BrightAccountsProduction v1.0.0 v1.0.0 2023-07-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The Principal Activity is Electrical Installation and Repairs 31 October 2024 14 12 NI605597 2024-06-30 NI605597 2023-06-30 NI605597 2022-06-30 NI605597 2023-07-01 2024-06-30 NI605597 2022-07-01 2023-06-30 NI605597 uk-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 NI605597 uk-curr:PoundSterling 2023-07-01 2024-06-30 NI605597 uk-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 NI605597 uk-bus:FullAccounts 2023-07-01 2024-06-30 NI605597 uk-core:ShareCapital 2024-06-30 NI605597 uk-core:ShareCapital 2023-06-30 NI605597 uk-core:RetainedEarningsAccumulatedLosses 2024-06-30 NI605597 uk-core:RetainedEarningsAccumulatedLosses 2023-06-30 NI605597 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-06-30 NI605597 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-06-30 NI605597 uk-bus:FRS102 2023-07-01 2024-06-30 NI605597 uk-core:Land 2023-07-01 2024-06-30 NI605597 uk-core:PlantMachinery 2023-07-01 2024-06-30 NI605597 uk-core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 NI605597 uk-core:MotorVehicles 2023-07-01 2024-06-30 NI605597 uk-core:CurrentFinancialInstruments 2024-06-30 NI605597 uk-core:CurrentFinancialInstruments 2023-06-30 NI605597 uk-core:CurrentFinancialInstruments 2024-06-30 NI605597 uk-core:CurrentFinancialInstruments 2023-06-30 NI605597 uk-core:WithinOneYear 2024-06-30 NI605597 uk-core:WithinOneYear 2023-06-30 NI605597 uk-core:WithinOneYear 2024-06-30 NI605597 uk-core:WithinOneYear 2023-06-30 NI605597 uk-core:WithinOneYear 2024-06-30 NI605597 uk-core:WithinOneYear 2023-06-30 NI605597 uk-core:AfterOneYear 2024-06-30 NI605597 uk-core:AfterOneYear 2023-06-30 NI605597 uk-core:AfterOneYear 2024-06-30 NI605597 uk-core:AfterOneYear 2023-06-30 NI605597 uk-core:AfterOneYear 2024-06-30 NI605597 uk-core:AfterOneYear 2023-06-30 NI605597 uk-core:BetweenOneTwoYears 2024-06-30 NI605597 uk-core:BetweenOneTwoYears 2023-06-30 NI605597 uk-core:BetweenTwoFiveYears 2024-06-30 NI605597 uk-core:BetweenTwoFiveYears 2023-06-30 NI605597 uk-core:BetweenOneFiveYears 2024-06-30 NI605597 uk-core:BetweenOneFiveYears 2023-06-30 NI605597 uk-core:OtherMiscellaneousReserve 2023-06-30 NI605597 uk-core:OtherMiscellaneousReserve 2023-07-01 2024-06-30 NI605597 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-06-30 NI605597 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-06-30 NI605597 uk-core:OtherDeferredTax 2024-06-30 NI605597 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-06-30 NI605597 uk-core:OtherMiscellaneousReserve 2024-06-30 NI605597 2023-07-01 2024-06-30 NI605597 uk-bus:Director1 2023-07-01 2024-06-30 NI605597 uk-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
Company Registration Number: NI605597
 
 
M&K Electrical Ltd
 
Unaudited Financial Statements
 
for the financial year ended 30 June 2024
M&K Electrical Ltd
Company Registration Number: NI605597
BALANCE SHEET
as at 30 June 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 4 176,268 144,237
───────── ─────────
 
Current Assets
Stocks 5 48,562 214,618
Debtors 6 364,498 242,937
Cash and cash equivalents 321,450 139,331
───────── ─────────
734,510 596,886
───────── ─────────
Creditors: amounts falling due within one year 7 (464,724) (408,638)
───────── ─────────
Net Current Assets 269,786 188,248
───────── ─────────
Total Assets less Current Liabilities 446,054 332,485
 
