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REGISTERED NUMBER: 03100654 (England and Wales)











STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

THE FULL ELECTRICAL SERVICES COMPANY
LTD.

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024










Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 15


THE FULL ELECTRICAL SERVICES COMPANY
LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024







DIRECTOR: A S Loyal





SECRETARY: J L Banky





REGISTERED OFFICE: 3rd Floor
86 - 90 Paul Street
London
EC2A 4NE





REGISTERED NUMBER: 03100654 (England and Wales)





AUDITORS: Cooper Parry Group Limited
Statutory Auditor
First Floor, Davidson House
Forbury Square
Reading
Berkshire
RG1 3EU

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024


The director presents his strategic report for the year ended 30 November 2024.

REVIEW OF BUSINESS
Turnover for the year decreased from £24,501,947 to £24,391,590, a decrease of 0.5%
The company's gross profit margin has increased from 10% in the prior year to 14% in the current year.

PRINCIPAL RISKS AND UNCERTAINTIES
There are a number of risks and uncertainties that can impact the performance of the company which are beyond the control of the company and its directors.

These include:

Market conditions
These include general economic conditions, interest rates and business confidence levels.

Competition
The company faces strong competition in all the markets it operates within. This competition can lead to reduced profitability in the short-term as competitors under-price work to gain contracts.

KEY PERFORMANCE INDICATORS
The company's performance is impacted by the pricing and availability of its key inputs.
The prices of the inputs can be volatile depending upon the demand and supply of these products. In 2024 the availability of skilled labour will continue to impact the construction market, especially since Brexit. Also products used by the company are being impacted by Brexit influences increasing the costs of certain production lines.

FINANCE RISK MANAGEMENT
The company's financial risk management objective is to seek to make neither profit nor loss from exposure to currency or interest rate risks. It's policy is to finance working capital through retained earnings and through borrowings at prevailing market interest rates. The company does not use hedge accounting.

ON BEHALF OF THE BOARD:





A S Loyal - Director


28 August 2025

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 NOVEMBER 2024


The director presents his report with the financial statements of the company for the year ended 30 November 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of electrical services.

DIVIDENDS
Dividends paid in the period totalled £171,000.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
A S Loyal has held office during the whole of the period from 1 December 2023 to the date of this report.

Other changes in directors holding office are as follows:

R J Smith ceased to be a director after 30 November 2024 but prior to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 NOVEMBER 2024


AUDITORS
The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A S Loyal - Director


28 August 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE FULL ELECTRICAL SERVICES COMPANY
LTD.


Opinion
We have audited the financial statements of The Full Electrical Services Company Ltd. (the 'company') for the year ended 30 November 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE FULL ELECTRICAL SERVICES COMPANY
LTD.


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE FULL ELECTRICAL SERVICES COMPANY
LTD.


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS102 - the Financial Reporting Standard applicable in the UK & The Republic of Ireland, the Companies Act 2006 and relevant tax compliance regulations in the UK.

We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by meeting with management to understand where management considered there was susceptibility to fraud. Audit procedures performed by the audit team included:

- Challenging assumptions and judgements made by management in its significant accounting estimates;
- Identifying and testing journal entries, with a focus on entries made with unusual accounting combinations;
- Confirming with management whether they have knowledge of any actual, suspected or illegal fraud;
- Evaluating whether there was evidence of bias by management that represents a risk of material misstatement due to fraud.

These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance will all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE FULL ELECTRICAL SERVICES COMPANY
LTD.


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jacqueline Biggs FCCA ACA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
First Floor, Davidson House
Forbury Square
Reading
Berkshire
RG1 3EU

28 August 2025

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024 2023
Notes £ £

TURNOVER 24,391,590 24,501,947

Cost of sales 20,935,099 22,052,642
GROSS PROFIT 3,456,491 2,449,305

Administrative expenses 2,761,475 1,288,079
OPERATING PROFIT 5 695,016 1,161,226

Interest receivable and similar income 288,871 191,610
983,887 1,352,836
Amounts written off investments 7 - 21,771
PROFIT BEFORE TAXATION 983,887 1,331,065

Tax on profit 8 260,214 352,742
PROFIT FOR THE FINANCIAL YEAR 723,673 978,323

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

723,673

978,323

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

BALANCE SHEET
30 NOVEMBER 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 10 34,464 41,459
Investments 11 - -
34,464 41,459

CURRENT ASSETS
Debtors 12 5,302,932 4,620,163
Cash at bank 10,094,097 10,077,401
15,397,029 14,697,564
CREDITORS
Amounts falling due within one year 13 4,800,337 4,665,237
NET CURRENT ASSETS 10,596,692 10,032,327
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,631,156

