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Registered number: 10238940
Mountstephens Electrical Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2026
Hestercombe House
Taunton
Somerset
TA2 8LG
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 10238940
2026 2025
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 2,200 4,400
Tangible Assets 5 60,793 71,247
62,993 75,647
CURRENT ASSETS
Stocks 6 10,198 10,198
Debtors 7 36,019 30,045
Cash at bank and in hand 16,232 25,863
62,449 66,106
Creditors: Amounts Falling Due Within One Year 8 (58,201 ) (62,112 )
NET CURRENT ASSETS (LIABILITIES) 4,248 3,994
TOTAL ASSETS LESS CURRENT LIABILITIES 67,241 79,641
Creditors: Amounts Falling Due After More Than One Year 9 (51,031 ) (58,293 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (9,801 ) (10,933 )
NET ASSETS 6,409 10,415
CAPITAL AND RESERVES
Called up share capital 11 100 100
Income Statement 6,309 10,315
SHAREHOLDERS' FUNDS 6,409 10,415
Page 1
Page 2
For the year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
K Mountstephens
Director
12/06/2026
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Mountstephens Electrical Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10238940 . The registered office is 11 Chaffinch Close, Taunton, Somerset, TA1 5EX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of ten years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2025: 7)
8 7
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2025 22,000
As at 31 March 2026 22,000
Amortisation
As at 1 April 2025 17,600
Provided during the period 2,200
As at 31 March 2026 19,800
Net Book Value
As at 31 March 2026 2,200
As at 1 April 2025 4,400
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5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 April 2025 10,596 99,240 109,836
Additions 9,820 - 9,820
As at 31 March 2026 20,416 99,240 119,656
Depreciation
As at 1 April 2025 5,903 32,686 38,589
Provided during the period 3,634 16,640 20,274
As at 31 March 2026 9,537 49,326 58,863
Net Book Value
As at 31 March 2026 10,879 49,914 60,793
As at 1 April 2025 4,693 66,554 71,247
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2026 2025
£ £
Motor Vehicles 49,563 66,085
6. Stocks
2026 2025
£ £
Stock 10,198 10,198
7. Debtors
2026 2025
£ £
Due within one year
Trade debtors 29,959 27,791
Prepayments and accrued income 1,432 755
Other taxes and social security 4,628 1,499
36,019 30,045
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8. Creditors: Amounts Falling Due Within One Year
2026 2025
£ £
Net obligations under finance lease and hire purchase contracts 7,605 7,947
Trade creditors 22,530 31,601
Bank loans and overdrafts 2,318 2,111
Corporation tax 15,829 5,324
VAT 4,362 9,907
Accruals and deferred income 3,430 3,330
Directors' loan accounts 2,127 1,892
58,201 62,112
9. Creditors: Amounts Falling Due After More Than One Year
2026 2025
£ £
Net obligations under finance lease and hire purchase contracts 51,031 58,293
10. Obligations Under Finance Leases and Hire Purchase
2026 2025
£ £
The future minimum finance lease payments are as follows:
Not later than one year 7,605 7,947
Later than one year and not later than five years 51,031 58,293
58,636 66,240
58,636 66,240
11. Share Capital
2026 2025
Allotted, called up and fully paid £ £
50 Ordinary A shares of £ 1.00 each 50 50
50 Ordinary B shares of £ 1.00 each 50 50
100 100
12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2026 2025
£ £
Not later than one year 9,291 -
Later than one year and not later than five years 37,162 -
46,453 -
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