W & D Electrical Limited Company Accounts

W & D ELECTRICAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08850438

W & D Electrical Limited

Unaudited Financial Statements

31 January 2017

MOORE GREEN

Chartered accountant

22 Friars Street

Sudbury

Suffolk

CO10 2AA

W & D Electrical Limited

Financial Statements

Year ended 31 January 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

W & D Electrical Limited

Statement of Financial Position

31 January 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	6	14,000	16,000
Tangible assets	7	1,734	1,895
		--------	--------
		15,734	17,895

Current assets

Stocks	8	600	600
Debtors	9	15,377	11,470
Cash at bank and in hand		33,117	22,045
		--------	--------
		49,094	34,115

Creditors: amounts falling due within one year	10	28,557		42,282
		--------		--------
Net current assets/(liabilities)			20,537	( 8,167)
			--------	--------
Total assets less current liabilities			36,271	9,728

Provisions

Taxation including deferred tax	19	–
	--------	-------
Net assets	36,252	9,728
	--------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	36,152	9,628
	--------	-------
Members funds	36,252	9,728
	--------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 January 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

W & D Electrical Limited

Statement of Financial Position (continued)

31 January 2017

These financial statements were approved by the board of directors and authorised for issue on 5 May 2017 , and are signed on behalf of the board by:

Mr W York	Mr D J Lever
Director	Director

Company registration number: 08850438

W & D Electrical Limited

Notes to the Financial Statements

Year ended 31 January 2017

1. General information

The company is a private company limited by shares, registered in the UK. The registered office is 22 Friars Street, Sudbury, Suffolk, CO10 2AA. The business address is 9 Oak Road, Great Cornard, Sudbury, Suffolk, CO10 0EY.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10 Years Straight Line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor Vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to 2 (2016: 2).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Amortisation of intangible assets	2,000	2,000
Depreciation of tangible assets	578	631
	-------	-------

6. Intangible assets

	Goodwill
	£
Cost
At 1 Feb 2016 and 31 Jan 2017	20,000
	--------
Amortisation
At 1 February 2016	4,000
Charge for the year	2,000
	--------
At 31 January 2017	6,000
	--------
Carrying amount
At 31 January 2017	14,000
	--------
At 31 January 2016	16,000
	--------

7. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 February 2016	2,750	619	3,369
Additions	–	417	417
	-------	-------	-------
At 31 January 2017	2,750	1,036	3,786
	-------	-------	-------
Depreciation
At 1 February 2016	1,203	271	1,474
Charge for the year	387	191	578
	-------	-------	-------
At 31 January 2017	1,590	462	2,052
	-------	-------	-------
Carrying amount
At 31 January 2017	1,160	574	1,734
	-------	-------	-------
At 31 January 2016	1,547	348	1,895
	-------	-------	-------

8. Stocks

	2017	2016
	£	£
Work in progress	600	600
	----	----

9. Debtors

	2017	2016
	£	£
Trade debtors	15,377	11,470
	--------	--------

10. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	573	739
Corporation tax	20,156	15,787
Social security and other taxes	5,766	7,534
Other creditors	2,062	18,222
	--------	--------
	28,557	42,282
	--------	--------

11. Directors' advances, credits and guarantees

Included in Other Creditors is a balance of £931 (2016: £9,011) due to W York and £931 (2016: £9,011) due to D Lever on their loan account. No interest is charged on these balances.

12. Controlling party

There is no overall controlling party as each of the directors own 44% of the issued and fully paid share capital.

13. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015.

No transitional adjustments were required in equity or profit or loss for the year.