Richard Craig Electrical Ltd

Richard Craig Electrical Ltd

RICHARD CRAIG ELECTRICAL LTD - Company Information

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1 January 2018 false No description of principal activity Taxfiler 2019.9.Web true 05619824business:PrivateLimitedCompanyLtd2018-01-012018-12-31 056198242017-12-31 056198242018-01-012018-12-31 05619824business:AuditExempt-NoAccountantsReport2018-01-012018-12-31 05619824business:AbridgedAccounts2018-01-012018-12-31 056198242018-12-31 05619824business:Director12018-01-012018-12-31 05619824business:Director22018-01-012018-12-31 05619824business:CompanySecretary12018-01-012018-12-31 05619824business:RegisteredOffice2018-01-012018-12-31 056198242017-12-31 05619824core:WithinOneYear2018-12-31 05619824core:WithinOneYear2017-12-31 05619824core:ShareCapital2018-12-31 05619824core:ShareCapital2017-12-31 05619824core:RetainedEarningsAccumulatedLosses2018-12-31 05619824core:RetainedEarningsAccumulatedLosses2017-12-31 05619824business:SmallEntities2018-01-012018-12-31 05619824countries:EnglandWales2018-01-012018-12-31 05619824core:PlantMachinery2018-01-012018-12-31 05619824core:MotorVehicles2018-01-012018-12-31 05619824business:OrdinaryShareClass12018-01-012018-12-31 05619824business:OrdinaryShareClass12017-01-012017-12-31 05619824core:BetweenOneFiveYears2018-12-31 05619824core:BetweenOneFiveYears2017-12-31 05619824business:Director112018-01-012018-12-31 05619824business:Director112017-12-31 05619824business:Director112018-12-31 056198242017-01-012017-12-31 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 05619824 (England and Wales)
Richard Craig Electrical Ltd Unaudited accounts for the year ended 31 December 2018
Richard Craig Electrical Ltd Unaudited accounts Contents
Page
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Richard Craig Electrical Ltd Company Information for the year ended 31 December 2018
Directors
R I Craig Mrs K M Craig
Secretary
Mrs K M Craig
Company Number
05619824 (England and Wales)
Registered Office
Townsend Bungalow Llanwarne Hereford HR2 8JE
Accountants
Diana Duggan & Co 27 East Street Hereford HR1 2LU
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Richard Craig Electrical Ltd Statement of financial position as at 31 December 2018
2018 
2017 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
64,853 
47,635 
Current assets
Inventories
22,710 
57,677 
Debtors
144,852 
150,777 
Cash at bank and in hand
246,476 
129,585 
414,038 
338,039 
Creditors: amounts falling due within one year
(127,555)
(139,278)
Net current assets
286,483 
198,761 
Net assets
351,336 
246,396 
Capital and reserves
Called up share capital
5
1 
1 
Profit and loss account
351,335 
246,395 
Shareholders' funds
351,336 
246,396 
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 25 July 2019.
R I Craig Director Company Registration No. 05619824
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Richard Craig Electrical Ltd Notes to the Accounts for the year ended 31 December 2018
1
Statutory information
Richard Craig Electrical Ltd is a private company, limited by shares, registered in England and Wales, registration number 05619824. The registered office is Townsend Bungalow, Llanwarne, Hereford, HR2 8JE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
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.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
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. Office premises will be completed in year ended 31 December 2019 and will be depreciated at 40% on a straight line basis.
Plant & machinery
15% reducing balance
Motor vehicles
25% reducing balance
Deferred 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.
Going concern
There are no material uncertainties that may cast significant doubt about the company's ability to continue as a going concern.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Richard Craig Electrical Ltd Notes to the Accounts for the year ended 31 December 2018
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Rendering of services Turnover from services is recognised on completion of services.
4
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 January 2018
151,054 
Additions
32,270 
Disposals
(19,149)
At 31 December 2018
164,175 
Depreciation
At 1 January 2018
103,419 
Charge for the year
13,375 
On disposals
(17,472)
At 31 December 2018
99,322 
Net book value
At 31 December 2018
64,853 
At 31 December 2017
47,635 
5
Share capital
2018 
2017 
£ 
£ 
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1 
1 
6
Operating lease commitments
2018 
2017 
£ 
£ 
At 31 December 2018 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
6,268 
6,268 
Within two to five years
4,858 
4,858 
11,126 
11,126 
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Richard Craig Electrical Ltd Notes to the Accounts for the year ended 31 December 2018
7
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
R I Craig
Director's Advance
42,766 
11,789 
- 
54,555 
42,766 
11,789 
- 
54,555 
The loan was repaid on 11 July 2019.
8
Average number of employees
During the year the average number of employees was 0 (2017: 0).
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