Company registration number 05247402 (England and Wales)
Newbery Electricals Limited
Annual report and unaudited financial statements
For the year ended 31 October 2024
Pages for filing with registrar
Newbery Electricals Limited
Contents
Page
Director's report
1
Balance sheet
2
Notes to the financial statements
3 - 6
Newbery Electricals Limited
Director's report
For the year ended 31 October 2024
- 1 -
The director presents his annual report and financial statements for the year ended 31 October 2024.
Principal activities
The principal activity of the company continued to be that of electrical contractors.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
A J Newbery
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
A J Newbery
Director
24 July 2025
Newbery Electricals Limited
Balance sheet
As at 31 October 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
400
Tangible assets
4
37,928
8,580
37,928
8,980
Current assets
Stocks
750
750
Debtors
5
10,801
8,195
Cash at bank and in hand
37,135
70,228
48,686
79,173
Creditors: amounts falling due within one year
6
(19,129)
(34,963)
Net current assets
29,557
44,210
Total assets less current liabilities
67,485
53,190
Creditors: amounts falling due after more than one year
7
(4,263)
-
Provisions for liabilities
(7,325)
(1,630)
Net assets
55,897
51,560
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
55,797
51,460
Shareholders' funds
55,897
51,560
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 24 July 2025
A J Newbery
Director
Company Registration No. 05247402
Newbery Electricals Limited
Notes to the financial statements
For the year ended 31 October 2024
- 3 -
1
Accounting policies
Company information
Newbery Electricals Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4a Greenhill Road, Greenhill, Herne Bay, Kent, CT6 7PN.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable, net of discounts and value added taxes.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal instalments over its estimated useful life of twenty years.
1.4
Tangible fixed assets
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% straight line basis
Fixtures, fittings & equipment
25% straight line basis
Motor vehicles
25% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the net book value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.6
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 profit and loss account 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.
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.
Deferred tax is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
Newbery Electricals Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
8,000
Amortisation
At 1 November 2023
7,600
Charged for the year
400
At 31 October 2024
8,000
Net book value
At 31 October 2024
At 31 October 2023
400
Newbery Electricals Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
- 5 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2023
670
2,620
27,459
30,749
Additions
1,435
36,664
38,099
Disposals
(670)
(670)
At 31 October 2024
1,435
2,620
64,123
68,178
Depreciation and impairment
At 1 November 2023
670
2,620
18,879
22,169
Depreciation charged in the year
359
8,392
8,751
Eliminated in respect of disposals
(670)
(670)
At 31 October 2024
359
2,620
27,271
30,250
Carrying amount
At 31 October 2024
1,076
36,852
37,928
At 31 October 2023
8,580
8,580
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,620
7,866
Other debtors
4,184
Prepayments and accrued income
997
329
10,801
8,195
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
4,651
Trade creditors
5,101
4,357
Corporation tax
1,408
19,173
Other taxation and social security
1,384
3,940
Other creditors
5,285
4,643
Accruals and deferred income
1,300
2,850
19,129
34,963
Net obligations under finance leases and hire purchase contracts are secured by fixed charges on the assets concerned.
Newbery Electricals Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
4,263
Net obligations under finance leases and hire purchase contracts are secured by fixed charges on the assets concerned.
8
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
"A" Ordinary of £1 each
51
51
"B" Ordinary of £1 each
49
49
100
100
9
Directors' transactions
Dividends totalling £25,000 (2023 - £33,000) were paid in the year in respect of shares held by the company's directors.
The directors' loan accounts were not overdrawn during the year.