Financial Statements
For the year ended 31 March 2025
Registered number: NI034252
Company Information
Contents
Strategic report
For the year ended 31 March 2025
The directors present their Strategeic report for the Company for the year ended 31 March 2025.
The Company's principal activity during the year was that of electrical contracting.
The profit for the financial year amounted to £7,463,572 (2024: £7,375,592 as restated). Net assets of the Company as at 31 March 2025 were £23,688,958 (2024: £20,225,386 as restated). The directors consider the results for the financial year and the position of the Company to be strong.
The profit for the financial year amounted to £7,463,572 (2024: £7,375,592 as restated). Net assets of the Company as at 31 March 2025 were £23,688,958 (2024: £20,225,386 as restated). The directors consider the results for the financial year and the position of the Company to be strong.
The Company's operations expose it to a variety of financial risks that include price risk, foreign exchange risk, credit risk, liquidity risk and interest rate risk. The Company has in place a risk management programme that aims to limit the adverse effects of the financial performance of the Company by monitoring levels of debt finance and the related finance costs.
Given the size of the Company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the Company's finance department.
Price risk
The Company is exposed to commodity price risk as a result of its operations. However, given the size of the Company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the Company's operations change in size or nature.
Foreign exchange risk
A sizeable part of the Company's revenues in the year were denominated in Euros resulting in the Company being potentially exposed to some foreign exchange risk in the normal course of business. Where appropriate, the Company uses basic hedging products placed with its principal bank to hedge foreign exchange exposure and mitigate risk.
Credit risk
The Company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board.
Liquidity risk
The Company is funded though cash at bank and retained earnings with minimal debt within the Company. The Company actively reviews the availability of finance to ensure the Company has sufficient working capital funds for operations and any planned expansions.
Interest rate risk
The Company has both interest-bearing assets and interest-bearing liabilities. Interest bearing assets include treasury bills and cash balances, all of which earn interest at a variable rate. Interest bearing liabilities relate to bank overdrafts which are at a variable rate. The Company has a policy of trying to maintain debt at SONIA plus a fixed rate, where possible, to ensure certainty of future interest cash flows. The directors will revisit the appropriateness of this policy should the Company's operations change in size or nature.
Given the size of the Company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the Company's finance department.
Price risk
The Company is exposed to commodity price risk as a result of its operations. However, given the size of the Company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the Company's operations change in size or nature.
Foreign exchange risk
A sizeable part of the Company's revenues in the year were denominated in Euros resulting in the Company being potentially exposed to some foreign exchange risk in the normal course of business. Where appropriate, the Company uses basic hedging products placed with its principal bank to hedge foreign exchange exposure and mitigate risk.
Credit risk
The Company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board.
Liquidity risk
The Company is funded though cash at bank and retained earnings with minimal debt within the Company. The Company actively reviews the availability of finance to ensure the Company has sufficient working capital funds for operations and any planned expansions.
Interest rate risk
The Company has both interest-bearing assets and interest-bearing liabilities. Interest bearing assets include treasury bills and cash balances, all of which earn interest at a variable rate. Interest bearing liabilities relate to bank overdrafts which are at a variable rate. The Company has a policy of trying to maintain debt at SONIA plus a fixed rate, where possible, to ensure certainty of future interest cash flows. The directors will revisit the appropriateness of this policy should the Company's operations change in size or nature.
Page 1
Strategic report (continued)
For the year ended 31 March 2025
The directors consider that the principal risks and uncertainties faced by the Company are in the following categories:
Overview
Performance of the Company is affected by general economic conditions and by specific sectoral factors such as exchange rate volatility and availability of skilled labour. The Board carries out regular strategic reviews including assessments of competitor activity, market trends and forecasts and customer behaviour. The security of product supply is monitored by the directors on an ongoing basis with supplier financial strength, product quality and service levels regularly reviewed. The Company's active review of market prices and hedging of foreign exchange for contracts in Europe provides protection from exchange rate fluctuations.
Environment
The Company recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.
Health and safety
The Company is committed to achieving the highest practicable standards in health and safety management and strives to make all sites and offices safe environments for employees and customers alike.
Human resources
The Company's most important resource is its people; their knowledge and experience are crucial to meeting customer requirements. Retention of key staff is critical and the company has invested increasingly in employment training and development and has introduced appropriate incentive and career progression arrangements.
