REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
CWMBRAN ELECTRICAL SERVICES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
CWMBRAN ELECTRICAL SERVICES LIMITED |
CWMBRAN ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 00809632) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CWMBRAN ELECTRICAL SERVICES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Court House |
Court Road |
Bridgend |
CF31 1BE |
CWMBRAN ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 00809632) |
BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Capital redemption reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
CWMBRAN ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 00809632) |
BALANCE SHEET - continued |
30 JUNE 2024 |
The director acknowledges his 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 financial statements were approved by the director and authorised for issue on |
CWMBRAN ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 00809632) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Cwmbran Electrical Services Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company has net current liabilities and negative overall shareholder funds. However, the company anticipates improved performance and continued profitability which, when combined with the ongoing support of the company's director, means that the director believes that the the company should be able to continue to trade for the foreseeable future. Accordingly, the accounts are prepared on the Going Concern basis. |
Turnover |
Turnover represents net invoiced sales of services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Grants |
Grants relating to revenue are recognised initially in other income as the grant becomes receivable and subsequently over the period in which the related costs are incurred. |
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. |
CWMBRAN ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 00809632) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all significant or material 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution and auto enrolment pension scheme. Contributions payable to the pension scheme are charged to the profit and loss account in the period to which they relate |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised on 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 and loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CWMBRAN ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 00809632) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Include in the above are assets on hire purchase or finance lease contracts with a net book value of £29,737 (2023 - £226). |
Cost or valuation at 30 June 2024 is represented by: |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2003 | 24,488 | - | - | 24,488 |
Valuation in 2008 | 35,000 | - | - | 35,000 |
Cost | 75,512 | 50,250 | 60,210 | 185,972 |
135,000 | 50,250 | 60,210 | 245,460 |
If freehold property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 75,512 | 75,512 |
Aggregate depreciation | 31,715 | 30,205 |
The freehold property was valued on an open market basis on 30 June 2008 by D R Vaughan, a director of the company . |
As permitted under FRS102 Section 1A, the company elected to use the revalued amount of its Land and Buildings as its deemed cost on transition (in 2017). |
CWMBRAN ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 00809632) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts recoverable on |
contracts |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts and finance leases |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts and finance leases |
Other creditors |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdraft |
Bank borrowings are secured by fixed and floating charges over the assets of the company. |
CWMBRAN ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 00809632) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 July 2023 |
Revalued assets depreciation retained earnings transfer |
(1,190 |
) |
At 30 June 2024 |
10. | RELATED PARTY DISCLOSURES |
During the current and previous year, the company was in receipt of an interest free loan from its director. The amount outstanding and owed to the director (included within other creditors falling due within one year) at the year end was £134,679 (2023 - £145,082). |
The company has borrowed money from the company Small Self Administered Pension scheme and the amount owed and included in other creditors at the year end amounted to £111,158 (2023 - £149,124). The director and his father are members of the pension scheme. |