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Registered number: 00592238









BLAKLEY ELECTRICS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
BLAKLEY ELECTRICS LIMITED
 
 
COMPANY INFORMATION


Directors
P J Blakley 
M N Blakley 
D A Slater 
A M Milton 
R L Laming 
T C Brett (appointed 12 February 2024)




Company secretary
D A Slater



Registered number
00592238



Registered office
1 Thomas Road
Optima Park

Crayford

Kent

DA1 4QX




Independent auditors
Barnes Roffe LLP
Chartered Accountants

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA





 
BLAKLEY ELECTRICS LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12
Notes to the financial statements
 
13 - 29


 
BLAKLEY ELECTRICS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 31 December 2024.

Business review
 
The strong opening order book was converted to sales revenue, and further large project orders were received and converted during the year.  The resulting turnover was up  £4.4m (23%) on 2023 with PBT up £1.29m.

2025 is likely to see a return to more normal levels of turnover, though margin percentages are expected to be maintained. 

The customer and sector mix remained diverse, with three large projects generating a significant level of business.  Single customer reliance continues to be low, with the largest customer representing only 12% of the year’s turnover.

The transition to 3D CAD continues, benefitting both standard and bespoke products.

The installation of a laser cutter was completed during the year and the automated material handling element is on schedule to be installed in 2025. This will further increase capacity and help to reduce lead times, which is key to the company’s pursuit of achieving excellence in all areas of customer service.

Principal risks and uncertainties
 
Construction Industry Bias 
To avoid over reliance on the volatile and price sensitive construction market, we continue to target a wide customer base, particularly for engineered products.

Market Volatility 
In order to maintain margin and competitiveness, close attention is paid to shifts in currency, raw materials and other factors affecting direct costs.

Currency Risk
In order to mitigate risk on long lead time overseas purchased items, a minimum of 50% of the order value is bought on forward contracts to mature at invoice due date.

Fluctuating Workload 
Due to the nature of the company's products, the order book remains comparatively short, necessitating very close attention to workload and capacity planning, in order to maintain satisfactory levels of customer service.

Competitor Activity 
Whilst competition remains fierce in all market sectors, we believe that the continued focus on engineering, value and customer service has protected our share of key markets.
Page 1

 
BLAKLEY ELECTRICS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Global Economic Volatility & Political Instability
Ongoing disputes in both Eastern Europe and the Middle East are likely to continue to have an impact on the supply chain and economic outlook in the UK.

Financial key performance indicators
 
                             2024                2023
Turnover                £23.53m          £19.11m
Gross Margin          37.07%            35.6%
Total Stock            £4,005k           £4,203k
Trade Debtors        £3,582k            £2,621k
Cash                     £9,275k            £9,012k
Trade Creditors      £2,753k             £2,127k

Other key performance indicators
 
                                                 2024          2023
Slow moving stock average          £354k        £380k
On time despatch                        90%           91%
Order cycle time (days)                15              15
Accident book entries                    9               6
Average Employee Service       11.2 Yrs     11.7 Yrs

Order cycle time remained constant, but on time despatch showed a slight but insignificant downturn. There is still work to be done on these numbers in order to improve the customer experience, however the significant increase is throughput was generally managed well.

Accident book entries showed an increase, but remained of very minor severity (3 days lost [1 incident], zero RIDDOR reportable) and reflect continued improvements in incident reporting.

Staff retention remains strong.


This report was approved by the board and signed on its behalf.



D A Slater
Director

Date: 8 May 2025

Page 2

 
BLAKLEY ELECTRICS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,956,437 (2023 - £1,123,262).

During the year interim dividends were paid of £250,000 (2023 - £200,000).

Directors

The directors who served during the year were:

P J Blakley 
M N Blakley 
D A Slater 
A M Milton 
R L Laming 
T C Brett (appointed 12 February 2024)

Future developments

Following the significant capital investment in a laser cutter in 2024 (£670k), a further £330k has been committed in 2025 to automate the material handling process, increasing both capacity and efficiency. 
3D CAD implementation continues at a rapid pace, with the majority of design engineers now trained and proficient.  This software is enabling customers to better visualise product, whilst also streamlining the entire manufacturing process. 

Page 3

 
BLAKLEY ELECTRICS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





D A Slater
Director

Date: 8 May 2025

Page 4

 
BLAKLEY ELECTRICS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLAKLEY ELECTRICS LIMITED
 

Opinion


We have audited the financial statements of Blakley Electrics Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
BLAKLEY ELECTRICS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLAKLEY ELECTRICS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
BLAKLEY ELECTRICS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLAKLEY ELECTRICS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• We identified the laws and regulations applicable to the company through discussion with directors and  other management, and from our commercial knowledge and experience of the engineering sector that the company operates in;

• The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows;
o Companies Act 2006.
o FRS102.
o ISO9001:2015.
o Health and Safety legislation.
o Employment legislation.
o Tax legislation.

• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting relevant correspondence;

• Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit; and

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

• Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;

• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

• Reviewing the financial statements and testing the disclosures against supporting documentation;

• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

• Inspecting and testing journal entries to identify unusual or unexpected transactions;

• Assessing whether judgement and assumptions made in determining significant accounting estimates, including stock provisions and the useful economic life of tangible fixed assets, were indicative of management bias; and
Page 7

 
BLAKLEY ELECTRICS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLAKLEY ELECTRICS LIMITED (CONTINUED)



• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the  company’s usual course of business.

The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and
• Posting of unusual journals or transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mario Cientanni (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

 
Date: 
9 May 2025
Page 8

 
BLAKLEY ELECTRICS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
23,527,364
19,112,046

Cost of sales
  
(14,807,864)
(12,306,458)

Gross profit
  
8,719,500
6,805,588

Distribution costs
  
(546,649)
(501,592)

Administrative expenses
  
(5,851,020)
(5,106,350)

Other operating income
 5 
2,740
2,493

Operating profit
 6 
2,324,571
1,200,139

Interest receivable and similar income
 10 
352,084
180,476

Interest payable and similar expenses
 11 
(32,690)
(29,137)

Profit before tax
  
2,643,965
1,351,478

Tax on profit
 12 
(687,528)
(228,216)

Profit for the financial year
  
1,956,437
1,123,262

Other comprehensive income for the year
  

Unrealised surplus on revaluation of tangible fixed assets
  
1,594,045
-

Other comprehensive income for the year
  
1,594,045
-

Total comprehensive income for the year
  
3,550,482
1,123,262

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 13 to 29 form part of these financial statements.

Page 9

 
BLAKLEY ELECTRICS LIMITED
REGISTERED NUMBER: 00592238

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
6,350,287
2,652,910

  
6,350,287
2,652,910

Current assets
  

Stocks
 15 
4,005,267
4,202,854

Debtors: amounts falling due within one year
 16 
3,893,965
2,928,453

Cash at bank and in hand
 17 
9,275,230
9,012,443

  
17,174,462
16,143,750

Creditors: amounts falling due within one year
 18 
(6,385,978)
(5,282,632)

Net current assets
  
 
 
10,788,484
 
 
10,861,118

Total assets less current liabilities
  
17,138,771
13,514,028

Provisions for liabilities
  

Deferred tax
 19 
(999,291)
(670,530)

Other provisions
 20 
(435,000)
(429,000)

  
 
 
(1,434,291)
 
 
(1,099,530)

Net assets
  
15,704,480
12,414,498


Capital and reserves
  

Called up share capital 
 21 
99,000
99,000

Revaluation reserve
  
1,583,545
-

Capital redemption reserve
  
11,000
11,000

Profit and loss account
  
14,010,935
12,304,498

  
15,704,480
12,414,498


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D A Slater
Director

Date: 8 May 2025

The notes on pages 13 to 29 form part of these financial statements.

Page 10

 
BLAKLEY ELECTRICS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2024
99,000
11,000
-
12,304,498
12,414,498



Profit for the year
-
-
-
1,956,437
1,956,437

Surplus on revaluation of freehold property
-
-
1,583,545
-
1,583,545

Dividends: Equity capital
-
-
-
(250,000)
(250,000)


At 31 December 2024
99,000
11,000
1,583,545
14,010,935
15,704,480


The notes on pages 13 to 29 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
99,000
11,000
-
11,381,236
11,491,236



Profit for the year
-
-
-
1,123,262
1,123,262

Dividends: Equity capital
-
-
-
(200,000)
(200,000)


At 31 December 2023
99,000
11,000
-
12,304,498
12,414,498


The notes on pages 13 to 29 form part of these financial statements.

Page 11

 
BLAKLEY ELECTRICS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,956,437
1,123,262

Adjustments for:

Depreciation of tangible assets
414,424
373,019

Profit on disposal of tangible assets
-
(2,500)

Interest paid
32,690
29,137

Interest received
(352,084)
(180,476)

Taxation charge
687,528
228,216

Decrease/(increase) in stocks
197,587
(465,900)

(Increase)/decrease in debtors
(965,512)
10,057

Increase in creditors
853,364
269,885

Increase in provisions
6,000
6,000

Corporation tax (paid)
(321,158)
(59,011)

Net cash generated from operating activities

2,509,276
1,331,689


Cash flows from investing activities

Purchase of tangible fixed assets
(2,315,883)
(310,124)

Sale of tangible fixed assets
-
2,500

Interest received
352,084
180,476

Net cash from investing activities

(1,963,799)
(127,148)

Cash flows from financing activities

Dividends paid
(250,000)
(200,000)

