MHV Electrical Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 13069660

MHV ELECTRICAL LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2024

MHV ELECTRICAL LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

CONTENTS	PAGE

Statement of financial position	1

Notes to the financial statements	3

MHV ELECTRICAL LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£	£

FIXED ASSETS

Intangible assets	5	2,400	4,800
Tangible assets	6	18,277	23,141
		---------	---------
		20,677	27,941

CURRENT ASSETS

Stocks		3,620	3,515
Debtors	7	11,862	10,670
Cash at bank and in hand		1	1
		---------	---------
		15,483	14,186

CREDITORS: amounts falling due within one year	8	31,644		24,628
		---------		---------
NET CURRENT LIABILITIES			16,161		10,442
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			4,516		17,499

CREDITORS: amounts falling due after more than one year	9	3,497	7,312
		--------	---------
NET ASSETS		1,019	10,187
		--------	---------

MHV ELECTRICAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

	2024		2023
Note	£	£	£	£

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	919	10,087
	--------	---------
SHAREHOLDERS FUNDS	1,019	10,187
	--------	---------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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

Director's 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 director acknowledges his 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 J Vodden
Director

Company registration number: 13069660

MHV ELECTRICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 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 Equitable House, 55 Pellon Lane, Halifax, HX1 5SP.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.

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.

Current and deferred 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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

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	-	Over 5 years

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:

Motor vehicles	-	25% reducing balance
Equipment	-	15% reducing balance

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).

5. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	12,000
	---------
Amortisation
At 1 January 2024	7,200
Charge for the year	2,400
	---------
At 31 December 2024	9,600
	---------
Carrying amount
At 31 December 2024	2,400
	---------
At 31 December 2023	4,800
	---------

6. TANGIBLE ASSETS

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 January 2024	35,444	2,830	38,274
Additions	–	829	829
	---------	--------	---------
At 31 December 2024	35,444	3,659	39,103
	---------	--------	---------
Depreciation
At 1 January 2024	14,113	1,020	15,133
Charge for the year	5,333	360	5,693
	---------	--------	---------
At 31 December 2024	19,446	1,380	20,826
	---------	--------	---------
Carrying amount
At 31 December 2024	15,998	2,279	18,277
	---------	--------	---------
At 31 December 2023	21,331	1,810	23,141
	---------	--------	---------

7. DEBTORS

	2024	2023
	£	£
Trade debtors	7,715	6,817
Prepayments and accrued income	–	23
Provision for ongoing contracts	4,147	3,830
	---------	---------
	11,862	10,670
	---------	---------

8. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	1,589	1,573
Trade creditors	7,792	4,684
Accruals and deferred income	525	450
Corporation tax	9,030	6,977
Social security and other taxes	8,825	5,736
Obligations under finance leases and hire purchase contracts	3,814	3,814
Director loan accounts	69	119
Other creditors	–	1,275
	---------	---------
	31,644	24,628
	---------	---------

The following liabilities disclosed under creditors falling due within one year are secured by the company:

	2024	2023
	£	£
Obligations under finance leases and hire purchase contracts	3,814	3,814
	--------	--------

9. CREDITORS: amounts falling due after more than one year

	2024	2023
	£	£
Obligations under finance leases and hire purchase contracts	3,497	7,312
	--------	--------

The following liabilities disclosed under creditors falling due after more than one year are secured by the company:

	2024	2023
	£	£
Obligations under finance leases and hire purchase contracts	3,497	7,312
	--------	--------

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The director's loan account was in credit throughout the year. The loan is repayable on demand and no interest is charged.