Creditors:
amounts falling due after more than one year 8 (12,135) (24,223)
 
Provisions for liabilities 9 (4,945) (5,013)
───────── ─────────
Net Assets 428,974 303,249
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 428,874 303,149
───────── ─────────
Equity attributable to owners of the company 428,974 303,249
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
           
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges her responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Director and authorised for issue on 31 October 2024
           
           
________________________________          
Mrs. Jacqueline McClintock          
Director          
           



M&K Electrical Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 June 2024

   
1. General Information
 
M&K Electrical Ltd is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI605597. The registered office of the company is 11 Drumlish Road, Dromore, Co Tyrone, BT78 3ER, Northern Ireland which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 30 June 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Long leasehold property - 0%
  Fixtures and fittings - 25% Reducing Balance
  Fixtures, fittings and equipment - 25% Reducing Balance
  Motor vehicles - 25% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 14, (2023 - 12).
 
  2024 2023
  Number Number
 
Employees 14 12
  ═════════ ═════════
             
4. Tangible assets
  Long Fixtures and Fixtures, Motor Total
  leasehold fittings fittings and vehicles  
  property   equipment    
  £ £ £ £ £
Cost
At 1 July 2023 117,029 3,010 5,822 83,913 209,774
Additions - 1,950 3,893 63,693 69,536
Disposals - - - (35,485) (35,485)
  ───────── ───────── ───────── ───────── ─────────
At 30 June 2024 117,029 4,960 9,715 112,121 243,825
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 July 2023 - 2,758 4,742 58,037 65,537
Charge for the financial year - 440 1,243 17,916 19,599
On disposals - - - (17,579) (17,579)
  ───────── ───────── ───────── ───────── ─────────
At 30 June 2024 - 3,198 5,985 58,374 67,557
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 30 June 2024 117,029 1,762 3,730 53,747 176,268
  ═════════ ═════════ ═════════ ═════════ ═════════
At 30 June 2023 117,029 252 1,080 25,876 144,237
  ═════════ ═════════ ═════════ ═════════ ═════════
       
5. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 48,562 214,618
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
6. Debtors 2024 2023
  £ £
 
Trade debtors 313,156 116,230
Amounts owed by group undertakings 49,118 350
Other debtors - 102,978
Taxation and social security costs 2,224 23,379
  ───────── ─────────
  364,498 242,937
  ═════════ ═════════
       
7. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank loan 6,131 5,994
Net obligations under finance leases
and hire purchase contracts 5,240 4,703
Trade creditors 246,578 338,721
Taxation and social security costs 23,048 25,562
Director's current account 14,317 17,363
Other creditors 152,488 -
Accruals:
Pension accrual 1,648 1,021
Other accruals 15,274 15,274
  ───────── ─────────
  464,724 408,638
  ═════════ ═════════
       
8. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 6,299 12,446
Finance leases and hire purchase contracts 5,836 11,076
Amounts owed to group undertakings - 701
  ───────── ─────────
  12,135 24,223
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 7) 6,131 5,994
Repayable between one and two years 6,299 6,147
Repayable between two and five years - 6,299
  ───────── ─────────
  12,430 18,440
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 5,240 4,703
Repayable between one and five years 5,836 11,076
  ───────── ─────────
  11,076 15,779
  ═════════ ═════════
           
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Losses Total Total
  allowances      
         
      2024 2023
  £ £ £ £
 
At financial year start 5,170 (157) 5,013 4,285
Charged to profit and loss 3,668 (3,736) (68) 728
  ───────── ───────── ───────── ─────────
At financial year end 8,838 (3,893) 4,945 5,013
  ═════════ ═════════ ═════════ ═════════
           
10. Related party transactions
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
 
At the start of the year M&K Electrical Ltd owed the company director £17,363. During the year M&K Electrical Ltd borrowed £102 and repaid £3,148 to the director, leaving a closing balance of £14,317. This amount is included in the creditors section of the balance sheet.