Halls Electrical Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02036219 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

FOR

HALLS ELECTRICAL LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S J Hall

M C S Hall

D S Hall

R W J Hughes

R L Ritchings

SECRETARY:

J J Hall

REGISTERED OFFICE:

Unit 17 Dean Court

Great Western Business Park

Yate

Bristol

BS37 5NJ

REGISTERED NUMBER:

02036219 (England and Wales)

ACCOUNTANTS:

Lawes & Co

Boyce's Building

40-42 Regent Street

Clifton

Bristol

BS8 4HU

FIXED ASSETS

Tangible assets

4

1,200,995

1,127,427

CURRENT ASSETS

Stocks

5

300,875

886,673

Debtors

6

1,145,986

592,491

Cash at bank and in hand

1,195,139

479,198

2,642,000

1,958,362

CREDITORS

Amounts falling due within one year

7

1,384,866

1,184,109

NET CURRENT ASSETS

1,257,134

774,253

TOTAL ASSETS LESS CURRENT LIABILITIES

2,458,129

1,901,680

CREDITORS

Amounts falling due after more than one year

8

(227,343

)

(181,543

)

PROVISIONS FOR LIABILITIES

(38,807

)

(28,184

)

NET ASSETS

2,191,979

1,691,953

CAPITAL AND RESERVES

Called up share capital

10

965

965

Revaluation reserve

11

103,903

84,803

Capital redemption reserve

11

35

35

Retained earnings

11

2,087,076

1,606,150

SHAREHOLDERS' FUNDS

2,191,979

1,691,953

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 February 2022 and were signed on its behalf by:

S J Hall - Director

1.	STATUTORY INFORMATION

Halls Electrical Ltd 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Computer equipment

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock.

Work-in-Progress

Work in progress represents the sales value of goods purchased for specific contracts together with the labour costs for those contracts, valued at agreed chargeout rates, for which sales invoices have not yet been raised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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

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 the 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.

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 62 (2020 - 58 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Computer

and

Motor

leasehold

equipment

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 September 2020

955,023

155,749

95,514

303,834

1,510,120

Additions

-

1,751

2,044

144,696

148,491

Disposals

-

-

-

(34,858

)

(34,858

)

Revaluations

19,100

-

-

-

19,100

At 31 August 2021

974,123

157,500

97,558

413,672

1,642,853

DEPRECIATION

At 1 September 2020

-

132,853

93,514

156,326

382,693

Charge for year

-

13,324

1,011

70,837

85,172

Eliminated on disposal

-

-

-

(26,007

)

(26,007

)

At 31 August 2021

-

146,177

94,525

201,156

441,858

NET BOOK VALUE

At 31 August 2021

974,123

11,323

3,033

212,516

1,200,995

At 31 August 2020

955,023

22,896

2,000

147,508

1,127,427

Long leaseholds are held at market value. The last valuation was undertaken on 7 May 2015 and the directors believe this value is still appropriate.

Cost or valuation at 31 August 2021 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2019

32,390

-

32,390

Cost

955,023

668,730

1,623,753

987,413

668,730

1,656,143

If long leasehold had not been revalued they would have been included at the following historical cost:

31.8.21

31.8.20

£

£

Cost

955,023

955,023

Value of land in freehold land and buildings

955,023

955,023

Long leasehold were valued on an open market basis on 7 May 2015 by ETP Property Consultants .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Computer

Motor

equipment

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 September 2020

45,838

97,007

142,845

Additions

-

74,931

74,931

Transfer to ownership

(45,838

)

(29,976

)

(75,814

)

At 31 August 2021

-

141,962

141,962

DEPRECIATION

At 1 September 2020

28,650

38,829

67,479

Charge for year

-

29,588

29,588

Transfer to ownership

(28,650

)

(15,222

)

(43,872

)

At 31 August 2021

-

53,195

53,195

NET BOOK VALUE

At 31 August 2021

-

88,767

88,767

At 31 August 2020

17,188

58,178

75,366

5.

STOCKS

31.8.21

31.8.20

£

£

Stocks

123,715

123,715

Work-in-progress

177,160

762,958

300,875

886,673

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Trade debtors

1,137,915

573,664

Other debtors

8,071

18,827

1,145,986

592,491

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Bank loans and overdrafts

28,355

88,324

Hire purchase contracts

30,558

36,398

Trade creditors

459,731

504,437

Taxation and social security

713,976

410,988

Other creditors

152,246

143,962

1,384,866

1,184,109

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.21

31.8.20

£

£

Bank loans

196,800

170,276

Hire purchase contracts

30,543

11,267

227,343

181,543

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.21

31.8.20

£

£

Bank loans

225,155

258,600

The company's overdraft facility and bank loan are secured by a fixed and floating charge over the total assets of the company. The director S J Hall has also given a personal security on the company's bank overdraft facility up to a maximum of £50,000.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.21

31.8.20

value:

£

£

550

Ordinary 'A'

£1.00

550

550

135

Ordinary 'B'

£1.00

135

135

80

Ordinary 'D'

£1.00

80

80

80

Ordinary 'E'

£1.00

80

80

80

Ordinary 'F'

£1.00

80

80

20

Ordinary 'G'

£1.00

20

20

20

Ordinary 'H'

£1.00

20

20

965

965

11.

RESERVES

Capital

Retained

Revaluation

redemption

earnings

reserve

reserve

Totals

£

£

£

£

At 1 September 2020

1,606,150

84,803

35

1,690,988

Profit for the year

592,616

592,616

Dividends

(111,690

)

(111,690

)

Freehold property revaluation

-

19,100

-

19,100

At 31 August 2021

2,087,076

103,903

35

2,191,014

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2021 and 31 August 2020:

31.8.21

31.8.20

£

£

D S Hall

Balance outstanding at start of year

2,090

6,080

Amounts repaid

(1,728

)

(3,990

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

362

2,090

R W J Hughes

Balance outstanding at start of year

4,000

4,000

Amounts repaid

(4,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

4,000

S J Hall

Balance outstanding at start of year

2,520

7,660

Amounts repaid

(2,520

)

(5,140

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

2,520

M C S Hall

Balance outstanding at start of year

(2,230

)

1,945

Amounts advanced

872

-

Amounts repaid

-

(4,175

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,358

)

(2,230

)

13.	ULTIMATE CONTROLLING PARTY

The controlling party is S J Hall.