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

REGISTERED NUMBER: 03343487 (England and Wales)

WILWRIGHT ELECTRICAL CONTRACTORS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

G Wright

C Wilson

M Hamer

SECRETARY:

G Wright

REGISTERED OFFICE:

Coppice House

Halesfield 7

Telford

Shropshire

TF7 4NA

REGISTERED NUMBER:

03343487 (England and Wales)

ACCOUNTANTS:

Hollingsworth & Co Ltd

Coppice House

Halesfield 7

Telford

Shropshire

TF7 4NA

FIXED ASSETS

Intangible assets

3

666,069

732,681

Tangible assets

4

140,240

170,105

806,309

902,786

CURRENT ASSETS

Stocks

145,547

154,140

Debtors

5

2,215,837

2,451,390

Cash at bank

1,070,555

1,219,788

3,431,939

3,825,318

CREDITORS

Amounts falling due within one year

6

1,789,004

2,875,917

NET CURRENT ASSETS

1,642,935

949,401

TOTAL ASSETS LESS CURRENT LIABILITIES

2,449,244

1,852,187

PROVISIONS FOR LIABILITIES

18,711

23,131

NET ASSETS

2,430,533

1,829,056

CAPITAL AND RESERVES

Called up share capital

7

120

170

Share premium

8

1,622,540

1,622,540

Retained earnings

8

807,873

206,346

SHAREHOLDERS' FUNDS

2,430,533

1,829,056

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2019 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 23 July 2019 and were signed on its behalf by:

G Wright - Director

C Wilson - Director

1.	STATUTORY INFORMATION

Wilwright Electrical Contractors Ltd is a private company, limited by shares , registered in

England and 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 (£).

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 is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment

losses.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

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 stocks 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.

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.

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2018

and 28 February 2019

1,332,178

AMORTISATION

At 1 March 2018

599,497

Amortisation for year

66,612

At 28 February 2019

666,109

NET BOOK VALUE

At 28 February 2019

666,069

At 28 February 2018

732,681

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 March 2018

9,346

18,357

279,458

32,843

340,004

Additions

-

842

17,800

2,825

21,467

Disposals

-

(5,175

)

(29,245

)

-

(34,420

)

At 28 February 2019

9,346

14,024

268,013

35,668

327,051

DEPRECIATION

At 1 March 2018

5,688

13,898

123,178

27,135

169,899

Charge for year

914

987

42,767

3,141

47,809

Eliminated on disposal

-

(4,616

)

(26,281

)

-

(30,897

)

At 28 February 2019

6,602

10,269

139,664

30,276

186,811

NET BOOK VALUE

At 28 February 2019

2,744

3,755

128,349

5,392

140,240

At 28 February 2018

3,658

4,459

156,280

5,708

170,105

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

2,086,510

2,441,715

Other debtors

24,666

-

Corporation tax recoverable

91,329

-

Prepayments

13,332

9,675

2,215,837

2,451,390

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

709,706

1,257,942

Corporation tax

-

231,069

Social security and other taxes

53,907

46,083

VAT

302,183

285,282

Directors current accounts

43

(16

)

Other creditors

11,712

9,843

Factoring account

690,201

1,000,087

Accrued expenses

21,252

45,627

1,789,004

2,875,917

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

20

Ordinary

£1

20

20

100

Ordinary B Non Voting

£1

100

100

120

120

8.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 March 2018

206,346

1,622,540

1,828,886

Profit for the year

1,329,190

1,329,190

Dividends

(727,663

)

(727,663

)

At 28 February 2019

807,873

1,622,540

2,430,413

The following reproduces the text of the report prepared for the directors in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006,

the company is only required to file a Balance Sheet. Readers are cautioned that the Income

Statement and certain other primary statements and the Report of the Directors are not required to

be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Wilwright Electrical Contractors Ltd for the year ended

28 February 2019 which comprise the Income Statement, Balance Sheet and the related notes from

the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Wilwright Electrical Contractors Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wilwright Electrical Contractors Ltd and state those matters that we have agreed to state to the Board of Directors of Wilwright Electrical Contractors Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wilwright Electrical Contractors Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Wilwright Electrical Contractors Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wilwright Electrical Contractors Ltd. You consider that Wilwright Electrical Contractors Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wilwright Electrical Contractors Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hollingsworth & Co Ltd

Coppice House

Halesfield 7

Telford

Shropshire

TF7 4NA

23 July 2019