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REGISTERED NUMBER: 01731338 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

AMP ELECTRICAL LIMITED

AMP ELECTRICAL LIMITED (REGISTERED NUMBER: 01731338)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


AMP ELECTRICAL LIMITED

COMPANY INFORMATION
for the Year Ended 31 DECEMBER 2023







DIRECTORS: M Palmer
G Palmer





SECRETARY: G Palmer





REGISTERED OFFICE: Unit 21 Bonville Business Centre
Bonville Road
Brislington
Bristol
BS4 5QR





REGISTERED NUMBER: 01731338 (England and Wales)





ACCOUNTANTS: Burnside
Chartered Accountants
and Statutory Auditor
61 Queen Square
Bristol
BS1 4JZ

AMP ELECTRICAL LIMITED (REGISTERED NUMBER: 01731338)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,843,861 1,459,061

CURRENT ASSETS
Stocks 5 15,000 11,000
Debtors 6 473,278 349,283
Cash at bank 619,412 765,996
1,107,690 1,126,279
CREDITORS
Amounts falling due within one year 7 519,766 374,244
NET CURRENT ASSETS 587,924 752,035
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,431,785

2,211,096

CREDITORS
Amounts falling due after more than
one year

8

(153,906

)

(171,165

)

PROVISIONS FOR LIABILITIES 12 (87,267 ) (45,444 )
NET ASSETS 2,190,612 1,994,487

CAPITAL AND RESERVES
Called up share capital 13 36 36
Retained earnings 2,190,576 1,994,451
SHAREHOLDERS' FUNDS 2,190,612 1,994,487

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

AMP ELECTRICAL LIMITED (REGISTERED NUMBER: 01731338)

BALANCE SHEET - continued
31 DECEMBER 2023


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 23 December 2024 and were signed on its behalf by:




G Palmer - Director



M Palmer - Director


AMP ELECTRICAL LIMITED (REGISTERED NUMBER: 01731338)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2023

1. STATUTORY INFORMATION

AMP 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 (£).


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 the value of sales of goods and services rendered during the year, excluding value added tax and trade discounts. Turnover in respect of contracts ongoing at the year end is measured in accordance with valuations of work completed as certified by customers.

In respect of long term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

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.
Freehold land & property - not provided
Plant & machinery - 20% on reducing balance
Motor vehicles - 20% 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.


AMP ELECTRICAL LIMITED (REGISTERED NUMBER: 01731338)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

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.

Listed current asset investments
Listed current asset investments are initially recognised at cost, and are subsequently carried at fair value. Gains or losses in fair value are recognised through profit and loss.

Financial instruments
Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company may not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs.

AMP ELECTRICAL LIMITED (REGISTERED NUMBER: 01731338)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Going concern
The directors have reviewed the going concern status of the business for the foreseeable future. The directors fully expect that the company will remain a going concern and will have sufficient working capital to meet its requirements for the foreseeable future. The directors therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 19 ) .

4. TANGIBLE FIXED ASSETS
Freehold
land & Plant & Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 1,218,278 83,663 508,585 1,810,526
Additions 268,959 - 193,940 462,899
Disposals - - (99,032 ) (99,032 )
At 31 December 2023 1,487,237 83,663 603,493 2,174,393
DEPRECIATION
At 1 January 2023 - 65,190 286,275 351,465
Charge for year - 3,694 58,641 62,335
Eliminated on disposal - - (83,268 ) (83,268 )
At 31 December 2023 - 68,884 261,648 330,532
NET BOOK VALUE
At 31 December 2023 1,487,237 14,779 341,845 1,843,861
At 31 December 2022 1,218,278 18,473 222,310 1,459,061

Included in cost of land and buildings is freehold land of £ 29,688 (2022 - £ 29,688 ) which is not depreciated.

The company has not depreciated its freehold property as the directors are satisfied that there is no material difference between the original cost of this property and the directors' valuation of its current market value at the year end.

AMP ELECTRICAL LIMITED (REGISTERED NUMBER: 01731338)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 67,803
At 31 December 2023 67,803
DEPRECIATION
Charge for year 2,260
At 31 December 2023 2,260
NET BOOK VALUE
At 31 December 2023 65,543

5. STOCKS
2023 2022
£    £   
Stocks 15,000 11,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 165,294 268,967
Amounts recoverable on
contracts 29,127 30,538
Other debtors 196,245 17,419
VAT 76,564 26,831
Prepayments and accrued income 6,048 5,528
473,278 349,283

AMP ELECTRICAL LIMITED (REGISTERED NUMBER: 01731338)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 39,885 38,123
Hire purchase contracts (see note 10) 11,313 -
Trade creditors 267,352 190,284
Corporation tax 105,585 65,161
Social security and other taxes 21,258 22,641
Other creditors 17,819 3,215
Directors' current accounts 7,810 7,810
Accruals and deferred income 48,744 47,010
519,766 374,244

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 9) 131,280 171,165
Hire purchase contracts (see note 10) 22,626 -
153,906 171,165

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 39,885 38,123

Amounts falling due between two and five years:
Bank loans - 2-5 years 131,280 171,165

AMP ELECTRICAL LIMITED (REGISTERED NUMBER: 01731338)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 11,313 -
Between one and five years 22,626 -
33,939 -

Non-cancellable operating leases
2023 2022
£    £   
Within one year 24,000 24,000
Between one and five years 24,000 24,000
48,000 48,000

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 171,165 209,288

The bank loan is secured on the freehold property to which it relates.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 89,156 45,749
Other timing differences (1,889 ) (305 )
87,267 45,444

AMP ELECTRICAL LIMITED (REGISTERED NUMBER: 01731338)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

12. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 45,444
Movement during the year 41,823
Balance at 31 December 2023 87,267

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
36 Ordinary £1 36 36

14. RELATED PARTY DISCLOSURES

The company operates a Self Administered Pension Scheme under the name of AMP Electrical Retirement Benefits Scheme SSAS scheme number 1272.

The 'Managing Trustees' of the scheme are M Palmer and G Palmer, both directors of the company, and the 'Special Trustees' of the scheme are Scottish Widows Trustees Ltd.

The assets of the scheme are held separately from those of the company. Contributions are charged to the profit and loss account. Total contributions for the year amounted to £120,000 (2022 - £nil).

During the year the company settled liabilities on behalf of the scheme amounting to £196,245 (2022 - £Nil). The scheme repaid £Nil (2022 - £7,984) during the year and £196,245 (2022 - £Nil) was owed by the scheme to the company at 31 December 2023. No interest is charged on this loan.

During the year, rent of £30,640 (2022 - £24,560) was paid to AMP Electrical Retirement Benefits Scheme.

As at 31 December 2023 the company owed Gary Palmer £6,587 (2022 - £6,587) and Mark Palmer £1,223 (2022 - £1,223), who are both directors of the company, in respect of loans made to the company. No interest is being charged on these loans. The loans are repayable on demand.

15. ULTIMATE CONTROLLING PARTY

The company was under the control of M Palmer and G Palmer throughout the current and previous year. Both are the managing directors and own between them 52.78% of the issued share capital of the company.