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

HOLLS ELECTRICAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01421429

HOLLS ELECTRICAL LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2019

HOLLS ELECTRICAL LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2019

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

HOLLS ELECTRICAL LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	P M Warren
	S Rooke

Company secretary	J Warren

Registered office	Unit C1a
	Mercia Way
	Foxhills Industrial Estate
	Scunthorpe
	South Humberside
	DN15 8RE

Accountants	Streets LLP
	Chartered Accountants
	Tower House
	Lucy Tower Street
	Lincoln
	Lincolnshire
	LN1 1XW

Bankers	Barclays Bank plc
	81 High Street
	Scunthorpe
	N Lincolnshire
	DN15 6LZ

HOLLS ELECTRICAL LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		65,361	80,036

Current assets

Stocks		43,894	74,394
Debtors	6	101,282	69,711
Cash at bank and in hand		7,885	20,997
		----------	----------
		153,061	165,102

Creditors: amounts falling due within one year	7	138,808		133,520
		----------		----------
Net current assets			14,253	31,582
			---------	----------
Total assets less current liabilities			79,614	111,618

Provisions

Taxation including deferred tax	6,842	8,631
	---------	----------
Net assets	72,772	102,987
	---------	----------

HOLLS ELECTRICAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	500	500
Profit and loss account	72,272	102,487
	---------	----------
Shareholders funds	72,772	102,987
	---------	----------

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 March 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 17 December 2019 , and are signed on behalf of the board by:

P M Warren
Director

Company registration number: 01421429

HOLLS ELECTRICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 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 Unit C1a, Mercia Way, Foxhills Industrial Estate, Scunthorpe, South Humberside, DN15 8RE.

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.

Revenue recognition

The turnover shown in the profit and loss account represents the value of all goods sold during the period, less returns received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.

Income tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. The only exception is that deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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:

Leasehold property	-	10% straight line
Plant and machinery	-	25% reducing balance
Freehold property improvements	-	2% straight line
Motor vehicles	-	25% reducing balance

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 valued at the lower of cost and net realisable value, on a first-in-first-out basis, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.

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 liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

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 14 (2018: 16 ).

5. Tangible assets

	Long leasehold property	Plant and machinery	Freehold property improvm'nts	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2018	55,192	62,771	13,000	59,371	190,334
Additions	–	–	–	7,808	7,808
Disposals	–	–	–	( 13,230)	( 13,230)
	---------	---------	---------	---------	----------
At 31 March 2019	55,192	62,771	13,000	53,949	184,912
	---------	---------	---------	---------	----------
Depreciation
At 1 April 2018	20,325	52,187	4,767	33,019	110,298
Charge for the year	5,519	2,646	2,600	6,909	17,674
Disposals	–	–	–	( 8,421)	( 8,421)
	---------	---------	---------	---------	----------
At 31 March 2019	25,844	54,833	7,367	31,507	119,551
	---------	---------	---------	---------	----------
Carrying amount
At 31 March 2019	29,348	7,938	5,633	22,442	65,361
	---------	---------	---------	---------	----------
At 31 March 2018	34,867	10,584	8,233	26,352	80,036
	---------	---------	---------	---------	----------

6. Debtors

	2019	2018
	£	£
Trade debtors	63,931	52,262
Amounts owed by group undertakings and undertakings in which the company has a participating interest	21,760	8,087
Other debtors	15,591	9,362
	----------	---------
	101,282	69,711
	----------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	69,922	75,606
Corporation tax	8,465	1,392
Social security and other taxes	23,403	22,174
Other creditors	37,018	34,348
	----------	----------
	138,808	133,520
	----------	----------