Company registration number 04288118 (England and Wales)
Carter Electrical Services Limited
financial statements
For the year ended 30 September 2024
Carter Electrical Services Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
Carter Electrical Services Limited
Statement of financial position
As at 30 September 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
142,783
125,991
Current assets
Stocks
561,265
232,527
Debtors
5
2,178,533
1,766,336
Cash at bank and in hand
2,986,473
1,027,210
5,726,271
3,026,073
Creditors: amounts falling due within one year
6
(3,725,999)
(1,589,377)
Net current assets
2,000,272
1,436,696
Total assets less current liabilities
2,143,055
1,562,687
Provisions for liabilities
(31,393)
(33,300)
Net assets
2,111,662
1,529,387
Capital and reserves
Called up share capital
7
1,111
1,111
Profit and loss reserves
2,110,551
1,528,276
Total equity
2,111,662
1,529,387
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 income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 6 June 2025 and are signed on its behalf by:
Mr S D Robinson
Director
Company registration number 04288118 (England and Wales)
Carter Electrical Services Limited
Notes to the financial statements
For the year ended 30 September 2024
- 2 -
1
Accounting policies
Company information
Carter Electrical Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6, North Staffs Business Park, Innovation Way, Stoke on Trent, Staffordshire, ST6 4BF.
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 financial statements of the company are consolidated in the financial statements of Carriage House Group Limited. These consolidated financial statements are available from its registered office, Unit 6 North Staffs Business Park, Innovation Way, Stoke On Trent, Staffordshire, England, ST6 4BF.
The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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.
Carter Electrical Services Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 3 -
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% per annum of net book value
Fixtures, fittings and equipment
25% per annum of net book value
Computer equipment
33% per annum of cost
Motor vehicles
25% per annum of net book value
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Stocks
Stocks and work in progress are 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 stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
Carter Electrical Services Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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 statement of financial position 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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 income statement 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.
Carter Electrical Services Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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 leases 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.
Carter Electrical Services Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 6 -
Key sources of estimation uncertainty
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.
Amounts recoverable on contracts
Amounts recoverable on contracts, representing accrued income, are measured at their net realisable value. Estimates are required, based on information from relevant employees and historic experience to determine the realisable placed on unbilled work which reflects its expected recovery rate less any provisions to reflect risk.
In assessing whether accrued income is recognised as amounts recoverable on contracts, management are required to make judgements in determining the point at which the contingency is resolved and when the fair value can be measured reliably.
Warranty provision
The company includes a provision for warranties which represents estimated further costs following the completion of contracts.
Management base the valuation of these provisions on previous levels of costs incurred on completed jobs in correlation with the turnover in the year.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
25
25
Carter Electrical Services Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
- 7 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
25,801
32,753
41,300
213,708
313,562
Additions
9,706
50,701
60,407
At 30 September 2024
25,801
32,753
51,006
264,409
373,969
Depreciation and impairment
At 1 October 2023
24,104
28,415
36,474
98,578
187,571
Depreciation charged in the year
424
1,085
2,023
40,083
43,615
At 30 September 2024
24,528
29,500
38,497
138,661
231,186
Carrying amount
At 30 September 2024
1,273
3,253
12,509
125,748
142,783
At 30 September 2023
1,697
4,338
4,826
115,130
125,991
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,322,182
1,268,784
Amounts owed by group undertakings
74,940
Other debtors
767,873
422,612
2,090,055
1,766,336
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
88,478
Total debtors
2,178,533
1,766,336
Carter Electrical Services Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,660,458
996,544
Amounts owed to group undertakings
120
Taxation and social security
591,587
231,586
Other creditors
473,834
361,247
3,725,999
1,589,377
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
1,000
1,000
1,000
1,000
Ordinary B shares of £1 each
111
111
111
111
1,111
1,111
1,111
1,111
8
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 was unqualified.
Senior Statutory Auditor:
Stacey Parr FCCA
Statutory Auditor:
DJH Audit Limited
Date of audit report:
9 June 2025
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
50,820
40,305
10
Events after the reporting date
On the 1 October 2024 Carriage House Group limited sold 65% of the share capital of the company to Gravenhunger Limited.
Also, security was provided to Handelsbanken PLC and Carriage House Group Limited by way debentures dated 1 October 2024 containing fixed and floating charges over the company assets.
Carter Electrical Services Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
- 9 -
11
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors loan
2.25
13,517
110,723
556
(91,168)
33,628
13,517
110,723
556
(91,168)
33,628
12
Parent company
The ultimate parent company is Carriage House Group Limited, incorporated in England and Wales. The registered office is Unit 6 North Staffs Business Park, Innovation Way, Stoke on Trent, Staffordshire, ST6 4BF.
The largest and smallest group in which the results of the company are consolidated is that headed by Carriage House Group Limited, incorporated in England and Wales. The consolidated accounts of this company are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. No other group accounts include the results of the company.
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