PM Houston Electrical Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC345817 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2018

FOR

PM HOUSTON ELECTRICAL LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Ms D S Nikolova

P Houston Snr

REGISTERED OFFICE:

6th Floor, Gordon Chambers

90 Mitchell Street

Glasgow

G1 3NQ

REGISTERED NUMBER:

SC345817 (Scotland)

ACCOUNTANTS:

Cornerstone Accountants

6th Floor

Gordon Chambers

90 Mitchell Street

Glasgow

Lanarkshire

G1 3NQ

FIXED ASSETS

Tangible assets

4

25,181

33,858

CURRENT ASSETS

Work-in-progress

5

118,223

130,414

Debtors

6

19,095

44,494

Cash at bank

371,548

490,958

508,866

665,866

CREDITORS

Amounts falling due within one year

7

100,600

192,419

NET CURRENT ASSETS

408,266

473,447

TOTAL ASSETS LESS CURRENT LIABILITIES

433,447

507,305

CAPITAL AND RESERVES

Called up share capital

13

13

Retained earnings

433,434

507,292

SHAREHOLDERS' FUNDS

433,447

507,305

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 29 April 2019 and were signed on its behalf by:

Ms D S Nikolova - Director

1.	STATUTORY INFORMATION

PM Houston Electrical Ltd is a private company, limited by shares , registered in Scotland. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the amounts derived from the provision of goods and services which fall within the

company's ordinary activities and is stated net of Value Added Tax. Revenue is recognised on the despatch of

goods.

Tangible fixed assets

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

Motor vehicles

-

25% on a reducing balance basis

Work-in-progress

Work in progress is valued at the lower of cost and net realisable value.

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

bringing work-in-progress 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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 August 2017

and 31 July 2018

66,809

1,276

68,085

DEPRECIATION

At 1 August 2017

33,802

425

34,227

Charge for year

8,252

425

8,677

At 31 July 2018

42,054

850

42,904

NET BOOK VALUE

At 31 July 2018

24,755

426

25,181

At 31 July 2017

33,007

851

33,858

5.	WORK-IN-PROGRESS

2018

2017

£

£

Work-in-progress

118,223

130,414

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

7,234

29,926

VAT

11,316

14,030

Prepayments

545

538

19,095

44,494

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

40,751

30,058

Tax

54,513

153,195

Directors' current accounts

744

680

Accrued expenses

4,592

8,486

100,600

192,419