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REGISTERED NUMBER: 06966220 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 July 2024

for

Keating Electrical Limited

Keating Electrical Limited (Registered number: 06966220)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Keating Electrical Limited

Company Information
for the Year Ended 31 July 2024







DIRECTOR: S Keating





SECRETARY: K Keating





REGISTERED OFFICE: 215 Airport House
Croydon
Surrey
CR0 0XZ





REGISTERED NUMBER: 06966220 (England and Wales)





ACCOUNTANTS: Ledger Sparks Limited
Airport House
Suite 43-45
Purley Way
Croydon
CR0 0XZ

Keating Electrical Limited (Registered number: 06966220)

Balance Sheet
31 July 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 5,770 8,294
5,770 8,294

CURRENT ASSETS
Stocks 20,000 13,264
Debtors 6 161,409 143,395
Cash at bank 35,820 38,328
217,229 194,987
CREDITORS
Amounts falling due within one year 7 (152,650 ) (178,682 )
NET CURRENT ASSETS 64,579 16,305
TOTAL ASSETS LESS CURRENT
LIABILITIES

70,349

24,599

CREDITORS
Amounts falling due after more than one year 8 (58,361 ) (18,334 )

PROVISIONS FOR LIABILITIES 9 (1,096 ) (1,576 )
NET ASSETS 10,892 4,689

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 10 10,792 4,589
10,892 4,689

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

Keating Electrical Limited (Registered number: 06966220)

Balance Sheet - continued
31 July 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 April 2025 and were signed by:





S Keating - Director


Keating Electrical Limited (Registered number: 06966220)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Keating Electrical 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company was that of electrical supply and installation.

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 represents amounts receivable for goods and services net of VAT and trade discounts.

INTANGIBLE FIXED ASSETS - GOODWILL
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles25% on reducing balance
Computer equipment25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

TAXATION
The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

DEFERRED TAX
Deferred tax is recognized in respect of all material timing differences that have originated but not reversed at the balance sheet date.

Keating Electrical Limited (Registered number: 06966220)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

DEFINED CONTRIBUTION PENSION PLAN
The company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

GOING CONCERN
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

PROVISIONS FOR LIABILITIES
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Income and Retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 10,000
AMORTISATION
At 1 August 2023
and 31 July 2024 10,000
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

Keating Electrical Limited (Registered number: 06966220)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2023 27,140 1,153 28,293
Disposals (4,695 ) - (4,695 )
At 31 July 2024 22,445 1,153 23,598
DEPRECIATION
At 1 August 2023 18,846 1,153 19,999
Charge for year 1,923 - 1,923
Eliminated on disposal (4,094 ) - (4,094 )
At 31 July 2024 16,675 1,153 17,828
NET BOOK VALUE
At 31 July 2024 5,770 - 5,770
At 31 July 2023 8,294 - 8,294

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 45,591 17,299
Other debtors 115,818 126,096
161,409 143,395

The directors consider the carrying value of trade and other receivables approximate to their fair values.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 19,464 13,094
Trade creditors 44,690 62,759
Taxation and social security 75,635 80,304
Other creditors 12,861 22,525
152,650 178,682

The directors consider the carrying amounts of current liabilities approximate to their fair values.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 58,361 18,334

Keating Electrical Limited (Registered number: 06966220)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

The director considers the carrying amounts of long term liabilities approximate to their fair values.

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred taxation liability 1,096 1,576

Deferred
tax
£   
Balance at 1 August 2023 1,576
Provided during year (480 )
Balance at 31 July 2024 1,096

10. RESERVES

PROFIT AND LOSS RESERVES

The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

11. PENSION COMMITMENTS

The company operates a defined contribution pension scheme . The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £3,115 (2023 - £1,978).

Contribution totalling £1,160 (2023 - £886) were payable to the fund at the balance sheet date and are included in other creditors.

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£    £   
S Keating
Balance outstanding at start of year 76,217 82,781
Amounts advanced 65,228 57,069
Amounts repaid (66,956 ) (63,633 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 74,489 76,217

13. RELATED PARTY DISCLOSURES

At the balance sheet date, included in other debtors are amounts owed by the company from the director of £74,489 (2023 - £76,217). This loan is interest free and repayable on demand.