IRIS Accounts Production v24.3.0.553 SC200506 Board of Directors Board of Directors Board of Directors 1.6.23 31.5.24 31.5.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2005062023-05-31SC2005062024-05-31SC2005062023-06-012024-05-31SC2005062022-05-31SC2005062022-06-012023-05-31SC2005062023-05-31SC200506ns15:Scotland2023-06-012024-05-31SC200506ns14:PoundSterling2023-06-012024-05-31SC200506ns10:Director12023-06-012024-05-31SC200506ns10:Director22023-06-012024-05-31SC200506ns10:Director32023-06-012024-05-31SC200506ns10:PrivateLimitedCompanyLtd2023-06-012024-05-31SC200506ns10:SmallEntities2023-06-012024-05-31SC200506ns10:AuditExempt-NoAccountantsReport2023-06-012024-05-31SC200506ns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-31SC200506ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-31SC200506ns10:FullAccounts2023-06-012024-05-31SC200506ns10:CompanySecretary12023-06-012024-05-31SC200506ns10:RegisteredOffice2023-06-012024-05-31SC200506ns5:CurrentFinancialInstruments2024-05-31SC200506ns5:CurrentFinancialInstruments2023-05-31SC200506ns5:Non-currentFinancialInstruments2024-05-31SC200506ns5:Non-currentFinancialInstruments2023-05-31SC200506ns5:ShareCapital2024-05-31SC200506ns5:ShareCapital2023-05-31SC200506ns5:RetainedEarningsAccumulatedLosses2024-05-31SC200506ns5:RetainedEarningsAccumulatedLosses2023-05-31SC200506ns5:LandBuildings2023-06-012024-05-31SC200506ns5:PlantMachinery2023-06-012024-05-31SC200506ns5:LandBuildings2023-05-31SC200506ns5:PlantMachinery2023-05-31SC200506ns5:LandBuildings2024-05-31SC200506ns5:PlantMachinery2024-05-31SC200506ns5:LandBuildings2023-05-31SC200506ns5:PlantMachinery2023-05-31SC200506ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-05-31SC200506ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-06-012024-05-31SC200506ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-05-31SC200506ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-05-31SC200506ns5:WithinOneYearns5:CurrentFinancialInstruments2024-05-31SC200506ns5:WithinOneYearns5:CurrentFinancialInstruments2023-05-31
REGISTERED NUMBER: SC200506 (Scotland)














Unaudited Financial Statements

for the Year Ended 31 May 2024

for

The Electrical Network Limited

The Electrical Network Limited (Registered number: SC200506)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Electrical Network Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: E McVey
G Doherty
K McVey





SECRETARY: K McVey





REGISTERED OFFICE: 76 Abercorn Street
Paisley
Renfrewshire
PA3 4AY





REGISTERED NUMBER: SC200506 (Scotland)





ACCOUNTANTS: Messrs. Henderson & Company
Chartered Accountants
73 Union Street
Greenock
PA16 8BG

The Electrical Network Limited (Registered number: SC200506)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,250,009 1,330,100

CURRENT ASSETS
Stocks 717,406 924,996
Debtors 5 1,944,301 1,617,359
Cash at bank and in hand 1,261,152 1,400,512
3,922,859 3,942,867
CREDITORS
Amounts falling due within one year 6 1,770,208 1,689,652
NET CURRENT ASSETS 2,152,651 2,253,215
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,402,660

3,583,315

CREDITORS
Amounts falling due after more than one
year

7

(251,513

)

(567,228

)

PROVISIONS FOR LIABILITIES (2,259 ) (11,023 )
NET ASSETS 3,148,888 3,005,064

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 3,148,886 3,005,062
3,148,888 3,005,064

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

The Electrical Network Limited (Registered number: SC200506)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2025 and were signed on its behalf by:




E McVey - Director G Doherty - Director




K McVey - Director


The Electrical Network Limited (Registered number: SC200506)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

The Electrical Network Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 4% on cost
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

The Electrical Network Limited (Registered number: SC200506)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2023 - 38 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 June 2023 1,679,552 915,544 2,595,096
Additions - 77,483 77,483
Disposals - (18,197 ) (18,197 )
At 31 May 2024 1,679,552 974,830 2,654,382
DEPRECIATION
At 1 June 2023 644,717 620,279 1,264,996
Charge for year 67,184 86,099 153,283
Eliminated on disposal - (13,906 ) (13,906 )
At 31 May 2024 711,901 692,472 1,404,373
NET BOOK VALUE
At 31 May 2024 967,651 282,358 1,250,009
At 31 May 2023 1,034,835 295,265 1,330,100

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 June 2023 281,188
Additions 23,503
At 31 May 2024 304,691
DEPRECIATION
At 1 June 2023 59,618
Charge for year 53,768
At 31 May 2024 113,386
NET BOOK VALUE
At 31 May 2024 191,305
At 31 May 2023 221,570

The Electrical Network Limited (Registered number: SC200506)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,899,091 1,576,714
Other debtors 45,210 40,645
1,944,301 1,617,359

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 63,188 64,835
Trade creditors 1,254,512 1,113,836
Taxation and social security 245,457 272,812
Other creditors 207,051 238,169
1,770,208 1,689,652

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 29,930 75,333
Other creditors 221,583 491,895
251,513 567,228

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Property mortgage 299,583 569,895

The company has granted two bond & floating charges in favour of their bankers. The bank also hold standard securities over five of the company's properties.