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Registration number: 01584298

H & L Electrical Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 August 2024

 

H & L Electrical Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

H & L Electrical Ltd

Company Information

Directors

Mr Richard Charles Lisser

Mr Mark Lisser

Registered office

Unit 3
Waterswallows Ind Est
Waterswallows Road
Buxton
Derbyshire
SK17 7JB

Accountants

Ardross Accountancy and Tax Services Limited
Accountants and Chartered Tax Advisers
IVtwo
Kintail House
Beechwood Business Park
Inverness
Highlands
IV2 3BW

 

H & L Electrical Ltd

(Registration number: 01584298)
Abridged Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

92,226

84,113

Other financial assets

5

109,835

75,000

 

202,061

159,113

Current assets

 

Stocks

6

11,130

69,051

Debtors

7

127,859

110,236

Cash at bank and in hand

 

93,837

81,978

 

232,826

261,265

Creditors: Amounts falling due within one year

(109,395)

(111,419)

Net current assets

 

123,431

149,846

Total assets less current liabilities

 

325,492

308,959

Accruals and deferred income

 

(4,085)

(950)

Net assets

 

321,407

308,009

Capital and reserves

 

Called up share capital

8

260

260

Capital redemption reserve

285

285

Revaluation reserve

34,835

-

Retained earnings

286,027

307,464

Shareholders' funds

 

321,407

308,009

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

H & L Electrical Ltd

(Registration number: 01584298)
Abridged Balance Sheet as at 31 August 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 November 2024 and signed on its behalf by:
 

.........................................
Mr Richard Charles Lisser
Director

 

H & L Electrical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 3
Waterswallows Ind Est
Waterswallows Road
Buxton
Derbyshire
SK17 7JB

These financial statements were authorised for issue by the Board on 5 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

H & L Electrical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

H & L Electrical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

H & L Electrical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

42,513

30,237

106,457

179,207

Additions

-

-

26,290

26,290

Disposals

-

-

(18,108)

(18,108)

At 31 August 2024

42,513

30,237

114,639

187,389

Depreciation

At 1 September 2023

-

29,097

65,997

95,094

Charge for the year

-

229

13,200

13,429

Eliminated on disposal

-

-

(13,360)

(13,360)

At 31 August 2024

-

29,326

65,837

95,163

Carrying amount

At 31 August 2024

42,513

911

48,802

92,226

At 31 August 2023

42,513

1,140

40,460

84,113

Included within the net book value of land and buildings above is £42,513 (2023 - £42,513) in respect of freehold land and buildings.
 

 

H & L Electrical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 September 2023

75,000

75,000

Revaluations

34,835

34,835

At 31 August 2024

109,835

109,835

Impairment

Carrying amount

At 31 August 2024

109,835

109,835

6

Stocks

2024
£

2023
£

Other inventories

11,130

69,051

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Share capital

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

34,835

34,835

 

H & L Electrical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £210.38 (2023 - £197.74) per each Ordinary shares

46,284

43,502

Interim dividend of £928.30 (2023 - £857.22) per each Ordinary shares

37,132

34,289

83,415

77,792

11

Related party transactions

 

H & L Electrical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,096

9,206

Contributions paid to money purchase schemes

5,500

-

14,596

9,206