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Registration number: 07963939

JP Electrical South West Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

JP Electrical South West Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

JP Electrical South West Ltd

Company Information

Directors

Mr Jack Pearce

Mrs Kim Pearce

Registered office

Marlin Court
Agar Way
Redruth
Cornwall
TR15 3SF

Accountants

Martin Fisher & Co Ltd
Chartered Certified Accountants
Woodbine Farm Bus Centre
Truro Business Park
Truro
Cornwall
TR3 6BW

 

JP Electrical South West Ltd

(Registration number: 07963939)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

73,714

85,909

Current assets

 

Stocks

5

60,000

58,000

Debtors

6

460,397

730,669

 

520,397

788,669

Creditors: Amounts falling due within one year

7

(526,550)

(801,516)

Net current liabilities

 

(6,153)

(12,847)

Total assets less current liabilities

 

67,561

73,062

Creditors: Amounts falling due after more than one year

7

(21,373)

(58,387)

Provisions for liabilities

(14,005)

(12,719)

Net assets

 

32,183

1,956

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

32,083

1,856

Shareholders' funds

 

32,183

1,956

For the financial 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 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 1 August 2025 and signed on its behalf by:
 

 

JP Electrical South West Ltd

(Registration number: 07963939)
Balance Sheet as at 31 March 2025

.........................................
Mr Jack Pearce
Director

 

JP Electrical South West Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

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

The address of its registered office is:
Marlin Court
Agar Way
Redruth
Cornwall
TR15 3SF

These financial statements were authorised for issue by the Board on 1 August 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.

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.

 

JP Electrical South West Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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

Property improvements

5% straight line

Plant and machinery

25% reducing balance

Motor vehicles

15% reducing balance

Office equipment

33% straight line

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.

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.

 

JP Electrical South West Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

JP Electrical South West Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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 20 (2024 - 17).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2024

23,641

14,379

112,404

4,180

154,604

Additions

-

2,475

14,050

-

16,525

Disposals

-

-

(12,125)

-

(12,125)

At 31 March 2025

23,641

16,854

114,329

4,180

159,004

Depreciation

At 1 April 2024

5,910

12,251

47,419

3,115

68,695

Charge for the year

1,182

1,896

17,886

266

21,230

Eliminated on disposal

-

-

(4,635)

-

(4,635)

At 31 March 2025

7,092

14,147

60,670

3,381

85,290

Carrying amount

At 31 March 2025

16,549

2,707

53,659

799

73,714

At 31 March 2024

17,731

2,128

64,985

1,065

85,909

Included within the net book value of land and buildings above is £16,549 (2024 - £17,731) in respect of freehold land and buildings.
 

 

JP Electrical South West Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5

Stocks

2025
£

2024
£

Other inventories

60,000

58,000

6

Debtors

Current

2025
£

2024
£

Trade debtors

358,150

361,654

Prepayments

-

10,000

Other debtors

102,247

359,015

 

460,397

730,669

 

JP Electrical South West Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

38,394

38,488

Trade creditors

 

224,919

438,500

Taxation and social security

 

106,694

103,672

Accruals and deferred income

 

2,500

2,500

Other creditors

 

154,043

218,356

 

526,550

801,516

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

21,373

58,387

8

Share capital

Allotted, called up and fully paid shares

 

2025

2024

 

No.

£

No.

£

Ordinary of £1 each

50

50

50

50

Ordinary B shares of £1 each

50

50

50

50

 

100

100

100

100

9

Related party transactions

At the balance sheet date the Company owed £14,547 (2024: -£271,520) by Advanced Fire & Security South West Ltd a company under common control.

 

JP Electrical South West Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Key management personnel

Mr J Pearce (director)

Summary of transactions with key management

Director's loan account
 Interest on debit balances over £10,000 during the year is charged at 2.25% and the loan is repayable on demand of the company. At the balance sheet date the amount due from the director was £30,928 (2024: £36,889)
 

Transactions with directors

2025

At 1 April 2024
£

Advances to director
£

Repayments by director
£

At 31 March 2025
£

Mr Jack Pearce

Director's loan account

36,889

30,928

(36,889)

30,928

         
       

 

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr Jack Pearce

Director's loan account

15,750

36,889

(15,750)

36,889