Company registration number 08338792 (England and Wales)
NIBLOCK ELECTRICAL SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
NIBLOCK ELECTRICAL SERVICES LIMITED
COMPANY INFORMATION
Directors
M.O. Waters
K.R.J. Hartland
Company number
08338792
Registered office
43 - 45 Dorset Street
London
W1U 7NA
Auditor
Fisher, Sassoon & Marks
43-45 Dorset Street
London
W1U 7NA
Business address
135 Anerley Road
London
SE20 8AJ
NIBLOCK ELECTRICAL SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
NIBLOCK ELECTRICAL SERVICES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
57,969
64,966
Current assets
Stock
67,188
152,502
Debtors
5
1,223,196
1,191,513
Cash at bank and in hand
389,578
334,644
1,679,962
1,678,659
Creditors: amounts falling due within one year
6
(1,526,439)
(1,550,836)
Net current assets
153,523
127,823
Total assets less current liabilities
211,492
192,789
Creditors: amounts falling due after more than one year
7
(7,145)
(21,435)
Provisions for liabilities
(14,492)
(9,482)
Net assets
189,855
161,872
Capital and reserves
Called up share capital
8
1,001
1,001
Profit and loss reserves
188,854
160,871
Total equity
189,855
161,872

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 22 May 2025 and are signed on its behalf by:
M.O. Waters
K.R.J. Hartland
Director
Director
Company Registration No. 08338792
NIBLOCK ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Niblock Electrical Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 43 - 45 Dorset Street, London, W1U 7NA and the principal place of business is 135 Anerley Road, London, SE20 8AJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Niblock (Builders) Limited. These consolidated financial statements are available from its registered office, 43-45 Dorset Street, London, W1U 7NA.

1.2
Turnover

Turnover represents amounts invoiced and value of work done on long-term contracts during the year stated net of VAT.

 

In respect of long-term contracts, turnover represents the value of work done in the year, which is recognised by reference to the stage of completion.

NIBLOCK ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.3
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:

Plant and machinery etc
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
20% reducing balance
1.4
Stock

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

 

1.5
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.6
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 provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

NIBLOCK ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Revenue recognition and construction contracts

Revenue and costs are recognised based on the stage of completion of job or contract activity. Certain construction contracts do require judgements and estimates to be made to determine the stage of completion and the expected outcome for the individual contract.

Depreciation

Based on useful economic life of an asset.

Stock

Based on the lower of cost and estimated net realisable value.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
34
35
NIBLOCK ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023
129,042
Additions
7,129
At 30 September 2024
136,171
Depreciation and impairment
At 1 October 2023
64,076
Depreciation charged in the year
14,126
At 30 September 2024
78,202
Carrying amount
At 30 September 2024
57,969
At 30 September 2023
64,966
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
762,247
708,156
Other debtors
460,949
483,357
1,223,196
1,191,513
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
362,516
807,254
Amounts owed to group undertakings
-
0
39,687
Corporation tax
9,528
-
0
Other taxation and social security
35,664
39,150
Other creditors
1,118,731
664,745
1,526,439
1,550,836
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
7,145
21,435
NIBLOCK ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,001
1,001
1,001
1,001
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Anthony Rose
Statutory Auditor:
Fisher, Sassoon & Marks
Date of audit report:
22 May 2025
10
Financial commitments, guarantees and contingent liabilities

On 23 January 2021, a charge was created for a cross guarantee in respect of the borrowing of the parent company and a set-off agreement between Niblock (Builders) Limited, Niblock Electrical Services Limited and Lloyds Bank Plc.

 

On 28 January 2021, a fixed and a floating charge was created in favour of Lloyds Bank Plc.

11
Parent company

The ultimate controlling party is M.O. Waters Esq by virtue of his shareholding in the parent undertaking Niblock (Builders) Limited, a company registered in England and Wales.

 

The smallest and largest group in which the results of the company are consolidated is that headed by Niblock (Builders) Limited. Group financial statements are available at 43 - 45 Dorset Street, London, W1U 7NA.

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