In-Line Electrical Services Ltd Filleted accounts for Companies House (small and micro)

IN-LINE ELECTRICAL SERVICES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 06992848

In-Line Electrical Services Ltd

Filleted Unaudited Financial Statements

31 August 2022

In-Line Electrical Services Ltd

Statement of Financial Position

31 August 2022

	2022		2021
Note	£	£	£

Fixed Assets

Tangible assets	5	21,808	29,067
Investments	6	50	50
		--------	--------
		21,858	29,117

Current Assets

Debtors	7	567,592	507,684
Cash at bank and in hand		147,135	91,092
		---------	---------
		714,727	598,776

Creditors: amounts falling due within one year	8	102,816		119,864
		---------		---------
Net Current Assets			611,911	478,912
			---------	---------
Total Assets Less Current Liabilities			633,769	508,029

Creditors: amounts falling due after more than one year	9	40,212	56,055
		---------	---------
Net Assets		593,557	451,974
		---------	---------

Capital and Reserves

Called up share capital	2	2
Profit and loss account	593,555	451,972
	---------	---------
Shareholders Funds	593,557	451,974
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

In-Line Electrical Services Ltd

Statement of Financial Position (continued)

31 August 2022

These financial statements were approved by the board of directors and authorised for issue on 12 December 2022 , and are signed on behalf of the board by:

Mr C Cunliffe

Director

Company registration number: 06992848

In-Line Electrical Services Ltd

Notes to the Financial Statements

Year Ended 31 August 2022

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Temple Works, Temple Street, Oldham, Lancashire, OL1 3NJ.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in Associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in Joint Ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance Leases and Hire Purchase Contracts

Assets held under finance leases and hire purchase contracts 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.

Financial Instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined Contribution Plans

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 5 (2021: 5 ).

5. Tangible Assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 September 2021 and 31 August 2022	291	48,790	49,081
	----	--------	--------
Depreciation
At 1 September 2021	223	19,791	20,014
Charge for the year	10	7,249	7,259
	----	--------	--------
At 31 August 2022	233	27,040	27,273
	----	--------	--------
Carrying amount
At 31 August 2022	58	21,750	21,808
	----	--------	--------
At 31 August 2021	68	28,999	29,067
	----	--------	--------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 September 2021 and 31 August 2022	50
	----
Impairment
At 1 September 2021 and 31 August 2022	–
	----

Carrying amount
At 31 August 2022	50
	----
At 31 August 2021	50
	----

7. Debtors

	2022	2021
	£	£
Trade debtors	149,918	100,406
Amounts owed by group undertakings and undertakings in which the company has a participating interest	406,975	406,975
Other debtors	10,699	303
	---------	---------
	567,592	507,684
	---------	---------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	10,000	10,000
Trade creditors	37,004	25,119
Corporation tax	33,877	48,480
Social security and other taxes	14,360	24,817
Auto enrolment	378	776
Other creditors	7,197	10,672
	---------	---------
	102,816	119,864
	---------	---------

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	27,500	37,500
Other creditors	12,712	18,555
	--------	--------
	40,212	56,055
	--------	--------

10. Directors' Advances, Credits and Guarantees

Balance brought forward on Director's loan account£892 Net movement in the year £722 Balance carried forward on Director's loan account £170

11. Related Party Transactions

During the year, the company voted a dividend of £92,000 to the Directors (2021 £70,000)