Maidstone Electrical Centre Limited Company accounts

COMPANY REGISTRATION NUMBER: 04200040

Maidstone Electrical Centre Limited

Unaudited Financial Statements

31 December 2024

Maidstone Electrical Centre Limited

Financial Statements

Year ended 31st December 2024

Contents	Page

Officers and professional advisers	1

Directors' report	2

Statement of income and retained earnings	3

Statement of financial position	4

Notes to the financial statements	6

Maidstone Electrical Centre Limited

Officers and Professional Advisers

The board of directors	Mr D J Stone
	Mr M P Ranson

Registered office	Brooks House
	1 Albion Place
	Maidstone
	Kent
	ME14 5DY

Accountants	Wormald-Accountants Limited
	Accountants
	Brooks House
	1 Albion Place
	Maidstone
	Kent
	ME14 5DY

Bankers	Barclays Bank Plc
	Maidstone Corporate Banking Centre
	P O Box 773
	40-46 High Street
	Maidstone
	Kent
	ME14 1SS

Maidstone Electrical Centre Limited

Directors' Report

Year ended 31st December 2024

The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2024 .

Directors

The directors who served the company during the year were as follows:

Mr D J Stone
Mr M P Ranson

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 29 September 2025 and signed on behalf of the board by:

Mr D J Stone

Director

Maidstone Electrical Centre Limited

Statement of Income and Retained Earnings

Year ended 31st December 2024

	2024	2023
Note	£	£
Turnover	1,989,386	2,737,474

Cost of sales	1,580,047	2,133,465
	------------	------------
Gross profit	409,339	604,009

Administrative expenses	417,946	342,630
Other operating income	9,174	15,024
	---------	---------
Operating profit	567	276,403

Other interest receivable and similar income		20,037	5,809
Interest payable and similar expenses		573	–
		---------	---------
Profit before taxation	5	20,031	282,212

Tax on profit	2,847	69,558
	--------	---------
Profit for the financial year and total comprehensive income	17,184	212,654
	--------	---------

Dividends paid and payable	6	( 140,380)	( 94,527)

Retained earnings at the start of the year	877,265	759,138
	---------	---------
Retained earnings at the end of the year	754,069	877,265
	---------	---------

All the activities of the company are from continuing operations.

Maidstone Electrical Centre Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	8	44,040	36,695
Investments	9	201,561	201,561
		---------	---------
		245,601	238,256

Current assets

Stocks		154,088	151,784
Debtors	10	457,546	621,069
Cash at bank and in hand		394,008	472,357
		------------	------------
		1,005,642	1,245,210

Creditors: amounts falling due within one year	11	447,054		556,081
		------------		------------
Net current assets			558,588	689,129
			---------	---------
Total assets less current liabilities			804,189	927,385
			---------	---------
Net assets			804,189	927,385
			---------	---------

Maidstone Electrical Centre Limited

Statement of Financial Position (continued)

31 December 2024

	2024		2023
Note	£	£	£

Capital and reserves

Called up share capital	50,120	50,120
Profit and loss account	754,069	877,265
	---------	---------
Shareholders funds	804,189	927,385
	---------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31st December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

Mr D J Stone

Director

Company registration number: 04200040

Maidstone Electrical Centre Limited

Notes to the Financial Statements

Year ended 31st December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Brooks House, 1 Albion Place, Maidstone, Kent, ME14 5DY.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	25% reducing balance
Fixtures & fittings	-	15% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2023: 10 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2024	2023
	£	£
Depreciation of tangible assets	13,766	11,177
	--------	--------

6. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2024	2023
	£	£
Equity dividends on ordinary shares	140,380	94,527
	---------	--------

7. Intangible assets

	Goodwill
	£
Cost
At 1st January 2024 and 31st December 2024	50,000
	--------
Amortisation
At 1st January 2024 and 31st December 2024	50,000
	--------
Carrying amount
At 31st December 2024	–
	--------
At 31st December 2023	–
	--------

8. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1st January 2024	1,100	60,515	112,808	5,640	180,063
Additions	–	–	25,033	–	25,033
Disposals	–	–	( 16,529)	–	( 16,529)
	-------	--------	---------	-------	---------
At 31st December 2024	1,100	60,515	121,312	5,640	188,567
	-------	--------	---------	-------	---------
Depreciation
At 1st January 2024	969	53,658	84,047	4,694	143,368
Charge for the year	33	1,029	12,468	236	13,766
Disposals	–	–	( 12,607)	–	( 12,607)
	-------	--------	---------	-------	---------
At 31st December 2024	1,002	54,687	83,908	4,930	144,527
	-------	--------	---------	-------	---------
Carrying amount
At 31st December 2024	98	5,828	37,404	710	44,040
	-------	--------	---------	-------	---------
At 31st December 2023	131	6,857	28,761	946	36,695
	-------	--------	---------	-------	---------

9. Investments

	Investment property
	£
Cost
At 1st January 2024 and 31st December 2024	201,561
	---------
Impairment
At 1st January 2024 and 31st December 2024	–
	---------

Carrying amount
At 31st December 2024	201,561
	---------
At 31st December 2023	201,561
	---------

10. Debtors

	2024	2023
	£	£
Trade debtors	424,389	601,587
Other debtors	33,157	19,482
	---------	---------
	457,546	621,069
	---------	---------

11. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	367,396	415,797
Corporation tax	2,847	69,558
Social security and other taxes	20,881	12,145
Wages control account	384	84
Other creditors	55,546	58,497
	---------	---------
	447,054	556,081
	---------	---------