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Registration number: 06171084

SH Electrical Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

SH Electrical Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

SH Electrical Services Ltd

Company Information

Director

Mr S R Hutchings

Company secretary

Mrs K A Hutchings

Registered office

Peacehaven
Harepie Lane
Tawstock
Barnstaple
Devon
EX31 3JE

Accountants

PGD Accountants
Certified Accountants26 Spinney Close
Roundswell
Barnstaple
Devon
EX31 3RT

 

SH Electrical Services Ltd

(Registration number: 06171084)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

123,932

65,233

Investment property

5

260,107

260,107

Investments

6

254,600

254,600

 

638,639

579,940

Current assets

 

Stocks

7

500

500

Debtors

8

139,715

131,528

Cash at bank and in hand

 

1,042,421

662,676

 

1,182,636

794,704

Creditors: Amounts falling due within one year

9

(293,687)

(115,655)

Net current assets

 

888,949

679,049

Total assets less current liabilities

 

1,527,588

1,258,989

Creditors: Amounts falling due after more than one year

9

(171,715)

(171,374)

Provisions for liabilities

(12,875)

(11,958)

Net assets

 

1,342,998

1,075,657

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

1,342,898

1,075,557

Shareholders' funds

 

1,342,998

1,075,657

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 January 2025
 

 

SH Electrical Services Ltd

(Registration number: 06171084)
Balance Sheet as at 30 April 2024

.........................................
Mr S R Hutchings
Director

 

SH Electrical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Peacehaven
Harepie Lane
Tawstock
Barnstaple
Devon
EX31 3JE

These financial statements were authorised for issue by the director on 24 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 and deferred 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.

 

SH Electrical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

15% reducing balance

Office equipment

15% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

SH Electrical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

SH Electrical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 4).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 May 2023

13,475

6,626

45,975

41,063

Additions

-

221

106,370

3,836

Disposals

(13,475)

-

-

-

At 30 April 2024

-

6,847

152,345

44,899

Depreciation

At 1 May 2023

-

4,716

13,098

24,092

Charge for the year

-

320

34,812

3,121

At 30 April 2024

-

5,036

47,910

27,213

Carrying amount

At 30 April 2024

-

1,811

104,435

17,686

At 30 April 2023

13,475

1,910

32,877

16,971

 

SH Electrical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Total
£

Cost or valuation

At 1 May 2023

107,139

Additions

110,427

Disposals

(13,475)

At 30 April 2024

204,091

Depreciation

At 1 May 2023

41,906

Charge for the year

38,253

At 30 April 2024

80,159

Carrying amount

At 30 April 2024

123,932

At 30 April 2023

65,233

Included within the net book value of land and buildings above is £Nil (2023 - £13,475) in respect of freehold land and buildings.
 

5

Investment properties

2024
£

At 1 May

260,107

At 30 April

260,107

6

Investments

2024
£

2023
£

Investments in subsidiaries

254,600

254,600

Subsidiaries

£

Cost or valuation

At 1 May 2023

254,600

Provision

Carrying amount

At 30 April 2024

254,600

At 30 April 2023

254,600

 

SH Electrical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Stocks

2024
£

2023
£

Other inventories

500

500

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

139,715

103,828

Amounts owed by related parties

13

-

21,036

Other debtors

 

-

6,664

   

139,715

131,528

 

SH Electrical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

17,195

32,762

Trade creditors

 

44,487

36,087

Amounts owed to group undertakings and undertakings in which the company has a participating interest

13

80,000

-

Taxation and social security

 

96,583

44,846

Accruals and deferred income

 

960

960

Other creditors

 

54,462

1,000

 

293,687

115,655

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

171,715

171,374

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

171,715

171,374

Current loans and borrowings

 

SH Electrical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2024
£

2023
£

Bank borrowings

17,000

20,000

Other borrowings

195

12,762

17,195

32,762

12

Dividends

2024

2023

£

£

Interim dividend of £75.00 (2023 - £33.33) per ordinary share

7,500

3,333

 

 

13

Related party transactions

 

SH Electrical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,570

12,570

Dividends paid to the director

2024
£

2023
£

Mr S R Hutchings

Dividends

7,125

375

 

 

Loans from related parties

2024

Subsidiary
£

Total
£

Advanced

80,000

80,000

At end of period

80,000

80,000

Terms of loans from related parties

Loan is repayable on demand, no interest charged