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Registration number: 07893835

Electrical Innovation (Wales) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2025

 

Electrical Innovation (Wales) Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Notes to the Unaudited Financial Statements

6 to 11

 

Electrical Innovation (Wales) Limited

Company Information

Directors

Mr Ross Jones

Mrs Arran Nancy Jones

Registered office

4 High Street
Pontardawe
Swansea
West Glamorgan
SA8 4HU

Accountants

Fergusons and Peters
4 High Street
Pontardawe
Swansea
West Glamorgan
SA8 4HU

 

Electrical Innovation (Wales) Limited

Directors' Report for the Year Ended 31 March 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors of the company

The directors who held office during the year were as follows:

Mr Ross Jones

Mrs Arran Nancy Jones

Principal activity

The principal activity of the company is Electrical Engineer

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 29 May 2025 and signed on its behalf by:
 

.........................................
Mr Ross Jones
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Electrical Innovation (Wales) Limited
for the Year Ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Electrical Innovation (Wales) Limited for the year ended 31 March 2025 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Electrical Innovation (Wales) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Electrical Innovation (Wales) Limited and state those matters that we have agreed to state to the Board of Directors of Electrical Innovation (Wales) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Electrical Innovation (Wales) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Electrical Innovation (Wales) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Electrical Innovation (Wales) Limited. You consider that Electrical Innovation (Wales) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Electrical Innovation (Wales) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Fergusons and Peters
4 High Street
Pontardawe
Swansea
West Glamorgan
SA8 4HU

29 May 2025

 

Electrical Innovation (Wales) Limited

Profit and Loss Account for the Year Ended 31 March 2025

Note

2025
£

2024
£

Turnover

 

2,232,042

3,526,067

Cost of sales

 

(1,651,085)

(2,935,407)

Gross profit

 

580,957

590,660

Administrative expenses

 

(444,189)

(495,160)

Operating profit

 

136,768

95,500

Interest payable and similar expenses

 

-

(117)

Profit before tax

4

136,768

95,383

Tax on profit

 

(38,194)

(15,658)

Profit for the financial year

 

98,574

79,725

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Electrical Innovation (Wales) Limited

(Registration number: 07893835)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

5

68,119

89,536

Current assets

 

Stocks

6

33,500

23,000

Debtors

7

578,512

195,053

Cash at bank and in hand

 

287,892

330,951

 

899,904

549,004

Creditors: Amounts falling due within one year

8

(489,654)

(220,009)

Net current assets

 

410,250

328,995

Total assets less current liabilities

 

478,369

418,531

Creditors: Amounts falling due after more than one year

8

(5,440)

(2,775)

Net assets

 

472,929

415,756

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

472,927

415,754

Shareholders' funds

 

472,929

415,756

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

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

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

Approved and authorised by the Board on 29 May 2025 and signed on its behalf by:
 

.........................................
Mr Ross Jones
Director

 

Electrical Innovation (Wales) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

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

The address of its registered office is:
4 High Street
Pontardawe
Swansea
West Glamorgan
SA8 4HU

These financial statements were authorised for issue by the Board on 29 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

Going concern

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

Revenue recognition

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

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

Tax

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

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

 

Electrical Innovation (Wales) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tangible assets

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

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

Depreciation

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

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Furniture and fittings

25% reducing balance

Office equipment

25% reducing balance

Cash and cash equivalents

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

Trade debtors

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

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

Stocks

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

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

Trade creditors

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

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

Borrowings

 

Electrical Innovation (Wales) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

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

Dividends

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

Defined contribution pension obligation

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

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2024 - 9).

4

Profit before tax

Arrived at after charging/(crediting)

2025
£

2024
£

Depreciation expense

22,488

22,019

 

Electrical Innovation (Wales) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2024

11,264

157,955

9,500

178,719

Additions

1,071

-

-

1,071

At 31 March 2025

12,335

157,955

9,500

179,790

Depreciation

At 1 April 2024

4,074

80,907

4,202

89,183

Charge for the year

1,899

19,264

1,325

22,488

At 31 March 2025

5,973

100,171

5,527

111,671

Carrying amount

At 31 March 2025

6,362

57,784

3,973

68,119

At 31 March 2024

7,190

77,048

5,298

89,536

6

Stocks

2025
£

2024
£

Other inventories

33,500

23,000

7

Debtors

Current

2025
£

2024
£

Trade debtors

503,279

91,856

Other debtors

75,233

103,197

 

578,512

195,053

8

Creditors

Creditors: amounts falling due within one year

 

Electrical Innovation (Wales) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

2025
£

2024
£

Due within one year

Trade creditors

438,530

191,580

Taxation and social security

48,965

28,429

Other creditors

2,159

-

489,654

220,009

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

10

5,440

2,775

9

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

10

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Other borrowings

5,440

2,775

11

Dividends

Final dividends paid

2025
£

2024
£

Final dividend of 1.00 per each Ordinary Share

41,400

43,400

 

 

12

Related party transactions

 

Electrical Innovation (Wales) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Transactions with directors

2025

At 1 April 2024
£

Other payments made to company by director
£

At 31 March 2025
£

Mr Ross Jones

Directors loan interest free

(2,775)

(2,665)

(5,440)

2024

At 1 April 2023
£

Other payments made to company by director
£

At 31 March 2024
£

Mr Ross Jones

Directors loan interest free

(175)

(2,600)

(2,775)