ANCO Electrical Installations Limited - Period Ending 2016-03-31

Registration number: 06212703

ANCO Electrical Installations Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Murrell Consultancy Limited
39 Manor Road
Sutton Coldfield
West Midlands
B73 6EE

ANCO Electrical Installations Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
ANCO Electrical Installations Limited
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of ANCO Electrical Installations Limited for the year ended 31 March 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of ANCO Electrical Installations Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of ANCO Electrical Installations Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ANCO Electrical Installations Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that ANCO Electrical Installations Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of ANCO Electrical Installations Limited. You consider that ANCO Electrical Installations Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of ANCO Electrical Installations Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Murrell Consultancy Limited
39 Manor Road
Sutton Coldfield
West Midlands
B73 6EE

6 June 2016

Page 1

ANCO Electrical Installations Limited
(Registration number: 06212703)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					23,825			11,220
Current assets
Debtors					202,866			65,396
Cash at bank and in hand					26,403			14,783
					229,269			80,179
Creditors: Amounts falling due within one year					(121,785)			(41,960)
Net current assets					107,484			38,219
Total assets less current liabilities					131,309			49,439
Creditors: Amounts falling due after more than one year					(19,397)			(6,271)
Provisions for liabilities					(4,766)			(2,245)
Net assets					107,146			40,923
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					107,046			40,823
Shareholders' funds					107,146			40,923

For the year ending 31 March 2016 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 6 June 2016 and signed on its behalf by:

.........................................
Mr A J Lyon
Director

.........................................
Mr C Winwood
Director

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

ANCO Electrical Installations Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... 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 January 2015).

Turnover

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

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

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

Asset class	Amortisation method and rate
Goodwill	25% straight line basis

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
Office equipment	33.33% straight line basis
Motor vehicles	25% straight line basis

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.

Page 3

ANCO Electrical Installations Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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.

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

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		20,000			46,022			66,022
Additions		-			25,300			25,300
Disposals		-			(14,180)			(14,180)
At 31 March 2016		20,000			57,142			77,142
Depreciation
At 1 April 2015		20,000			34,802			54,802
Charge for the year		-			9,950			9,950
Eliminated on disposals		-			(11,435)			(11,435)
At 31 March 2016		20,000			33,317			53,317
Net book value
At 31 March 2016		-			23,825			23,825
At 31 March 2015		-			11,220			11,220

Page 4

ANCO Electrical Installations Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

3

Creditors

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

		2016 £			2015 £
Amounts falling due within one year		6,334			3,769
Amounts falling due after more than one year		19,397			6,271
Total secured creditors		25,731			10,040

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 5