Company registration number 00531815 (England and Wales)
WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
COMPANY INFORMATION
Directors
Mr K Parr
Mr M R Harrison
Mr CJ Oldham
(Appointed 23 December 2024)
Mr JR Bezodis
(Appointed 6 April 2025)
Secretary
Mrs D McGreevy
Company number
00531815
Registered office
94b London Road
Christopher House
Leicester
Leicestershire
LE2 OQS
Auditor
Duncan & Toplis Audit Limited
Park House
37 Clarence Street
Leicester
LE1 3RW
Business address
Marshall House
West Street
Glenfield
Leicester
LE3 8DT
WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Statement of cash flows
9
Notes to the financial statements
10 - 21
WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the period ended 31 March 2025.

Review of the business

The company is able to report turnover of £24,420,569 (2024 - £19,839,460) although an operating loss was incurred of of £812,931 due to some one-off costs in the year. In 2024 a profit before tax of £1,840,280 was generated. In common with many businesses, price pressure, material, component and labour shortages continue to be issues but we have worked hard to maintain profit margins.

The electrical contracting sector in which the company operates remains very competitive but with our good reputation for quality work, control over both direct and overhead costs, the future prospects remain positive but challenging. Based on our current order book we expect to report turnover will be maintained in 2025 and 2026.

Principal risks and uncertainties

The board constantly identifies, monitors, evaluates and manages risks faced by the company, which include:

- Changes in regulation and compliance

- Changes in product technology and requirements of customers

- Operational risks arising from the nature of projects we undertake

- Legal risks resulting from contracts with customers and suppliers and our obligation to our work force and general public

- Business risks due to the general economic condition

- Impact of political decisions (UK & EU) on our market sectors

- Supply chain issues as the world economy recovers from the pandemic

Key performance indicators

The directors monitor the financial performance of the company by reference to monthly revenue, operating profit and cash levels.

On behalf of the board

Mr M R Harrison
Director
6 January 2026
WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2025
- 2 -

The directors present their annual report and financial statements for the period ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of electrical contractors.

Results and dividends

The results for the period are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr K Parr
Mr M R Harrison
Mr CJ Oldham
(Appointed 23 December 2024)
Mr JR Bezodis
(Appointed 6 April 2025)
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- 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 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

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

WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 3 -
On behalf of the board
Mr M R Harrison
Director
6 January 2026
WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
- 4 -
Opinion

We have audited the financial statements of Walter Miles (Electrical Engineers) Limited (the 'company') for the period ended 31 March 2025 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the period then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 Auditor's responsibilities 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 UK, including the FRC’s Ethical Standard, and 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.

Conclusions relating to going concern

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 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WALTER MILES (ELECTRICAL ENGINEERS) LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, the following approach was taken:

- Understanding the nature of the industry and sector, control environment and business performance;

- Consideration of the results of our enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities;

- Understanding the company's policies and procedures on compliance with laws and regulations and management of fraud risk, including documentation of instances of non-compliance of laws and regulations and instances of actual, suspected or alleged fraud;

- Consideration of matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;

- Understanding the legal and regulatory frameworks that the company operates in through enquiry of management and those charged with governance and understanding the company's industry and sector. The key laws and regulations that were considered to have an effect on material amounts and disclosures in the financial statements included the Companies Act and tax legislation.

WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WALTER MILES (ELECTRICAL ENGINEERS) LIMITED (CONTINUED)
- 6 -
Audit response to risks identified

Based on this understanding, the following audit procedures were designed and performed to respond to the

risks identified:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations described as having a direct effect on the financial statement;

- Enquiring of management, those charged with governance and, where applicable, the company's solicitors concerning actual and potential litigation and claims;

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- Reviewing minutes of meetings of those charged with governance and, where applicable, correspondence with regulators;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business;

- Communication of potential fraud risks to all engagement team members and remaining alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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.

