Andrews Electrical & Building Services Ltd - Period Ending 2017-04-30

Andrews Electrical & Building Services Ltd

Annual Report and Unaudited Financial Statements
Year Ended 30 April 2017

Registration number: 07357415

Andrews Electrical & Building Services Ltd

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

Andrews Electrical & Building Services Ltd

Balance Sheet

30 April 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	4	420,000	450,000
Tangible assets	5	4,254	7,779
		424,254	457,779
Current assets
Debtors	6	130,983	151,788
Creditors: Amounts falling due within one year	7	(136,831)	(195,632)
Net current liabilities		(5,848)	(43,844)
Total assets less current liabilities		418,406	413,935
Creditors: Amounts falling due after more than one year	7	(363,184)	(379,409)
Net assets		55,222	34,526
Capital and reserves
Called up share capital		100	100
Profit and loss account		55,122	34,426
Total equity		55,222	34,526

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

Andrews Electrical & Building Services Ltd

Balance Sheet

30 April 2017

For the financial year ending 30 April 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 10 October 2017 and signed on its behalf by:
 

R Flynn

Director

Company Registration Number: 07357415

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Andrews Electrical & Building Services Ltd

Notes to the Financial Statements

Year Ended 30 April 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

The principal place of business is:
Unit 9
Brixey Business Park
18-26 Fancy Road
Poole
Dorset
BH12 4PZ

These financial statements were authorised for issue by the Board on 10 October 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 May 2015. There is no material impact on the reported financial position and financial performance.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 3

Andrews Electrical & Building Services Ltd

Notes to the Financial Statements

Year Ended 30 April 2017

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Fixtures and fittings	25% reducing balance
Motor vehicles	25% reducing balance
Office equipment	3 years straight line

Amortisation

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

Asset class	Amortisation method and rate
Goodwill	20 years straight line

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2016 - 5).

Page 4

Andrews Electrical & Building Services Ltd

Notes to the Financial Statements

Year Ended 30 April 2017

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 May 2016	600,000	600,000
At 30 April 2017	600,000	600,000
Amortisation
At 1 May 2016	150,000	150,000
Amortisation charge	30,000	30,000
At 30 April 2017	180,000	180,000
Carrying amount
At 30 April 2017	420,000	420,000
At 30 April 2016	450,000	450,000

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 May 2016	1,988	27,703	3,399	33,090
Disposals	-	(11,588)	-	(11,588)
At 30 April 2017	1,988	16,115	3,399	21,502
Depreciation
At 1 May 2016	1,646	21,072	2,593	25,311
Charge for the year	119	1,142	202	1,463
Eliminated on disposal	-	(9,526)	-	(9,526)
At 30 April 2017	1,765	12,688	2,795	17,248
Carrying amount
At 30 April 2017	223	3,427	604	4,254
At 30 April 2016	342	6,631	806	7,779

Page 5

Andrews Electrical & Building Services Ltd

Notes to the Financial Statements

Year Ended 30 April 2017

6

Debtors

	2017  £	2016  £
Trade debtors	128,736	151,621
Other debtors	2,247	-
Prepayments	-	167
	130,983	151,788

7

Creditors

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	8	21,750	56,436
Trade creditors		73,600	106,986
Social security and other taxes		14,396	14,805
Other creditors		11,953	-
Accrued expenses		3,500	3,475
Corporation tax		11,632	13,930
		136,831	195,632
Due after one year
Loans and borrowings	8	363,184	379,409

Page 6

Andrews Electrical & Building Services Ltd

Notes to the Financial Statements

Year Ended 30 April 2017

8	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Other borrowings	363,184	379,409

	2017 £	2016 £
Current loans and borrowings
Bank overdrafts	21,750	52,933
Other borrowings	-	3,503
	21,750	56,436

9	Transition to FRS 102

This is the first year the accounts have been prepared under FRS102, however, this has not affected the financial position or the performance of the comparative figures.

Page 7