General Information
Steve Jones Electrical Limited is a private company, limited by shares, registered in England and Wales, registration number 07634579, registration address 8 Castle Park, Kendal, Cumbria, LA9 7AX.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and Machinery |
25% Reducing Balance
|
| Motor Vehicles |
25% Reducing Balance
|
| Improvements to property |
25% Reducing Balance |
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees
Average number of employees during the year was 3 (2024 : 3).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Motor Vehicles |
|
Investment properties |
|
Improvements to property |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 September 2024 |
20,954 |
|
35,563 |
|
665,000 |
|
22,865 |
|
744,382 |
| Additions |
- |
|
23,783 |
|
- |
|
- |
|
23,783 |
| Disposals |
- |
|
(14,149) |
|
- |
|
- |
|
(14,149) |
| At 31 August 2025 |
20,954 |
|
45,197 |
|
665,000 |
|
22,865 |
|
754,016 |
| Depreciation |
| At 01 September 2024 |
18,812 |
|
25,561 |
|
- |
|
20,226 |
|
64,599 |
| Charge for year |
535 |
|
7,490 |
|
- |
|
660 |
|
8,685 |
| On disposals |
- |
|
(10,322) |
|
- |
|
- |
|
(10,322) |
| At 31 August 2025 |
19,347 |
|
22,729 |
|
- |
|
20,886 |
|
62,962 |
| Net book values |
| Closing balance as at 31 August 2025 |
1,607 |
|
22,468 |
|
665,000 |
|
1,979 |
|
691,054 |
| Opening balance as at 01 September 2024 |
2,142 |
|
10,002 |
|
665,000 |
|
2,639 |
|
679,783 |
Investment Property
The Castle Stores Retail and Residential Investment Property was valued by the Directors in August 2022 on a open market basis at £665,000. The Directors are of the view the value has not changed materially in the year to 31st August 2025.
|
| 4. |
Stocks
|
2025
£ |
|
2024
£ |
| Work in Progress |
2,400 |
|
2,320 |
| Stocks |
3,060 |
|
3,040 |
|
5,460 |
|
5,360 |
|
| 5. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Debtors |
73,324 |
|
101,289 |
| Other Debtors |
21,489 |
|
24,208 |
|
94,813 |
|
125,497 |
|
| 6. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Creditors |
9,358 |
|
10,446 |
| Corporation Tax |
439 |
|
8,896 |
| PAYE & Social Security |
1,719 |
|
1,281 |
| Accrued Expenses |
2,260 |
|
2,180 |
| Other Creditors |
920 |
|
534 |
| Wages & Salaries Control Account |
817 |
|
882 |
| Directors' Current Accounts |
259 |
|
0 |
| VAT |
1,255 |
|
7,994 |
|
17,027 |
|
32,213 |
|
| 7. |
Creditors: amount falling due after more than one year
|
2025
£ |
|
2024
£ |
| Bank Loans & Overdrafts (secured) |
167,876 |
|
187,296 |
| Bank Loans & Overdrafts |
6,947 |
|
13,523 |
|
174,823 |
|
200,819 |
|
| 8. |
Provisions for liabilities
|
2025
£ |
|
2024
£ |
| Deferred Tax |
90,051 |
|
83,531 |
|
90,051 |
|
83,531 |
|
| 9. |
Share Capital
Allotted, called up and fully paid
|
2025
£ |
|
2024
£ |
|
500
Class A shares of £0.10 each |
50 |
|
50 |
|
500
Class B shares of £0.10 each |
50 |
|
50 |
|
100 |
|
100 |
|
| 10. |
Related parties
During the year the company entered into the following transactions with related parties: | Transaction value - income/(expenses) | | Balance owed by/(owed to) |
|---|
| 2025
£ | | 2024
£ | | 2025
£ | | 2024
£ |
|---|
| Castle Stores (Kendal) Limited | 13,800 | | 36,200 | | 18,000 | | 11,200 |
During the year Castle Stores (Kendal) Limited provided Telephone and Administration Services to the Company £13,800 ( 2024 - £36,200 ) This Company is connected to Steve Jones Electrical Limited by sharing a Director / Shareholder. |
| 11. |
Dividends
During the year the Company paid £5,000 ( £5,000 - 2024 ) in Dividends to the Shareholders
|
3
|