10,073,786

PROVISIONS FOR LIABILITIES 16 7,458 2,761
NET ASSETS 10,623,698 10,071,025

CAPITAL AND RESERVES
Called up share capital 17 202 202
Capital redemption reserve 18 8 8
Retained earnings 18 10,623,488 10,070,815
SHAREHOLDERS' FUNDS 10,623,698 10,071,025

The financial statements were approved and authorised for issue by the director and authorised for issue on 28 August 2025 and were signed by:





A S Loyal - Director


THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£ £ £ £
Balance at 1 December 2022 202 9,270,492 8 9,270,702

Changes in equity
Dividends - (178,000 ) - (178,000 )
Total comprehensive income - 978,323 - 978,323
Balance at 30 November 2023 202 10,070,815 8 10,071,025

Changes in equity
Dividends - (171,000 ) - (171,000 )
Total comprehensive income - 723,673 - 723,673
Balance at 30 November 2024 202 10,623,488 8 10,623,698

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 679,924 3,224,572
Tax paid (389,280 ) (22,800 )
Net cash from operating activities 290,644 3,201,772

Cash flows from investing activities
Purchase of tangible fixed assets (4,242 ) (2,934 )
Interest received 288,871 191,610
Net cash from investing activities 284,629 188,676

Cash flows from financing activities
Amount introduced by directors 111,352 -
Amount withdrawn by directors (67,092 ) -
Equity dividends paid (171,000 ) (178,000 )
Net cash from financing activities (126,740 ) (178,000 )

Increase in cash and cash equivalents 448,533 3,212,448
Cash and cash equivalents at
beginning of year

2

9,351,933

6,139,485

Cash and cash equivalents at end of
year

2

9,800,466

9,351,933

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024


1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS

2024 2023
£ £
Profit for the financial year 723,673 978,323
Depreciation charges 11,237 13,540
Amount written off - investments - 21,771
Finance income (288,871 ) (191,610 )
Taxation 260,214 352,742
706,253 1,174,766
(Increase)/decrease in trade and other debtors (682,769 ) 2,106,607
Increase/(decrease) in trade and other creditors 656,440 (56,801 )
Cash generated from operations 679,924 3,224,572

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2024
30/11/24 1/12/23
£ £
Cash and cash equivalents 10,094,097 10,077,401
Bank overdrafts (293,631 ) (725,468 )
9,800,466 9,351,933
Year ended 30 November 2023
30/11/23 1/12/22
£ £
Cash and cash equivalents 10,077,401 6,522,132
Bank overdrafts (725,468 ) (382,647 )
9,351,933 6,139,485


THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/12/23 Cash flow At 30/11/24
£ £ £
Net cash
Cash at bank 10,077,401 16,696 10,094,097
Bank overdrafts (725,468 ) 431,837 (293,631 )
9,351,933 448,533 9,800,466
Total 9,351,933 448,533 9,800,466

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024


1. STATUTORY INFORMATION

The Full Electrical Services Company Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The financial statements are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements contain information about The Full Electrical Services Company Ltd as an individual company and do not contain consolidated information as the parent of a group. The inclusion of the subsidiary undertaking is not material for the purpose of giving a true and fair view and has been excluded from consolidation under Section 405(2) of the Companies Act 2006.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover represents the net invoiced sales of goods and services, adjusted for amounts recovered under contract excluding value added tax.

Construction contracts
When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Where applicable, the stage of completion is determined on the basis of the proportion of the contract costs incurred to date over the estimated total costs.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Leasehold improvements-10% on cost
Computer equipment-25% on reducing balance
Plant and equipment-25% on reducing balance
Motor vehicles-25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
Basic financial assets
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, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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 payments 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.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.


THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. 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 equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


2. ACCOUNTING POLICIES - continued

Amounts recoverable on contracts
Amounts recoverable on long-term contracts are stated at the lower of cost and net realisable value. Long term contract balances are stated at net cost less foreseeable losses less any applicable payments on account. Provided that the outcome of long-term contracts can be assessed with reasonable certainty, such contracts are valued at cost plus attributable profit earned to date. The amount recorded as turnover in respect of long-term contracts is ascertained by reference to the value of work carried out to date and consists of material and direct labour costs plus attributable profit earned to date.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Amounts recoverable on contracts
The amount recorded as turnover in respect of long-term contracts is ascertained by reference to the value of work carried out to date and consists of material and direct labour costs plus attributable profit earned to date.

4. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 2,717,381 2,680,788
Social security costs 292,208 299,487
Other pension costs 49,130 45,932
3,058,719 3,026,207

The average number of employees during the year was as follows:
2024 2023

Management 2 2
Site 37 35
Admin 6 6
45 43

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


4. EMPLOYEES AND DIRECTORS - continued

2024 2023
£ £
Directors' remuneration 33,093 51,297
Directors' pension contributions to money purchase schemes 346 346

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£ £
Depreciation - owned assets 11,237 13,540
Auditors' remuneration 30,224 33,224
Auditors' remuneration for non audit work 37,926 12,750
Foreign exchange differences 15,489 (19,584 )
Operating lease charges 129,099 102,551

6. EXCEPTIONAL ITEMS
2024 2023
£ £
Exceptional items (1,648,084 ) -

The exceptional costs in the year relate to the administration of a customer and the resulting impact on the associated contracts and trade debtor position.

7. AMOUNTS WRITTEN OFF INVESTMENTS
2024 2023
£ £
Amounts w/o invs - 21,771

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 255,517 354,256

Deferred tax 4,697 (1,514 )
Tax on profit 260,214 352,742

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Profit before tax 983,887 1,331,065
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 23.011%)

245,972

306,291

Effects of:
Expenses not deductible for tax purposes 8,566 40,571
Depreciation in excess of capital allowances - 2,384
Deferred tax 5,676 (1,514 )
Investment write off - 5,010
Total tax charge 260,214 352,742

9. DIVIDENDS

Dividends voted and paid in the period totalled £171,000 (2023: £178,000).

10. TANGIBLE FIXED ASSETS
Long Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£ £ £ £ £
COST
At 1 December 2023 114,878 3,126 80,104 160,900 359,008
Additions - - - 4,242 4,242
At 30 November 2024 114,878 3,126 80,104 165,142 363,250
DEPRECIATION
At 1 December 2023 114,878 3,126 61,250 138,295 317,549
Charge for year - - 4,714 6,523 11,237
At 30 November 2024 114,878 3,126 65,964 144,818 328,786
NET BOOK VALUE
At 30 November 2024 - - 14,140 20,324 34,464
At 30 November 2023 - - 18,854 22,605 41,459

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


11. FIXED ASSET INVESTMENTS

The company's investments at the Balance Sheet date in the share capital of companies include the following:

FES GmbH
Registered office: Europadamm 4, 41460 Neuss, Germany
Nature of business:
%
Class of shares: holding
25,000 1€ Shares 100.00

FES GmbH ceased trading in a prior period and is currently in the process of being liquidated.

12. DEBTORS
2024 2023
£ £
Amounts falling due within one year:
Trade debtors 3,820,450 2,568,208
Amounts owed by group undertakings 94,846 90,371
Other debtors 12,350 12,350
Tax 123,722 123,722
VAT 24,495 206,610
Prepayments and accrued income 102,627 39,299
4,178,490 3,040,560

Amounts falling due after more than one year:
Customer retentions 1,124,442 1,579,603

Aggregate amounts 5,302,932 4,620,163

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 14) 293,631 725,468
Trade creditors 3,550,835 3,023,580
Tax 224,025 357,788
Social security and other taxes 80,561 70,720
Other creditors 12,386 21,955
Directors' current accounts 48,915 4,655
Accruals and deferred income 589,984 461,071
4,800,337 4,665,237

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 293,631 725,468

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 19,747 20,563
Between one and five years 10,544 10,286
30,291 30,849

16. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 7,458 2,761

Deferred tax
£
Balance at 1 December 2023 2,761
Provided during year 4,697
Balance at 30 November 2024 7,458

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
92 Ordinary £1 92 92
100 A Non Voting Ordinary £1 100 100
10 B Non Voting Ordinary £1 10 10
202 202

THE FULL ELECTRICAL SERVICES COMPANY
LTD. (REGISTERED NUMBER: 03100654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


18. RESERVES
Capital
Retained redemption
earnings reserve Totals
£ £ £

At 1 December 2023 10,070,815 8 10,070,823
Profit for the year 723,673 723,673
Dividends (171,000 ) (171,000 )
At 30 November 2024 10,623,488 8 10,623,496

19. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions included in the profit or loss in respect of defined contribution schemes during the year were £49,130 (2023: £45,932). There were £7,225 (2023: £13,598) contributions outstanding at the balance sheet date.

20. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

At the balance sheet date, £48,915 was due to key management personnel (2023: £4,655).

Salaries paid to other related parties in the period are £10,100 (2023: £9,704)

21. POST BALANCE SHEET EVENTS

On 18 August 2025 the company repurchased 50 of its A non-voting ordinary shares and 17 of its ordinary shares for £1,150,000.

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A S Loyal.