REGISTERED NUMBER: 01731338 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

AMP ELECTRICAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Palmer

G Palmer

SECRETARY:

G Palmer

REGISTERED OFFICE:

Unit 21 Bonville Business Centre

Bonville Road

Brislington

Bristol

BS4 5QR

REGISTERED NUMBER:

01731338 (England and Wales)

ACCOUNTANTS:

Burnside

Chartered Accountants

61 Queen Square

Bristol

BS1 4JZ

FIXED ASSETS

Tangible assets

4

1,908,398

1,843,861

CURRENT ASSETS

Stocks

5

12,000

15,000

Debtors

6

352,078

473,278

Cash at bank

856,154

619,412

1,220,232

1,107,690

CREDITORS

Amounts falling due within one year

7

467,481

519,766

NET CURRENT ASSETS

752,751

587,924

TOTAL ASSETS LESS CURRENT LIABILITIES

2,661,149

2,431,785

CREDITORS

Amounts falling due after more than one year

8

(99,887

)

(153,906

)

PROVISIONS FOR LIABILITIES

12

(71,736

)

(87,267

)

NET ASSETS

2,489,526

2,190,612

CAPITAL AND RESERVES

Called up share capital

13

36

36

Retained earnings

2,489,490

2,190,576

SHAREHOLDERS' FUNDS

2,489,526

2,190,612

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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 29 September 2025 and were signed on its behalf by:

G Palmer - Director

M Palmer - Director

1.	STATUTORY INFORMATION

AMP Electrical Limited 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.

Turnover

Turnover represents the value of sales of goods and services rendered during the year, excluding value added tax and trade discounts. Turnover in respect of contracts ongoing at the year end is measured in accordance with valuations of work completed as certified by customers.

In respect of long term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold land & property

-

not provided

Plant & machinery

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Listed current asset investments

Listed current asset investments are initially recognised at cost, and are subsequently carried at fair value. Gains or losses in fair value are recognised through profit and loss.

Financial instruments

Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company may not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs.

Going concern

The directors have reviewed the going concern status of the business for the foreseeable future. The directors fully expect that the company will remain a going concern and will have sufficient working capital to meet its requirements for the foreseeable future. The directors therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

land &

Plant &

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

1,487,237

83,663

603,493

2,174,393

Additions

127,962

8,455

-

136,417

At 31 December 2024

1,615,199

92,118

603,493

2,310,810

DEPRECIATION

At 1 January 2024

-

68,884

261,648

330,532

Charge for year

-

3,511

68,369

71,880

At 31 December 2024

-

72,395

330,017

402,412

NET BOOK VALUE

At 31 December 2024

1,615,199

19,723

273,476

1,908,398

At 31 December 2023

1,487,237

14,779

341,845

1,843,861

Included in cost of land and buildings is freehold land of £ 29,688 (2023 - £ 29,688 ) which is not depreciated.

The company has not depreciated its freehold property as the directors are satisfied that there is no material difference between the original cost of this property and the directors' valuation of its current market value at the year end.

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

Motor

vehicles

£

COST

At 1 January 2024

and 31 December 2024

67,803

DEPRECIATION

At 1 January 2024

2,260

Charge for year

13,109

At 31 December 2024

15,369

NET BOOK VALUE

At 31 December 2024

52,434

At 31 December 2023

65,543

5.

STOCKS

2024

2023

£

£

Stocks

12,000

15,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

200,843

165,294

Amounts recoverable on

contracts

25,000

29,127

Other debtors

76,245

196,245

Corporation tax recoverable

3,661

-

VAT

40,150

76,564

Prepayments and accrued income

6,179

6,048

352,078

473,278

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 9)

41,763

39,885

Hire purchase contracts (see note 10)

11,313

11,313

Trade creditors

95,218

267,352

Corporation tax

195,411

105,585

Social security and other taxes

13,316

21,258

Other creditors

7,513

17,819

Directors' current accounts

7,810

7,810

Accruals and deferred income

95,137

48,744

467,481

519,766

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans (see note 9)

89,517

131,280

Hire purchase contracts (see note 10)

10,370

22,626

99,887

153,906

9.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank loans

41,763

39,885

Amounts falling due between two and five years:

Bank loans - 2-5 years

89,517

131,280

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

11,313

11,313

Between one and five years

10,370

22,626

21,683

33,939

Non-cancellable

operating leases

2024

2023

£

£

Within one year

24,000

24,000

Between one and five years

-

24,000

24,000

48,000

11.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

131,280

171,165

The bank loan is secured on the freehold property to which it relates.

12.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

Accelerated capital allowances

73,300

89,156

Other timing differences

(1,564

)

(1,889

)

71,736

87,267

Deferred

tax

£

Balance at 1 January 2024

87,267

Movement during the year

(15,531

)

Balance at 31 December 2024

71,736

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

36

Ordinary

£1

36

36

14.	RELATED PARTY DISCLOSURES

The company operates a Self Administered Pension Scheme under the name of AMP Electrical Retirement Benefits Scheme SSAS scheme number 1272.

The 'Managing Trustees' of the scheme are M Palmer and G Palmer, both directors of the company, and the 'Special Trustees' of the scheme are Scottish Widows Trustees Ltd.

The assets of the scheme are held separately from those of the company. Contributions are charged to the profit and loss account. Total contributions for the year amounted to £nil (2023 - £120,000).

During the year the company settled liabilities on behalf of the scheme amounting to £52,138 (2023 - £196,245). The scheme repaid £172,138 (2023 - £nil) during the year and £76,245 (2023 - £196,245) was owed by the scheme to the company at 31 December 2024. No interest is charged on this loan.

During the year, rent of £44,640 (2023 - £30,640) was paid to AMP Electrical Retirement Benefits Scheme.

As at 31 December 2024 the company owed Gary Palmer £6,587 (2023 - £6,587) and Mark Palmer £1,223 (2023 - £1,223), who are both directors of the company, in respect of loans made to the company. No interest is being charged on these loans. The loans are repayable on demand.

15.	ULTIMATE CONTROLLING PARTY

The company was under the control of M Palmer and G Palmer throughout the current and previous year. Both are the managing directors and own between them 52.78% of the issued share capital of the company.