Company Registration Number: 04500487
AUDITED
FOR THE YEAR ENDED 31 DECEMBER 2024
AC ELECTRICAL SERVICES (NW) LIMITED
COMPANY INFORMATION
AC ELECTRICAL SERVICES (NW) LIMITED
CONTENTS
AC ELECTRICAL SERVICES (NW) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Director has pleasure in presenting his report and the financial statements of the Company for the year ended 31 December 2024.
The Company provides a comprehensive range of electrical services including the fitting of new and replacement installations in retail and commercial premises across the UK. It also provides complimentary 24/7 maintenance support and a full fitting out service.
The net profit for the year was £4,476,608 (9 month period ended 31 December 2023: £2,729,704).
The net profit for the year was £4,476,608 (9 month period ended 31 December 2023: £2,729,704).
The following principal risks and uncertainties have been identified by the Director. While the Director seeks to identify all material risks and uncertainties he cannot be certain that they include all risks and uncertainties that may manifest themselves in the future.
Market
The Company operates its business within the UK market. It is subject to general changes in the UK economy that can arise including boom, recession, political uncertainty, inflation and deflation that could adversely affect future results. The market it operates in for electrical services has grown and continues to grow as consequence of improvements in underlying technology and the costs savings that can be achieved using more energy efficient LED and other products.
Customers
The Company is reliant on its customers who provide its income. The loss of a large customer could impact future trading. The Company has successfully retained its best customers by maintaining close relationships and by providing a prompt, high quality and good value for money service. The Company continues to seek new custom from existing and new customers where it fits well with what it does and can do.
Operations
The Company has at any one time a strong order book of work in hand. That enables it to choose the work it does to maximise its business goals. That may change in the future. Most projects undertaken are relatively modest in size in relation to total work done so the risk relating to any one project is reduced. Most work undertaken represents a reiteration of work done before so the Company has a good understanding of what is involved thereby reducing the risk of an adverse outcome.
Credit
The Company typically provides credit terms to its customers. The loss of a large customer could materially affect the Company’s finances. Its key customers are very large and successful companies with strong finances and leading positions in their markets which continue to grow. Key customers routinely pay within credit terms. Large projects undertaken are subject to interim invoicing to ensure payments are obtained as projects progress. Any balances falling beyond the due date are followed up to chase payment.
Liquidity
The Director manages, controls and monitors the Company’s cash flow on a monthly basis. The Company is part of a cash pool arrangement operated by its ultimate parent company. Under this arrangement cash balances are swept to the header accounts on a daily basis. The net amount swept to the header account is repayable by the ultimate parent company on demand, and the Company retains the ability to access the cash at any time. This cash is sufficient for the Company to easily manage any delay that may occur in customer payments.
Market
The Company operates its business within the UK market. It is subject to general changes in the UK economy that can arise including boom, recession, political uncertainty, inflation and deflation that could adversely affect future results. The market it operates in for electrical services has grown and continues to grow as consequence of improvements in underlying technology and the costs savings that can be achieved using more energy efficient LED and other products.
Customers
The Company is reliant on its customers who provide its income. The loss of a large customer could impact future trading. The Company has successfully retained its best customers by maintaining close relationships and by providing a prompt, high quality and good value for money service. The Company continues to seek new custom from existing and new customers where it fits well with what it does and can do.
Operations
The Company has at any one time a strong order book of work in hand. That enables it to choose the work it does to maximise its business goals. That may change in the future. Most projects undertaken are relatively modest in size in relation to total work done so the risk relating to any one project is reduced. Most work undertaken represents a reiteration of work done before so the Company has a good understanding of what is involved thereby reducing the risk of an adverse outcome.
Credit
The Company typically provides credit terms to its customers. The loss of a large customer could materially affect the Company’s finances. Its key customers are very large and successful companies with strong finances and leading positions in their markets which continue to grow. Key customers routinely pay within credit terms. Large projects undertaken are subject to interim invoicing to ensure payments are obtained as projects progress. Any balances falling beyond the due date are followed up to chase payment.
Liquidity
The Director manages, controls and monitors the Company’s cash flow on a monthly basis. The Company is part of a cash pool arrangement operated by its ultimate parent company. Under this arrangement cash balances are swept to the header accounts on a daily basis. The net amount swept to the header account is repayable by the ultimate parent company on demand, and the Company retains the ability to access the cash at any time. This cash is sufficient for the Company to easily manage any delay that may occur in customer payments.
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AC ELECTRICAL SERVICES (NW) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Compliance
The Company has to meet numerous standards to carry out its work. It is subject to annual inspections of its electrical works to check to see if it meets appropriate standards. To ensure continuing compliance, the Director monitors changes in electrical and health and safety laws and regulations. Measures are in place to ensure quality standards are maintained. The Company has approvals in place with the following industry organisations:
The Company has to meet numerous standards to carry out its work. It is subject to annual inspections of its electrical works to check to see if it meets appropriate standards. To ensure continuing compliance, the Director monitors changes in electrical and health and safety laws and regulations. Measures are in place to ensure quality standards are maintained. The Company has approvals in place with the following industry organisations:
∙NICEIC
∙ECA
∙SIPP Safecontractor
∙CHAS
∙Constructionline
The loss of any approvals could adversely affect the Company’s business by preventing it from undertaking work that it currently does or could otherwise do.
Supply chain
The Company relies on certain suppliers for the electrical products it uses in its installations. A loss of a large supplier could limit its access to the product it uses in its business. It has large credit accounts with many suppliers and so has access to alternative sources of product that is short supply or is required in quantity. The Company retains its own buyer who routinely obtains quotes from multiple suppliers to ensure best market prices are obtained. The Director reviews all major orders to check suitability and pricing before they are placed. Key suppliers are paid promptly to maintain good relations and to obtain early payment discount. Notwithstanding most product can be obtained at short notice and by quick delivery, the Company maintains stock of product in its own warehouse premises.
People
Good people are essential to the success of the business. The loss of key personnel or the inability to replace them when they leave could adversely affect its business. The Company uses many qualified electrician and other skilled work people in its business. Most workers are employed to ensure access to their labour, expertise and experience. Excellent rates of pay and terms and conditions of service are in place to retain staff. There is plenty of scope for employees to be promoted to more senior roles with commensurate increases in pay rates. The Company continuously recruits to replace and add to its workforce. It has an apprenticeship scheme in place to develop staff taken on at an early age. As well as learning on the job, staff are provided with appropriate training.
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AC ELECTRICAL SERVICES (NW) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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AC ELECTRICAL SERVICES (NW) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Director presents the report and the financial statements for the year ended 31 December 2024. Comparatives are provided for the previous period to 31 December 2023.
The Director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Director is required to:
∙select suitable accounting policies for the Company's financial statements 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 to 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.
The profit for the year, after taxation, amounted to £4,476,608 (2023 - £2,729,704).
The Director has not recommended a final dividend. No dividend was paid in the period (9 month period ended 31 December 2023: £Nil).
The Director who served during the year was:
No significant changes in the nature of the business are expected in the near future.
Information is not shown in the Director's Report because it is shown in the Strategic Report instead under s414C (11). The Strategic Report includes a business review, principal risks and uncertainties and financial key performance indicators.
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AC ELECTRICAL SERVICES (NW) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There are no post balance sheet events to report.
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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AC ELECTRICAL SERVICES (NW) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AC ELECTRICAL SERVICES (NW) LIMITED
We have audited the financial statements of AC Electrical Services (NW) Limited (the 'Company') for the Year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Director is responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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AC ELECTRICAL SERVICES (NW) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AC ELECTRICAL SERVICES (NW) LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial Year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
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 Director's Report.
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AC ELECTRICAL SERVICES (NW) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AC ELECTRICAL SERVICES (NW) LIMITED (CONTINUED)
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 an Auditors' Report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• We obtained an understanding of laws and regulations that affect the Company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, occupational health and employment legislation, NICEIC Approved Contractor Scheme, NICEIC Domestic Installer Scheme, ECA, SIPP Safecontractor, CHAS and Constructionline.
• We enquired of the Director, reviewed correspondence with HMRC and reviewed Director's meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the Director has in place to ensure compliance.
• We gained an understanding of the controls that the Director has in place to prevent and detect fraud. We enquired of the Director about any incidences of fraud that had taken place during the accounting period.
• The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls.
• We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
• We enquired of the Director about actual and potential litigation and claims.
• We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
• In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
Due to 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 the auditing standards. For example, 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 fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with 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 Auditors' Report.
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AC ELECTRICAL SERVICES (NW) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AC ELECTRICAL SERVICES (NW) LIMITED (CONTINUED)
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 an Auditors' Report 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leeds
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AC ELECTRICAL SERVICES (NW) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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AC ELECTRICAL SERVICES (NW) LIMITED
REGISTERED NUMBER: 04500487
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 26 form part of these financial statements.
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AC ELECTRICAL SERVICES (NW) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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AC ELECTRICAL SERVICES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
AC Electrical Services (NW) Limited (the Company) is a company limited by shares incorporated and domiciled in England and Wales. The address of its registered office is disclosed on the Company information page.
The Company's functional and presentational currency is Pound Sterling as this is the currency of the primary economic environment in which the Company operates.
These financial statements are for the year ended 31 December 2024. The comparative figures are for the 9 month period ended 31 December 2023.
The Company's functional and presentational currency is Pound Sterling as this is the currency of the primary economic environment in which the Company operates.
