REGISTERED NUMBER: 08779969 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2024

for

Powered Electrical Contractors Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr O Mihaylov

SECRETARY:

Mrs A A Mihaylov

REGISTERED OFFICE:

Kestrel Court

Harbour Road

Portishead

Bristol

Somerset

BS20 7AN

REGISTERED NUMBER:

08779969 (England and Wales)

ACCOUNTANTS:

Dunkley's

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

United Kingdom

BS32 4JY

FIXED ASSETS

Tangible assets

4

25,538

36,296

CURRENT ASSETS

Debtors

5

6,365

13,039

Cash at bank

28,339

31,872

34,704

44,911

CREDITORS

Amounts falling due within one year

6

26,398

30,678

NET CURRENT ASSETS

8,306

14,233

TOTAL ASSETS LESS CURRENT LIABILITIES

33,844

50,529

CREDITORS

Amounts falling due after more than one year

7

-

(7,400

)

PROVISIONS FOR LIABILITIES

(5,115

)

(6,896

)

NET ASSETS

28,729

36,233

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

28,629

36,133

SHAREHOLDERS' FUNDS

28,729

36,233

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 April 2025 and were signed by:

Mr O Mihaylov - Director

1.	STATUTORY INFORMATION

Powered Electrical Contractors Ltd 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

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

Assets obtained under hire purchase contracts or finance leases are capitalised in 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 or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 December 2023

15,066

60,885

4,818

80,769

Additions

-

-

400

400

Disposals

(11,415

)

-

-

(11,415

)

At 30 November 2024

3,651

60,885

5,218

69,754

DEPRECIATION

At 1 December 2023

10,567

30,986

2,920

44,473

Charge for year

900

7,475

1,401

9,776

Eliminated on disposal

(10,033

)

-

-

(10,033

)

At 30 November 2024

1,434

38,461

4,321

44,216

NET BOOK VALUE

At 30 November 2024

2,217

22,424

897

25,538

At 30 November 2023

4,499

29,899

1,898

36,296

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 December 2023

60,885

Disposals

1

Transfer to ownership

(40,589

)

At 30 November 2024

20,297

DEPRECIATION

At 1 December 2023

30,986

Charge for year

7,475

Transfer to ownership

(25,835

)

At 30 November 2024

12,626

NET BOOK VALUE

At 30 November 2024

7,671

At 30 November 2023

29,899

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.24

30.11.23

£

£

Trade debtors

4,750

11,584

Prepayments

1,615

1,455

6,365

13,039

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.24

30.11.23

£

£

Hire purchase contracts (see note 8)

7,400

11,966

Tax

1,828

-

Social security and other taxes

(1,744

)

-

VAT

15,881

16,144

Other creditors

459

242

Directors' current accounts

592

655

Accrued expenses

1,982

1,671

26,398

30,678

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.24

30.11.23

£

£

Hire purchase contracts (see note 8)

-

7,400

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.11.24

30.11.23

£

£

Net obligations repayable:

Within one year

7,400

11,966

Between one and five years

-

7,400

7,400

19,366

Non-cancellable operating

leases

30.11.24

30.11.23

£

£

Within one year

2,968

4,200

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.11.24

30.11.23

£

£

Hire purchase contracts

7,400

19,366

Hire purchase contracts are secured by hired charges over the assets indicated in note 6.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.24

30.11.23

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Retained

earnings

£

At 1 December 2023

36,133

Deficit for the year

(204

)

Dividends

(7,300

)

At 30 November 2024

28,629