Overview
Performance of the Company is affected by general economic conditions and by specific sectoral factors such as exchange rate volatility and availability of skilled labour. The Board carries out regular strategic reviews including assessments of competitor activity, market trends and forecasts and customer behaviour. The security of product supply is monitored by the directors on an ongoing basis with supplier financial strength, product quality and service levels regularly reviewed. The Company's active review of market prices and hedging of foreign exchange for contracts in Europe provides protection from exchange rate fluctuations.
Environment
The Company recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.
Health and safety
The Company is committed to achieving the highest practicable standards in health and safety management and strives to make all sites and offices safe environments for employees and customers alike.
Human resources
The Company's most important resource is its people; their knowledge and experience are crucial to meeting customer requirements. Retention of key staff is critical and the company has invested increasingly in employment training and development and has introduced appropriate incentive and career progression arrangements.
The Company's key performance indicators are as follows:
Page 2
Strategic report (continued)
For the year ended 31 March 2025
From the perspective of the Directors, the matters for consideration under section 172 of the Companies Act 2006(“s172”) have been considered to an appropriate extent by the Company. Such consideration is included in the statements set out below, noting the Directors’ duty under s172 to act in good faith to promote the success of the Company for the benefit of its shareholders but having regard amongst other matters to the following:
∙the likely consequences of any decision in the long term;
∙the interests of the Company’s employees;
∙the need to foster the Company’s business relationships with customers and others;
∙the impact of the Company’s operations on the community and the environment;
∙the desirability of the Company maintaining a reputation for high standards of business conduct; and
∙the need to act fairly as between members of the Company.
For the Company, compliance is one of the cornerstone values and forms the basis for all decisions and activities. It is the key to integrity in conducting business. The Directors are committed to ensuring that all business is carried out in full accordance with the law as well as internal rules and principles.
The Board of Directors of the Company, both individually and together, confirmed that they have acted in the way they consider, in good faith, would be most likely to promote success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in Section 172(1) (a-f) of the Act) in the decisions taken during the period ended 31 March 2025.
The following paragraphs summarise how the directors fulfil their duties:
The Board of Directors of the Company, both individually and together, confirmed that they have acted in the way they consider, in good faith, would be most likely to promote success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in Section 172(1) (a-f) of the Act) in the decisions taken during the period ended 31 March 2025.
The following paragraphs summarise how the directors fulfil their duties:
∙As the Board of Directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner.
∙As the Board of Directors, we are committed to openly engaging with our shareholders. It is important to us that shareholders understand our strategy and objectives, so these must be clearly communicated, feedback heard and issues or questions raised properly considered.
∙As our services provided grow, our risk environment also becomes more complex. It is therefore, important that we effectively identify, evaluate, manage and mitigate the risks the Company faces. For details of our principal risks and uncertainties, please see previous paragraphs of our Company strategic report.
∙Our employees are vital to the services provided by the Company. We aim to be a responsible employer in ou approach to the pay and benefits for our employees. For our business to succeed, we need to manage our employees’ performance and develop talent while ensuring the Company operates as efficiently as possible. The health and safety of our employees is very important to us.
∙In order to grow our business, we need to develop and maintain strong business relationships. We value all of our suppliers and customers.
This report was approved by the board on 23 July 2025 and signed on its behalf.
Page 3
Directors' report
For the year ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
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 judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £7,463,572 (2024 -£7,375,592 as restated).
Dividends of £4,000,000 were paid during the year (2024: £4,704,571).
The directors who served during the year were:
Page 4
Directors' report (continued)
For the year ended 31 March 2025
The directors remain committed to the creation of sustainable shareholder value through sales growth in existing areas, whilst also seeking opportunities in strategic market areas and geographies moving forward. Successful implementation of this strategy leads the directors to be confident of delivering a pleasing result for the year to 31 March 2026.
Our strategy prioritise growth and expansion. We continue to target new customers and develop our strong relationships with existing customers.
We value all our suppliers and have on-going trading relationships in place with our key suppliers.
We value all our suppliers and have on-going trading relationships in place with our key suppliers.
The Board considers that the Company’s employees act with the utmost integrity and professional expertise in providing customers with premium service. In doing so, the Board considers that its employees are both rewarded fairly and incentivised to deliver the Company’s strategy.
