Halls Electrical Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02036219 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2019

FOR

HALLS ELECTRICAL LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S J Hall

M C S Hall

D S Hall

R W J Hughes

R L Ritchings

SECRETARY:

J J Hall

REGISTERED OFFICE:

Unit 17 Dean Court

Great Western Business Park

Yate

Bristol

BS37 5NJ

REGISTERED NUMBER:

02036219 (England and Wales)

ACCOUNTANTS:

Lawes & Co

Boyce's Building

40-42 Regent Street

Clifton

Bristol

BS8 4HU

FIXED ASSETS

Tangible assets

4

1,140,982

1,124,564

CURRENT ASSETS

Stocks

5

835,241

780,862

Debtors

6

721,973

492,993

Cash at bank and in hand

26,020

26,894

1,583,234

1,300,749

CREDITORS

Amounts falling due within one year

7

996,772

826,143

NET CURRENT ASSETS

586,462

474,606

TOTAL ASSETS LESS CURRENT LIABILITIES

1,727,444

1,599,170

CREDITORS

Amounts falling due after more than one year

8

(289,071

)

(337,962

)

PROVISIONS FOR LIABILITIES

(30,468

)

(32,612

)

NET ASSETS

1,407,905

1,228,596

CAPITAL AND RESERVES

Called up share capital

10

965

965

Revaluation reserve

11

84,803

84,803

Capital redemption reserve

11

35

35

Retained earnings

11

1,322,102

1,142,793

SHAREHOLDERS' FUNDS

1,407,905

1,228,596

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 applicable to companies subject to the small companies regime.

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 19 December 2019 and were signed on its behalf by:

S J Hall - Director

1.	STATUTORY INFORMATION

Halls Electrical 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.

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

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.

Computer equipment

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

for obsolete and slow moving stock.

Work-in-Progress

Work in progress represents the sales value of goods purchased for specific contracts

together with the labour costs for those contracts, valued at agreed chargeout rates, for

which sales invoices have not yet been raised.

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.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 55 (2018 - 50 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Computer

and

Motor

leasehold

equipment

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 September 2018

955,023

155,749

95,514

223,848

1,430,134

Additions

-

-

-

71,145

71,145

Disposals

-

-

-

(9,236

)

(9,236

)

At 31 August 2019

955,023

155,749

95,514

285,757

1,492,043

DEPRECIATION

At 1 September 2018

2,100

105,494

91,960

106,016

305,570

Charge for year

(2,100

)

13,997

888

38,526

51,311

Eliminated on disposal

-

-

-

(5,820

)

(5,820

)

At 31 August 2019

-

119,491

92,848

138,722

351,061

NET BOOK VALUE

At 31 August 2019

955,023

36,258

2,666

147,035

1,140,982

At 31 August 2018

952,923

50,255

3,554

117,832

1,124,564

Long leaseholds are held at market value. The last valuation was undertaken on 7 May 2015

and the directors believe this value is still appropriate.

Cost or valuation at 31 August 2019 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2019

32,390

-

32,390

Cost

922,633

537,020

1,459,653

955,023

537,020

1,492,043

If long leasehold had not been revalued they would have been included at the following

historical cost:

31.8.19

31.8.18

£

£

Cost

955,023

922,633

Value of land in freehold land and buildings

955,023

922,633

Long leasehold were valued on an open market basis on 7 May 2015 by ETP Property Consultants

.

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

follows:

Computer

Motor

equipment

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 September 2018

45,838

83,890

129,728

Additions

-

39,650

39,650

Transfer to ownership

-

(27,699

)

(27,699

)

At 31 August 2019

45,838

95,841

141,679

DEPRECIATION

At 1 September 2018

5,730

26,825

32,555

Charge for year

11,460

17,708

29,168

Transfer to ownership

-

(14,066

)

(14,066

)

At 31 August 2019

17,190

30,467

47,657

NET BOOK VALUE

At 31 August 2019

28,648

65,374

94,022

At 31 August 2018

40,108

57,065

97,173

5.

STOCKS

31.8.19

31.8.18

£

£

Stocks

160,000

160,000

Work-in-progress

675,241

620,862

835,241

780,862

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Trade debtors

698,256

478,632

Other debtors

23,717

14,361

721,973

492,993

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Bank loans and overdrafts

67,723

87,112

Hire purchase contracts

42,004

37,616

Trade creditors

441,961

357,775

Taxation and social security

295,038

224,645

Other creditors

150,046

118,995

996,772

826,143

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.19

31.8.18

£

£

Bank loans

257,187

295,010

Hire purchase contracts

31,884

42,952

289,071

337,962

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due over 5 years

188,857

130,849

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.19

31.8.18

£

£

Bank overdrafts

16,877

22,955

Bank loans

308,033

359,167

324,910

382,122

The company's overdraft facility and bank loan are secured by a fixed and floating charge

over the total assets of the company. The director S J Hall has also given a personal

security on the company's bank overdraft facility up to a maximum of £50,000.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.19

31.8.18

value:

£

£

550

Ordinary 'A'

£1.00

550

550

135

Ordinary 'B'

£1.00

135

135

80

Ordinary 'D'

£1.00

80

80

80

Ordinary 'E'

£1.00

80

80

80

Ordinary 'F'

£1.00

80

80

20

Ordinary 'G'

£1.00

20

20

20

Ordinary 'H'

£1.00

20

20

965

965

11.

RESERVES

Capital

Retained

Revaluation

redemption

earnings

reserve

reserve

Totals

£

£

£

£

At 1 September 2018

1,142,793

84,803

35

1,227,631

Profit for the year

296,479

296,479

Dividends

(117,170

)

(117,170

)

At 31 August 2019

1,322,102

84,803

35

1,406,940

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended

31 August 2019 and 31 August 2018:

31.8.19

31.8.18

£

£

D S Hall

Balance outstanding at start of year

4,945

2,609

Amounts advanced

1,135

2,336

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

6,080

4,945

R W J Hughes

Balance outstanding at start of year

5,632

306

Amounts advanced

-

5,326

Amounts repaid

(1,632

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,000

5,632

S J Hall

Balance outstanding at start of year

-

-

Amounts advanced

7,660

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,660

-

13.	RELATED PARTY DISCLOSURES

The company maintains interest free loan accounts with the directors. At the balance sheet

date, the company owed the following amounts.

31.8.19

31.8.18

£

£

S J Hall

0

3,174

M C S Hall

1,945

2,486

14.	ULTIMATE CONTROLLING PARTY

The controlling party is S J Hall.