IRIS Accounts Production v24.3.2.46 03790772 director 1.9.23 31.8.24 31.8.24 true false true true false false true false Ordinary 1.00000 B Shares 1.00000 C Shares 1.00000 D Shares 1.00000 E Shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh037907722023-08-31037907722024-08-31037907722023-09-012024-08-31037907722022-08-31037907722022-09-012023-08-31037907722023-08-3103790772ns15:EnglandWales2023-09-012024-08-3103790772ns14:PoundSterling2023-09-012024-08-3103790772ns10:Director12023-09-012024-08-3103790772ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3103790772ns10:FRS1022023-09-012024-08-3103790772ns10:Audited2023-09-012024-08-3103790772ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-09-012024-08-3103790772ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-09-012024-08-3103790772ns10:FullAccounts2023-09-012024-08-3103790772ns10:OrdinaryShareClass12023-09-012024-08-3103790772ns10:OrdinaryShareClass22023-09-012024-08-3103790772ns10:OrdinaryShareClass32023-09-012024-08-3103790772ns10:OrdinaryShareClass42023-09-012024-08-3103790772ns10:OrdinaryShareClass52023-09-012024-08-3103790772ns10:CompanySecretary12023-09-012024-08-3103790772ns10:RegisteredOffice2023-09-012024-08-310379077212023-09-012024-08-310379077212022-09-012023-08-3103790772ns5:PreviouslyStatedAmount2023-09-012024-08-3103790772ns5:PriorPeriodIncreaseDecreasens5:RetainedEarningsAccumulatedLosses2023-09-012024-08-3103790772ns5:CurrentFinancialInstruments2024-08-3103790772ns5:CurrentFinancialInstruments2023-08-3103790772ns5:CurrentFinancialInstruments2022-08-3103790772ns5:Non-currentFinancialInstruments2024-08-3103790772ns5:Non-currentFinancialInstruments2023-08-3103790772ns5:Non-currentFinancialInstruments2022-08-3103790772ns5:ShareCapital2024-08-3103790772ns5:ShareCapital2023-08-3103790772ns5:ShareCapital2022-08-3103790772ns5:CapitalRedemptionReserve2024-08-3103790772ns5:CapitalRedemptionReserve2023-08-3103790772ns5:CapitalRedemptionReserve2022-08-3103790772ns5:RetainedEarningsAccumulatedLosses2024-08-3103790772ns5:RetainedEarningsAccumulatedLosses2023-08-3103790772ns5:RetainedEarningsAccumulatedLosses2022-08-3103790772ns5:ShareCapital2022-09-012023-08-3103790772ns5:RetainedEarningsAccumulatedLosses2022-09-012023-08-3103790772ns5:PreviouslyStatedAmountns5:RetainedEarningsAccumulatedLosses2022-09-012023-08-3103790772ns5:CapitalRedemptionReserve2022-09-012023-08-3103790772ns5:PreviouslyStatedAmount2022-09-012023-08-3103790772ns5:PreviouslyStatedAmountns5:RetainedEarningsAccumulatedLosses2023-08-3103790772ns5:PriorPeriodIncreaseDecrease2023-09-012024-08-3103790772ns5:ShareCapital2023-08-3103790772ns5:RetainedEarningsAccumulatedLosses2023-08-3103790772ns5:CapitalRedemptionReserve2023-08-3103790772ns5:RetainedEarningsAccumulatedLosses2023-09-012024-08-3103790772ns5:CapitalRedemptionReserve2023-09-012024-08-3103790772ns5:PlantMachinery2023-09-012024-08-3103790772ns5:FurnitureFittings2023-09-012024-08-3103790772ns5:MotorVehicles2023-09-012024-08-3103790772ns5:ComputerEquipment2023-09-012024-08-3103790772ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-09-012024-08-3103790772ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-09-012023-08-3103790772ns5:OwnedAssets2023-09-012024-08-3103790772ns5:OwnedAssets2022-09-012023-08-3103790772ns10:OrdinaryShareClass12022-09-012023-08-3103790772ns10:OrdinaryShareClass22022-09-012023-08-3103790772ns10:OrdinaryShareClass32022-09-012023-08-3103790772ns10:OrdinaryShareClass42022-09-012023-08-3103790772ns5:PlantMachinery2023-08-3103790772ns5:FurnitureFittings2023-08-3103790772ns5:MotorVehicles2023-08-3103790772ns5:ComputerEquipment2023-08-3103790772ns5:PlantMachinery2024-08-3103790772ns5:FurnitureFittings2024-08-3103790772ns5:MotorVehicles2024-08-3103790772ns5:ComputerEquipment2024-08-3103790772ns5:PlantMachinery2023-08-3103790772ns5:FurnitureFittings2023-08-3103790772ns5:MotorVehicles2023-08-3103790772ns5:ComputerEquipment2023-08-3103790772ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-08-3103790772ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-08-3103790772ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-08-3103790772ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-08-3103790772ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-08-3103790772ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-08-3103790772ns5:HirePurchaseContracts2024-08-3103790772ns5:HirePurchaseContracts2023-08-3103790772ns5:WithinOneYear2024-08-3103790772ns5:WithinOneYear2023-08-3103790772ns5:BetweenOneFiveYears2024-08-3103790772ns5:BetweenOneFiveYears2023-08-3103790772ns5:AllPeriods2024-08-3103790772ns5:AllPeriods2023-08-3103790772ns5:AcceleratedTaxDepreciationDeferredTax2024-08-3103790772ns5:AcceleratedTaxDepreciationDeferredTax2023-08-3103790772ns5:DeferredTaxation2023-08-3103790772ns5:DeferredTaxation2023-09-012024-08-3103790772ns5:DeferredTaxation2024-08-3103790772ns10:OrdinaryShareClass12024-08-3103790772ns10:OrdinaryShareClass22024-08-3103790772ns10:OrdinaryShareClass32024-08-3103790772ns10:OrdinaryShareClass42024-08-3103790772ns10:OrdinaryShareClass52024-08-3103790772ns5:PreviouslyStatedAmountns5:RetainedEarningsAccumulatedLosses2023-08-3103790772ns5:PreviouslyStatedAmount2023-08-3103790772ns5:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl2023-09-012024-08-3103790772ns5:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl2022-09-012023-08-31
REGISTERED NUMBER: 03790772 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

