Company registration number 05225556 (England and Wales)
P J S ELECTRICAL CONTRACTORS (NORTH WEST) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
P J S ELECTRICAL CONTRACTORS (NORTH WEST) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
P J S ELECTRICAL CONTRACTORS (NORTH WEST) LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
248,444
268,348
Current assets
Debtors
4
1,435,174
2,145,790
Cash at bank and in hand
4,657
3,073
1,439,831
2,148,863
Creditors: amounts falling due within one year
5
(436,159)
(683,947)
Net current assets
1,003,672
1,464,916
Total assets less current liabilities
1,252,116
1,733,264
Creditors: amounts falling due after more than one year
6
(282,018)
(56,573)
Net assets
970,098
1,676,691
Capital and reserves
Called up share capital
1,004
1,004
Profit and loss reserves
969,094
1,675,687
Total equity
970,098
1,676,691

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 September 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.

P J S ELECTRICAL CONTRACTORS (NORTH WEST) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 February 2025 and are signed on its behalf by:
Mrs K D Sullivan
Director
Company registration number 05225556 (England and Wales)
P J S ELECTRICAL CONTRACTORS (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

P J S Electrical Contractors (North West) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 Seafire Business Park, Seafire Way, Burscough, Ormskirk, L40 8AH.

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
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.true This is from the support of the directors and the loans with connected companies will not be recalled within 12 months. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements

1.3
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, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

P J S ELECTRICAL CONTRACTORS (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -

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:

Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% 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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the 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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

P J S ELECTRICAL CONTRACTORS (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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.

P J S ELECTRICAL CONTRACTORS (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
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.

P J S ELECTRICAL CONTRACTORS (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
11
11
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
81,134
61,042
35,619
328,354
506,149
Additions
3,027
-
0
1,795
135,950
140,772
Disposals
-
0
-
0
-
0
(190,580)
(190,580)
At 30 September 2024
84,161
61,042
37,414
273,724
456,341
Depreciation and impairment
At 1 October 2023
43,722
26,117
20,360
147,602
237,801
Depreciation charged in the year
9,767
8,731
4,080
56,856
79,434
Eliminated in respect of disposals
-
0
-
0
-
0
(109,338)
(109,338)
At 30 September 2024
53,489
34,848
24,440
95,120
207,897
Carrying amount
At 30 September 2024
30,672
26,194
12,974
178,604
248,444
At 30 September 2023
37,412
34,925
15,259
180,752
268,348
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
60,111
196,891
Other debtors
1,375,063
1,948,899
1,435,174
2,145,790
P J S ELECTRICAL CONTRACTORS (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
45,731
30,678
Trade creditors
64,560
111,756
Corporation tax
112,631
271,617
Other taxation and social security
18,058
29,309
Other creditors
195,179
240,587
436,159
683,947

Included above in bank loans falling due within one year are the following borrowings:

 

- a 5 year unsecured bank loan. The loan bears interest at a fixed rate of 2.5% and repayment of the loan capital and interest started April 2022.

 

- a 5 year unsecured bank loan. The loan bears interest at 8% above the Bank of England base rate and repayment of the loan capital and interest started April 2024.

 

Amounts financed by way of hire purchase agreements are secured over the assets to which they relate.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
176,573
25,785
Other creditors
105,445
30,788
282,018
56,573

Included above in bank loans falling due after more than one year are the following borrowings:

 

- a 5 year unsecured bank loan. The loan bears interest at a fixed rate of 2.5% and repayment of the loan capital and interest started April 2022.

 

- a 5 year unsecured bank loan. The loan bears interest at 8% above the Bank of England base rate and repayment of the loan capital and interest started April 2024.

 

Amounts financed by way of hire purchase agreements are secured over the assets to which they relate.

 

P J S ELECTRICAL CONTRACTORS (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
7
Related party transactions

At the year end, the company is owed £851,966 (2023: £999,287) from a company under common control and ownership. All amounts are interest free and repayable on demand. As found in note 4 other debtors due within one year of the financial statements.

 

At the year end, the company owes £78,391 (2023: £35,575 owed to) to a company under common control and ownership. All amounts are interest free and payable on demand. As found in note 5 other creditors due within one year of the financial statements.

 

In a prior year, a loan of £200,000 was made to a Company connected to the Directors. In the current year, an unpaid balance of £129,692 was provided for. At the year end the balance outstanding of £nil (2023: £169,692) can be found within other debtors, note 4 of the accounts. No interest was charged throughout the period.

 

8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors loan
-
243,376
426,845
(510,482)
159,739
243,376
426,845
(510,482)
159,739
9
Controlling party

The ultimate controlling party is the directors Mr P and Mrs K Sullivan, by virtue of their majority shareholding of the Company.

2024-09-302023-10-01falsefalsefalse19 February 2025CCH SoftwareCCH Accounts Production 2024.301No description of principal activityMr P SullivanMrs K D Sullivan052255562023-10-012024-09-30052255562024-09-30052255562023-09-3005225556core:PlantMachinery2024-09-3005225556core:FurnitureFittings2024-09-3005225556core:ComputerEquipment2024-09-3005225556core:MotorVehicles2024-09-3005225556core:PlantMachinery2023-09-3005225556core:FurnitureFittings2023-09-3005225556core:ComputerEquipment2023-09-3005225556core:MotorVehicles2023-09-3005225556core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3005225556core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3005225556core:Non-currentFinancialInstrumentscore:AfterOneYear2024-09-3005225556core:Non-currentFinancialInstrumentscore:AfterOneYear2023-09-3005225556core:CurrentFinancialInstruments2024-09-3005225556core:CurrentFinancialInstruments2023-09-3005225556core:Non-currentFinancialInstruments2024-09-3005225556core:Non-currentFinancialInstruments2023-09-3005225556core:ShareCapital2024-09-3005225556core:ShareCapital2023-09-3005225556core:RetainedEarningsAccumulatedLosses2024-09-3005225556core:RetainedEarningsAccumulatedLosses2023-09-3005225556bus:Director22023-10-012024-09-3005225556core:PlantMachinery2023-10-012024-09-3005225556core:FurnitureFittings2023-10-012024-09-3005225556core:ComputerEquipment2023-10-012024-09-3005225556core:MotorVehicles2023-10-012024-09-30052255562022-10-012023-09-3005225556core:PlantMachinery2023-09-3005225556core:FurnitureFittings2023-09-3005225556core:ComputerEquipment2023-09-3005225556core:MotorVehicles2023-09-30052255562023-09-3005225556core:WithinOneYear2024-09-3005225556core:WithinOneYear2023-09-3005225556bus:PrivateLimitedCompanyLtd2023-10-012024-09-3005225556bus:SmallCompaniesRegimeForAccounts2023-10-012024-09-3005225556bus:FRS1022023-10-012024-09-3005225556bus:AuditExemptWithAccountantsReport2023-10-012024-09-3005225556bus:Director12023-10-012024-09-3005225556bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP