REGISTERED NUMBER: 10678012 (England and Wales)

Malcolm Baines Electrical Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

R T Baines

Mrs J D Baines

REGISTERED OFFICE:

40 Raikeswood Road

Skipton

North Yorkshire

BD23 1NB

REGISTERED NUMBER:

10678012 (England and Wales)

ACCOUNTANTS:

Walkers Accountants Limited

Aireside House

Aireside Business Centre

Royd Ings Avenue

Keighley

West Yorkshire

BD21 4BZ

FIXED ASSETS

Tangible assets

4

13,465

18,386

CURRENT ASSETS

Stocks

7,750

9,000

Debtors

5

13,140

25,207

Cash at bank and in hand

53,552

35,043

74,442

69,250

CREDITORS

Amounts falling due within one year

6

(43,902

)

(31,117

)

NET CURRENT ASSETS

30,540

38,133

TOTAL ASSETS LESS CURRENT LIABILITIES

44,005

56,519

CREDITORS

Amounts falling due after more than one year

7

(1,064

)

(7,341

)

NET ASSETS

42,941

49,178

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

42,841

49,078

SHAREHOLDERS' FUNDS

42,941

49,178

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2025 and were signed on its behalf by:

R T Baines - Director

1.	STATUTORY INFORMATION

Malcolm Baines Electrical 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 (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable during the year and is net of sales returns, trade discount and rebates. Revenue is recognised when goods are delivered and legal title has passed.

The company enters into contracts to provide its services. At the year end all contacts that have not been finalised are reviewed and an estimate of the recoverability of these contracts is determined, based on the expected contract value and work completed to date.

Tangible fixed assets

All tangible fixed assets are at cost less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Assets held under finance lease are depreciated in the same manner as owned assets.

Renewals, repairs and maintenance are charged to profit and loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a mixture of methods. The depreciation bases are as detailed above.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are credited or charged to the income statement.

Impairment of fixed assets

At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indications exists, the recoverable amount of an 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 the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less that its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reserves, the carrying amount of the asset is increased to the revised estimate of its recoverable amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks

Stocks are measured at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for costs of realisation. Provision is made where necessary for obsolete, slow moving, and defective stocks.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. Impairment loss is recognised immediately in the profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-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.

Government grants

Government grants are accounted for under the accrual model.

Grants received relating to revenue are recognised as income on a systematic basis over the periods in which the company recognises the related cost for which the grant is intended to compensate.

Grants received to give immediate financial support are recognised as income in the period in which they become receivable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2024 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

and 31 March 2025

59,682

DEPRECIATION

At 1 April 2024

41,296

Charge for year

4,921

At 31 March 2025

46,217

NET BOOK VALUE

At 31 March 2025

13,465

At 31 March 2024

18,386

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2024

and 31 March 2025

23,154

DEPRECIATION

At 1 April 2024

18,779

Charge for year

1,094

At 31 March 2025

19,873

NET BOOK VALUE

At 31 March 2025

3,281

At 31 March 2024

4,375

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

6,963

9,013

Other debtors

6,177

16,194

13,140

25,207

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

6,277

6,122

Taxation and social security

18,435

6,404

Other creditors

19,190

18,591

43,902

31,117

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

1,064

7,341

8.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. During the year £20,556 (2024: £32,186) has been charged to the profit and loss account in respect of pension contributions. At the balance sheet date, there was £630 outstanding in relation to pensions due in March 2025.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

31.3.25

31.3.24

£

£

R T Baines and Mrs J D Baines

Balance outstanding at start of year

14,040

16,163

Amounts advanced

43,496

34,501

Amounts repaid

(54,638

)

(36,624

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,898

14,040

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Malcolm Baines Electrical Ltd for the year ended 31 March 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Malcolm Baines Electrical Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Malcolm Baines Electrical Ltd and state those matters that we have agreed to state to the Board of Directors of Malcolm Baines Electrical Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Malcolm Baines Electrical Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Malcolm Baines Electrical Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Malcolm Baines Electrical Ltd. You consider that Malcolm Baines 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 financial statements of Malcolm Baines 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 financial statements.

Walkers Accountants Limited

Aireside House

Aireside Business Centre

Royd Ings Avenue

Keighley

West Yorkshire

BD21 4BZ

Date: .............................................