Company registration number 07486904 (England and Wales)
ELECTRICAL SOLUTIONS (SOUTH WEST) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
ELECTRICAL SOLUTIONS (SOUTH WEST) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ELECTRICAL SOLUTIONS (SOUTH WEST) LTD
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
71,082
64,165
Current assets
Stocks
60,007
56,771
Debtors
4
173,791
188,944
Cash at bank and in hand
35,296
2,443
269,094
248,158
Creditors: amounts falling due within one year
5
(149,413)
(129,552)
Net current assets
119,681
118,606
Total assets less current liabilities
190,763
182,771
Creditors: amounts falling due after more than one year
6
(70,974)
(68,560)
Provisions for liabilities
(8,397)
(9,565)
Net assets
111,392
104,646
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
111,292
104,546
Total equity
111,392
104,646
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ELECTRICAL SOLUTIONS (SOUTH WEST) LTD
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
Mr J Allen
Director
Company registration number 07486904 (England and Wales)
ELECTRICAL SOLUTIONS (SOUTH WEST) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Electrical Solutions (South West) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 8 Longfield Avenue, Kingsteignton, Devon, TQ12 3RA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Over the term of the lease
Plant and machinery
25% per annum on reducing balance
Motor vehicles
25% per annum on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ELECTRICAL SOLUTIONS (SOUTH WEST) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
6
ELECTRICAL SOLUTIONS (SOUTH WEST) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
8,310
103,747
112,057
Additions
36,350
36,350
Disposals
(31,621)
(31,621)
At 30 April 2024
8,310
108,476
116,786
Depreciation and impairment
At 1 May 2023
3,215
44,677
47,892
Depreciation charged in the year
831
26,322
27,153
Eliminated in respect of disposals
(29,341)
(29,341)
At 30 April 2024
4,046
41,658
45,704
Carrying amount
At 30 April 2024
4,264
66,818
71,082
At 30 April 2023
5,095
59,070
64,165
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
82,752
100,380
Other debtors
91,039
88,564
173,791
188,944
Other debtors includes an amount of £2,949 (2023 £2,949) which is due after more than one year.
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,514
5,514
Trade creditors
78,586
54,468
Taxation and social security
32,066
33,093
Other creditors
33,247
36,477
149,413
129,552
Other creditors include net obligations of £14,224 (2023 - £19,032) under finance lease and hire purchase contracts which are secured on the assets concerned.
ELECTRICAL SOLUTIONS (SOUTH WEST) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
28,030
33,544
Other creditors
42,944
35,016
70,974
68,560
Other creditors include net obligations of £42,944 (2023 - £35,016) under finance lease and hire purchase contracts which are secured on the assets concerned.
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
6,900
6,900
Between two and five years
18,400
20,700
In over five years
4,600
25,300
32,200
9
Directors' transactions
Advances or credits have been granted by the company to it's directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Two directors
2.00
55,124
71,215
1,309
(66,251)
61,397
55,124
71,215
1,309
(66,251)
61,397
The advances are unsecured and repayable on demand.