P_&_M_ELECTRICAL_SERVICES - Accounts


Company Registration No. SC478057 (Scotland)
P & M ELECTRICAL SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
PAGES FOR FILING WITH REGISTRAR
P & M ELECTRICAL SERVICES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
P & M ELECTRICAL SERVICES LTD
BALANCE SHEET
AS AT 31 MAY 2019
31 May 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,665
15,823
Current assets
Stocks
83
107
Debtors
4
27,646
33,950
Cash at bank and in hand
64,105
35,846
91,834
69,903
Creditors: amounts falling due within one year
5
(29,238)
(27,816)
Net current assets
62,596
42,087
Total assets less current liabilities
74,261
57,910
Provisions for liabilities
(1,754)
(2,410)
Net assets
72,507
55,500
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
72,506
55,499
Total equity
72,507
55,500

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

P & M ELECTRICAL SERVICES LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2019
31 May 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 24 February 2020
Paul Manson
Director
Company Registration No. SC478057
P & M ELECTRICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
- 3 -
1
Accounting policies
Company information

P & M Electrical Services Ltd is a private company limited by shares incorporated in Scotland. The registered office is 6 St Colme Street, Edinburgh, EH3 6AD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% Straight Line
Motor vehicles
20% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

1.4
Stocks

Stocks are stated at the lower of cost and net realisable value. Cost is defined as the purchase cost of materials. Net realisable value is the amount which it is anticipated would be realised in the normal course of trade after making due allowance for discounts and selling expenses.

 

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

P & M ELECTRICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Debtors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit or loss.

Creditors

Creditors with no stated interest rate and payable within one year are recorded at transaction price.

 

All interest bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable. After initial recognition they are measured at amortised cost.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

P & M ELECTRICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 1).

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2018 and 31 May 2019
20,791
Depreciation and impairment
At 1 June 2018
4,968
Depreciation charged in the year
4,158
At 31 May 2019
9,126
Carrying amount
At 31 May 2019
11,665
At 31 May 2018
15,823
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
3,332
1,993
Gross amounts owed by contract customers
-
5,000
Corporation tax recoverable
-
983
Other debtors
24,314
25,974
27,646
33,950
P & M ELECTRICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
- 6 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
3,692
-
Corporation tax
4,262
-
Other taxation and social security
-
648
Other creditors
19,783
22,921
Accruals and deferred income
1,501
4,247
29,238
27,816
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
7
Related party transactions

The director is of the opinion that all related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need disclosed under FRS 102 section 1A appendix C.

2019-05-312018-06-01false24 February 2020CCH SoftwareCCH Accounts Production 2019.301No description of principal activityPaul MansonSC4780572018-06-012019-05-31SC4780572019-05-31SC4780572018-05-31SC478057core:OtherPropertyPlantEquipment2019-05-31SC478057core:OtherPropertyPlantEquipment2018-05-31SC478057core:CurrentFinancialInstrumentscore:WithinOneYear2019-05-31SC478057core:CurrentFinancialInstrumentscore:WithinOneYear2018-05-31SC478057core:CurrentFinancialInstruments2019-05-31SC478057core:CurrentFinancialInstruments2018-05-31SC478057core:ShareCapital2019-05-31SC478057core:ShareCapital2018-05-31SC478057core:RetainedEarningsAccumulatedLosses2019-05-31SC478057core:RetainedEarningsAccumulatedLosses2018-05-31SC478057bus:Director12018-06-012019-05-31SC478057core:MotorVehicles2018-06-012019-05-31SC478057core:OtherPropertyPlantEquipment2018-05-31SC478057core:OtherPropertyPlantEquipment2018-06-012019-05-31SC478057bus:PrivateLimitedCompanyLtd2018-06-012019-05-31SC478057bus:SmallCompaniesRegimeForAccounts2018-06-012019-05-31SC478057bus:FRS1022018-06-012019-05-31SC478057bus:AuditExemptWithAccountantsReport2018-06-012019-05-31SC478057bus:FullAccounts2018-06-012019-05-31xbrli:purexbrli:sharesiso4217:GBP