Scomac Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03554289 (England and Wales)

SCOMAC SERVICES LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D O McCloskey

Mr D Scott

SECRETARY:

Ms B J McSean

REGISTERED OFFICE:

Scomac House

247 High Street

Aldershot

Hampshire

GU12 4NG

REGISTERED NUMBER:

03554289 (England and Wales)

ACCOUNTANTS:

Meades Group Limited

39 The Metro Centre

Tolpits Lane

Watford

Hertfordshire

WD18 9SB

FIXED ASSETS

Tangible assets

4

372,000

402,871

Investments

5

143,500

143,500

515,500

546,371

CURRENT ASSETS

Stocks

-

367,943

Debtors

6

1,199,757

826,206

Cash at bank and in hand

671,870

647,347

1,871,627

1,841,496

CREDITORS

Amounts falling due within one year

7

1,102,735

1,177,005

NET CURRENT ASSETS

768,892

664,491

TOTAL ASSETS LESS CURRENT LIABILITIES

1,284,392

1,210,862

CREDITORS

Amounts falling due after more than one year

8

(165,107

)

(217,631

)

PROVISIONS FOR LIABILITIES

(31,514

)

-

NET ASSETS

1,087,771

993,231

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

11

1,086,771

992,231

1,087,771

993,231

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 25 January 2019 and were signed on its behalf by:

Mr D O McCloskey - Director

Mr D Scott - Director

1.	STATUTORY INFORMATION

Scomac Services Ltd 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 represents the value of electrical and mechanical contractors goods and services

provided to customers, net of value added tax and discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

20% on cost

Depreciation is not provided on freehold property as it is considered immaterial.

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.

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 balance sheet date.

Deferred tax

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

reversed at the balance sheet 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 held under finance leases and hire purchase contracts, which are those where

substantially all the risks and rewards of ownership of the assets have passed to the

company are capitalised in the balance sheet and depreciated over their useful lives. The

corresponding lease or hire purchase obligation is treated in the balance sheet 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 31 (2017 - 30 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 May 2017

253,485

12,160

40,291

At 30 April 2018

253,485

12,160

40,291

DEPRECIATION

At 1 May 2017

-

8,242

37,424

Charge for year

-

784

573

Eliminated on disposal

-

-

-

At 30 April 2018

-

9,026

37,997

NET BOOK VALUE

At 30 April 2018

253,485

3,134

2,294

At 30 April 2017

253,485

3,918

2,867

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 May 2017

216,542

86,853

609,331

Additions

34,538

1,269

35,807

Disposals

(22,015

)

-

(22,015

)

At 30 April 2018

229,065

88,122

623,123

DEPRECIATION

At 1 May 2017

99,464

61,330

206,460

Charge for year

48,951

4,977

55,285

Eliminated on disposal

(10,622

)

-

(10,622

)

At 30 April 2018

137,793

66,307

251,123

NET BOOK VALUE

At 30 April 2018

91,272

21,815

372,000

At 30 April 2017

117,078

25,523

402,871

Included in cost of land and buildings is freehold land of £ 125,000 (2017 - £ 125,000 )

which is not depreciated.

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 May 2017

and 30 April 2018

143,500

NET BOOK VALUE

At 30 April 2018

143,500

At 30 April 2017

143,500

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

269,354

319,737

Retentions

327,475

319,021

Amounts owed by associates

368,632

37,409

Directors' current accounts

138,892

49,392

Section 455 repayable

71,899

71,899

Prepayments and accrued income

23,505

28,748

1,199,757

826,206

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

23,634

23,035

Hire purchase contracts (see note 9)

47,342

31,189

Trade creditors

478,088

513,015

Subcontractor retentions

309,390

371,761

Corporation tax

58,354

90,420

Social security and other taxes

17,102

23,241

CIS payable

11,259

13,672

VAT

106,257

16,744

AutoEnrolment Pension Creditor

1,746

1,144

Directors' current accounts

-

26,512

Accrued expenses

49,563

66,272

1,102,735

1,177,005

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans - 1-2 years

47,267

46,071

Bank loans - 2-5 years

41,751

66,997

Hire purchase contracts (see note 9)

76,089

104,563

165,107

217,631

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2018

2017

£

£

Net obligations repayable:

Within one year

47,342

31,189

Between one and five years

76,089

104,563

123,431

135,752

Non-cancellable

operating leases

2018

2017

£

£

Within one year

4,623

8,568

Between one and five years

3,211

3,889

7,834

12,457

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

112,652

136,103

The bank loans are secured against the freehold properties and by a fixed and floating

charge.

11.

RESERVES

Retained

earnings

£

At 1 May 2017

992,231

Profit for the year

185,140

Dividends

(90,600

)

At 30 April 2018

1,086,771

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended

30 April 2018 and 30 April 2017:

2018

2017

£

£

Mr D O McCloskey

Balance outstanding at start of year

(26,512

)

249,896

Amounts advanced

88,303

23,592

Amounts repaid

(216

)

(300,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

61,575

(26,512

)

Mr D Scott

Balance outstanding at start of year

49,392

306,156

Amounts advanced

28,141

43,236

Amounts repaid

(216

)

(300,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

77,317

49,392

The above amounts had no fixed date for repayment, were repayable on demand and

were non-interest bearing.