ELITE ELECTRICAL CONTRACTING LIMITED

ELITE ELECTRICAL CONTRACTING LIMITED (REGISTERED NUMBER: 03790772)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 5

Report of the Independent Auditors 7

Income Statement 11

Other Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 17


ELITE ELECTRICAL CONTRACTING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTOR: G R Barnes



SECRETARY: A Smith



REGISTERED OFFICE: 30 Upper Mulgrave Road
Cheam
Surrey
SM2 7BD



REGISTERED NUMBER: 03790772 (England and Wales)



SENIOR STATUTORY AUDITOR: Daniel Oliver FCCA



AUDITORS: Ashdown Hurrey
Statutory Auditor
20 Havelock Road
Hastings
East Sussex
TN34 1BP

ELITE ELECTRICAL CONTRACTING LIMITED (REGISTERED NUMBER: 03790772)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The director presents his strategic report for the year ended 31 August 2024.

Elite Electrical Contracting Limited provides high-quality electrical services, in and around London. Based in Surrey, we are a well-established, reliable and reputable company with an excellent track record in the commercial fit-out sector delivering bespoke and original concepts for businesses. Despite the continued unsettled economic and political environment 2024 has been another successful year for us and we look towards 2025 with great optimism. The company's client base is very balanced amongst a handful of the leading main contractors within our marketplace. The company is privately owned, the ambition remains to organically grow whilst delivering our first-class service which has been part of our success and ethos for over 20 years and led us to where we are in today's market. Whilst growth is inevitable due to inflation and size of projects and opportunities growing it is important to us that we maintain our core strengths, ethos & reputation moving forwards.

