Tilley Electrical Services 31/03/2022 iXBRL

Tilley Electrical Services 31/03/2022 iXBRL

TILLEY ELECTRICAL SERVICES LTD - Company Information

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39 31/03/2022 2022-03-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2021-04-01 Sage Accounts Production 2020 Update 1 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP SC500961 2021-04-01 2022-03-31 SC500961 2022-03-31 SC500961 2021-03-31 SC500961 2020-04-01 2021-03-31 SC500961 2021-03-31 SC500961 core:PlantMachinery 2021-04-01 2022-03-31 SC500961 core:FurnitureFittingsToolsEquipment 2021-04-01 2022-03-31 SC500961 core:MotorVehicles 2021-04-01 2022-03-31 SC500961 bus:Director1 2021-04-01 2022-03-31 SC500961 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 SC500961 core:PlantMachinery 2021-03-31 SC500961 core:FurnitureFittingsToolsEquipment 2021-03-31 SC500961 core:MotorVehicles 2021-03-31 SC500961 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 SC500961 core:PlantMachinery 2022-03-31 SC500961 core:FurnitureFittingsToolsEquipment 2022-03-31 SC500961 core:MotorVehicles 2022-03-31 SC500961 core:WithinOneYear 2022-03-31 SC500961 core:WithinOneYear 2021-03-31 SC500961 core:AfterOneYear 2022-03-31 SC500961 core:AfterOneYear 2021-03-31 SC500961 core:LandBuildings core:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 SC500961 core:ShareCapital 2022-03-31 SC500961 core:ShareCapital 2021-03-31 SC500961 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC500961 core:RetainedEarningsAccumulatedLosses 2021-03-31 SC500961 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 SC500961 core:Non-currentFinancialInstruments 2022-03-31 SC500961 core:Non-currentFinancialInstruments 2021-03-31 SC500961 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 SC500961 core:PlantMachinery 2021-03-31 SC500961 core:FurnitureFittingsToolsEquipment 2021-03-31 SC500961 core:MotorVehicles 2021-03-31 SC500961 bus:Director1 2021-03-31 SC500961 bus:Director1 2021-03-31 SC500961 bus:Director1 2020-04-01 2021-03-31 SC500961 bus:SmallEntities 2021-04-01 2022-03-31 SC500961 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 SC500961 bus:FullAccounts 2021-04-01 2022-03-31 SC500961 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 SC500961 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 SC500961 core:EntitiesControlledByKeyManagementPersonnel 2021-04-01 2022-03-31 SC500961 core:EntitiesControlledByKeyManagementPersonnel 2022-03-31
Company registration number: SC500961
Tilley Electrical Services
Unaudited filleted financial statements
31 March 2022
Tilley Electrical Services
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 627,975 709,265
Investments 6 84,371 84,371
_______ _______
712,346 793,636
Current assets
Debtors 7 1,077,125 805,544
Cash at bank and in hand 236,049 129,619
_______ _______
1,313,174 935,163
Creditors: amounts falling due
within one year 8 ( 643,791) ( 493,048)
_______ _______
Net current assets 669,383 442,115
_______ _______
Total assets less current liabilities 1,381,729 1,235,751
Creditors: amounts falling due
after more than one year 9 ( 655,963) ( 647,921)
Provisions for liabilities ( 300,639) ( 169,994)
_______ _______
Net assets 425,127 417,836
_______ _______
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 415,127 407,836
_______ _______
Shareholders funds 425,127 417,836
_______ _______
For the year ending 31 March 2022 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.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 September 2022 , and are signed on behalf of the board by:
David Tilley
Director
Company registration number: SC500961
Tilley Electrical Services
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 49 Finlay Avenue, East Calder, West Lothian, EH53 0RP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss . The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. In respect of contracts for on-going services, turnover is recognised based on the percentage of work completed at the year end, based on the selling price.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold property - Over 50 years
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangementconstitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. All financial instruments are basic financial instruments.
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 in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 39 (2021: 35 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2021 381,358 28,175 26,032 517,096 952,661
Additions - 1,932 275 119,976 122,183
Disposals - - - ( 203,721) ( 203,721)
_______ _______ _______ _______ _______
At 31 March 2022 381,358 30,107 26,307 433,351 871,123
_______ _______ _______ _______ _______
Depreciation
At 1 April 2021 10,727 28,000 18,874 185,795 243,396
Charge for the year 7,627 205 3,587 97,191 108,610
Disposals - - - ( 108,858) ( 108,858)
_______ _______ _______ _______ _______
At 31 March 2022 18,354 28,205 22,461 174,128 243,148
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2022 363,004 1,902 3,846 259,223 627,975
_______ _______ _______ _______ _______
At 31 March 2021 370,631 175 7,158 331,301 709,265
_______ _______ _______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 April 2021 and 31 March 2022 84,371 84,371
_______ _______
Impairment
At 1 April 2021 and 31 March 2022 - -
_______ _______
Carrying amount
At 31 March 2022 84,371 84,371
_______ _______
At 31 March 2021 84,371 84,371
_______ _______
7. Debtors
2022 2021
£ £
Trade debtors 985,962 749,566
Other debtors 91,163 55,978
_______ _______
1,077,125 805,544
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 366,738 226,237
Trade creditors 195,587 161,463
Corporation tax 15,752 -
Social security and other taxes 28,668 38,197
Other creditors 37,046 67,151
_______ _______
643,791 493,048
_______ _______
The Bank of Scotland holds a Bond & Floating charge and a standard security over a company property.
Secured creditors
Bank loans 232,754 299,948
HP creditors 58,220 184,255
_______ | _______ |
290,974 484,203
_______ | _______ |
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 164,973 232,778
Other creditors 490,990 415,143
_______ _______
655,963 647,921
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
David Tilley 15,989 - ( 15,989) -
_______ _______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
David Tilley - 15,989 - 15,989
_______ _______ _______ _______
11. Related party transactions
Other debtors include a loan to a connected company, TES Supplies Ltd of £ 44,815 (2021 £24,815). This loan is interest free and repayable upon demand.