A1 Electrics (South West) Limited - Period Ending 2015-05-31

Registration number: 05062528

A1 Electrics (South West) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2015
 

A1 Electrics (South West) Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

A1 Electrics (South West) Limited
(Registration number: 05062528)
Abbreviated Balance Sheet at 31 May 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					26,055			29,856
Current assets
Stocks					250			250
Debtors					138,110			85,896
Cash at bank and in hand					88,302			37,243
					226,662			123,389
Creditors: Amounts falling due within one year					(109,798)			(71,013)
Net current assets					116,864			52,376
Total assets less current liabilities					142,919			82,232
Creditors: Amounts falling due after more than one year					-			(10,674)
Provisions for liabilities					(867)			(758)
Net assets					142,052			70,800
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					141,952			70,700
Shareholders' funds					142,052			70,800

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

A1 Electrics (South West) Limited
(Registration number: 05062528)
Abbreviated Balance Sheet at 31 May 2015

For the year ending 31 May 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 16 January 2016 and signed on its behalf by:

.........................................
Mr S J R Pedler
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

A1 Electrics (South West) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Buildings	5% straight line basis
Plant and machinery	25% reducing balance basis
Motor vehicles	25% reducing balance basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 3

A1 Electrics (South West) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2014		66,579			66,579
Additions		2,174			2,174
At 31 May 2015		68,753			68,753
Depreciation
At 1 June 2014		36,723			36,723
Charge for the year		5,975			5,975
At 31 May 2015		42,698			42,698
Net book value
At 31 May 2015		26,055			26,055
At 31 May 2014		29,856			29,856

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		10,952			3,439
Amounts falling due after more than one year		-			10,674
Total secured creditors		10,952			14,113

Page 4

A1 Electrics (South West) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 5