Electronic Accordions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00974349 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

ELECTRONIC ACCORDIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

B. S. Lovell

REGISTERED OFFICE:

Bailey House

4-10 Barttelot Road

Horsham

West Sussex

RH12 1DQ

REGISTERED NUMBER:

00974349 (England and Wales)

ACCOUNTANTS:

D A CLARK & CO. LTD.

Bailey House

4-10 Barttelot Road

Horsham

West Sussex

RH12 1DQ

FIXED ASSETS

Tangible assets

3

24,722

17,458

CURRENT ASSETS

Stocks

137,938

154,613

Debtors

4

15,915

49,365

Cash at bank and in hand

223,088

109,422

376,941

313,400

CREDITORS

Amounts falling due within one year

5

139,487

129,009

NET CURRENT ASSETS

237,454

184,391

TOTAL ASSETS LESS CURRENT LIABILITIES

262,176

201,849

CREDITORS

Amounts falling due after more than one year

6

-

(490

)

PROVISIONS FOR LIABILITIES

(4,663

)

(2,748

)

NET ASSETS

257,513

198,611

CAPITAL AND RESERVES

Called up share capital

1,785

1,785

Retained earnings

255,728

196,826

SHAREHOLDERS' FUNDS

257,513

198,611

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

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

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director on 28 November 2018 and were signed by:

B. S. Lovell - Director

1.	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.

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.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

3.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2017

9,080

14,845

2,991

26,916

Additions

11,435

-

1,174

12,609

At 31 March 2018

20,515

14,845

4,165

39,525

DEPRECIATION

At 1 April 2017

1,983

6,495

980

9,458

Charge for year

2,780

2,087

478

5,345

At 31 March 2018

4,763

8,582

1,458

14,803

NET BOOK VALUE

At 31 March 2018

15,752

6,263

2,707

24,722

At 31 March 2017

7,097

8,350

2,011

17,458

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

Motor

vehicles

£

COST

At 1 April 2017

and 31 March 2018

14,845

DEPRECIATION

At 1 April 2017

6,495

Charge for year

2,087

At 31 March 2018

8,582

NET BOOK VALUE

At 31 March 2018

6,263

At 31 March 2017

8,350

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

13,090

48,395

Handel Pianos Limited

2,625

970

Other debtors

200

-

15,915

49,365

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

3,798

6,842

Hire purchase contracts

490

2,940

Trade creditors

40,077

47,000

Tax

20,757

14,862

Social security and other taxes

163

368

VAT

38,076

16,224

Other creditors

1,259

-

Directors' current accounts

29,447

23

Deferred income

-

38,000

Accrued expenses

5,420

2,750

139,487

129,009

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Hire purchase contracts

-

490

7.	RELATED PARTY DISCLOSURES

During the year, total dividends of £34,980 were paid to the director .

8.	ULTIMATE CONTROLLING PARTY

The controlling party is B. S. Lovell.