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REGISTERED NUMBER: 07181384 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Paul Miles Electrical Limited

Paul Miles Electrical Limited (Registered number: 07181384)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 8

Paul Miles Electrical Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: P J Miles





REGISTERED OFFICE: Unit 9 Fitzherbert Road
Farlington
Hampshire
PO6 1TT





REGISTERED NUMBER: 07181384 (England and Wales)





ACCOUNTANTS: Johnston Wood Roach Limited
24 Picton House
Hussar Court
Waterlooville
Hampshire
PO7 7SQ

Paul Miles Electrical Limited (Registered number: 07181384)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 58,728 54,185

CURRENT ASSETS
Stocks 500 500
Debtors 5 101,067 130,569
Cash at bank 96,442 95,807
198,009 226,876
CREDITORS
Amounts falling due within one year 6 96,804 75,842
NET CURRENT ASSETS 101,205 151,034
TOTAL ASSETS LESS CURRENT
LIABILITIES

159,933

205,219

CREDITORS
Amounts falling due after more than one
year

7

(15,758

)

(30,463

)

PROVISIONS FOR LIABILITIES (12,725 ) (11,716 )
NET ASSETS 131,450 163,040

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 131,350 162,940
SHAREHOLDERS' FUNDS 131,450 163,040

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.

Paul Miles Electrical Limited (Registered number: 07181384)

Balance Sheet - continued
31 March 2024


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 28 November 2024 and were signed by:





P J Miles - Director


Paul Miles Electrical Limited (Registered number: 07181384)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Paul Miles Electrical 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 (£).


The accounts are rounded to the nearest pound.

The accounts represent the company as an individual entity.

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.

Significant judgements and estimates
The preparation of financial statements requires the use of estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. These estimates and assumptions are based on management's best knowledge of the amount, events or actions. Actual results may differ from those amounts.

Management do not consider there to be any significant judgements or estimates used in the preparation of these financial statements.

Turnover
Turnover represents net invoiced sales of electrical services, excluding value added tax.

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.
Improvements to property - 2% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


Paul Miles Electrical Limited (Registered number: 07181384)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

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 or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 14,169 506 25,497 76,827 116,999
Additions 886 - 513 11,283 12,682
Disposals - - - (3,500 ) (3,500 )
At 31 March 2024 15,055 506 26,010 84,610 126,181
DEPRECIATION
At 1 April 2023 437 490 11,805 50,082 62,814
Charge for year 291 16 5,037 316 5,660
Eliminated on disposal - - - (1,021 ) (1,021 )
At 31 March 2024 728 506 16,842 49,377 67,453
NET BOOK VALUE
At 31 March 2024 14,327 - 9,168 35,233 58,728
At 31 March 2023 13,732 16 13,692 26,745 54,185

Paul Miles Electrical Limited (Registered number: 07181384)

Notes to the Financial Statements - continued
for the Year Ended 31 March 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 April 2023
and 31 March 2024 27,988
DEPRECIATION
At 1 April 2023 13,994
Charge for year 2,099
At 31 March 2024 16,093
NET BOOK VALUE
At 31 March 2024 11,895
At 31 March 2023 13,994

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 66,825 88,348
Amounts recoverable on contract 14,395 26,224
Other debtors 19,847 15,997
101,067 130,569

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 8,981 9,996
Hire purchase contracts 3,900 3,586
Trade creditors 63,064 37,300
Taxation and social security 6,691 22,982
Other creditors 14,168 1,978
96,804 75,842

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 11,357 22,341
Hire purchase contracts 4,401 8,122
15,758 30,463

Paul Miles Electrical Limited (Registered number: 07181384)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 20,338 32,337
Hire purchase contracts 8,301 11,708
28,639 44,045

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the year end, the company owed the director £10,795 (2023: £158).

Paul Miles Electrical Limited

Report of the Accountants to the Director of
Paul Miles Electrical Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2024 set out on pages three to nine and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Johnston Wood Roach Limited
24 Picton House
Hussar Court
Waterlooville
Hampshire
PO7 7SQ


Date: .............................................