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

COMPANY REGISTRATION NUMBER: 03093633

Preston Electrical Limited

Filleted Unaudited Financial Statements

31 March 2025

Preston Electrical Limited

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Intangible assets	6	1,556	1,551
Tangible assets	7	310,178	251,476
		---------	---------
		311,734	253,027

Current assets

Stocks		145,557	117,827
Debtors	8	1,273,872	2,288,258
Cash at bank and in hand		301,665	367,141
		------------	------------
		1,721,094	2,773,226

Creditors: amounts falling due within one year	9	723,578		1,225,994
		------------		------------
Net current assets			997,516	1,547,232
			------------	------------
Total assets less current liabilities			1,309,250	1,800,259

Creditors: amounts falling due after more than one year	10		20,686	75,566

Provisions

Taxation including deferred tax	64,656	49,193
	------------	------------
Net assets	1,223,908	1,675,500
	------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	1,223,808	1,675,400
	------------	------------
Shareholders funds	1,223,908	1,675,500
	------------	------------

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 comprehensive income has not been delivered.

For the year ending 31 March 2025 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 .

Preston Electrical Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 17 December 2025 , and are signed on behalf of the board by:

D Preston	L Preston
Director	Director

Company registration number: 03093633

Preston Electrical Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Faraday House Foss Sike Lane, Sandhutton, Thirsk, North Yorkshire, Y07 4RH.

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.

Employee ownership trust

Preston Employee Ownership Trust has been established with the object of ensuring that shares in the company are held for the benefit of the company's employees and that the eligible employees shall have an interest in the company's business.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable for the provision of goods to customers outside the company net of returns and sales allowances (and VAT). Revenue from goods is recognised at the point the company fulfils its commercial obligations to the customer, the revenue and costs in respect of the transaction can be measured reliably and collectability is reasonably assured.

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

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	-	20% straight line
Website	-	15% reducing balance

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:

Leasehold Improvements	-	15% reducing balance
Plant and Machinery	-	15% reducing balance
Motor Vehicles	-	25% reducing balance
Office Equipment	-	15% reducing balance

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.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 50 (2024: 43 ).

5. Staff costs

During the year the company incurred payroll expenses totalling £nil (2024: £120,264) on behalf of the Preston Employee Ownership Trust.

6. Intangible assets

	Goodwill	Website	Total
	£	£	£
Cost
At 1 April 2024	7,500	2,525	10,025
Additions	–	238	238
	-------	-------	--------
At 31 March 2025	7,500	2,763	10,263
	-------	-------	--------
Amortisation
At 1 April 2024	7,500	974	8,474
Charge for the year	–	233	233
	-------	-------	--------
At 31 March 2025	7,500	1,207	8,707
	-------	-------	--------
Carrying amount
At 31 March 2025	–	1,556	1,556
	-------	-------	--------
At 31 March 2024	–	1,551	1,551
	-------	-------	--------

7. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2024	17,205	28,483	479,782	78,003	603,473
Additions	–	–	121,545	659	122,204
Disposals	–	–	( 20,565)	–	( 20,565)
	--------	--------	---------	--------	---------
At 31 March 2025	17,205	28,483	580,762	78,662	705,112
	--------	--------	---------	--------	---------
Depreciation
At 1 April 2024	15,560	21,318	261,856	53,263	351,997
Charge for the year	247	1,074	57,014	3,785	62,120
Disposals	–	–	( 19,183)	–	( 19,183)
	--------	--------	---------	--------	---------
At 31 March 2025	15,807	22,392	299,687	57,048	394,934
	--------	--------	---------	--------	---------
Carrying amount
At 31 March 2025	1,398	6,091	281,075	21,614	310,178
	--------	--------	---------	--------	---------
At 31 March 2024	1,645	7,165	217,926	24,740	251,476
	--------	--------	---------	--------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 March 2025	121,676
	---------
At 31 March 2024	162,235
	---------

8. Debtors

	2025	2024
	£	£
Trade debtors	851,636	1,815,699
Amounts owed by group undertakings and undertakings in which the company has a participating interest	305,927	304,563
Other debtors	116,309	167,996
	------------	------------
	1,273,872	2,288,258
	------------	------------

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	145,766	226,566
Trade creditors	287,761	462,897
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	35,435
Corporation tax	135,638	302,166
Social security and other taxes	34,854	29,717
Other creditors	119,559	169,213
	---------	------------
	723,578	1,225,994
	---------	------------

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

	2025	2024
	£	£
Hire purchase	52,383	69,445

10. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	–	11,667
Other creditors	20,686	63,899
	--------	--------
	20,686	75,566
	--------	--------

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

	2025	2024
	£	£
Hire purchase	20,686	63,899

11. Related party transactions

The company made a gift of £826,382 (2024: £385,225) to the Preston Employee Ownership Trust. Future gifts will be made at the discretion of the company Directors based on available cashflows and the performance of the business. No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.

12. Controlling party

The company is controlled by Preston Group Limited who is under the control of Preston Trustees Limited, being the trustee of Preston Employee Ownership Trust.