A G W Electrical (Services) Limited Filleted accounts for Companies House (small and micro)

A G W Electrical (Services) Limited Filleted accounts for Companies House (small and micro)


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COMPANY REGISTRATION NUMBER: 5723853
A G W Electrical (Services) Limited
Filleted Unaudited Financial Statements
31 March 2020
A G W Electrical (Services) Limited
Statement of Financial Position
31 March 2020
2020
2019
Note
£
£
£
Fixed assets
Intangible assets
5
6,240
8,640
Tangible assets
6
40,908
30,023
-------
-------
47,148
38,663
Current assets
Stocks
1,000
2,000
Debtors
7
215,627
113,444
Cash at bank and in hand
33,417
6,483
--------
--------
250,044
121,927
Creditors: amounts falling due within one year
8
235,218
89,797
--------
--------
Net current assets
14,826
32,130
-------
-------
Total assets less current liabilities
61,974
70,793
Creditors: amounts falling due after more than one year
9
23,375
16,627
Provisions
Taxation including deferred tax
7,773
5,704
-------
-------
Net assets
30,826
48,462
-------
-------
Capital and reserves
Called up share capital
2
2
Profit and loss account
30,824
48,460
-------
-------
Shareholders funds
30,826
48,462
-------
-------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 2020 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 .
A G W Electrical (Services) Limited
Statement of Financial Position (continued)
31 March 2020
These financial statements were approved by the board of directors and authorised for issue on 28 July 2020 , and are signed on behalf of the board by:
Mr A Watton
Mr S Donovan
Director
Director
Company registration number: 5723853
A G W Electrical (Services) Limited
Notes to the Financial Statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 St Josephs Court, Trindle Road, Dudley, West Midlands, DY2 7AU.
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.
Judgements and key sources of estimation uncertainty
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.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% straight line
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.
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 stock to its present location and condition.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 11 (2019: 11 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2019 and 31 March 2020
24,000
-------
Amortisation
At 1 April 2019
15,360
Charge for the year
2,400
-------
At 31 March 2020
17,760
-------
Carrying amount
At 31 March 2020
6,240
-------
At 31 March 2019
8,640
-------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2019
5,511
14,622
30,459
50,592
Additions
1,058
1,444
18,695
21,197
------
-------
-------
-------
At 31 March 2020
6,569
16,066
49,154
71,789
------
-------
-------
-------
Depreciation
At 1 April 2019
3,090
10,266
7,213
20,569
Charge for the year
718
1,200
8,394
10,312
------
-------
-------
-------
At 31 March 2020
3,808
11,466
15,607
30,881
------
-------
-------
-------
Carrying amount
At 31 March 2020
2,761
4,600
33,547
40,908
------
-------
-------
-------
At 31 March 2019
2,421
4,356
23,246
30,023
------
-------
-------
-------
7. Debtors
2020
2019
£
£
Trade debtors
214,974
112,694
Prepayments and accrued income
513
610
Other debtors
140
140
--------
--------
215,627
113,444
--------
--------
8. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
137,006
17,029
Accruals and deferred income
7,774
7,940
Corporation tax
7,445
8,651
Social security and other taxes
56,404
40,017
Obligations under finance leases and hire purchase contracts
10,254
6,674
Director loan accounts
13,064
5,998
Other creditors
3,271
3,488
--------
-------
235,218
89,797
--------
-------
9. Creditors: amounts falling due after more than one year
2020
2019
£
£
Obligations under finance leases and hire purchase contracts
23,375
16,627
-------
-------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2020
2019
£
£
Not later than 1 year
4,106
4,106
Later than 1 year and not later than 5 years
342
4,449
------
------
4,448
8,555
------
------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A Watton
( 4,065)
( 11,867)
( 15,932)
Mr S Donovan
( 1,933)
4,801
2,868
------
-------
-------
( 5,998)
( 7,066)
( 13,064)
------
-------
-------
2019
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A Watton
( 2,162)
( 1,903)
( 4,065)
Mr S Donovan
( 764)
( 1,169)
( 1,933)
------
------
------
( 2,926)
( 3,072)
( 5,998)
------
------
------
12. Related party transactions
The company was under the control of Mr A Watton and Mr S Donovan throughout the current year. Mr A Watton and Mr S Donovan are the managing directors and equal shareholders. No transactions with related parties were undertaken such as are required to be disclosed under Section 1A of the Financial Reporting Standard 102.