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COMPANY REGISTRATION NUMBER: 04275796
David Rogers Electrical Contractors Ltd
Filleted Unaudited Financial Statements
31 October 2024
David Rogers Electrical Contractors Ltd
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
£
£
Fixed Assets
Tangible assets
5
22,445
40,143
Current Assets
Stocks
3,055
9,675
Debtors
6
1,441,462
488,686
Cash at bank and in hand
64,448
232,373
-------------
----------
1,508,965
730,734
Creditors: amounts falling due within one year
7
1,477,681
694,488
-------------
----------
Net Current Assets
31,284
36,246
---------
---------
Total Assets Less Current Liabilities
53,729
76,389
Creditors: amounts falling due after more than one year
8
6,667
16,669
Provisions
Taxation including deferred tax
5,199
7,897
---------
---------
Net Assets
41,863
51,823
---------
---------
Capital and Reserves
Called up share capital
10
1,100
1,100
Profit and loss account
40,763
50,723
---------
---------
Shareholders Funds
41,863
51,823
---------
---------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
David Rogers Electrical Contractors Ltd
Statement of Financial Position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 21 July 2025 , and are signed on behalf of the board by:
Mr D. J. Rogers
Director
Company registration number: 04275796
David Rogers Electrical Contractors Ltd
Notes to the Financial Statements
Year ended 31st October 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3 Harlescott Barns, Harlescott Lane, Shrewsbury, Shropshire, SY1 3SZ.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 presented in sterling which is the functional currency of the company and rounded to the nearest £.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible Assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant & Machinery
-
15% straight line
Fixtures & Fittings
-
15% straight line
Motor Vehicles
-
15% straight line
Impairment of Fixed Assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes a 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 intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 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, which the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement 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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payment discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. 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. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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 as a finance cost 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 15 (2023: 13 ).
5. Tangible Assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1st November 2023
19,584
23,551
89,567
132,702
Additions
1,113
1,113
Disposals
( 10,300)
( 10,300)
---------
---------
---------
----------
At 31st October 2024
20,697
23,551
79,267
123,515
---------
---------
---------
----------
Depreciation
At 1st November 2023
13,462
19,787
59,310
92,559
Charge for the year
1,451
1,927
8,609
11,987
Disposals
( 3,476)
( 3,476)
---------
---------
---------
----------
At 31st October 2024
14,913
21,714
64,443
101,070
---------
---------
---------
----------
Carrying amount
At 31st October 2024
5,784
1,837
14,824
22,445
---------
---------
---------
----------
At 31st October 2023
6,122
3,764
30,257
40,143
---------
---------
---------
----------
6. Debtors
2024
2023
£
£
Trade debtors
1,118,910
212,227
Other debtors
322,552
276,459
-------------
----------
1,441,462
488,686
-------------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
843,134
237,758
Social security and other taxes
30,229
8,920
Other creditors
594,318
437,810
-------------
----------
1,477,681
694,488
-------------
----------
Included within other creditors is £Nil (2023 - £1,666) in respect of hire purchase liabilities which are secured against the fixed assets to which they have financed.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,667
16,669
-------
---------
9. Deferred Tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
5,199
7,897
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
5,199
7,897
-------
-------
10. Called Up Share Capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
875
875
875
875
Ordinary B shares of £ 1 each
220
220
220
220
Ordinary C shares of £ 1 each
5
5
5
5
-------
-------
-------
-------
1,100
1,100
1,100
1,100
-------
-------
-------
-------
11. Director's Advances, Credits and Guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr D. J. Rogers
163,651
151,666
( 122,000)
193,317
----------
----------
----------
----------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr D. J. Rogers
116,834
82,817
( 36,000)
163,651
----------
---------
---------
----------
Interest has been charged on the loan for any period overdrawn, at a rate of 2.25% per annum. The loan is repayable on demand.
12. Related Party Transactions
Included within other creditors due within one year is a loan of £352,119 (2023 - £382,118) from a company which is under common control. The non-interest bearing loan is repayable on demand. Included in other debtors due within one year is a loan of £6,990 (2023 - £Nil) to a shareholder and wife of the director. The interest free loan is repayable on demand.