Brooks Electrical Services Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03605225 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021

FOR

BROOKS ELECTRICAL SERVICES LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

D J Brimfield

SECRETARY:

Mrs D Brimfield

REGISTERED OFFICE:

Avebury House

6 St Peter Street

Winchester

Hampshire

SO23 8BN

REGISTERED NUMBER:

03605225 (England and Wales)

ACCOUNTANTS:

Rothmans LLP

Chartered Accountants

Avebury House

St Peter Street

Winchester

Hampshire

SO23 8BN

FIXED ASSETS

Intangible assets

4

12,000

16,000

Tangible assets

5

60,289

62,150

72,289

78,150

CURRENT ASSETS

Stocks

2,000

5,000

Debtors

6

61,241

51,768

Cash at bank

19,789

28,127

83,030

84,895

CREDITORS

Amounts falling due within one year

7

62,081

59,700

NET CURRENT ASSETS

20,949

25,195

TOTAL ASSETS LESS CURRENT LIABILITIES

93,238

103,345

CREDITORS

Amounts falling due after more than one year

8

(20,734

)

(13,443

)

PROVISIONS FOR LIABILITIES

(11,455

)

(11,809

)

NET ASSETS

61,049

78,093

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

60,949

77,993

SHAREHOLDERS' FUNDS

61,049

78,093

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 15 November 2021 and were signed by:

D J Brimfield - Director

1.	STATUTORY INFORMATION

Brooks Electrical Services 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Government grants

Government grants shall be recognised in profit or loss on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate.

Brooks Electrical Services Limited has received a Bounce Bank loan during the year, which has 100% government backed guarantee. Under this scheme, the company also received a Business Interruption payment to cover the first 12 months of interest

Stocks

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

Financial instruments

The company has elected to apply the provisions of section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company balance sheet when the company becomes a party to the contractual provisions of the instrument.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price including transaction costs. Any losses resulting from impairment review at the reporting end date are are recognised in the profit and loss account.

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.

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 10 (2020 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2020

and 31 May 2021

40,000

AMORTISATION

At 1 June 2020

24,000

Charge for year

4,000

At 31 May 2021

28,000

NET BOOK VALUE

At 31 May 2021

12,000

At 31 May 2020

16,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 June 2020

48,845

477

57,084

1,490

107,896

Additions

28,099

-

-

-

28,099

Disposals

(8,495

)

-

(17,900

)

-

(26,395

)

At 31 May 2021

68,449

477

39,184

1,490

109,600

DEPRECIATION

At 1 June 2020

15,824

430

28,786

706

45,746

Charge for year

11,855

12

7,074

196

19,137

Eliminated on disposal

(4,467

)

-

(11,105

)

-

(15,572

)

At 31 May 2021

23,212

442

24,755

902

49,311

NET BOOK VALUE

At 31 May 2021

45,237

35

14,429

588

60,289

At 31 May 2020

33,021

47

28,298

784

62,150

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

57,342

48,477

Other debtors

3,899

3,291

61,241

51,768

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

1,000

-

Trade creditors

4,135

3,743

Taxation and social security

37,489

27,829

Other creditors

19,457

28,128

62,081

59,700

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

14,000

-

Hire purchase contracts

6,734

13,443

20,734

13,443

The company has taken a bank loan under the Government back Bounce Back Loan Scheme. As part of this scheme, the UK Government will cover interest payments for the first 12 months to February 2022. From February 2022, the loan attracts interest at a rate of 2.5%pa and is repayable in 60 monthly installments.

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2021 and 31 May 2020:

2021

2020

£

£

D J Brimfield

Balance outstanding at start of year

(5,223

)

(939

)

Amounts advanced

11,483

5,026

Amounts repaid

(8,041

)

(9,310

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,781

)

(5,223

)

This loan has been provided interest free and is repayable on demand.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Brooks Electrical Services Ltd. for the year ended 31 May 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Brooks Electrical Services Ltd. in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Brooks Electrical Services Ltd. and state those matters that we have agreed to state to the director of Brooks Electrical Services Ltd. in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Brooks Electrical Services Ltd. and its director for our work or for this report.

It is your duty to ensure that Brooks Electrical Services Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Brooks Electrical Services Ltd.. You consider that Brooks Electrical Services Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Brooks Electrical Services Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rothmans LLP

Chartered Accountants

Avebury House

St Peter Street

Winchester

Hampshire

SO23 8BN

29 November 2021