REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 September 2024 |
for |
Volts Electrical Services UK Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 September 2024 |
for |
Volts Electrical Services UK Limited |
Volts Electrical Services UK Limited (Registered number: 10967201) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Volts Electrical Services UK Limited |
Company Information |
for the Year Ended 30 September 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
4 Cedar Park |
Cobham Road |
Ferndown Industrial Estate |
Wimborne |
Dorset |
BH21 7SF |
Volts Electrical Services UK Limited (Registered number: 10967201) |
Abridged Statement of Financial Position |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Prepayments and accrued income |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
Volts Electrical Services UK Limited (Registered number: 10967201) |
Abridged Statement of Financial Position - continued |
30 September 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Volts Electrical Services UK Limited (Registered number: 10967201) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Volts Electrical Services UK Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Government grants |
Grant income is recognized in the profit and loss account for the initial twelve month interest free period of the Bounce Back Loan with an equal and corresponding finance charge recognised in expenses in the profit and loss account. |
A similar treatment will apply for any further interest free periods taken up by the company during the |
term of the loan. The annual rate of interest on the Bounce Back Loan is calculated according to the chancellor's pledge to fix this at 2.5%. The loan will be subsequently recorded at amortised cost using the annual rate of interest of 2.5%. |
This has been adopted on the basis the loan is considered a commercial business loan and therefore 2.5% annual interest is effectively the market rate of interest. |
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 statement of financial position date. |
Volts Electrical Services UK Limited (Registered number: 10967201) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis. |
Pension costs and other post-retirement benefits |
The company operates a money purchase pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Impairment of assets |
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Volts Electrical Services UK Limited (Registered number: 10967201) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Motor vehicles under hire purchase contracts at the financial year end had net carrying values totalling £110,546 (2023 - £67,230). |
5. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2024 | 2023 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | 2,859 | 7,057 |
7. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Volts Electrical Services UK Limited (Registered number: 10967201) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
7. | LOANS - continued |
2024 | 2023 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 2,859 | 7,057 |
8. | PENSION COMMITMENTS |
The company operates a money purchase pension scheme for benefit of the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £456 (2023- £211) were due to the fund. These are included within creditors. |
9. | CAPITAL COMMITMENTS |
At 30 September 2024, there were no capital commitments contracted for but not provided for in these financial statements or charges made against company assets. |
10. | OTHER FINANCIAL COMMITMENTS |
At 30 September 2024, the company had an outstanding loan of £22,847 (2023 - £26,552) taken out under the government bounce back loan scheme. |
At the financial year end, the company had net obligations under hire purchase contracts totalling £111,176 (2023 - £66,869). |
11. | OFF-BALANCE SHEET ARRANGEMENTS |
There were no off-balance sheet arrangements at the financial year end. |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Volts Electrical Services UK Limited (Registered number: 10967201) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Loans to directors are unsecured and repayable on demand. Interest was charged on the loans to the directors at a rate of 2.25% per annum and this totalled £164 (2023 - £496) during the financial year. The loan were repaid in full during the financial year. |
The loan interest applied in the financial year was divided as £109 (2023 - £308) to Mr N Baker and £55 (2023 - ££188) to Mr R Powell. |
Interest is included within 'Other interest received' in the profit and loss account. |