Interest paid
(32,690)
(29,137)

Net cash used in financing activities
(282,690)
(229,137)

Net increase in cash and cash equivalents
262,787
975,404

Cash and cash equivalents at beginning of year
9,012,443
8,037,039

Cash and cash equivalents at the end of year
9,275,230
9,012,443


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
9,275,230
9,012,443

9,275,230
9,012,443


Page 12

 
BLAKLEY ELECTRICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Blakley Electrics Limited is a private company, limited by shares and incorporated in England and Wales. The address of the registered office is 1 Thomas Road, Optima Park, Crayford, Kent, England, DA1 4QX. The company's principal activity during the year was the design, manufacture and distribution of electrical equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 13

 
BLAKLEY ELECTRICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 14

 
BLAKLEY ELECTRICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution 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 profit or loss 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.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15

 
BLAKLEY ELECTRICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on following bases:


Freehold property
-
75 years straight line
Plant and machinery
-
 4 to 10 years straight line
Motor vehicles
-
 5 years straight line
Fixtures and fittings
-
 4 to 10 years straight line
Improvement to freehold premises
-
10 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Revaluation of tangible fixed assets

During the year the company changed its valuation method for assets classed as Freehold Property from the cost model to the revaluation model. The directors had the freehold properties valued during the year by an external valuer and have decided that the revaluation model provides more relevant and reliable information to the users of the financial statements in respect of this class of asset. An unrealised gain of £1,594,045 has been recognised within other comprehensive income as a result of this change. Further information can be found in note 14 of the accounts.

Individual freehold and leasehold properties are carried at at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 16

 
BLAKLEY ELECTRICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 17

 
BLAKLEY ELECTRICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, which are described in Note 2, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. 
The areas in the financial statements where these judgements and estimates have been made include the following:
1. The company makes key assumptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.10 of accounting policies.
2. During the year the directors made the decision to value freehold property held by the company. The directors obtained professional valuations from external valuers and as a result of this decided that the revaluation model provided more reliable and relevant information in relation to the carrying value of these assets. This is described further in note 2.11 of the accounting policies and note 14. 
3. The company holds a significant amount of stock which is subject to changing demands and industry trends. As a result, it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock as well as applying assumptions around anticipated usage of stock. The stock provision included within the accounts as at the year end totalled £1,126,098 
(2023: £894,053). This is further described in note 2.12 of the accounting policies. 
4. The company has recognised provisions for dilapidations in its financial statements which require management to make judgements about the likely residual costs to be incurred upon exiting current property leases. The dilapidations provision included within the accounts as at the year end totalled £435,000 
(2023: £429,000). This is further described in note 20.
There were no other key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements. 

Page 18

 
BLAKLEY ELECTRICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Turnover
23,527,364
19,112,046

23,527,364
19,112,046


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
22,713,569
18,555,357

Rest of the world
813,795
556,689

23,527,364
19,112,046



5.


Other operating income

2024
2023
£
£

Net rents receivable
2,740
2,493

2,740
2,493



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
448,974
454,274


7.


Auditors' remuneration

2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
18,930
18,025
Page 19

 
BLAKLEY ELECTRICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
5,937,511
5,081,422

Social security costs
690,163
579,445

Cost of defined contribution scheme
514,584
415,991

7,142,258
6,076,858


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Average employees
98
96


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
1,279,713
868,699

Company contributions to defined contribution pension schemes
161,705
106,919

1,441,418
975,618


During the year retirement benefits were accruing to 5 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £363,820 (2023 - £272,427).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,320 (2023 - £1,320).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
352,084
180,476

352,084
180,476

Page 20

 
BLAKLEY ELECTRICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
32,690
29,137

32,690
29,137


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
571,140
321,158

Adjustments in respect of previous periods
-
(92,889)


Total current tax
571,140
228,269

Deferred tax


Origination and reversal of timing differences
116,388
(53)

Total deferred tax
116,388
(53)


687,528
228,216
Page 21

 
BLAKLEY ELECTRICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%/25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,643,965
1,351,478


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%/25%)
660,991
256,781

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
11,102
2,349

Depreciation for year (lower than)/in excess of Capital allowances
(100,953)
1,415

Adjustments to tax charge in respect of prior periods
-
(92,889)

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
-
(1,112)

Deferred tax movement
116,388
(53)

Change in tax rates
-
61,725

Total tax charge for the year
687,528
228,216

Page 22

 
BLAKLEY ELECTRICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


Factors that may affect future tax charges

Provision has been made for tax liabilities arising on the sale of properties where taxable gains have been rolled over into replacement assets. This provision is included in the deferred tax provision (note 19). Deferred tax charges totalling £549,948 (2023: £549,948) will only arise if the replacement assets are sold without it being possible to claim rollover relief. 
There were no other factors affecting future tax charges.