Matthew Smith FCCA (Senior Statutory Auditor)
For and on behalf of Duncan & Toplis Limited
Chartered Certified Accountants
Statutory Auditor
Park House
37 Clarence Street
Leicester
LE1 3RW
6 January 2026
WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 31 MARCH 2025
- 7 -
Period
Year
ended
ended
31 March
6 April
2025
2024
Notes
£
£
Turnover
3
24,420,568
19,839,460
Cost of sales
(19,238,691)
(16,787,024)
Gross profit
5,181,877
3,052,436
Administrative expenses
(6,117,564)
(1,286,185)
Operating (loss)/profit
4
(935,687)
1,766,251
Interest receivable and similar income
6
122,756
87,474
Interest payable and similar expenses
7
-
0
(13,445)
(Loss)/profit before taxation
(812,931)
1,840,280
Tax on (loss)/profit
9
126,277
(531,390)
(Loss)/profit for the financial period
(686,654)
1,308,890
Retained earnings brought forward
8,285,047
8,276,157
Dividends
10
-
0
(1,300,000)
Retained earnings carried forward
7,598,393
8,285,047

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 8 -
31 March 2025
6 April 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
489,407
491,028
Investments
12
20,350
20,350
509,757
511,378
Current assets
Stocks
13
12,000
12,000
Debtors
14
7,674,987
1,584,420
Cash at bank and in hand
7,009,145
10,857,524
14,696,132
12,453,944
Creditors: amounts falling due within one year
15
(7,601,979)
(4,670,747)
Net current assets
7,094,153
7,783,197
Total assets less current liabilities
7,603,910
8,294,575
Provisions for liabilities
Deferred tax liability
16
3,817
7,828
(3,817)
(7,828)
Net assets
7,600,093
8,286,747
Capital and reserves
Called up share capital
18
1,700
1,700
Profit and loss reserves
7,598,393
8,285,047
Total equity
7,600,093
8,286,747

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 6 January 2026 and are signed on its behalf by:
Mr M R Harrison
Director
Company registration number 00531815 (England and Wales)
WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
22
(3,831,046)
7,615,842
Interest paid
-
0
(13,445)
Income taxes paid
(14,463)
(1,018,437)
Net cash (outflow)/inflow from operating activities
(3,845,509)
6,583,960
Investing activities
Purchase of tangible fixed assets
(379,520)
(236,265)
Proceeds from disposal of tangible fixed assets
253,894
72,217
Interest received
122,756
87,474
Net cash used in investing activities
(2,870)
(76,574)
Financing activities
Dividends paid
-
0
(1,300,000)
Net cash used in financing activities
-
(1,300,000)
Net (decrease)/increase in cash and cash equivalents
(3,848,379)
5,207,386
Cash and cash equivalents at beginning of period
10,857,524
5,650,138
Cash and cash equivalents at end of period
7,009,145
10,857,524
WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
- 10 -
1
Accounting policies
Company information

Walter Miles (Electrical Engineers) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 94b London Road, Christopher House, Leicester, Leicestershire, LE2 OQS.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Turnover comprises the value of contracting work executed during the year plus the invoiced value of other sales. The value of contracting work is based on measured valuations, incorporating profit earned to the valuation date and adjusted for any anticipated losses. Other sales are invoiced upon performance of the services provided.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered. Bank interest accruing on capital borrowed to fund the production of long term contracts is carried forward within long term contract balances.

WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 11 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% on cost
Plant and equipment
15% on reducing balance or 5% on cost
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Fixed asset investments are stated at cost less provision for diminution in value.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Contract work
24,420,568
19,839,460
WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
3
Turnover and other revenue
(Continued)
- 15 -
2025
2024
£
£
Other revenue
Interest income
122,756
87,474

4
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the period is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
17,752
17,485
Depreciation of tangible fixed assets
138,243
113,907
(Profit)/loss on disposal of tangible fixed assets
(10,997)
22,773
Operating lease charges
39,000
39,000
5
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
212,104
225,093
Company pension contributions to defined contribution schemes
-
2,497
212,104
227,590

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
102,495
155,962
Company pension contributions to defined contribution schemes
-
1,321
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
113,295
87,474
Other interest income
9,461
-
0
Total income
122,756
87,474
WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
6
Interest receivable and similar income
(Continued)
- 16 -
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
113,295
87,474
7
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Other interest
-
0
13,445
8
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2025
2024
Number
Number
Adminstration
15
19
Production
6
9
Total
21
28

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,276,507
1,331,074
Social security costs
155,273
172,732
Pension costs
29,018
33,396
1,460,798
1,537,202
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
(122,266)
537,111
Deferred tax
Origination and reversal of timing differences
(4,011)
(5,721)
Total tax (credit)/charge
(126,277)
531,390
WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
9
Taxation
(Continued)
- 17 -

