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Registration number: 07485118

The Electrical Compliance Collective Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

The Electrical Compliance Collective Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

The Electrical Compliance Collective Ltd

Company Information

Directors

Mr Peter Laurence McCallum

Mrs Maria Helen McCallum

Registered office

Unit 17 Dorcan Business Village Murdock Road
Dorcan
Swindon
Wiltshire
SN3 5HY

 

The Electrical Compliance Collective Ltd

(Registration number: 07485118)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

206,468

174,443

Current assets

 

Stocks

29,097

38,048

Debtors

5

118,572

113,096

Cash at bank and in hand

 

57,407

58,499

 

205,076

209,643

Creditors: Amounts falling due within one year

6

(120,731)

(234,358)

Net current assets/(liabilities)

 

84,345

(24,715)

Total assets less current liabilities

 

290,813

149,728

Creditors: Amounts falling due after more than one year

6

(294,524)

(141,296)

Net (liabilities)/assets

 

(3,711)

8,432

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

(4,711)

7,432

Shareholders' (deficit)/funds

 

(3,711)

8,432

For the financial year ending 31 January 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 17 January 2025 and signed on its behalf by:
 

 

The Electrical Compliance Collective Ltd

(Registration number: 07485118)
Balance Sheet as at 31 January 2024 (continued)

.........................................
Mr Peter Laurence McCallum
Director

.........................................
Mrs Maria Helen McCallum
Director

 

The Electrical Compliance Collective Ltd

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

1

General information

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

The address of its registered office is:
Unit 17 Dorcan Business Village Murdock Road
Dorcan
Swindon
Wiltshire
SN3 5HY
England

These financial statements were authorised for issue by the Board on 17 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

The Electrical Compliance Collective Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

The Electrical Compliance Collective Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 19).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

117,016

58,421

79,110

254,547

Additions

-

8,826

45,359

54,185

At 31 January 2024

117,016

67,247

124,469

308,732

Depreciation

At 1 February 2023

23,403

47,646

9,055

80,104

Charge for the year

4,681

6,287

11,192

22,160

At 31 January 2024

28,084

53,933

20,247

102,264

Carrying amount

At 31 January 2024

88,932

13,314

104,222

206,468

At 31 January 2023

93,613

10,775

70,055

174,443

5

Debtors

Current

2024
£

2023
£

Trade debtors

81,505

77,490

Prepayments

7,001

6,023

Other debtors

30,066

29,583

 

118,572

113,096

 

The Electrical Compliance Collective Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

10,935

11,685

Trade creditors

 

204

242

Taxation and social security

 

49,825

43,331

Accruals and deferred income

 

1,002

1,008

Other creditors

 

58,765

178,092

 

120,731

234,358

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

294,524

141,296

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,727

11,160

Other borrowings

208

525

10,935

11,685