Celtic Electrical Services Limited - Accounts to registrar (filleted) - small 18.2
Celtic Electrical Services Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| CELTIC ELECTRICAL SERVICES |
| LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 MAY 2019 |
| CELTIC ELECTRICAL SERVICES |
| LIMITED (REGISTERED NUMBER: 04772983) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 MAY 2019 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 | to | 3 |
| Notes to the Financial Statements | 4 | to | 7 |
| CELTIC ELECTRICAL SERVICES |
| LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 28 MAY 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 3 New Mill Court |
| Swansea Enterprise Park |
| Swansea |
| SA7 9FG |
| CELTIC ELECTRICAL SERVICES |
| LIMITED (REGISTERED NUMBER: 04772983) |
| STATEMENT OF FINANCIAL POSITION |
| 28 MAY 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Prepayments and accrued income |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET ASSETS/(LIABILITIES) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| 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. |
| CELTIC ELECTRICAL SERVICES |
| LIMITED (REGISTERED NUMBER: 04772983) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 28 MAY 2019 |
| 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 behalf by: |
| CELTIC ELECTRICAL SERVICES |
| LIMITED (REGISTERED NUMBER: 04772983) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 MAY 2019 |
| 1. | STATUTORY INFORMATION |
| Celtic Electrical Services Limited is a |
| Wales. The company's registered number and registered office address can be found on the Company |
| Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| Monetary amounts in these financial statements are rounded to nearest £. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and |
| services to customers. |
| Tangible fixed assets |
| Freehold Land and Buildings - 2% per annum on a reducing balance method |
| Motor Vehicles - 25% per annum on a reducing balance method |
| Plant and Machinery - 25% per annum on a reducing balance method |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
| obsolete and slow moving items. |
| Financial instruments |
| Basic financial assets which include trade and other debtors and cash and bank balances, are initially |
| measured at transaction price unless the arrangement constitutes a financing transaction, where the |
| transaction is measured at the present value of the future receipts discounted at a market rate of |
| interest. |
| Basic financial liabilities, including trade, other creditors and loans, are initially recognised at |
| transaction price unless the arrangement constitutes a financing transaction, where the debt |
| instrument is measured at the present value of the future receipts discounted at a market rate of |
| interest. |
| CELTIC ELECTRICAL SERVICES |
| LIMITED (REGISTERED NUMBER: 04772983) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 MAY 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| Going concern |
| The company made a profit for the period before tax of £261,692 (2018 - £9,825) and at the balance |
| sheet date had net assets of £8,628 (2017 - net liabilities of £223,437). |
| The director has a reasonable expectation that the company will continue to be profitable in the |
| ensuing year. Included in other creditors is a director's loan balance of £195,654 which the director has |
| indicated will not be recalled for repayment if it will affect the company's going concern position.The |
| director therefore considers that with his support and the continuing support of the company's |
| creditors, the company will have adequate resources to continue in operational existence for the |
| foreseeable future. On this basis the director considers it appropriate to prepare the financial |
| statements on the going concern basis. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| CELTIC ELECTRICAL SERVICES |
| LIMITED (REGISTERED NUMBER: 04772983) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 MAY 2019 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 29 May 2018 |
| Disposals | ( |
) | ( |
) |
| At 28 May 2019 |
| DEPRECIATION |
| At 29 May 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 28 May 2019 |
| NET BOOK VALUE |
| At 28 May 2019 |
| At 28 May 2018 |
| Tangible fixed assets include £nil (2018 - £38,396) at net book value in respect of assets held under |
| hire purchase agreements. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Amounts recoverable on contract |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| CELTIC ELECTRICAL SERVICES |
| LIMITED (REGISTERED NUMBER: 04772983) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 MAY 2019 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 172,028 | 181,526 |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| Other loans |
| The Company's bank loans and overdraft are secured by a fixed and floating charge over the |
| company's assets dated 29 March 2018 and a mortgage deed dated 19 April 2018 both in favour of |
| Lloyds Bank PLC. |
| Other creditors include a loan balance of £9,964 (2018 - £20,917) from Finance Wales Investments (6) |
| Ltd secured by a fixed and floating charge dated 18 December 2014 over the company's assets. |
| Hire purchase liabilities were fully repaid during the financial year. |