13.


Dividends

2024
2023
£
£


Dividends
250,000
200,000

Page 23

 
BLAKLEY ELECTRICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Other fixed assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2024
2,085,079
2,075,151
290,745
2,761,925
775,197
7,988,097


Additions
1,498,767
697,011
85,332
28,773
6,000
2,315,883


Disposals
-
(110,000)
-
-
-
(110,000)


Revaluations
1,474,921
-
-
-
-
1,474,921



At 31 December 2024

5,058,767
2,662,162
376,077
2,790,698
781,197
11,668,901



Depreciation


At 1 January 2024
320,997
1,806,457
127,122
2,362,507
718,104
5,335,187


Charge for the year on owned assets
36,747
95,830
66,896
168,467
46,484
414,424


Disposals
-
(110,000)
-
-
-
(110,000)


On revalued assets
(320,997)
-
-
-
-
(320,997)



At 31 December 2024

36,747
1,792,287
194,018
2,530,974
764,588
5,318,614



Net book value



At 31 December 2024
5,022,020
869,875
182,059
259,724
16,609
6,350,287



At 31 December 2023
1,764,082
268,694
163,623
399,418
57,093
2,652,910

Cost or valuation at 31 December 2024 is as follows:

Land and buildings
£


At cost
3,583,846
At valuation:

1 July 2024
1,474,921



5,058,767

Page 24

 
BLAKLEY ELECTRICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           14.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
3,583,846
2,085,079

Accumulated depreciation
(341,848)
(320,997)

Net book value
3,241,998
1,764,082

The valuation was carried out on 26 April 2024 by Hindwoods Limited, an independent property valuer.


15.


Stocks

2024
2023
£
£

Raw materials and consumables
1,499,783
1,440,888

Finished goods and goods for resale
2,148,866
2,321,769

Work in progress
356,618
440,197

4,005,267
4,202,854



16.


Debtors

2024
2023
£
£


Trade debtors
3,582,897
2,621,272

Other debtors
9,220
6,911

Prepayments and accrued income
301,848
300,270

3,893,965
2,928,453


Page 25

 
BLAKLEY ELECTRICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
9,275,230
9,012,443

9,275,230
9,012,443



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,753,474
2,126,783

Corporation tax
571,140
321,158

Other taxation and social security
591,628
517,521

Other creditors
772,433
709,651

Accruals and deferred income
1,697,303
1,607,519

6,385,978
5,282,632



19.


Deferred taxation




2024
2023


£

£






At beginning of year
(670,530)
(670,583)


Charged to profit or loss
(116,388)
53


Charged to other comprehensive income
(212,373)
-



At end of year
(999,291)
(670,530)

Page 26

 
BLAKLEY ELECTRICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
19.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(245,128)
(129,097)

Short term timing differences
8,158
8,515

Rolled over capital gains
(549,948)
(549,948)

Deferred tax on revaluation gains
(212,373)
-

(999,291)
(670,530)


20.


Provisions




Reinstatement Provision

£





At 1 January 2024
429,000


Charged to profit or loss
6,000



At 31 December 2024
435,000

Property reinstatement provisions in respect of leases totalling £435,000 (2023 - £429,000) have been recognised as there is a legal obligation by the company as lessee.


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



396,000 (2023 - 396,000) Ordinary shares shares of £0.25 each
99,000
99,000


Page 27

 
BLAKLEY ELECTRICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Capital commitments


At 31 December 2024 the company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
320,000
-

320,000
-


23.


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 cost charge represents contributions payable by the company to the fund and amounted to £514,584 (2023 - £415,991). Contributions totalling £50,145 (2023 - £50,996) were payable to the fund at the balance sheet date and are included in creditors.


24.


Commitments under operating leases

At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
247,694
460,372

Later than 1 year and not later than 5 years
529,199
511,753

Later than 5 years
-
217,000

776,893
1,189,125


25.


Related party transactions

The company leases a property from Blakley Electrics (Directors) Retirement Benefit Scheme. The rent paid during the year was £85,250 (2023 - £93,000).
On 30 November 2024 the company acquired the property from the Blakley Electrics (Directors) Retirement Benefit Scheme at a cost of £1,498,767.
The company is in receipt of loans from some members of its key management personnel and their close family members. The total year end balance was £421,646
 (2023 - £421,646). Interest charges vary from 6% to 10%, and interest of £32,690 (2023 - £29,137) was due on these loans during the year, of which unpaid at year end was £2,724 (2023 - £2,724). Repayment terms are by mutual agreement.
During the year dividends of 188,750
 (2023 - £151,000) were voted to directors of the company and included within creditors and paid post year end.

Page 28

 
BLAKLEY ELECTRICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

26.


Controlling party

The ultimate controlling party is P J Blakley.

 
Page 29