Chambers Electrical (Wolverhampton) Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01047567 (England and Wales)

Financial Statements for the Year Ended 30 April 2023

for

Chambers Electrical (Wolverhampton)

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr L W Chambers

Mrs T L Chambers

Mr R Chambers

SECRETARY:

Mrs T L Chambers

REGISTERED OFFICE:

74 Aldersley Road

Tettenhall

Wolverhampton

West Midlands

WV6 9LZ

REGISTERED NUMBER:

01047567 (England and Wales)

ACCOUNTANTS:

Haines Watts Wolverhampton Limited

Keepers Lane

The Wergs

Wolverhampton

West Midlands

WV6 8UA

FIXED ASSETS

Tangible assets

4

58,826

58,970

CURRENT ASSETS

Stocks

20,000

20,000

Debtors

5

118,194

101,193

Cash at bank and in hand

26,021

19,283

164,215

140,476

CREDITORS

Amounts falling due within one year

6

86,454

76,300

NET CURRENT ASSETS

77,761

64,176

TOTAL ASSETS LESS CURRENT LIABILITIES

136,587

123,146

CREDITORS

Amounts falling due after more than one year

7

(35,740

)

(38,917

)

PROVISIONS FOR LIABILITIES

-

(237

)

NET ASSETS

100,847

83,992

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

100,747

83,892

SHAREHOLDERS' FUNDS

100,847

83,992

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 26 January 2024 and were signed on its behalf by:

Mr L W Chambers - Director

1.	STATUTORY INFORMATION

Chambers Electrical (Wolverhampton) 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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except In respect of service contracts where turnover is recognised when the company obtains the right to consideration.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

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

-

25% on reducing balance and 15% on reducing balance

No depreciation is provided on freehold buildings, as the buildings are maintained to such a standard that their estimated residual value is not less than their cost. The policy is not in accordance with FRS102 section 1A "small entities". However, in the opinion of the directors the effect is not material.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Profit and Loss Account 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.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 May 2022

and 30 April 2023

58,024

55,205

113,229

DEPRECIATION

At 1 May 2022

-

54,259

54,259

Charge for year

-

144

144

At 30 April 2023

-

54,403

54,403

NET BOOK VALUE

At 30 April 2023

58,024

802

58,826

At 30 April 2022

58,024

946

58,970

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

107,536

95,494

Other debtors

10,658

5,699

118,194

101,193

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

8,984

8,906

Trade creditors

48,555

54,129

Taxation and social security

7,332

1,428

Other creditors

21,583

11,837

86,454

76,300

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

35,740

38,917

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

44,724

47,823

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary Shares

£1

100

100

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2023 and 30 April 2022:

2023

2022

£

£

Mr L W Chambers and Mrs T L Chambers

Balance outstanding at start of year

2,391

(18,896

)

Amounts advanced

10,241

24,987

Amounts repaid

(3,787

)

(3,700

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

8,845

2,391