Newfield Electrical Limited Filleted accounts for Companies House (small and micro)

NEWFIELD ELECTRICAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 4747483

Newfield Electrical Limited

Filleted Unaudited Financial Statements

31 May 2019

Newfield Electrical Limited

Financial Statements

Year ended 31 May 2019

Contents	Page

Directors' report	1

Statement of financial position	2

Notes to the financial statements	4

Newfield Electrical Limited

Directors' Report

Year ended 31 May 2019

The directors present their report and the unaudited financial statements of the company for the year ended 31 May 2019 .

Directors

The directors who served the company during the year were as follows:

Mr I Workman
Mrs K Workman

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 31 July 2019 and signed on behalf of the board by:

Mr I Workman

Director

Registered office:

1 St Josephs Court

Trindle Road

Dudley

West Midlands

DY2 7AU

Newfield Electrical Limited

Statement of Financial Position

31 May 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	5	80,500	109,250
Tangible assets	6	270,658	210,462
		--------	--------
		351,158	319,712

Current assets

Stocks		270,311	157,524
Debtors	7	560,121	446,226
Investments	8	1	1
Cash at bank and in hand		400,149	447,172
		-----------	-----------
		1,230,582	1,050,923

Creditors: amounts falling due within one year	9	435,948		400,112
		-----------		-----------
Net current assets			794,634	650,811
			-----------	--------
Total assets less current liabilities			1,145,792	970,523

Creditors: amounts falling due after more than one year	10		39,550	40,868

Provisions

Taxation including deferred tax	46,386	34,198
	-----------	--------
Net assets	1,059,856	895,457
	-----------	--------

Newfield Electrical Limited

Statement of Financial Position (continued)

31 May 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,059,854	895,455
	-----------	--------
Shareholders funds	1,059,856	895,457
	-----------	--------

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 statement of income and retained earnings has not been delivered.

For the year ending 31 May 2019 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 .

These financial statements were approved by the board of directors and authorised for issue on 31 July 2019 , and are signed on behalf of the board by:

Mr I Workman

Director

Company registration number: 4747483

Newfield Electrical Limited

Notes to the Financial Statements

Year ended 31 May 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 St Josephs Court, Trindle Road, Dudley, West Midlands, DY2 7AU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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% 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.

The rate at which amortisation is charged has changed during the year to fall in line with FRS 102 guidelines.

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:

Pant and machinery	-	15% straight line
Motor vehicles	-	25% reducing balance
Equipment	-	15% straight line

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 20 (2018: 17 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 June 2018 and 31 May 2019	287,500
	--------
Amortisation
At 1 June 2018	178,250
Charge for the year	28,750
	--------
At 31 May 2019	207,000
	--------
Carrying amount
At 31 May 2019	80,500
	--------
At 31 May 2018	109,250
	--------

6. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 June 2018	127,327	307,921	60,386	495,634
Additions	7,870	111,648	6,573	126,091
Disposals	–	( 20,463)	–	( 20,463)
	--------	--------	-------	--------
At 31 May 2019	135,197	399,106	66,959	601,262
	--------	--------	-------	--------
Depreciation
At 1 June 2018	92,367	151,311	41,494	285,172
Charge for the year	14,641	41,470	7,736	63,847
Disposals	–	( 18,415)	–	( 18,415)
	--------	--------	-------	--------
At 31 May 2019	107,008	174,366	49,230	330,604
	--------	--------	-------	--------
Carrying amount
At 31 May 2019	28,189	224,740	17,729	270,658
	--------	--------	-------	--------
At 31 May 2018	34,960	156,610	18,892	210,462
	--------	--------	-------	--------

7. Debtors

	2019	2018
	£	£
Trade debtors	504,726	389,616
Other debtors	55,395	56,610
	--------	--------
	560,121	446,226
	--------	--------

8. Investments

	2019	2018
	£	£
Investments in group undertakings	1	1
	----	----

9. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	–	44,033
Trade creditors	195,445	113,446
Corporation tax	51,972	52,416
Social security and other taxes	101,025	117,545
Other creditors	87,506	72,672
	--------	--------
	435,948	400,112
	--------	--------

10. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	39,550	40,868
	-------	-------

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr I Workman	( 32,022)	10,486	( 21,536)
	-------	-------	-------

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr I Workman	( 2,842)	( 29,180)	( 32,022)
	------	-------	-------

12. Related party transactions

The company was under the control of Mr I Workman throughout the current year. Mr I Workman is the managing director and equal shareholder.