REVIEW OF BUSINESS
Turnover Gross Profit Pre-tax Profit
2024 £20,080,207 £2,915,991 £2,032,863
2023 £18,834,335 £3,008,190 £2,192,798
2022 £13,538,950 £2,329,225 £1,660,569

Elite Electrical net assets at the financial year end amounted to £5,297,203.

2024 has been a good year for the business turnover has increased continuing the trend seen over the last few years. Of course, the business has been subject to rising costs across various areas. Staff and subcontractor costs being two of the biggest areas of increase. Despite several economic challenges impacting all businesses during the period, we were able to continue to win significant contracts throughout the year based largely on our reputation, which continues to grow.

The turnover for the financial year has exceeded £20 Million for the first time and as we enter 2025 the outlook is good with an order book of around £15 Million most of which will be completed by the end of the year. We are currently in negotiations for between £7-8 Million which will fulfil our order book for this financial year up to and including August 31st 2025. We are also actively seeking and discussing several good opportunities to secure works for the year end 2026 with some of our long-standing client partners and framework agreements that we have in place. The results of the year's trading along with the financial position of the company are shown within the annexed financial statements.

Repeat business has always been what we have striven for at Elite Electrical and that has been maintained in the current year end, we do not see that changing for the current year that we have just embarked upon.

Elite continues to be a debt free business. The principal has always been to grow the business organically by reinvesting profits, this has built up cash reserves to assist the business to potential setbacks such as pandemics, cyber threats and supply chain failures. This approach ensures a stable long-term platform and confidence and means we can make less pressurized commercial decisions.

As a business we have a strong reputation in our market for the quality of our workmanship and more importantly our non-confrontational collaborative approach and much of our work is with repeat clients as mentioned above as a key performance indicator. We have a diversified balanced client base, and we do not put all our eggs in any one basket. This ensures protection against client-side failures which as an industry has led to the downfall of some of our competitors over the past couple of years.

We have commercial reviews and financial checks in place all our projects on a continuous basis. These include checks for quality, health and safety, progress and profitability. We have invested heavily in our IT Infrastructure both hardware and software to enable us to work remotely if necessary. We have also invested heavily in health & safety and training this year to keep ahead of the curve of our competition in this discipline. We have also updated and enhanced all our current industry accreditations. We operate a highly successful apprenticeship programs throughout the business, offering a chance for ambitious people to quality as approved electricians or become part of the site management teams which has been a great success over the past 20 years with current senior project managers having started as apprentices with us.


ELITE ELECTRICAL CONTRACTING LIMITED (REGISTERED NUMBER: 03790772)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Elite implements a range of control measures to minimize risk and exposure for the business. We maintain close links with our supply chain partners and monitor all relevant market data which relates to our sector. The long-term growth of the business depends on the Company's ability to attract and retain high quality people.

We manage this risk by using personal development plans for all our employees. These plans are backed by specific policies and procedures in areas of training, management development, performance Management and continuing professional development.

Our current pre-construction & Operations Director are carrying out appraisals with all management and supervisory staff. We are mindful of the huge role that our staff play in our business. Their dedication and skill sets are what set us apart.

As a family business type run, we have always carefully selected the right person for the role and aim to nurture each and every one to fulfil their own unique potential. We endeavour to maintain a culture of caring for our staff and a friendly working environment based on respect for all. We have historically had most success within Elite when we have promoted from within and will continue to try and identify the individuals that will enhance the companies name and reputation.

We are ever mindful of supporting a positive approach to mental health at work. Although the company is open to the general risks of the construction industry and the wider economy, at present these risks have not had a significant impact on our trading and profitability and we do not envisage this to be a problem moving forwards. Whilst the company operates in a competitive marketplace, particularly around tendering the Company has a good reputation in this area and regularly picks up new contracts. The Directors are confident that this will continue.