The actual (credit)/charge for the period can be reconciled to the expected (credit)/charge for the period based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
(Loss)/profit before taxation
(812,931)
1,840,280
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(203,233)
460,070
Tax effect of expenses that are not deductible in determining taxable profit
76,956
67,041
Effect of change in corporation tax rate
-
0
4,279
Taxation (credit)/charge for the period
(126,277)
531,390
10
Dividends
2025
2024
£
£
Interim paid
-
0
1,300,000
11
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 7 April 2024
77,804
143,415
80,019
654,063
955,301
Additions
-
0
-
0
-
0
379,520
379,520
Disposals
-
0
-
0
-
0
(360,406)
(360,406)
At 31 March 2025
77,804
143,415
80,019
673,177
974,415
Depreciation and impairment
At 7 April 2024
77,804
71,025
58,261
257,183
464,273
Depreciation charged in the period
-
0
7,359
5,444
125,441
138,244
Eliminated in respect of disposals
-
0
-
0
-
0
(117,509)
(117,509)
At 31 March 2025
77,804
78,384
63,705
265,115
485,008
Carrying amount
At 31 March 2025
-
0
65,031
16,314
408,062
489,407
At 6 April 2024
-
0
72,390
21,758
396,880
491,028
WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 18 -
12
Fixed asset investments
2025
2024
£
£
Unlisted investments
20,350
20,350
13
Stocks
2025
2024
£
£
Raw materials and consumables
12,000
12,000

Stock recognised in cost of sales during the year as an expense was £17,388,849 (202 4 - £14,830,490).

14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
5,433,742
592,170
Corporation tax recoverable
195,387
58,658
Amounts owed by group undertakings
30,000
-
0
Other debtors
1,386,199
336,263
Prepayments and accrued income
629,659
597,329
7,674,987
1,584,420
15
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
6,280,262
3,138,142
Amounts owed to group undertakings
-
0
1,236,842
Taxation and social security
105,583
85,761
Other creditors
1,202,884
3,452
Accruals and deferred income
13,250
206,550
7,601,979
4,670,747
WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 19 -
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
3,817
7,828
2025
Movements in the period:
£
Liability at 7 April 2024
7,828
Credit to profit or loss
(4,011)
Liability at 31 March 2025
3,817
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
29,018
33,396

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,700
1,700
1,700
1,700

The company has one class of ordinary shares which carry no right to fixed income. Each ordinary share entitles the owner to one vote at general meetings of the company. In the event of a winding up ordinary shareholders rank below unsecured creditors.

19
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
39,000
39,000
WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 20 -
20
Related party transactions
Transactions with related parties

During the period the company entered into the following transactions with related parties:

Charges incurred
2025
2024
£
£
Other related parties
4,786,471
-
2025
2024
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,199,414
1,240,294
Other related parties
3,711,142
-

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
30,000
-
21
Ultimate controlling party

The company considers Walter Miles Electrical Limited, a company incorporated in England, to be the parent company.

The parent undertaking of the largest and smallest group, which includes the company and for which group accounts are prepared, is Walter Miles Electrical Limited, a company incorporated in England.

There is no ultimate controlling party.

Copies of its accounts are available from Companies House, Crown Way, Cardiff CF14 3UZ.

WALTER MILES (ELECTRICAL ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 21 -
22
Cash (absorbed by)/generated from operations
2025
2024
£
£
(Loss)/profit after taxation
(686,654)
1,308,890
Adjustments for:
Taxation (credited)/charged
(126,277)
531,390
Finance costs
-
0
13,445
Investment income
(122,756)
(87,474)
(Gain)/loss on disposal of tangible fixed assets
(10,997)
22,773
Depreciation and impairment of tangible fixed assets
138,244
113,907
Movements in working capital:
Decrease in stocks
-
0
23,760
(Increase)/decrease in debtors
(5,953,837)
4,263,408
Increase in creditors
2,931,231
1,425,743
Cash (absorbed by)/generated from operations
(3,831,046)
7,615,842
23
Analysis of changes in net funds
7 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
10,857,524
(3,848,379)
7,009,145
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