K B Electrical Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06825943 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

K B Electrical Solutions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K D Benzie

Mrs A J Benzie

REGISTERED OFFICE:

32 Hayhill Industrial Estate

Barrow Upon Soar

Loughborough

Leicestershire

LE12 8LD

REGISTERED NUMBER:

06825943 (England and Wales)

ACCOUNTANTS:

torr waterfield

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

145,354

156,323

145,354

156,323

CURRENT ASSETS

Stocks

20,000

20,000

Debtors

6

481,823

429,234

Cash at bank

23,089

5,613

524,912

454,847

CREDITORS

Amounts falling due within one year

7

(362,414

)

(376,573

)

NET CURRENT ASSETS

162,498

78,274

TOTAL ASSETS LESS CURRENT LIABILITIES

307,852

234,597

CREDITORS

Amounts falling due after more than one year

8

(40,801

)

(63,434

)

PROVISIONS FOR LIABILITIES

(27,617

)

(29,701

)

NET ASSETS

239,434

141,462

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

239,432

141,460

SHAREHOLDERS' FUNDS

239,434

141,462

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 June 2022 and were signed on its behalf by:

K D Benzie - Director

1.	STATUTORY INFORMATION

K B Electrical Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Government grants

Government grant income in relation to expenditure is recognised in the period that the related expense is incurred.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell on a first in first out basis after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2021 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

60,000

AMORTISATION

At 1 April 2021

and 31 March 2022

60,000

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2021

43,296

7,303

193,876

41,821

286,296

Additions

355

2,277

43,600

4,332

50,564

Disposals

(2,202

)

(1,380

)

(40,315

)

(6,940

)

(50,837

)

At 31 March 2022

41,449

8,200

197,161

39,213

286,023

DEPRECIATION

At 1 April 2021

23,438

3,311

65,935

37,289

129,973

Charge for year

3,900

1,234

29,038

2,086

36,258

Eliminated on disposal

(1,783

)

(1,285

)

(15,554

)

(6,940

)

(25,562

)

At 31 March 2022

25,555

3,260

79,419

32,435

140,669

NET BOOK VALUE

At 31 March 2022

15,894

4,940

117,742

6,778

145,354

At 31 March 2021

19,858

3,992

127,941

4,532

156,323

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

431,152

423,704

Other debtors

50,671

5,530

481,823

429,234

Other debtors includes prepayments and accrued income of £6,675 (2021: £5,530).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans and overdrafts

10,000

5,833

Hire purchase contracts

12,633

11,832

Trade creditors

196,176

103,299

Taxation and social security

54,725

174,895

Other creditors

88,880

80,714

362,414

376,573

Other creditors includes accruals and deferred income of £2,450 (2021: £15,450).

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans

34,167

44,167

Hire purchase contracts

6,634

19,267

40,801

63,434

31.3.22

31.3.21

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

-

4,167

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.22

31.3.21

£

£

Hire purchase contracts

19,267

31,099

Hire purchase liabilities are secured on the individual assets being so acquired.

10.	OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments, guarantees and contingencies that are not included in the balance sheet is £28,894 (2021 - £5,000).