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Registered Number: 07166442
England and Wales

 

 

 

HIGH AND LOW VOLTAGE ENGINEERING LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 March 2023

End date: 29 February 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 162,599    126,011 
162,599    126,011 
Current assets      
Stocks 4 27,087    20,000 
Debtors: amounts falling due within one year 5 334,468    324,326 
Cash at bank and in hand 684,591    315,728 
1,046,146    660,054 
Creditors: amount falling due within one year 6 (419,402)   (261,724)
Net current assets 626,744    398,330 
 
Total assets less current liabilities 789,343    524,341 
Creditors: amount falling due after more than one year 7   (8,082)
Provisions for liabilities 8 (40,650)   (23,942)
Net assets 748,693    492,317 
 

Capital and reserves
     
Called up share capital 9 120    120 
Profit and loss account 748,573    492,197 
Shareholders' funds 748,693    492,317 
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 26 November 2024 and were signed by:


-------------------------------
Andrew Caville
Director
1
General Information
High and Low Voltage Engineering Limited is a private company, limited by shares, registered in England and Wales, registration number 07166442, registration address Office 5, Lancaster Park, Newborough Road, Staffordshire, DE13 9PD.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25% Straight Line
Land and Buildings 20% Straight Line
Plant and Machinery 20% Straight Line
Fixtures and Fittings 20% Straight Line
Computer Equipment 20% Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks 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 costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 16 (2023 : 13).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £   £
At 01 March 2023 8,332    194,238    208,932    9,416    28,348    449,266 
Additions   24,161    90,485    5,921    4,078    124,645 
Disposals   (6,550)   (40,990)     (2,254)   (49,794)
At 29 February 2024 8,332    211,849    258,427    15,337    30,172    524,117 
Depreciation
At 01 March 2023 3,918    164,537    137,180    6,193    11,427    323,255 
Charge for year 1,336    14,702    49,709    2,920    5,884    74,551 
On disposals   (6,550)   (27,995)     (1,743)   (36,288)
At 29 February 2024 5,254    172,689    158,894    9,113    15,568    361,518 
Net book values
Closing balance as at 29 February 2024 3,078    39,160    99,533    6,224    14,604    162,599 
Opening balance as at 01 March 2023 4,414    29,701    71,752    3,223    16,921    126,011 


4.

Stocks

2024
£
  2023
£
Work in Progress 4,587    2,916 
Stocks 22,500    17,084 
27,087    20,000 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 331,746    294,770 
Provision for Doubtful Debts (624)   (540)
Prepayments & Accrued Income 1,596    7,716 
Other Debtors 1,750    22,380 
334,468    324,326 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 98,837    62,206 
Corporation Tax 178,680    87,859 
PAYE & Social Security 28,589    9,556 
Accrued Expenses 2,092    140 
Other Creditors 68,997    65,428 
Obligations under HP/Financial Leases 8,082    8,082 
Wages & Salaries Control Account 201   
Directors' Current Accounts 637    1,112 
VAT 33,287    27,341 
419,402    261,724 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Obligations Under HP/Financial Leases   8,082 
  8,082 

8.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 40,650    23,942 
40,650    23,942 

9.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 A Ordinary shares of £1.00 each 100    100 
10 B Ordinary shares of £1.00 each 10    10 
10 C Ordinary shares of £1.00 each 10    10 
120    120 

10.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2024
£
 2023
£
 2024
£
 2023
£
Mr A Caville(45,000)(637)(1,112)
11.

Ultimate controlling party

The controlling party is Mr A G Caville
2