ITC_Building__Electrical_Contractors_Limited_28_Feb_2023_companies_house_set_of_accounts.html
ITC_Building__Electrical_Contractors_Limited_28_Feb_2023_companies_house_set_of_accounts.html
Company registration number:
Report to the board of directors on the preparation of the unaudited statutory financial statements of ITC Building & Electrical Contractors Limited
Year ended 28 February 2023
As described on the abridged statement of financial position, the Board of Directors of ITC Building & Electrical Contractors Limited are responsible for the preparation of the abridged financial statements for the year ended 28 February 2023 , which comprise the abridged income statement, statement of income and retained earnings, abridged statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
3 Fein BankCoventryCV4 9XQUnited Kingdom
Date:
29 August 2023
Abridged Statement of Financial Position
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Intangible assets | 5 |
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| Tangible assets | 5 |
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| Current assets | |||||
| Stocks |
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| Debtors |
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| Cash at bank and in hand |
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| Creditors: amounts falling due within one year |
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| Net current assets |
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| Total assets less current liabilities | 936,176 | 722,046 | |||
| Creditors: amounts falling due after more than one year |
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| Net assets |
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| Capital and reserves | |||||
| Called up share capital |
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| Profit and loss account |
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| Shareholders funds |
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For the year ending 28 February 2023 , the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476; The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of financial position and the abridged income statement for the year ended 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged 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.
These abridged financial statements were approved by the board of directors and authorised for issue on 29 August 2023 , and are signed on behalf of the board by:
| Director |
Company registration number:
08893757
Notes to the Abridged Financial Statements
Year ended 28 February 2023
1 General information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 145 Foleshill Road , Coventry , CV1 4LF , United Kingdom.
2 Statement of compliance
These abridged financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.
3 Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The abridged financial statements are prepared in sterling, which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Current tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Goodwill
Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.
Intangible assets
Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
| Goodwill |
Tangible assets
Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
| Plant and machinery | |
| Office equipment | |
| Motor vehicles |
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Defined contribution pension plan
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Operating leases
4 Average number of employees
The average number of persons employed by the company during the year was 9 (2022: 7.00 ).
5 Fixed assets
| Intangible assets | Tangible assets | Total | ||||
|---|---|---|---|---|---|---|
| £ | £ | £ | ||||
| Cost | ||||||
| At |
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292,827 | |||
| Additions | - |
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44,570 | |||
| At |
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337,397 | |||
| Amortisation and depreciation | ||||||
| At |
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174,887 | |||
| Charge |
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39,877 | |||
| At |
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214,764 | |||
| Carrying amount | ||||||
| At |
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| At 28 February 2022 |
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6 Operating leases
| The company as lessee | ||||
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | |||
| Not later than 1 year | ||||
| Later than 1 year and not later than 5 years | ||||
8 Controlling party
The director, John Power, is a 60% shareholder and his spouse L. Power is a 40% shareholder. During the year they received dividends totalling £96,000 (2022 £68,800)