Professional Electrical Solutions Limite - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 05670822 (England and Wales)

Unaudited Financial Statements For The Year Ended 31 January 2023

for

Professional Electrical Solutions

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs K Duffell

G Duffell

SECRETARY:

Mrs K Duffell

REGISTERED OFFICE:

Osborne House

143-145 Stanwell Road

Ashford

Middlesex

TW15 3QN

REGISTERED NUMBER:

05670822 (England and Wales)

ACCOUNTANTS:

Hunt Ford & Co

Osborne House

143-145 Stanwell Road

Ashford

Middlesex

TW15 3QN

FIXED ASSETS

Tangible assets

4

8,435

10,541

CURRENT ASSETS

Debtors

5

19,238

12,825

Cash at bank

34,661

39,638

53,899

52,463

CREDITORS

Amounts falling due within one year

6

22,012

22,382

NET CURRENT ASSETS

31,887

30,081

TOTAL ASSETS LESS CURRENT LIABILITIES

40,322

40,622

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

7

40,320

40,620

40,322

40,622

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 15 September 2023 and were signed on its behalf by:

G Duffell - Director

Mrs K Duffell - Director

1.	STATUTORY INFORMATION

Professional Electrical Solutions 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.

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 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.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2022

and 31 January 2023

40,336

DEPRECIATION

At 1 February 2022

29,795

Charge for year

2,106

At 31 January 2023

31,901

NET BOOK VALUE

At 31 January 2023

8,435

At 31 January 2022

10,541

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/23

31/1/22

£

£

Trade debtors

19,238

12,825

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/23

31/1/22

£

£

Trade creditors

6,586

8,840

Taxation and social security

14,184

12,270

Other creditors

1,242

1,272

22,012

22,382

7.

RESERVES

Retained

earnings

£

At 1 February 2022

40,620

Profit for the year

41,700

Dividends

(42,000

)

At 31 January 2023

40,320