Registered number
01170027
Broadway Electrical Services Ltd
Unaudited Filleted Accounts
31 May 2024
Broadway Electrical Services Ltd
Registered number: 01170027
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1,835 2,294
Tangible assets 4 100,450 61,297
102,285 63,591
Current assets
Stocks 127,866 94,899
Debtors 5 201,736 207,543
Cash at bank and in hand 97,386 118,209
426,988 420,651
Creditors: amounts falling due within one year 6 (207,102) (195,988)
Net current asstes/ (liabilities) 219,886 224,663
Total assets less current liabilities 322,171 288,254
Creditors: amounts falling due after more than one year 7 (19,077) (16,917)
Provisions for liabilities (17,328) (12,082)
Net assets 285,766 259,255
Capital and reserves
Called up share capital 41,020 41,020
Share premium 33,705 33,705
Profit and loss account 211,041 184,530
Shareholders' funds 285,766 259,255
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Farrow
Director
Approved by the board on 24.02.2025
Broadway Electrical Services Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Website 20% on reducing balance
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 20% on reducing balance
Motor vehicles 20% on reducing balance
Building improvements 2% per annum
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 10
3 Intangible fixed assets £
Website:
Cost
At 1 June 2023 7,000
At 31 May 2024 7,000
Amortisation
At 1 June 2023 4,706
Provided during the year 459
At 31 May 2024 5,165
Net book value
At 31 May 2024 1,835
At 31 May 2023 2,294
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 10,037 38,395 106,206 154,638
Additions - 209 59,018 59,227
At 31 May 2024 10,037 38,604 165,224 213,865
Depreciation
At 1 June 2023 3,469 34,027 55,845 93,341
Charge for the year 201 1,160 18,713 20,074
At 31 May 2024 3,670 35,187 74,558 113,415
Net book value
At 31 May 2024 6,367 3,417 90,666 100,450
At 31 May 2023 6,568 4,368 50,361 61,297
5 Debtors 2024 2023
£ £
Trade debtors 201,479 207,312
Other debtors 257 231
201,736 207,543
Amounts due after more than one year included above - -
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 7,000 7,000
Obligations under finance lease and hire purchase contracts 8,455 -
Trade creditors 124,972 128,539
Taxation and social security costs 49,196 46,798
Other creditors 17,479 13,651
207,102 195,988
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,917 16,917
Obligations under finance lease and hire purchase contracts 9,160 -
19,077 16,917
The bank loan is a business bounceback laon due to be repaid over 5 years commencing 29th November 2021. Final repayment is due 29th October 2026.
8 Related party transactions
The company rents a property owned by the Directors and a rent of £12,950 (2023 - £12,950) was paid during the year.
9 Controlling party
The company is controlled by its Directors. No one person has a controlling stake in the company.
10 Other information
Broadway Electrical Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 1, The Old Farmhouse
Stansted Courtyard, Parsonage Road
Takeley
CM22 6PU
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