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Registration number: 06814725

Starkey Electrical Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

 

Starkey Electrical Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Starkey Electrical Ltd

Company Information

Directors

Mr Stuart Starkey

Mrs Lisa Starkey

Registered office

Wassell Grove Business Centre
Wassell Grove
Stourbridge
West Midlands
DY9 9JH

Accountants

Mr Colin Barrett
AIMS Accountants for Business
Shop 2, 130 Hagley Road
Hayley Green
Halesowen
West Midlands
B63 1DY

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Starkey Electrical Ltd
for the Year Ended 28 February 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Starkey Electrical Ltd for the year ended 28 February 2025 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As practising members of the Association of Accounting Technicians, we are subject to its ethical and other professional requirements which are detailed at www.aat.org.uk/about-aat/professional-ethics

This report is made solely to the Board of Directors of Starkey Electrical Ltd, as a body, in accordance with the terms of our engagement letter dated 15 February 2021. Our work has been undertaken solely to prepare for your approval the accounts of Starkey Electrical Ltd and state those matters that we have agreed to state to the Board of Directors of Starkey Electrical Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Starkey Electrical Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Starkey Electrical Ltd 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 Starkey Electrical Ltd. You consider that Starkey Electrical Ltd 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 Starkey Electrical Ltd. 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.

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

Mr Colin Barrett
AIMS Accountants for Business
Shop 2, 130 Hagley Road
Hayley Green
Halesowen
West Midlands
B63 1DY

18 July 2025

 

Starkey Electrical Ltd

(Registration number: 06814725)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

5

49,345

60,397

Other financial assets

6

14,000

14,000

 

63,345

74,397

Current assets

 

Stocks

7

24,694

700

Debtors

8

87,160

174,834

Cash at bank and in hand

 

44,044

50,626

 

155,898

226,160

Creditors: Amounts falling due within one year

9

(150,622)

(181,983)

Net current assets

 

5,276

44,177

Total assets less current liabilities

 

68,621

118,574

Creditors: Amounts falling due after more than one year

9

(56,495)

(71,292)

Net assets

 

12,126

47,282

Capital and reserves

 

Called up share capital

10

2

2

Retained earnings

12,124

47,280

Shareholders' funds

 

12,126

47,282

 

Starkey Electrical Ltd

(Registration number: 06814725)
Balance Sheet as at 28 February 2025

For the financial year ending 28 February 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 July 2025 and signed on its behalf by:
 

.........................................
Mr Stuart Starkey
Director

.........................................
Mrs Lisa Starkey
Director

 

Starkey Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

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

The address of its registered office is:
Wassell Grove Business Centre
Wassell Grove
Stourbridge
West Midlands
DY9 9JH
England

These financial statements were authorised for issue by the Board on 18 July 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 and deferred 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.

 

Starkey Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Fixtures & Fittings

25% reducing balance

Motor Vehicles

25% reducing balance

Plant & Machinery

25% reducing balance

Computer Equipment

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other Intangibles

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.

 

Starkey Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Starkey Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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 - 11).

 

Starkey Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 March 2024

2,876

2,876

At 28 February 2025

2,876

2,876

Amortisation

At 1 March 2024

2,876

2,876

At 28 February 2025

2,876

2,876

Carrying amount

At 28 February 2025

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2024

11,535

102,242

6,502

120,279

Additions

-

5,400

-

5,400

At 28 February 2025

11,535

107,642

6,502

125,679

Depreciation

At 1 March 2024

9,067

44,899

5,916

59,882

Charge for the year

618

15,687

147

16,452

At 28 February 2025

9,685

60,586

6,063

76,334

Carrying amount

At 28 February 2025

1,850

47,056

439

49,345

At 29 February 2024

2,468

57,343

586

60,397

 

Starkey Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

Additions

14,000

14,000

At 28 February 2025

14,000

14,000

Impairment

Carrying amount

At 28 February 2025

14,000

14,000

7

Stocks

2025
£

2024
£

Other inventories

24,694

700

8

Debtors

Current

Note

2025
£

2024
£

Trade debtors

 

42,954

88,392

Amounts owed by related parties

13

5,956

30,642

Prepayments

 

38,250

55,800

   

87,160

174,834

 

Starkey Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

9

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

11

14,797

14,063

Trade creditors

 

45,427

43,765

Taxation and social security

 

50,538

36,447

Accruals and deferred income

 

2,340

2,340

Other creditors

 

37,520

85,368

 

150,622

181,983

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

11

56,495

71,292

10

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary share of £1 each

2

2

2

2

       
 

Starkey Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

11

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Hire purchase contracts

43,111

48,810

Other borrowings

13,384

22,482

56,495

71,292

Current loans and borrowings

2025
£

2024
£

Hire purchase contracts

5,699

5,699

Other borrowings

9,098

8,364

14,797

14,063

12

Dividends

Interim dividends paid

2025
£

2024
£

Interim dividend of £44,000.00 (2024 - £43,000.00) per each Ordinary share

88,000

86,000

 

 

13

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2025
£

2024
£

Remuneration

21,466

19,752