FUTURE DEVELOPMENTS
The company continues to look to safeguard the future and as part of that planning, two senior members of the management team, Mr K Mitchell and Mr A Harris, were appointed as Directors on 1st September 2024. We have also promoted three of our senior project management team to carry out roles as Contracts Managers to undertake the tasks that Keith & Andy were managing previously.

The company continues to have a healthy order book for the year ahead and will continue to strive for excellence and to remain a highly regarded company within our niche of the sector. The Director's expect continued to growth at a steady and manageable rate in the years ahead.

COMMITMENT TO CHARITIES & LOCAL COMMUNITY
Elite is committed to the welfare of the greater community and each year we carefully select organisations and charities where we feel we can make a difference. 2024 saw us once again participate in the Mental Health World Cup which aims to promote good mental health awareness in the construction industry as well as providing a chance for people to meet up and make connections. We were semi-finalists this time around after being winners in 2023. The day raised over £150,000.00 for the cause and we were immensely proud to have been a part of that.

We also support many local teams and clubs that require kits, equipment & pitches and have recently invested in a football academy belonging to Dorking Wanderers Football Club who are currently in tier 5 of the football pyramid.

We are also a big supporter of charity auctions when attending fund raising events and golf days etc.


ELITE ELECTRICAL CONTRACTING LIMITED (REGISTERED NUMBER: 03790772)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

WIDER COMMUNITY & OTHER GOALS
We are seeking to broaden our horizons on the sustainability side and consider ourselves an environmentally conscious organisation. We will be putting together a structured management plan to enable us to become a net zero organisation. We would also like to consider working further afield and are currently looking into ways that we could become competitive whilst keeping up our good level of service in the Southern & Midlands regions.

ON BEHALF OF THE BOARD:





G R Barnes - Director


31 March 2025

ELITE ELECTRICAL CONTRACTING LIMITED (REGISTERED NUMBER: 03790772)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 AUGUST 2024

The director presents his report with the financial statements of the company for the year ended 31 August 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of electrical installation and general construction.

DIVIDENDS
The total distribution of dividends for the year ended 31 August 2024 was £556,000 (2023: £404,779).

DIRECTOR
G R Barnes held office during the whole of the period from 1 September 2023 to the date of this report.

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade creditors, trade debtors and HP's. The main purpose of these instruments is to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.

The HP's liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

The company's trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

CHARITABLE DONATIONS
During the year charitable donations totalled £6,979.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ELITE ELECTRICAL CONTRACTING LIMITED (REGISTERED NUMBER: 03790772)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 AUGUST 2024


AUDITORS
The auditors, Ashdown Hurrey, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G R Barnes - Director


31 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ELITE ELECTRICAL CONTRACTING LIMITED

Opinion
We have audited the financial statements of Elite Electrical Contracting Limited (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ELITE ELECTRICAL CONTRACTING LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ELITE ELECTRICAL CONTRACTING LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates;
- We focused on specific laws and regulations which we considered may have a direct impact material effect on the financial statements;
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- Identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition and the override of controls by management.

To address the risk of fraud in relation to revenue recognition, we:
- Performed detailed substantive testing to address completeness and accuracy of sales;
- Assessed the appropriateness and application of the accounting policy concerning income recognition; and
- Performed detailed cut-off testing either side of the balance sheet date.