The Board is kept informed on employee-related matters at every Board meeting, at which it receives a standing agenda update from the Company’s Human Resources director. Feedback is regularly received from senior staff, based on the work of the remuneration committee undertakes throughout the year. Employee surveys are undertaken regularly to monitor issues arising and those surveys form the basis of action plans. Consultation with employees happens with their views need to be considered in decisions that the Company needs to make that will likely affect their interests. All employees are kept informed of Company news and financial performance in quarterly business updates. There is also ongoing communication through the Company’s intranet, notice boards, newsletters and team briefings.
The Board is kept informed on employee-related matters at every Board meeting, at which it receives a standing agenda update from the Company’s Human Resources director. Feedback is regularly received from senior staff, based on the work of the remuneration committee undertakes throughout the year. Employee surveys are undertaken regularly to monitor issues arising and those surveys form the basis of action plans. Consultation with employees happens with their views need to be considered in decisions that the Company needs to make that will likely affect their interests. All employees are kept informed of Company news and financial performance in quarterly business updates. There is also ongoing communication through the Company’s intranet, notice boards, newsletters and team briefings.
Methodologies for energy and emissions calculations
To determine emissions for the year ended 31 March 2025, the Company used a methodology compliant with the Greenhouse Gas (GHG) Protocol and incorporated the 2024 UK Government GHG conversion factors for green-house gas reporting.
Electricity consumption was based on actual data, obtained from supplier invoices, meter readings and online supplier portal data. The collected consumption data is then converted into greenhouse gas emissions associated with each activity using annually updated emission factors from the UK Government.
To determine emissions for the year ended 31 March 2025, the Company used a methodology compliant with the Greenhouse Gas (GHG) Protocol and incorporated the 2024 UK Government GHG conversion factors for green-house gas reporting.
Electricity consumption was based on actual data, obtained from supplier invoices, meter readings and online supplier portal data. The collected consumption data is then converted into greenhouse gas emissions associated with each activity using annually updated emission factors from the UK Government.
Intensity measurement
The choseen intensity measurement ratio is total gross in metric tonnes CO2e per £million of revenue.
The choseen intensity measurement ratio is total gross in metric tonnes CO2e per £million of revenue.
Page 5
Directors' report (continued)
For the year ended 31 March 2025
Energy efficiency measures
A sample of energy efficiency actions undertaken by the company during the financial year is outlined below:
∙Lighting upgrades to more efficient LEDs in a number of areas.
∙Use of solar panels to generate electricity at the head office.
Under schedule 7.1A of "Large and Medium-Sized Companies and Groups (Accounts & Reports) Regulations 2008", the Group has elected to disclose the following Directors' Report information in the Strategic Report:
∙Principal activity and business review;
∙Financial risk management;
∙Principal risks and uncertainties;
∙Key performance indicators; and
∙S172 reporting.
Page 6
Notes to the financial statements
For the year ended 31 March 2025
There have been no significant events affecting the Company since the year end.
The auditor, Grant Thornton (NI) LLP, were appointed during the year and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 23 July 2025 and signed on its behalf.
Page 7
Independent Auditor's Report to the Members of Premier Electrics Limited
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 'Responsibilities of the auditor 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, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 the date 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.
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Independent Auditor's Report to the Members of Premier Electrics Limited (continued)
The financial statements of Premier Electrics Limited for the year ended 31 March 2024, were audited by BDO Northern Ireland who expressed an unmodified opinion on those statements on 2 September 2024.
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements.
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Independent Auditor's Report to the Members of Premier Electrics Limited (continued)
Page 10
Independent Auditor's Report to the Members of Premier Electrics Limited (continued)
We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
In response to these principal risks, our audit procedures included but were not limited to:
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
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 Auditors
Date:
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Statement of comprehensive income
For the year ended 31 March 2025
Page 12
Statement of financial position
As at 31 March 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 July 2025 .
The notes on pages 18 to 35 form part of these financial statements.
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Statement of changes in equity
For the year ended 31 March 2025
Statement of changes in equity
For the year ended 31 March 2024
Page 14
Statement of cash flows
For the year ended 31 March 2025
Page 15
Statement of cash flows (continued)
For the year ended 31 March 2025
Page 16
Analysis of Net Cash
For the year ended 31 March 2025
Page 17
Notes to the financial statements
For the year ended 31 March 2025
Premier Electrics Limited is a private company limited by shares and incorporated in Northern Ireland. The address of its registered office is 16c Tamlaghtduff Road, Bellaghy, Magherafelt, County Londonderry, BT45 8JQ.
