Company registration number 08035921 (England and Wales)
PROWIRED ELECTRICAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
PROWIRED ELECTRICAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PROWIRED ELECTRICAL LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,834
13,444
Tangible assets
4
424,733
443,092
436,567
456,536
Current assets
Stocks
29,581
20,000
Debtors
5
304,976
279,551
Cash at bank and in hand
203,373
201,399
537,930
500,950
Creditors: amounts falling due within one year
6
(536,066)
(465,906)
Net current assets
1,864
35,044
Total assets less current liabilities
438,431
491,580
Creditors: amounts falling due after more than one year
7
(375,215)
(430,782)
Net assets
63,216
60,798
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
63,116
60,698
Total equity
63,216
60,798
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.
PROWIRED ELECTRICAL LIMITED
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 31 January 2025 and are signed on its behalf by:
Mr D Edmonds
Mr N D Fribbence
Director
Director
Company registration number 08035921 (England and Wales)
PROWIRED ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Prowired Electrical Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 12, Precision 4 Business Park, Styles Close, Sittingbourne, Kent, ME10 3FZ.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents revenue earned under a wide variety of contracts to provide services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax. For incomplete contracts, an assessment is made of the extent to which revenue has been earned. This assessment takes into account the nature of the assignment, its stage of completion and relevant contract terms. Unbilled revenue is included in debtors, under "other debtors".
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
10% straight line
Trademark
10% straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
4% straight line
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Computers
25% straight line
Motor vehicles
25% straight line
1.5
Stocks
Stock are stated at the lower of cost and estimated selling price.
PROWIRED ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the recognition and measurement provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Other financial assets
Other financial instruments are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Taxation
The tax expense represents the sum of the tax currently payable or receivable and deferred tax.
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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.
1.8
Leasing and hire purchase commitments
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful lives. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges so as to achieve a constant rate of interest on the remaining balance of the liability.
Rentals payable under operating leases are charged to profit or loss on a straight line basis over the term of the lease.
1.9
Government grants
Government grants are recognised as income at the amount received or receivable when there is reasonable assurance that the grant conditions will be met and the grant will be received. Grants under the Coronavirus Job Retention Scheme are recognised over the periods in which the related costs are incurred.
PROWIRED ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
19
19
3
Intangible fixed assets
Software
Trademark
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
15,502
600
16,102
Amortisation and impairment
At 1 May 2023
2,583
75
2,658
Amortisation charged for the year
1,550
60
1,610
At 30 April 2024
4,133
135
4,268
Carrying amount
At 30 April 2024
11,369
465
11,834
At 30 April 2023
12,919
525
13,444
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
328,058
242,841
570,899
Additions
41,125
41,125
Disposals
(5,302)
(5,302)
At 30 April 2024
328,058
278,664
606,722
Depreciation and impairment
At 1 May 2023
6,400
121,407
127,807
Depreciation charged in the year
1,600
57,884
59,484
Eliminated in respect of disposals
(5,302)
(5,302)
At 30 April 2024
8,000
173,989
181,989
Carrying amount
At 30 April 2024
320,058
104,675
424,733
At 30 April 2023
321,658
121,434
443,092
PROWIRED ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
197,829
133,948
Other debtors
91,547
145,603
289,376
279,551
Deferred tax asset
15,600
304,976
279,551
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
43,026
47,936
Trade creditors
252,950
112,515
Taxation and social security
11,715
32,015
Other creditors
228,375
273,440
536,066
465,906
Other creditors includes £173,326 (2023 - £188,336) owed to the directors and their wives.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
335,591
378,714
Other creditors
39,624
52,068
375,215
430,782
Bank borrowings are secured by way of a fixed and floating charge over the assets of the company.
The directors have given personal guarantees in favour of Barclays Bank UK PLC amounting to £50,000.
The obligations under finance lease and hire purchase agreements included in Other creditors, are secured by charges over the associated assets.
PROWIRED ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
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
£
£
1,307
1,830