1 April 2024 v2025.41.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP017405602024-04-012025-03-31017405602025-03-31017405602024-03-3101740560core:WithinOneYear2025-03-3101740560core:WithinOneYear2024-03-3101740560core:AfterOneYear2025-03-3101740560core:AfterOneYear2024-03-3101740560core:ShareCapital2025-03-3101740560core:ShareCapital2024-03-3101740560core:RetainedEarningsAccumulatedLosses2025-03-3101740560core:RetainedEarningsAccumulatedLosses2024-03-3101740560bus:Director12024-04-012025-03-3101740560bus:Director22024-04-012025-03-3101740560bus:RegisteredOffice2024-04-012025-03-3101740560core:FurnitureFittingsToolsEquipment2024-04-012025-03-3101740560core:MotorVehicles2024-04-012025-03-31017405602023-04-012024-03-3101740560core:PlantMachinery2024-04-0101740560core:PlantMachinery2024-04-012025-03-3101740560core:PlantMachinery2025-03-3101740560core:PlantMachinery2024-03-3101740560core:BetweenOneFiveYears2025-03-3101740560core:BetweenOneFiveYears2024-03-310174056012024-04-012025-03-3101740560countries:EnglandWales2024-04-012025-03-3101740560bus:AuditExemptWithAccountantsReport2024-04-012025-03-3101740560bus:PrivateLimitedCompanyLtd2024-04-012025-03-3101740560bus:SmallEntities2024-04-012025-03-3101740560bus:FullAccounts2024-04-012025-03-31
Company registration number:
01740560
Modern Electrical Contractors Limited
Unaudited Filleted Financial Statements for the year ended
31 March 2025
West Bridgford Accountancy Limited
Chartered Accountants
43 Edward Road, West Bridgford, Nottingham, Nottinghamshire, NG2 5GE, United Kingdom
Modern Electrical Contractors Limited
Statement of Financial Position
31 March 2025
20252024
Note££
Fixed assets    
Tangible assets 5
4,771
 
7,529
 
Current assets    
Stocks
14,000
 
14,000
 
Debtors 6
224,246
 
164,629
 
Cash at bank and in hand
72,520
 
125,292
 
310,766
 
303,921
 
Creditors: amounts falling due within one year 7
(220,572
)
(166,923
)
Net current assets
90,194
 
136,998
 
Total assets less current liabilities 94,965   144,527  
Creditors: amounts falling due after more than one year 8
(1,667
)
(11,667
)
Provisions for liabilities
(1,193
)
(1,882
)
Net assets
92,105
 
130,978
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
92,005
 
130,878
 
Shareholders funds
92,105
 
130,978
 
For the 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
12 June 2025
, and are signed on behalf of the board by:
M Priestley
J Priestley
DirectorDirector
Company registration number:
01740560
Modern Electrical Contractors Limited
Notes to the Financial Statements
Year ended
31 March 2025

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 3, Eagle Road
,
Quarry Hill Industrial Estate
,
Ilkeston
,
Derby
,
DE7 4RB
, .

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland' and with the Companies Act 2006.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract through interim invoicing.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
33.3% straight line
Motor vehicles
25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. All differences are charged to the profit and loss account.

4 Average number of employees

The average number of persons employed by the company during the year was
10
(2024:
10.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 April 2024
83,844
 
Additions
3,626
 
Disposals
(55,368
)
At
31 March 2025
32,102
 
Depreciation  
At
1 April 2024
76,315
 
Charge
4,201
 
Disposals
(53,185
)
At
31 March 2025
27,331
 
Carrying amount  
At
31 March 2025
4,771
 
At 31 March 2024
7,529
 

6 Debtors

20252024
££
Trade debtors
188,044
 
144,215
 
Other debtors
36,202
 
20,414
 
224,246
 
164,629
 

7 Creditors: amounts falling due within one year

20252024
££
Bank loans and overdrafts
10,000
 
10,000
 
Trade creditors
109,334
 
39,664
 
Taxation and social security
30,945
 
37,881
 
Other creditors
70,293
 
79,378
 
220,572
 
166,923
 
The company took advantage of the Bounce Back Loan Scheme (BBLS), the government guarantees 100% of the loan.

8 Creditors: amounts falling due after more than one year

20252024
££
Bank loans and overdrafts
1,667
 
11,667
 
The company took advantage of the Bounce Back Loan Scheme (BBLS), the government guarantees 100% of the loan.

9 Operating leases

The company as lessee    
20252024
££
Not later than 1 year
31,497
 
31,218
 
Later than 1 year and not later than 5 years
34,242
 
46,326
 
65,739
 
77,544
 

10 Controlling party

The company is controlled by MD Priestley by virtue of his majority shareholding.