Worsley Electrical Supplies (UK) Limited 31/12/2018 iXBRL

Worsley Electrical Supplies (UK) Limited 31/12/2018 iXBRL

WORSLEY ELECTRICAL SUPPLIES (UK) LIMITED - Company Information

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31/12/2018 2018-12-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-01-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 02806944 2018-01-01 2018-12-31 02806944 2018-12-31 02806944 2017-12-31 02806944 2017-01-01 2017-12-31 02806944 2017-12-31 02806944 core:FurnitureFittingsToolsEquipment 2018-01-01 2018-12-31 02806944 core:MotorVehicles 2018-01-01 2018-12-31 02806944 bus:Director1 2018-01-01 2018-12-31 02806944 core:WithinOneYear 2018-12-31 02806944 core:WithinOneYear 2017-12-31 02806944 core:AfterOneYear 2018-12-31 02806944 core:AfterOneYear 2017-12-31 02806944 core:ShareCapital 2018-12-31 02806944 core:ShareCapital 2017-12-31 02806944 core:RetainedEarningsAccumulatedLosses 2018-12-31 02806944 core:RetainedEarningsAccumulatedLosses 2017-12-31 02806944 bus:SmallEntities 2018-01-01 2018-12-31 02806944 bus:AuditExempt-NoAccountantsReport 2018-01-01 2018-12-31 02806944 bus:AbridgedAccounts 2018-01-01 2018-12-31 02806944 bus:SmallCompaniesRegimeForAccounts 2018-01-01 2018-12-31 02806944 bus:PrivateLimitedCompanyLtd 2018-01-01 2018-12-31
Statement of consent to prepare abridged financial statements
All of the members of Worsley Electrical Supplies (UK) Limited have consented to the preparation of the abridged Profit and loss account and the abridged Balance sheet for the current year ending 31 December 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number: 02806944
Worsley Electrical Supplies (UK) Limited
Unaudited filleted abridged financial statements
31 December 2018
Worsley Electrical Supplies (UK) Limited
Contents
Abridged balance sheet
Notes to the financial statements
Worsley Electrical Supplies (UK) Limited
Abridged Balance sheet
31 December 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 19,817 13,050
_______ _______
19,817 13,050
Current assets
Stocks 269,371 268,009
Debtors 379,299 375,223
Cash at bank and in hand 21,126 67,639
_______ _______
669,796 710,871
Creditors: amounts falling due
within one year ( 460,386) ( 491,667)
_______ _______
Net current assets 209,410 219,204
_______ _______
Total assets less current liabilities 229,227 232,254
Creditors: amounts falling due
after more than one year ( 13,254) ( 9,182)
_______ _______
Net assets 215,973 223,072
_______ _______
Capital and reserves
Called up share capital 200 200
Profit and loss account 215,773 222,872
_______ _______
Shareholders funds 215,973 223,072
_______ _______
For the year ending 31 December 2018 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.
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 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 Profit and loss account has not been delivered.
All of the members of Worsley Electrical Supplies (UK) Limited have consented to the preparation of the abridged Profit and loss account and the abridged Balance sheet for the current year ending 31 December 2018 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 20 June 2019 , and are signed on behalf of the board by:
F Thornley
Director
Company registration number: 02806944
Worsley Electrical Supplies (UK) Limited
Notes to the financial statements
Year ended 31 December 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Worsley Electrical Supplies (UK) Limited, 270 Walkden Road, Worsley, Manchester, M28 5FG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 33 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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.
Financial instruments
The company has not used any financial instruments in the year .
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2017: 11 ).
5. Tangible assets
£
Cost
At 1 January 2018 66,649
Additions 10,495
Disposals ( 14,500)
_______
At 31 December 2018 62,644
_______
Depreciation
At 1 January 2018 53,599
Charge for the year 3,728
Disposals ( 14,500)
_______
At 31 December 2018 42,827
_______
Carrying amount
At 31 December 2018 19,817
_______
At 31 December 2017 13,050
_______
6. Directors advances, credits and guarantees
No advances, credits or guarantees were made to the directors during the year.
7. Related party transactions
F Thornley has a 99% shareholding in Warrender Engineering Limited, a 80% shareholding in Worsley Electrical Supplies (UK) Limited, a 50% shareholding in Daetech Systems (UK) Limited and a 100% shareholding in Superlamp Lighting Limited. Warrender Engineering Limited has a 50% shareholding in Electrical Distribution Supplies Limited. During the year sales of £27,714 (2017:£51,900) were made to Electrical Distribution Supplies Limited, £7,563 (2017:£610) were made to Daetech Systems (UK) Limited. At the balance sheet date Electrical Distribution Supplies Limited owed £3,412 (2017:£11,894) and Daetech Systems (UK) Limited owed £9,045 (2017:£394). During the year purchases of £3,005 (2017:£3,142) were made from Electrical Distribution Supplies Limited, £21 (2017:£nil) were made from Daetech Systems (UK) Limited. At the balance sheet date Worsley Electrical Supplies (UK) Limited owed Electrical Distribution Supplies Limited £898 (2017:£806).At the balance sheet date the inter-company loan accounts owed to Worsley Electrical Supplies (UK) Limited from Electrical Distribution Supplies Limited was £46,100 (2017:£46,100), from Daetech Systems (UK) Limited was £nil (2017:£28,500).At the balance sheet date the inter-company loan amount due to Warrender Engineering Limited from Worsley Electrical Supplies (UK) Limited was £77,960 (2017:£77,960). The company uses offices owned personally by one of the directors and pays rent at the commercial rate of £nil (2017:£nil) per annum.All of these transactions were carried out at a true commercial rate.