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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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BLAKLEY ELECTRICS LIMITED
COMPANY INFORMATION
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BLAKLEY ELECTRICS LIMITED
CONTENTS
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BLAKLEY ELECTRICS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report for the year ended 31 December 2024.
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.
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.
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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.
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
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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
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).
The directors who served during the year were:
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.
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BLAKLEY ELECTRICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors, Barnes Roffe LLP, will 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.
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BLAKLEY ELECTRICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLAKLEY ELECTRICS LIMITED
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 policies. The 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).
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.
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.
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BLAKLEY ELECTRICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLAKLEY ELECTRICS LIMITED (CONTINUED)
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 Report. Our 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.
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.
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.
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BLAKLEY ELECTRICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLAKLEY ELECTRICS LIMITED (CONTINUED)
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
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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.
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 2006. Our 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.
for and on behalf of
Chartered Accountants
Charles Lake House
Claire Causeway
Crossways Business Park
Kent
DA2 6QA
Date: 9 May 2025
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BLAKLEY ELECTRICS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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BLAKLEY ELECTRICS LIMITED
REGISTERED NUMBER: 00592238
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 29 form part of these financial statements.
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BLAKLEY ELECTRICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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BLAKLEY ELECTRICS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BLAKLEY ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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:
Functional and presentation currency
Transactions and balances
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BLAKLEY ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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BLAKLEY ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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BLAKLEY ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on following bases:
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.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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BLAKLEY ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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BLAKLEY ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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BLAKLEY ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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BLAKLEY ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BLAKLEY ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BLAKLEY ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
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BLAKLEY ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
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.
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BLAKLEY ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Cost or valuation at 31 December 2024 is as follows:
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BLAKLEY ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Tangible fixed assets (continued)
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BLAKLEY ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BLAKLEY ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
19.Deferred taxation (continued)
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BLAKLEY ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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BLAKLEY ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The ultimate controlling party is P J Blakley.
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