Company No: SC559200 (Scotland)

Contents

• Balance Sheet
• Notes to the Unaudited Financial Statements

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	3	37,756		52,026
Investments	4	2		2
		37,758		52,028
Current assets
Debtors	5	7,179		59,274
Cash at bank and in hand		31,127		34,970
		38,306		94,244
Creditors
Amounts falling due within one year	6	( 59,733)		( 74,225)
Net current (liabilities)/assets		(21,427)		20,019
Total assets less current liabilities		16,331		72,047
Creditors
Amounts falling due after more than one year	7	( 22,265)		( 28,699)
Provisions for liabilities	8	0		( 7,023)
Net (liabilities)/assets		( 5,934)		36,325
Capital and reserves
Called-up share capital	9	100		100
Profit and loss account		( 6,034 )		36,225
Total shareholders' (deficit)/funds		( 5,934)		36,325

For the financial year ending 31 March 2021 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of RML Electrical Holdings Limited (registered number: SC559200) were approved and authorised for issue by the Director on 21 December 2021. They were signed on its behalf by:

Grahame Holt Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

RML Electrical Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Gilson Gray Llp, 160 West George Street, Glasgow, G2 2HG, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

As at 31 March 2021 the company’s current liabilities exceeded its current assets by £5,935. The directors acknowledge this position and shareholder Y has agreed to not to request the repayment of their loan to the company within the next 12 months enabling the company to meet its debts as they fall due. Accordingly, the directors consider that it is appropriate to prepare the accounts on a going concern basis

In common with most businesses the company is facing potential issues in respect of the COVID-19 pandemic. This is an ongoing situation and the company is adopting a strategy to manage the ever-changing situation as effectively as possible.

The directors are satisfied that these events do not affect the company's ability to continue as a going concern and this basis is appropriate for the preparation of the accounts.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles			25	%	Reducing balance
Fixtures and fittings			4	years	Straight line
Office equipment			5	years	Straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		5

3. Tangible assets

	Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£
Cost
At 01 April 2020	50,558		42,000		1,716		94,274
Additions	20,068		0		0		20,068
Disposals	( 16,500)		0		0		( 16,500)
At 31 March 2021	54,126		42,000		1,716		97,842
Accumulated depreciation
At 01 April 2020	10,065		31,500		683		42,248
Charge for the financial year	11,378		10,500		343		22,221
Disposals	( 4,383)		0		0		( 4,383)
At 31 March 2021	17,060		42,000		1,026		60,086
Net book value
At 31 March 2021	37,066		0		690		37,756
At 31 March 2020	40,493		10,500		1,033		52,026

4. Fixed asset investments

	Listed investments		Total
	£		£
Carrying value before impairment
At 01 April 2020	2		2
At 31 March 2021	2		2
Provisions for impairment
At 01 April 2020	0		0
At 31 March 2021	0		0
Carrying value at 31 March 2021	2		2
Carrying value at 31 March 2020	2		2

5. Debtors

	2021		2020
	£		£
Trade debtors	716		57,681
Other debtors	6,463		1,593
	7,179		59,274

6. Creditors: amounts falling due within one year

	2021		2020
	£		£
Trade creditors	12,320		22,672
Amounts owed to related parties	2		2
Other creditors	36,084		41,827
Other taxation and social security	11,327		9,724
	59,733		74,225

7. Creditors: amounts falling due after more than one year

	2021		2020
	£		£
Other creditors	22,265		28,699

8. Deferred tax

	2021		2020
	£		£
At the beginning of financial year	( 7,023)		( 2,112)
Credited/(charged) to the Profit and Loss Account	7,023		( 4,911)
At the end of financial year	0		( 7,023)

9. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100