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Company registration number: 06728632
High Voltage Substation Services Limited
Unaudited abridged financial statements
31 October 2024
High Voltage Substation Services Limited
Contents
Directors and other information
Directors report
Accountants report
Abridged statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
High Voltage Substation Services Limited
Directors and other information
Directors Mr Emmet Peter Carton
Mr Vijayakumar Reddyvalam
Dr Sina Etminan
Company number 06728632
Registered office Unit 35
Orbital 25 Business Park
Dwight Road
Watford
WD18 9DA
Accountants Olaniyi Idowu FCCA
Geoffrey Nathan Associates
112 Morden Road
London
SW19 3BP
High Voltage Substation Services Limited
Directors report
Year ended 31 October 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 October 2024.
Directors
The directors who served the company during the year were as follows:
Mr Emmet Peter Carton
Mr Vijayakumar Reddyvalam
Dr Sina Etminan
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 16 June 2025 and signed on behalf of the board by:
Dr Sina Etminan Mr Emmet Peter Carton
Director Director
High Voltage Substation Services Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of High Voltage Substation Services Limited
Year ended 31 October 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 October 2024 which comprise the abridged statement of comprehensive income, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Olaniyi Idowu FCCA
Geoffrey Nathan Associates
112 Morden Road
London
SW19 3BP
16 June 2025
High Voltage Substation Services Limited
Abridged statement of comprehensive income
Year ended 31 October 2024
2024 2023
Note £ £
Gross profit 4,424,209 3,955,304
Administrative expenses ( 4,252,132) ( 3,470,624)
_______ _______
Operating profit 172,077 484,680
Other interest receivable and similar income 11,622 3,285
Interest payable and similar expenses ( 81,435) ( 42,459)
_______ _______
Profit before taxation 5 102,264 445,506
Tax on profit ( 26,467) ( 50,456)
_______ _______
Profit for the financial year and total comprehensive income 75,797 395,050
_______ _______
All the activities of the company are from continuing operations.
High Voltage Substation Services Limited
Statement of financial position
31 October 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 1,158,314 1,166,979
_______ _______
1,158,314 1,166,979
Current assets
Debtors 7 3,277,436 1,889,743
Cash at bank and in hand 748,133 632,292
_______ _______
4,025,569 2,522,035
Creditors: amounts falling due
within one year 8 ( 2,994,114) ( 1,318,556)
_______ _______
Net current assets 1,031,455 1,203,479
_______ _______
Total assets less current liabilities 2,189,769 2,370,458
Creditors: amounts falling due
after more than one year 9 ( 666,758) ( 735,746)
_______ _______
Net assets 1,523,011 1,634,712
_______ _______
Capital and reserves
Called up share capital 150 150
Profit and loss account 1,522,861 1,634,562
_______ _______
Shareholders funds 1,523,011 1,634,712
_______ _______
For the year ending 31 October 2024 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 in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
All of the members have consented to the preparation of the abridged statement of comprehensive income for the current year ending 31 October 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 16 June 2025 , and are signed on behalf of the board by:
Dr Sina Etminan Mr Emmet Peter Carton
Director Director
Company registration number: 06728632
High Voltage Substation Services Limited
Statement of changes in equity
Year ended 31 October 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 November 2022 150 1,481,512 1,481,662
Profit for the year 395,050 395,050
_______ _______ _______
Total comprehensive income for the year - 395,050 395,050
Dividends paid and payable ( 242,000) ( 242,000)
_______ _______ _______
Total investments by and distributions to owners - ( 242,000) ( 242,000)
_______ _______ _______
At 31 October 2023 and 1 November 2023 150 1,634,564 1,634,714
Profit for the year 75,797 75,797
_______ _______ _______
Total comprehensive income for the year - 75,797 75,797
Dividends paid and payable ( 187,500) ( 187,500)
_______ _______ _______
Total investments by and distributions to owners - ( 187,500) ( 187,500)
_______ _______ _______
At 31 October 2024 150 1,522,861 1,523,011
_______ _______ _______
High Voltage Substation Services Limited
Notes to the financial statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is Unit 35, Orbital 25 Business Park, Dwight Road, Watford, WD18 9DA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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, except to the extent 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 in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 60 (2023: 35 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 97,660 100,549
_______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 November 2023 865,332 118,650 370,144 1,354,126
Additions - 33,397 55,597 88,994
_______ _______ _______ _______
At 31 October 2024 865,332 152,047 425,741 1,443,120
_______ _______ _______ _______
Depreciation
At 1 November 2023 - 53,434 133,712 187,146
Charge for the year - 24,653 73,007 97,660
_______ _______ _______ _______
At 31 October 2024 - 78,087 206,719 284,806
_______ _______ _______ _______
Carrying amount
At 31 October 2024 865,332 73,960 219,022 1,158,314
_______ _______ _______ _______
At 31 October 2023 865,332 65,216 236,432 1,166,980
_______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 2,368,635 1,342,243
Other debtors 908,801 547,500
_______ _______
3,277,436 1,889,743
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 123,584 122,473
Trade creditors 1,626,470 742,725
Corporation tax 26,467 50,456
Social security and other taxes 288,611 357,210
Other creditors 928,982 45,692
_______ _______
2,994,114 1,318,556
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 132,300 191,100
Other creditors 534,458 544,646
_______ _______
666,758 735,746
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Emmet Peter Carton ( 1,254) - ( 1,254)
Mr Vijayakumar Reddyvalam ( 1,512) - ( 1,512)
Dr Sina Etminan - 65,000 65,000
_______ _______ _______
( 2,766) 65,000 62,234
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Emmet Peter Carton 44,746 ( 46,000) ( 1,254)
Mr Vijayakumar Reddyvalam 44,688 ( 46,200) ( 1,512)
Dr Sina Etminan 80,000 ( 80,000) -
_______ _______ _______
169,434 ( 172,200) ( 2,766)
_______ _______ _______