David Fear Electrical Contractors Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01793021 (England and Wales)

David Fear Electrical Contractors

Limited

Unaudited Financial Statements

for the Period 1 January 2022 to 31 March 2023

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

J C Ivory

D J Tainton

SECRETARY:

J C Ivory

REGISTERED OFFICE:

523 Gloucester Road

Horfield

Bristol

BS7 8UG

REGISTERED NUMBER:

01793021 (England and Wales)

ACCOUNTANTS:

Webb & Co Ltd

Accountants and Business Advisers

One New Street

Wells

Somerset

BA5 2LA

FIXED ASSETS

Tangible assets

3

21,613

30,114

CURRENT ASSETS

Stocks

4

18,443

1,283

Debtors

5

245,986

261,560

Cash at bank

79,339

393,292

343,768

656,135

CREDITORS

Amounts falling due within one year

6

186,044

507,524

NET CURRENT ASSETS

157,724

148,611

TOTAL ASSETS LESS CURRENT LIABILITIES

179,337

178,725

PROVISIONS FOR LIABILITIES

4,325

5,508

NET ASSETS

175,012

173,217

CAPITAL AND RESERVES

Called up share capital

105

105

Share premium

149,955

149,955

Capital redemption reserve

45

45

Retained earnings

24,907

23,112

SHAREHOLDERS' FUNDS

175,012

173,217

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2023 and were signed on its behalf by:

J C Ivory - Director

1.	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.

Summary of significant judgements and estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented..

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Fixtures, fittings & equipment 15% or 25% reducing balance

Motor vehicles 33% reducing balance

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Leasing commitments

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

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods and services acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2.	EMPLOYEES AND DIRECTORS

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

3.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Motor

& equipment

vehicles

Totals

£

£

£

COST

At 1 January 2022

27,679

42,088

69,767

Additions

1,046

-

1,046

Disposals

(577

)

-

(577

)

At 31 March 2023

28,148

42,088

70,236

DEPRECIATION

At 1 January 2022

21,451

18,202

39,653

Charge for period

2,456

7,091

9,547

Eliminated on disposal

(577

)

-

(577

)

At 31 March 2023

23,330

25,293

48,623

NET BOOK VALUE

At 31 March 2023

4,818

16,795

21,613

At 31 December 2021

6,228

23,886

30,114

4.

STOCKS

2023

2021

£

£

Stocks

1,000

-

Work-in-progress

17,443

1,283

18,443

1,283

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2021

£

£

Trade debtors

47,644

67,074

Amounts owed by group undertakings

114,006

121,810

Amounts owed by participating interests

49,000

-

Other debtors

35,336

72,676

245,986

261,560

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2021

£

£

Trade creditors

121,263

355,533

Amounts owed to participating interests

-

80,000

Taxation and social security

3,960

11,220

Other creditors

60,821

60,771

186,044

507,524

7.	ULTIMATE CONTROLLING PARTY

The company's immediate parent is T.I. Holdings Limited, incorporated in the United Kingdom.

The ultimate parents are JCH Holdings Limited and DT Holdings (Bristol) Limited, incorporated in the United Kingdom.

The ultimate controlling parties are Ms J C Ivory and Mr D J Tainton by virtue of their respective shareholdings in JCH Holdings Limited and DT Holdings (Bristol) Limited.