PP Electric Services Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04624814 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

PP Electric Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D C Malpass

M Woodroof

SECRETARY:

D C Malpass

REGISTERED OFFICE:

3 Brunel Business Court

Eastern Way

Bury St Edmunds

Suffolk

IP32 7AJ

REGISTERED NUMBER:

04624814 (England and Wales)

ACCOUNTANTS:

Knights Lowe

Chartered Accountants

Eldo House, Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

8,471

9,227

Investments

6

30,932

24,442

39,403

33,669

CURRENT ASSETS

Stocks

4,248

6,500

Debtors

7

57,910

94,377

Cash at bank and in hand

44,692

47,924

106,850

148,801

CREDITORS

Amounts falling due within one year

8

65,252

78,999

NET CURRENT ASSETS

41,598

69,802

TOTAL ASSETS LESS CURRENT LIABILITIES

81,001

103,471

CREDITORS

Amounts falling due after more than one year

9

(24,167

)

(34,167

)

PROVISIONS FOR LIABILITIES

10

(1,535

)

(1,661

)

NET ASSETS

55,299

67,643

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

11

9,327

2,837

Retained earnings

45,872

64,706

SHAREHOLDERS' FUNDS

55,299

67,643

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 29 August 2023 and were signed on its behalf by:

D C Malpass - Director

M Woodroof - Director

1.	STATUTORY INFORMATION

PP Electric Services Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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

Tangible fixed assets

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

Property improvements

-

10 years straight line

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

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 items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable, and loans from banks or other related parties.Debt instruments, such as loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

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 the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

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

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

Fixed asset investments

Fixed asset investments have been measured at fair value through a revaluation. The revaluation of investments has been measured as the difference between the historical cost of the investments and the market value at the balance sheet date.

Goodwill

Goodwill, being the amount paid in connection with the purchase of a business has been fully amortised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2022

and 31 December 2022

60,000

AMORTISATION

At 1 January 2022

and 31 December 2022

60,000

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2022

10,786

30,731

41,517

Additions

-

1,379

1,379

At 31 December 2022

10,786

32,110

42,896

DEPRECIATION

At 1 January 2022

10,786

21,504

32,290

Charge for year

-

2,135

2,135

At 31 December 2022

10,786

23,639

34,425

NET BOOK VALUE

At 31 December 2022

-

8,471

8,471

At 31 December 2021

-

9,227

9,227

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 January 2022

24,442

Revaluations

6,490

At 31 December 2022

30,932

NET BOOK VALUE

At 31 December 2022

30,932

At 31 December 2021

24,442

Cost or valuation at 31 December 2022 is represented by:

Other

investments

£

Valuation in 2021

2,837

Valuation in 2022

6,490

Cost

21,605

30,932

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2022

2021

£

£

Cost

21,605

21,605

Fixed asset investments were valued on an open market value basis on 31 December 2021 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

57,325

92,828

Other debtors

585

1,549

57,910

94,377

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

22,927

30,459

Taxation and social security

15,213

19,415

Other creditors

27,112

29,125

65,252

78,999

Other creditors includes an amount due to the directors.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

24,167

34,167

10.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

Accelerated capital allowances

1,535

1,661

Deferred

tax

£

Balance at 1 January 2022

1,661

Credit to Income Statement during year

(126

)

Balance at 31 December 2022

1,535

11.

RESERVES

Fair

value

reserve

£

At 1 January 2022

2,837

Non-distributable reserves

6,490

At 31 December 2022

9,327

The reserves in respect of investment revaluations are non distributable.