The Company's principal activity during the year was that of electrical contracting.
The Company's principal activity during the year was that of electrical contracting.
2.Accounting policies
The directors are therefore confident that the company have adequate resources to continue in operational existence for the foreseeable future and accordingly, the directors continue to adopt the going concern basis in preparing the annual financial statements.
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Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Page 19
Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Page 20
Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 21
Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
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Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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 Consolidated statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
Revenue recognition on amounts recoverable on long term contracts
The recognition of revenue and profit on construction contracts is a source of estimation uncertainty given the estimates required to forecast the total costs to be incurred on a contract and the impact of variations on contracts. Reviews on open contracts are undertaken on a regular basis, with all significant contracts being reviewed on a monthly basis. The Directors also take into account the recoverability of contract balances and trade receivables, and allowances are made for those balances which are considered to be impaired.
In determining the revenue and costs to be recognised each year for work done on construction contracts, estimates are made in relation to the final out-turn on each contract. Once the outcome can be estimated reliably, estimates of the final out-turn on each contract may include cost accruals to take account of the specific risks within each contract that have been identified during the early stages of the contract. The cost accruals are reviewed on a regular basis throughout the contract life and are adjusted where appropriate. However, the nature of the risks on contracts are such that they often cannot be resolved until the end of the project and therefore may not fully reverse until the end of the project. Management continually reviews the estimated final out-turn on contracts and makes adjustments where necessary. If actual costs on open contracts increased more than expected the contract profit would potentially be impacted. Based on the above, management believes it is possible, on the basis of existing knowledge, that outcomes within the next financial year that are different from these assumptions could require an adjustment. Management and directors, however, leave sufficient time from the year end to when financial statements are approved and signed so that the level of estimation and judgement on open contracts is reduced to a low level and the risk of material adjustment on the contracts is reduced.
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Notes to the financial statements
For the year ended 31 March 2025
3.Judgements in applying accounting policies (continued)
Allowance for impairment of debtors
The Company estimates the allowance for doubtful trade and group debtors based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers and/or group undertakings are unable to meet their financial obligations. In these cases, judgement used was based on the best available facts and circumstances including but not limited to, the length of relationship. Details of trade debtors provision are disclosed in Note 15.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets. Details of depreciation are disclosed in Note 12.
Provision for remedial work
The provision is initially measured at the best estimate of the expenditure required to settle the obligation at the balance sheet date. The provision is updated at each reporting date to reflect any changes in circumstances, including changes in estimates and actual costs incurred. If it becomes probable that the provision will not be required, the provision is reversed. Details of provision for remedial works are disclosed in Note 22.
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Notes to the financial statements
For the year ended 31 March 2025
Page 26
Notes to the financial statements
For the year ended 31 March 2025
Page 27
Notes to the financial statements
For the year ended 31 March 2025
10.Taxation (continued)
Page 28
Notes to the financial statements
For the year ended 31 March 2025
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Page 29
Notes to the financial statements
For the year ended 31 March 2025
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Page 30
Notes to the financial statements
For the year ended 31 March 2025
Page 31
Notes to the financial statements
For the year ended 31 March 2025
In the prior year amounts of £721,284 were transferred from fixed assets to the director's current account in relation to costs incurred in respect of leasehold improvements; depreciation charged in respect of this amount was reversed and the residual property value was impaired to £160,000. In the current year, it is considered that these amounts relate to leasehold improvements and have been transferred back to fixed assets and measured at cost in line with accounting policy. The impairment of £804,707 has also been reversed.
The impact of the correction of these errors is that fixed assets have increased by £1,349,611, directors current account has reduced by £721,284 and prior period reserves have increased by £650,409.
The impact of the correction of these errors is that fixed assets have increased by £1,349,611, directors current account has reduced by £721,284 and prior period reserves have increased by £650,409.
Page 32
Notes to the financial statements
For the year ended 31 March 2025
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Page 33
Notes to the financial statements
For the year ended 31 March 2025
Called up share capital
Profit and loss account
Page 34
Notes to the financial statements
For the year ended 31 March 2025
Consolidated financial statements for the smallest and largest group of undertakings are not required to be prepared.
The ultimate controlling party at the year end is
Comparative information has been reclassified where necessary to conform to the current financial year presentation.
Page 35