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Registered number: 07315215
Chasewood Electrical Services Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Murray Associates ZKI Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07315215
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 85,316 7,578
85,316 7,578
CURRENT ASSETS
Debtors 5 24,971 15,955
Cash at bank and in hand 5,742 33,392
30,713 49,347
Creditors: Amounts Falling Due Within One Year 6 (36,030 ) (37,166 )
NET CURRENT ASSETS (LIABILITIES) (5,317 ) 12,181
TOTAL ASSETS LESS CURRENT LIABILITIES 79,999 19,759
Creditors: Amounts Falling Due After More Than One Year 7 (63,623 ) (17,176 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (16,210 ) (1,941 )
NET ASSETS 166 642
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 66 542
SHAREHOLDERS' FUNDS 166 642
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Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Timothy Halliwell
Director
28 April 2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Chasewood Electrical Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07315215 . The registered office is 1 Wheatlands Close, Cannock, WS12 3XL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15%
Motor Vehicles 25% straight line
Fixtures & Fittings 20% straight line
Computer Equipment 33% straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under 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 the 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 profit and loss account as incurred.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2023 - 34,634 6,534 6,767 47,935
Additions 84,845 1,619 1,300 699 88,463
As at 31 July 2024 84,845 36,253 7,834 7,466 136,398
Depreciation
As at 1 August 2023 - 32,051 3,057 5,249 40,357
Provided during the period 4,949 2,988 1,315 1,473 10,725
As at 31 July 2024 4,949 35,039 4,372 6,722 51,082
Net Book Value
As at 31 July 2024 79,896 1,214 3,462 744 85,316
As at 1 August 2023 - 2,583 3,477 1,518 7,578
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 15,578 7,200
Prepayments and accrued income 1,692 1,453
Directors' loan accounts 7,701 7,302
24,971 15,955
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 9,993 1,675
Trade creditors 12,169 5,976
Bank loans and overdrafts 8,803 8,426
Corporation tax - 15,653
VAT 2,396 2,768
Other creditors 2 1
Accruals and deferred income 2,667 2,667
36,030 37,166
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 54,128 -
Bank loans 9,495 17,176
63,623 17,176
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 9,993 1,675
Later than one year and not later than five years 54,128 -
64,121 1,675
64,121 1,675
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9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 16,210 1,941
10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 August 2023 1,941 1,941
Deferred taxation 14,269 14,269
Balance at 31 July 2024 16,210 16,210
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Directors Advances, Credits and Guarantees
In debtors there are loans to directors totalling £7700. These loans have been paid off within 9 months of the year end.
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mr Timothy Halliwell 6,711 11,926 8,931 6,000 3,706
Mr Daniel Halliwell 590 11,997 8,281 - 3,994
The above loan is unsecured, interest free and repayable on demand.
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