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Registration number: 06071830

Elite Electrical Contracts Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Elite Electrical Contracts Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Elite Electrical Contracts Ltd

Company Information

Directors

Mr Peter Jon Tyndall

Mr Steven William Parker

Company secretary

Mrs Alison Marie Tyndall

Registered office

Silver Rose Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

Accountants

Paul Winston Limited
Chartered AccountantsSilver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

 

Elite Electrical Contracts Ltd

(Registration number: 06071830)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

26,194

32,785

Current assets

 

Debtors

5

37,367

84,271

Cash at bank and in hand

 

492,772

375,216

 

530,139

459,487

Creditors: Amounts falling due within one year

6

(166,400)

(134,756)

Net current assets

 

363,739

324,731

Total assets less current liabilities

 

389,933

357,516

Provisions for liabilities

(29,171)

(23,151)

Net assets

 

360,762

334,365

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

359,762

333,365

Shareholders' funds

 

360,762

334,365

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 January 2025 and signed on its behalf by:
 

.........................................
Mr Peter Jon Tyndall
Director

 

Elite Electrical Contracts Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Silver Rose Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS
England

These financial statements were authorised for issue by the Board on 7 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Elite Electrical Contracts Ltd

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on a reducing balance basis

Motor vehicles

25% on a reducing balance basis

Leasehold improvements

20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Elite Electrical Contracts Ltd

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

3,447

12,074

61,797

77,318

Additions

-

2,145

-

2,145

At 31 March 2024

3,447

14,219

61,797

79,463

Depreciation

At 1 April 2023

3,445

8,621

32,467

44,533

Charge for the year

2

1,401

7,333

8,736

At 31 March 2024

3,447

10,022

39,800

53,269

Carrying amount

At 31 March 2024

-

4,197

21,997

26,194

At 31 March 2023

2

3,453

29,330

32,785

Included within the net book value of land and buildings above is £Nil (2023 - £2) in respect of short leasehold land and buildings.
 

 

Elite Electrical Contracts Ltd

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

5

Debtors

Current

2024
£

2023
£

Trade debtors

37,367

84,271

 

37,367

84,271

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

138,798

107,908

Taxation and social security

25,202

24,448

Accruals and deferred income

2,400

2,400

166,400

134,756

 

Elite Electrical Contracts Ltd

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

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary S of £1 each

500

500

500

500

Ordinary P of £1 each

249

249

249

249

Ordinary A of £1 each

249

249

249

249

Ordinary D of £1 each

1

1

1

1

Ordinary J of £1 each

1

1

1

1

1,000

1,000

1,000

1,000

8

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £2.00 (2023 - £5.40) per each Ordinary S

1,000

2,700

Interim dividend of £4.01 (2023 - £8.03) per each Ordinary P

1,000

2,000

Interim dividend of £4.01 (2023 - £8.03) per each Ordinary A

1,000

2,000

Interim dividend of £1,000.00 (2023 - £11,271.00) per each Ordinary D

1,000

11,271

Interim dividend of £Nil per each Ordinary J

-

-

4,000

17,971

9

Related party transactions

 

Elite Electrical Contracts Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,008

23,712