658 564,076
2,236,943 1,341,039
CREDITORS
Amounts falling due within one year 6 1,330,515 567,528
NET CURRENT ASSETS 906,428 773,511
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,031,757

894,597

PROVISIONS FOR LIABILITIES 30,982 22,723
NET ASSETS 1,000,775 871,874

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,000,675 871,774
1,000,775 871,874

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 November 2024 and were signed by:





A S Walton - Director


PORTER ELECTRICAL CO. LIMITED (REGISTERED NUMBER: 02367403)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Porter Electrical Co. 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.

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 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 each asset over its estimated useful life.
Fixtures and fittings - 25% on cost and 25% on reducing balance
Motor vehicles - 25% on reducing balance

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 is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
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 or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

PORTER ELECTRICAL CO. LIMITED (REGISTERED NUMBER: 02367403)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2023 3,200 215,128 218,328
Additions - 85,332 85,332
Disposals - (88,433 ) (88,433 )
At 31 March 2024 3,200 212,027 215,227
DEPRECIATION
At 1 April 2023 801 96,441 97,242
Charge for year 725 41,220 41,945
Eliminated on disposal - (49,289 ) (49,289 )
At 31 March 2024 1,526 88,372 89,898
NET BOOK VALUE
At 31 March 2024 1,674 123,655 125,329
At 31 March 2023 2,399 118,687 121,086

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,248,378 639,914
Other debtors 41,273 18,060
1,289,651 657,974

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 29,106 -
Trade creditors 1,025,989 481,636
Taxation and social security 100,257 65,273
Other creditors 175,163 20,619
1,330,515 567,528

7. CONTROLLING PARTY

The controlling party is A S Walton.