Company registration number 05718298 (England and Wales)
A & M ELECTRICALS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
A & M ELECTRICALS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
A & M ELECTRICALS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
173,135
129,651
Current assets
Debtors
6
1,088,498
1,490,651
Cash at bank and in hand
606,622
328,638
1,695,120
1,819,289
Creditors: amounts falling due within one year
7
(708,918)
(929,512)
Net current assets
986,202
889,777
Total assets less current liabilities
1,159,337
1,019,428
Creditors: amounts falling due after more than one year
8
(69,735)
(51,499)
Provisions for liabilities
(36,139)
(19,733)
Net assets
1,053,463
948,196
Capital and reserves
Called up share capital
150,004
150,004
Profit and loss reserves
903,459
798,192
Total equity
1,053,463
948,196
A & M ELECTRICALS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -

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

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The financial statements were approved by the board of directors and authorised for issue on 12 May 2025 and are signed on its behalf by:
P O'Donnell
A Smiles (Junior)
Director
Director
Company registration number 05718298 (England and Wales)
A & M ELECTRICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information

A & M Electricals Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Pennine Parade, Pennine Drive, London, NW2 1NT.

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 a mounts 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.

1.2
Turnover

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

Turnover is recognised as follows:

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.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.contract.

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
25% Reducing Balance
Motor vehicles
25% Reducing Balance
A & M ELECTRICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -

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

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities where relevant.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

A & M ELECTRICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Retirement benefits

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

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition - stage of completion for ongoing contracts

Revenue recognition is a key area of judgement especially in companies operating in the construction industry. The calculation of contract turnover, gross amounts due from customers and work in progress is contingent on the accurate measurement of work done and internal valuations by key management personnel. The amounts due from contract customers requires the company to make a judgement in relation to the stage of completion of the contracts ongoing at the year end. Management are provided with internal valuations by experienced personnel based on the costs incurred to date and the terms and conditions of the contract.

The directors have ensured that generally accepted industry practices and methodologies are followed by all relevant personnel and that accounting and quality management systems are regularly evaluated and certified.

3
Employees

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

2024
2023
Number
Number
Total
18
20
A & M ELECTRICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023
242,846
Additions
105,380
Disposals
(28,563)
At 31 August 2024
319,663
Depreciation and impairment
At 1 September 2023
113,195
Depreciation charged in the year
38,928
Eliminated in respect of disposals
(5,595)
At 31 August 2024
146,528
Carrying amount
At 31 August 2024
173,135
At 31 August 2023
129,651
5
Construction contracts
2024
2023
£
£
Contracts in progress at the reporting date
Gross amounts owed by contract customers included in debtors
342,860
586,073
2024
2023
Other construction contract balances
£
£
Retentions held by customers for contract work
55,356
125,091

[Other information]

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
440,143
605,287
Other debtors
648,355
885,364
1,088,498
1,490,651
A & M ELECTRICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,898
9,806
Trade creditors
279,655
481,153
Amounts owed to group undertakings and undertakings in which the company has a participating interest
57,000
57,000
Taxation and social security
83,985
111,674
Other creditors
278,380
269,879
708,918
929,512

There is a Debenture dated the 18th April 2013 in favour of Pod-Trak Limited, to secure lending facilities. This comprises fixed and floating charges over the undertaking, together with the freehold and leasehold property, now or in the future, all Intellectual property, future patents, trade marks, service marks, trade names, designs, copyrights, domains, inventions or similar rights.

Included in other creditors f alling due within one year and after more than one year, are net obligations under hire purchase contracts totalling £85,916 (20 23: £42,134) that are secured.

The amounts owed to group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

The amounts owed to related parties (included in other creditors) are interest-free, unsecured, and with no fixed repayment terms.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,076
24,035
Other creditors
55,659
27,464
69,735
51,499

During 2021 the company obtained a Government backed Bounce Back Loan from its bankers. The loan is repayable over 6 years. The loan is unsecured and interest is payable at the rate of 2.5% per annum.

9
Operating lease commitments
As lessee

Operating lease payments represent payable by the company for its premises and for equipment. Leases are negotiated for an average term of one year and rentals are fixed for an average of one year.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Total commitments
16,335
26,903
A & M ELECTRICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
9
Operating lease commitments
(Continued)
- 8 -
10
Directors' transactions

L oans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's loan
2.25
97,648
34,489
(4,788)
127,349
97,648
34,489
(4,788)
127,349

The maximum amount outstanding during the year on the loan was £127,349. The loan is unsecured and repayable on demand, Interest totalling £2,528 has been charged at 2.25% on the above loan.

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