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COMPANY REGISTRATION NUMBER: 03058995
Kent Electrical Supplies Limited
Filleted Unaudited Financial Statements
30 April 2024
Kent Electrical Supplies Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Kent Electrical Supplies Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,331
506
Current assets
Stocks
134,450
114,987
Debtors
6
580,892
622,214
Cash at bank and in hand
76,812
100,859
---------
---------
792,154
838,060
Creditors: amounts falling due within one year
7
503,270
633,998
---------
---------
Net current assets
288,884
204,062
---------
---------
Total assets less current liabilities
290,215
204,568
Creditors: amounts falling due after more than one year
8
11,373
21,598
---------
---------
Net assets
278,842
182,970
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
278,840
182,968
---------
---------
Shareholders funds
278,842
182,970
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Kent Electrical Supplies Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
Mr R J Lewis
Director
Company registration number: 03058995
Kent Electrical Supplies Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2, 24a Longley Road, Rainham, Gillingham, Kent, ME8 7RU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
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 entity after deducting all of its financial liabilities. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 6 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023
104,422
34,568
138,990
Additions
1,057
1,057
---------
--------
---------
At 30 April 2024
105,479
34,568
140,047
---------
--------
---------
Depreciation
At 1 May 2023
103,916
34,568
138,484
Charge for the year
232
232
---------
--------
---------
At 30 April 2024
104,148
34,568
138,716
---------
--------
---------
Carrying amount
At 30 April 2024
1,331
1,331
---------
--------
---------
At 30 April 2023
506
506
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
339,892
381,214
Other debtors
241,000
241,000
---------
---------
580,892
622,214
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,225
9,973
Trade creditors
355,209
425,024
Corporation tax
42,774
99,913
Social security and other taxes
6,909
5,689
Other creditors
88,153
93,399
---------
---------
503,270
633,998
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,373
21,598
--------
--------
9. Directors' advances, credits and guarantees
At the year end the company owed the Directors £140 (2023: £6,399). During the year dividends of £30,000 (2023: £12,000) were paid to the Directors of the company.
10. Related party transactions
At the balance sheet date the company was owed trade and other debts of £72,783 (2023: £50,000) by companies related by virtue of common control. The company owed trade and other debts of £105,070 (2023: £70,000) by companies related by virtue of common control.