KC Electrical Services (Hfds) Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 08347615 (England and Wales)

KC ELECTRICAL SERVICES (HFDS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2018

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

K V Chapman

T L Jenkins

REGISTERED OFFICE:

West Lodge

Rainbow Street

Leominster

Herefordshire

HR6 8DQ

REGISTERED NUMBER:

08347615 (England and Wales)

ACCOUNTANTS:

Davies Edwards & Co

Chartered Certified Accountants

West Lodge

Rainbow Street

Leominster

Herefordshire

HR6 8DQ

FIXED ASSETS

Intangible assets

4

-

10,000

Tangible assets

5

20,019

8,978

20,019

18,978

CURRENT ASSETS

Stocks

2,544

500

Debtors

6

11,879

19,239

14,423

19,739

CREDITORS

Amounts falling due within one year

7

37,603

47,613

NET CURRENT LIABILITIES

(23,180

)

(27,874

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,161

)

(8,896

)

CREDITORS

Amounts falling due after more than one year

8

-

(6,146

)

PROVISIONS FOR LIABILITIES

(3,836

)

(1,796

)

NET LIABILITIES

(6,997

)

(16,838

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

(7,097

)

(16,938

)

SHAREHOLDERS' FUNDS

(6,997

)

(16,838

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 1 June 2018 and were signed on its behalf by:

K V Chapman - Director

1.	STATUTORY INFORMATION

KC Electrical Services (Hfds) Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Formation costs

Formation costs have been amortised 100% in the first year of trading.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Tools and equipment

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Office and computer equipment

-

33% on cost and 20% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 February 2017

and 31 January 2018

50,000

179

50,179

AMORTISATION

At 1 February 2017

40,000

179

40,179

Charge for year

10,000

-

10,000

At 31 January 2018

50,000

179

50,179

NET BOOK VALUE

At 31 January 2018

-

-

-

At 31 January 2017

10,000

-

10,000

5.	TANGIBLE FIXED ASSETS

Office

and

Tools and

Motor

computer

equipment

vehicles

equipment

Totals

£

£

£

£

COST

At 1 February 2017

1,446

23,476

2,155

27,077

Additions

-

19,450

874

20,324

Disposals

-

(6,100

)

-

(6,100

)

At 31 January 2018

1,446

36,826

3,029

41,301

DEPRECIATION

At 1 February 2017

736

15,406

1,957

18,099

Charge for year

143

6,237

330

6,710

Eliminated on disposal

-

(3,527

)

-

(3,527

)

At 31 January 2018

879

18,116

2,287

21,282

NET BOOK VALUE

At 31 January 2018

567

18,710

742

20,019

At 31 January 2017

710

8,070

198

8,978

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 February 2017

17,376

Transfer to ownership

(17,376

)

At 31 January 2018

-

DEPRECIATION

At 1 February 2017

11,879

Transfer to ownership

(11,879

)

At 31 January 2018

-

NET BOOK VALUE

At 31 January 2018

-

At 31 January 2017

5,497

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

9,559

17,452

VAT

1,121

-

Prepayments and accrued income

1,199

1,787

11,879

19,239

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

16,267

15,516

Hire purchase contracts

-

2,300

Trade creditors

8,846

10,530

Tax

199

4,430

Social security and other taxes

1,185

657

VAT

-

2,961

Pension control

274

-

Directors' current accounts

9,632

10,063

Accruals and deferred income

1,200

1,156

37,603

47,613

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

-

6,146

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 February 2017

(16,938

)

Profit for the year

9,841

At 31 January 2018

(7,097

)