To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
- Investigated the rationale behind significant or unusual transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards -and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities- for-audit.aspx. This description forms part of our auditor's report.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matter
The financial statements for the year ended 31 August 2023, forming the corresponding figures of the financial statements for the year ended 31 August 2024, are unaudited as the directors' claimed exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ELITE ELECTRICAL CONTRACTING LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Daniel Oliver FCCA (Senior Statutory Auditor)
for and on behalf of Ashdown Hurrey
Statutory Auditor
20 Havelock Road
Hastings
East Sussex
TN34 1BP

2 April 2025

ELITE ELECTRICAL CONTRACTING LIMITED (REGISTERED NUMBER: 03790772)

INCOME STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

31.8.24 31.8.23
as restated
Notes £    £   

TURNOVER 20,080,207 18,834,335

Cost of sales (17,164,216 ) (15,826,145 )
GROSS PROFIT 2,915,991 3,008,190

Administrative expenses (1,001,394 ) (878,775 )
OPERATING PROFIT 4 1,914,597 2,129,415

Interest receivable and similar income 118,266 63,383
PROFIT BEFORE TAXATION 2,032,863 2,192,798

Tax on profit 5 (598,327 ) (472,155 )
PROFIT FOR THE FINANCIAL YEAR 1,434,536 1,720,643

ELITE ELECTRICAL CONTRACTING LIMITED (REGISTERED NUMBER: 03790772)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

31.8.24 31.8.23
as restated
Notes £    £   

PROFIT FOR THE YEAR 1,434,536 1,720,643


OTHER COMPREHENSIVE INCOME
- 495
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

495
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,434,536

1,721,138
Note
Prior year adjustment 7 224,015
TOTAL COMPREHENSIVE INCOME SINCE
LAST ANNUAL REPORT

1,658,551

ELITE ELECTRICAL CONTRACTING LIMITED (REGISTERED NUMBER: 03790772)

BALANCE SHEET
31 AUGUST 2024

31.8.24 31.8.23 1.9.22
as restated
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 59,345 91,415 34,454

CURRENT ASSETS
Stocks 9 2,277,131 1,991,880 1,307,688
Debtors 10 2,675,967 246,082 384,973
Cash at bank 4,247,775 3,838,779 2,745,667
9,200,873 6,076,741 4,438,328
CREDITORS
Amounts falling due within one year 11 (3,963,015 ) (1,732,889 ) (1,424,606 )
NET CURRENT ASSETS 5,237,858 4,343,852 3,013,722
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,297,203

4,435,267

3,048,176

CREDITORS
Amounts falling due after more than one year 12 (39,791 ) (48,373 ) -

PROVISIONS FOR LIABILITIES 14 (14,836 ) (22,854 ) -
NET ASSETS 5,242,576 4,364,040 3,048,176

CAPITAL AND RESERVES
Called up share capital 15 105 105 600
Capital redemption reserve 16 995 995 500
Retained earnings 16 5,241,476 4,362,940 3,047,076
SHAREHOLDERS' FUNDS 5,242,576 4,364,040 3,048,176

The financial statements were approved by the director and authorised for issue on 31 March 2025 and were signed by:





G R Barnes - Director


ELITE ELECTRICAL CONTRACTING LIMITED (REGISTERED NUMBER: 03790772)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 September 2022 600 3,047,076 500 3,048,176

Changes in equity
Issue of share capital (495 ) - - (495 )
Dividends - (404,779 ) - (404,779 )
Total comprehensive income - 1,496,628 495 1,497,123
Balance at 31 August 2023 105 4,138,925 995 4,140,025
Prior year adjustment - 224,015 - 224,015
As restated 105 4,362,940 995 4,364,040

Changes in equity
Dividends - (556,000 ) - (556,000 )
Total comprehensive income - 1,434,536 - 1,434,536
Balance at 31 August 2024 105 5,241,476 995 5,242,576

ELITE ELECTRICAL CONTRACTING LIMITED (REGISTERED NUMBER: 03790772)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

31.8.24 31.8.23
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,130,474 1,989,249
Tax paid (274,301 ) (511,922 )
Net cash from operating activities 856,173 1,477,327

Cash flows from investing activities
Purchase of tangible fixed assets (5,252 ) (96,403 )
Interest received 118,266 63,383
Net cash from investing activities 113,014 (33,020 )