These financial statements are for the year ended 31 December 2024. The comparative figures are for the 9 month period ended 31 December 2023.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires the Company's management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires the Company's management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Storskogen Group AB as at 31 December 2024 and these financial statements may be obtained from www.storskogen.com.
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AC ELECTRICAL SERVICES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company recognises revenue when:
Contract revenue recognition
Amounts in respect of contracts part completed at the year end are included in revenue and in trade debtors. Amounts recoverable on long term contracts relate to work completed on projects that have not been invoiced. Interim payments invoiced at the year end in excess of the value of work done are shown in trade creditors. Income is recognised according to the stage of completion at the selling price.
Sale of goods
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
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AC ELECTRICAL SERVICES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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.
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.
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.
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Amortisation is provided on the following bases:
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AC ELECTRICAL SERVICES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Tangible assets are stated in the statement of financial position 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 tangible fixed assets less their residual values, other than investment property and land and properties under construction, over their estimated useful lives.
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 tangible fixed assets less their residual values, other than investment property and land and properties under construction, over their estimated useful lives.
Depreciation is provided on the following basis:
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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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AC ELECTRICAL SERVICES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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.
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
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AC ELECTRICAL SERVICES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The estimates and assumptions that have an increased risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
In preparing these financial statements, the Director has made the following judgements:
Recoverability of trade and other receivables
The Company established a provision for receivables that are estimated not to be recoverable. When assessing recoverability the Director have considered factors such as the aging of the receivables, past experience of recoverability, financial position of the other party, and the credit profile of individual or group of customers.
Provisioning
Provision is made for assurance warranties. This requires the Director's best estimate of the expenditure that will be incurred to fulfil contractual requirements and constructed obligations. The Director will estimate the value of the future cost utilising past experience and their knowledge in order to be able to make these provision.
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AC ELECTRICAL SERVICES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AC ELECTRICAL SERVICES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AC ELECTRICAL SERVICES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
Storskogen UK Limited is within the scope of the OECD Pillar Two model rules. Pillar Two legislation has been enacted in the UK and is effective in 2024.
Under the legislation, the group is liable to pay a top-up tax in the UK for the difference between the GloBE effective tax for each durisdiction and the 15% minimum rate. In addition, top-up taxes are payable locally where qualifying domestic minimum top-up taxes have been legislated and are in effect.
Transitional relief has been introduced based on the group's country-by-country reporting obligations. If the criteria are met, no top-up tax will be charged for the tax jurisdiction in question, and there is no need to prepare the full computation of top-up tax. Based on the preliminary country-by-country reporting for 2024, it has been determined that the UK is within the scope of the transitional relief rule.
The group apllies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to FRS 102 section 29 issued in July 2023.
Under the legislation, the group is liable to pay a top-up tax in the UK for the difference between the GloBE effective tax for each durisdiction and the 15% minimum rate. In addition, top-up taxes are payable locally where qualifying domestic minimum top-up taxes have been legislated and are in effect.
Transitional relief has been introduced based on the group's country-by-country reporting obligations. If the criteria are met, no top-up tax will be charged for the tax jurisdiction in question, and there is no need to prepare the full computation of top-up tax. Based on the preliminary country-by-country reporting for 2024, it has been determined that the UK is within the scope of the transitional relief rule.
The group apllies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to FRS 102 section 29 issued in July 2023.
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AC ELECTRICAL SERVICES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AC ELECTRICAL SERVICES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AC ELECTRICAL SERVICES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AC ELECTRICAL SERVICES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Profit and loss account
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AC ELECTRICAL SERVICES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund.
The pension charge represents contributions payable by the Company to the fund and amounted to £40,444 (9 month period ended 31 December 2023 - £27,276).
Contributions totalling £4,480 (31 December 2023 - £3,635) were payable at the balance sheet date.
The pension charge represents contributions payable by the Company to the fund and amounted to £40,444 (9 month period ended 31 December 2023 - £27,276).
Contributions totalling £4,480 (31 December 2023 - £3,635) were payable at the balance sheet date.
At the reporting date, AC Electrical Services Group Ltd, a company with registered office Unit 1 Dakota Court Amy Johnson Way, Blackpool, Lancashire, England, FY4 2RP was the immediate parent company.
The smallest and largest group in which the results of AC Electrical Services (NW) Limited will be consolidated in is headed by Storskogen Group AB, a company incorporated in Sweden. Copies of consolidated group financial statements can be obtained from www.storskogen.com.
The Directors consider the ultimate controlling party to be Storskogen Group AB.
The smallest and largest group in which the results of AC Electrical Services (NW) Limited will be consolidated in is headed by Storskogen Group AB, a company incorporated in Sweden. Copies of consolidated group financial statements can be obtained from www.storskogen.com.
The Directors consider the ultimate controlling party to be Storskogen Group AB.
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