Leicester Electrical Services Ltd - Accounts to registrar (filleted) - small 23.2

REGISTERED NUMBER: 08309146 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

LEICESTER ELECTRICAL SERVICES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

G W Wardle

SECRETARY:

S J Hartshorn

REGISTERED OFFICE:

Knights Lodge

Knights Close

Billesdon

Leicestershire

LE7 9AS

REGISTERED NUMBER:

08309146 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Unit 2

Charnwood Edge Business Park

Syston Road

Leicester

LE7 4UZ

FIXED ASSETS

Tangible assets

4

45,920

59,715

CURRENT ASSETS

Stocks

5

88,849

71,997

Debtors

6

387,141

334,360

Cash at bank and in hand

169,871

240,789

645,861

647,146

CREDITORS

Amounts falling due within one year

7

(196,835

)

(192,263

)

NET CURRENT ASSETS

449,026

454,883

TOTAL ASSETS LESS CURRENT LIABILITIES

494,946

514,598

CREDITORS

Amounts falling due after more than one year

8

-

(2,498

)

PROVISIONS FOR LIABILITIES

(8,692

)

(11,346

)

NET ASSETS

486,254

500,754

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

485,254

499,754

486,254

500,754

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 August 2023 and were signed by:

G W Wardle - Director

1.	STATUTORY INFORMATION

Leicester Electrical Services Ltd is a limited company, registered in England and Wales. Its registered office address is Knights Lodge, Knights Close, Billesdon, Leicestershire, LE7 9AS and the registered number is 08309146.

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 represents amounts receivable for goods and services net of VAT and trade discounts.

Revenue is recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Operating leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the 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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such Instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2022

29,904

111,725

141,629

Additions

2,032

-

2,032

Disposals

-

(14,670

)

(14,670

)

At 31 March 2023

31,936

97,055

128,991

DEPRECIATION

At 1 April 2022

18,018

63,896

81,914

Charge for year

2,327

11,443

13,770

Eliminated on disposal

-

(12,613

)

(12,613

)

At 31 March 2023

20,345

62,726

83,071

NET BOOK VALUE

At 31 March 2023

11,591

34,329

45,920

At 31 March 2022

11,886

47,829

59,715

5.

STOCKS

2023

2022

£

£

Work-in-progress

81,349

64,497

Finished goods

7,500

7,500

88,849

71,997

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

346,951

312,631

Other debtors

2,750

2,750

VAT

3,418

16,212

Prepayments and accrued income

34,022

2,767

387,141

334,360

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Hire purchase contracts

2,499

6,000

Trade creditors

56,603

53,050

Tax

9,702

3,528

Social security and other taxes

16,098

15,188

Other creditors

1,637

2,160

Directors' current accounts

88,775

105,839

Accruals and deferred income

21,521

6,498

196,835

192,263

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts

-

2,498

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Hire purchase contracts

2,499

8,498

10.	FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

Operating lease commitments not included in the balance sheet amount to £81,542 (2022 - £70,135).