Cash flows from financing activities
Capital repayments in year (8,582 ) 55,955
Amount introduced by directors 100,000 4,409
Amount withdrawn by directors (95,609 ) (6,780 )
Share issue - (495 )
Share buyback - 495
Equity dividends paid (556,000 ) (404,779 )
Net cash from financing activities (560,191 ) (351,195 )

Increase in cash and cash equivalents 408,996 1,093,112
Cash and cash equivalents at beginning
of year

2

3,838,779

2,745,667

Cash and cash equivalents at end of year 2 4,247,775 3,838,779

ELITE ELECTRICAL CONTRACTING LIMITED (REGISTERED NUMBER: 03790772)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.8.24 31.8.23
as restated
£    £   
Profit before taxation 2,032,863 2,192,798
Depreciation charges 37,323 39,443
Finance income (118,266 ) (63,383 )
1,951,920 2,168,858
Increase in stocks (285,251 ) (684,192 )
(Increase)/decrease in trade and other debtors (2,429,938 ) 138,942
Increase in trade and other creditors 1,893,743 365,641
Cash generated from operations 1,130,474 1,989,249

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 4,247,775 3,838,779
Year ended 31 August 2023
31.8.23 1.9.22
as restated
£    £   
Cash and cash equivalents 3,838,779 2,745,667


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank 3,838,779 408,996 4,247,775
3,838,779 408,996 4,247,775
Debt
Finance leases (55,955 ) 8,582 (47,373 )
(55,955 ) 8,582 (47,373 )
Total 3,782,824 417,578 4,200,402

ELITE ELECTRICAL CONTRACTING LIMITED (REGISTERED NUMBER: 03790772)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

Elite Electrical Contracting Limited is a private company, limited by shares , registered in England and Wales. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 £.

Going concern

In preparing the financial statements, the directors are required to make an assessment of the ability of the company to continue as a going concern. The directors have considered all available evidence for the company which covers the 12 month period from the date of signing these financial statements.

The company has positive net current assets and net assets, the directors are confident that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they are satisfied that no material uncertainty exists. The directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements and that no material uncertainty exists in reaching this conclusion.

Turnover
Turnover is recognised when the work has been performed. Turnover represents amounts charged, net of value added tax, and adjusted for the value of work performed to date on contracts at the period end.

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the work completed to that date.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

ELITE ELECTRICAL CONTRACTING LIMITED (REGISTERED NUMBER: 03790772)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
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 are shown within borrowings in current liabilities.

Impairment of financial assets
Financial asset, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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

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

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.

ELITE ELECTRICAL CONTRACTING LIMITED (REGISTERED NUMBER: 03790772)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued

Employee benefits
The cost of short-term employee benefits are recognised as a liability and an expenses.

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.

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

3. EMPLOYEES AND DIRECTORS
31.8.24 31.8.23
as restated
£    £   
Wages and salaries 364,086 306,992
Social security costs 16,140 27,496
Other pension costs 23,433 23,798
403,659 358,286

The average number of employees during the year was as follows:
31.8.24 31.8.23
as restated

Direct 36 44
Admin 4 4
40 48

31.8.24 31.8.23
as restated
£    £   
Director's remuneration 5,000 40,172

4. OPERATING PROFIT

The operating profit is stated after charging:

31.8.24 31.8.23
as restated
£    £   
Hire of plant and machinery 132,395 126,165
Other operating leases 37,018 35,324
Depreciation - owned assets 37,322 39,442

ELITE ELECTRICAL CONTRACTING LIMITED (REGISTERED NUMBER: 03790772)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.8.24 31.8.23
as restated
£    £   
Current tax:
UK corporation tax 558,148 449,301
Prior year tax 48,197 -
Total current tax 606,345 449,301

Deferred tax (8,018 ) 22,854
Tax on profit 598,327 472,155

Tax effects relating to effects of other comprehensive income

31.8.23
Gross Tax Net
£    £    £   
Purchase of own shares 495 - 495

6. DIVIDENDS
31.8.24 31.8.23
as restated
£    £   
Ordinary shares of £1 each
Interim 208,000 56,779
B Shares shares of £1 each
Interim 118,500 118,500
C Shares shares of £1 each
Interim 114,500 114,500
D Shares shares of £1 each
Interim 115,000 115,000
556,000 404,779

7. PRIOR YEAR ADJUSTMENT

A prior year adjustment was included in the 2024 financial statements. This adjustment related to additional work in progress at 31 August 2023 of £224,015, which was previously not included in the financial statements.

