Company registration number 05104880 (England and Wales)
BRILITE ELECTRICAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
BRILITE ELECTRICAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BRILITE ELECTRICAL LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,355
6,500
Tangible assets
4
127,652
143,230
132,007
149,730
Current assets
Debtors
5
146,164
247,070
Cash at bank and in hand
111,599
96,990
257,763
344,060
Creditors: amounts falling due within one year
6
(137,224)
(199,879)
Net current assets
120,539
144,181
Total assets less current liabilities
252,546
293,911
Creditors: amounts falling due after more than one year
8
(34,922)
(53,516)
Provisions for liabilities
(26,858)
(26,858)
Net assets
190,766
213,537
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
190,666
213,437
Total equity
190,766
213,537
BRILITE ELECTRICAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 28 November 2024
B Wilton
Director
Company registration number 05104880 (England and Wales)
BRILITE ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Brilite Electrical Limited is a private company limited by shares incorporated in England and Wales. The registered office is St Paul's House, 23 Park Square, Leeds, West Yorkshire, United Kingdom, LS1 2ND.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable provided in the normal course of business, and is shown net of discounts, VAT and other sales related taxes.
1.3
Intangible fixed assets other than goodwill
Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
33% on cost
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BRILITE ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.8
Employee Benefit Trusts (EBTs)
The company has purchased a trust for the benefit of employees and certain of their dependants. Monies held in the trust are held by independent trustees and managed at their discretion.
Where the company retains future economic benefit form, and has de facto control of the assets and liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust are vested in identified individuals.
Where monies held in a trust are determined by the company on the basis of employees' past services to the business and the company can obtain no future economic benefit from those monies, such monies, whether in the trust or accrued for by the company are charged to the profit and loss account in the period to which they relate.
BRILITE ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
12
3
Intangible fixed assets
Other
£
Cost
At 1 May 2023 and 30 April 2024
6,500
Amortisation and impairment
At 1 May 2023
Amortisation charged for the year
2,145
At 30 April 2024
2,145
Carrying amount
At 30 April 2024
4,355
At 30 April 2023
6,500
BRILITE ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
528,622
Additions
31,506
Disposals
(17,025)
At 30 April 2024
543,103
Depreciation and impairment
At 1 May 2023
385,392
Depreciation charged in the year
40,800
Eliminated in respect of disposals
(10,741)
At 30 April 2024
415,451
Carrying amount
At 30 April 2024
127,652
At 30 April 2023
143,230
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
115,143
168,366
Other debtors
31,021
78,704
146,164
247,070
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,119
9,870
Obligations under finance leases
9,247
9,247
Trade creditors
45,125
84,606
Corporation tax
1,465
16,380
Other taxation and social security
490
1,222
Other creditors
64,288
73,869
Accruals and deferred income
6,490
4,685
137,224
199,879
BRILITE ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
7
Secured debts
Hire purchase liabilities are secured on the assets to which they relate
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15,660
25,779
Obligations under finance leases
19,262
27,737
34,922
53,516
9
Directors' transactions
At the balance sheet date, the company owed an amount of £61,667 (2023 - £63,197) to B Wilton, the director. The loan is interest free with no set terms of repayment.