Bradbury Electrical Contractors Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08765176

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2018

FOR

BRADBURY ELECTRICAL CONTRACTORS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A J Bradbury

REGISTERED OFFICE:

The Old Casino

28 Fourth Avenue

Hove

East Sussex

BN3 2PJ

REGISTERED NUMBER:

08765176

ACCOUNTANTS:

Cardens Accountants LLP

The Old Casino

28 Fourth Avenue

Hove

East Sussex

BN3 2PJ

FIXED ASSETS

Intangible assets

3

5,000

6,000

Tangible assets

4

22,878

2,639

27,878

8,639

CURRENT ASSETS

Stocks

5

-

9,175

Debtors

6

142,608

46,658

Cash at bank and in hand

33,735

17,476

176,343

73,309

CREDITORS

Amounts falling due within one year

7

141,534

55,428

NET CURRENT ASSETS

34,809

17,881

TOTAL ASSETS LESS CURRENT LIABILITIES

62,687

26,520

CREDITORS

Amounts falling due after more than one year

8

(19,705

)

-

PROVISIONS FOR LIABILITIES

(4,347

)

(510

)

NET ASSETS

38,635

26,010

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

38,634

26,009

SHAREHOLDERS' FUNDS

38,635

26,010

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 30 August 2019 and were signed by:

A J Bradbury - Director

1.	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 sales of services net of VAT. Turnover is recognised at the point the customer is entitled to

consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2017 - 3 ) .

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2017

and 30 November 2018

10,000

AMORTISATION

At 1 December 2017

4,000

Amortisation for year

1,000

At 30 November 2018

5,000

NET BOOK VALUE

At 30 November 2018

5,000

At 30 November 2017

6,000

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 December 2017

2,308

2,450

926

5,684

Additions

-

27,290

878

28,168

At 30 November 2018

2,308

29,740

1,804

33,852

DEPRECIATION

At 1 December 2017

1,483

1,253

309

3,045

Charge for year

206

7,122

601

7,929

At 30 November 2018

1,689

8,375

910

10,974

NET BOOK VALUE

At 30 November 2018

619

21,365

894

22,878

At 30 November 2017

825

1,197

617

2,639

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

27,290

At 30 November 2018

27,290

DEPRECIATION

Charge for year

6,823

At 30 November 2018

6,823

NET BOOK VALUE

At 30 November 2018

20,467

5.

STOCKS

2018

2017

£

£

Stocks

-

9,175

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

76,723

44,741

Amounts owed by group undertakings

49,454

-

Other debtors

2,900

-

CIS

13,531

1,917

142,608

46,658

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

6,229

-

Trade creditors

54,815

18,184

Tax

26,483

15,879

Social security and other taxes

(355

)

(3,112

)

VAT

11,356

13,647

Other creditors

33,000

-

Net wages

8,256

433

Directors' loan accounts

-

8,423

Accrued expenses

1,750

1,974

141,534

55,428

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

19,705

-

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, A Bradbury decreased his loan to the company. As at 30 November 2018, the company owed

him £nil. (2017: £8,423). This balance represented the maximum amount outstanding during the year and the

loan is interest free and repayable on demand.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A J Bradbury.

This was by virtue of his 100% holding of the issued share capital.