ELITE ELECTRICAL CONTRACTING LIMITED (REGISTERED NUMBER: 03790772)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

8. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 5,566 15,411 93,967 189,096 304,040
Additions - - - 5,252 5,252
At 31 August 2024 5,566 15,411 93,967 194,348 309,292
DEPRECIATION
At 1 September 2023 5,534 15,063 31,680 160,348 212,625
Charge for year 32 278 15,571 21,441 37,322
At 31 August 2024 5,566 15,341 47,251 181,789 249,947
NET BOOK VALUE
At 31 August 2024 - 70 46,716 12,559 59,345
At 31 August 2023 32 348 62,287 28,748 91,415

9. STOCKS
31.8.24 31.8.23
as restated
£    £   
Stocks 54,050 40,705
Work-in-progress 2,223,081 1,951,175
2,277,131 1,991,880

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
as restated
£    £   
Trade debtors 1,166,342 -
Other debtors 32,181 36,230
Directors' current accounts - 52
VAT 487,245 164,821
Accrued income 320,998 -
Prepayments 669,201 44,979
2,675,967 246,082

ELITE ELECTRICAL CONTRACTING LIMITED (REGISTERED NUMBER: 03790772)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
as restated
£    £   
Hire purchase contracts (see note 13) 7,582 7,582
Trade creditors 2,229,155 1,116,031
Tax 381,345 49,301
Social security and other taxes 173,839 128,270
Other creditors 1,000 -
Directors' current accounts 4,339 -
Accrued expenses 1,165,755 431,705
3,963,015 1,732,889

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.24 31.8.23
as restated
£    £   
Hire purchase contracts (see note 13) 39,791 48,373

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.8.24 31.8.23
as restated
£    £   
Net obligations repayable:
Within one year 7,582 7,582
Between one and five years 39,791 48,373
47,373 55,955

Non-cancellable operating leases
31.8.24 31.8.23
as restated
£    £   
Within one year 7,582 7,582
Between one and five years 39,791 48,373
47,373 55,955

14. PROVISIONS FOR LIABILITIES
31.8.24 31.8.23
as restated
£    £   
Deferred tax
Accelerated capital allowances 14,836 22,854

ELITE ELECTRICAL CONTRACTING LIMITED (REGISTERED NUMBER: 03790772)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

14. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 September 2023 22,854
Provided during year (8,018 )
Balance at 31 August 2024 14,836

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: as restated
£    £   
5 Ordinary £1 5 5
70 B Shares £1 70 70
10 C Shares £1 10 10
10 D Shares £1 10 10
10 E Shares £1 10 10
105 105

16. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 September 2023 4,138,925 995 4,139,920
Prior year adjustment 224,015 224,015
4,362,940 4,363,935
Profit for the year 1,434,536 1,434,536
Dividends (556,000 ) (556,000 )
At 31 August 2024 5,241,476 995 5,242,471

17. RELATED PARTY DISCLOSURES

At the year end the director Mr G Barnes was owed by the company £4,339 (2023: £52 owed to the company).

During the year the company paid rent amounting to £35,458 (2023: £33,764) to the current director Mr G Barnes and former director Mr M Grigg in respect of the premises occupied by the company which is owned by them. The rent has been calculated on an arms length basis and the property is subject to occupation by consent of the director.

Key management personnel of the entity or its parent (in the aggregate)
31.8.24 31.8.23
as restated
£    £   
Salary and pensions 204,412 295,371
Dividends 556,000 404,779