Registered number: 09989395
31 DECEMBER 2024
AC ELECTRICAL SERVICES GROUP LIMITED
COMPANY INFORMATION
AC ELECTRICAL SERVICES GROUP LIMITED
CONTENTS
AC ELECTRICAL SERVICES GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR 31 DECEMBER 2024
The Directors have pleasure in presenting their report and the financial statements of the Company for the year ended 31 December 2024.
The Company is a holding company of a trading entity that 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 £127,793 (9 month period ended 31 December 2023: £84,999).
The net profit for the year was £127,793 (9 month period ended 31 December 2023: £84,999).
As AC Electrical Services Group Limited is an intermediate holding company it does not individually monitor the principle risks and uncertainties. Analysis of the risks and uncertainties that the group as a whole face has been provided in the subsidiary entity accounts AC Electrical Services (NW) Limited.
As AC Electrical Services Group Limited is an intermediate holding company it does not individually monitor key performance indicators. Anlysis of key performance indicators are given in the subsidiary entity accounts AC Electrical Services (NW) Limited.
This report was approved by the board and signed on its behalf.
Page 1
AC ELECTRICAL SERVICES GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
The Directors are responsible for preparing the Strategic Report, the Directors Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 Directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 £127,793 (2023 - £84,999).
The Directors have not recommended a final dividend this year (2023: £9,554,847).
The Directors who served during the year were:
No significant changes in the nature of the business are expected in the near future.
Information is not shown in the Directors' 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.
Page 2
AC ELECTRICAL SERVICES GROUP LIMITED
DIRECTORS' 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 auditor 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.
Page 3
AC ELECTRICAL SERVICES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AC ELECTRICAL SERVICES GROUP LIMITED
We have audited the financial statements of AC Electrical Services Group 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 Auditor's 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 Directors' 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 Directors 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 Auditor's Report thereon. The Directors are 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.
Page 4
AC ELECTRICAL SERVICES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AC ELECTRICAL SERVICES GROUP 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' 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 Directors' Report.
Page 5
AC ELECTRICAL SERVICES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AC ELECTRICAL SERVICES GROUP 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 Auditor's 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 and tax legislation.
∙We enquired of the Directors, reviewed correspondence with HMRC and reviewed Directors' meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the Directors has in place to ensure compliance.
∙We gained an understanding of the controls that the Directors has in place to prevent and detect fraud. We enquired of the Directors 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 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 Directors 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 nondetection 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 Auditor's Report.
Page 6
AC ELECTRICAL SERVICES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AC ELECTRICAL SERVICES GROUP 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 Auditor's 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
Page 7
AC ELECTRICAL SERVICES GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 8
AC ELECTRICAL SERVICES GROUP LIMITED
REGISTERED NUMBER: 09989395
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 11 to 17 form part of these financial statements.
Page 9
AC ELECTRICAL SERVICES GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 10
AC ELECTRICAL SERVICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
AC Electrical Services Group 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.
On 3 April 2023 the Storskogen Group completed the investment in the AC Electrical Services Group Limited. To facilitate this investment, Storskogen UK Limited acquired 80% of the share capital of AC Electrical Services Group Limited. The prior period covered the period 1 April 2023 to 31 December 2023. These financial statements are for the period 1 January 2024 to 31 December 2024.
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.
On 3 April 2023 the Storskogen Group completed the investment in the AC Electrical Services Group Limited. To facilitate this investment, Storskogen UK Limited acquired 80% of the share capital of AC Electrical Services Group Limited. The prior period covered the period 1 April 2023 to 31 December 2023. These financial statements are for the period 1 January 2024 to 31 December 2024.
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 management to exercise judgment 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 Stockholm stock exchange.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
Page 11
AC ELECTRICAL SERVICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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.
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.
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.
There are no key estimates or sources of estimation uncertainty.
Page 12
AC ELECTRICAL SERVICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 13
AC ELECTRICAL SERVICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
Page 14
AC ELECTRICAL SERVICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Page 15
AC ELECTRICAL SERVICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
Page 16
AC ELECTRICAL SERVICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
At the reporting date, Storskogen UK Ltd, a company with registered office Sweden House, 5 Upper Montagu Street, London, England, W1H 2AG was the immediate parent company.
The smallest and largest group in which the results of AC Electrical Services Group 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 Group 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.
Page 17