PB Electrical (UK) Limited 31/05/2019 iXBRL

PB ELECTRICAL (UK) LTD - Company Information

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Company registration number: 05828951

PB Electrical (UK) Limited

Unaudited filleted financial statements

31 May 2019

PB ELECTRICAL (UK) LIMITED

Contents

Statement of financial position

Notes to the financial statements

PB ELECTRICAL (UK) LIMITED

STATEMENT OF FINANCIAL POSITION

31 MAY 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Intangible assets	5	-		-
Tangible assets	6	21,994		18,459
		_______		_______
			21,994		18,459

Current assets
Stocks		5,500		5,500
Debtors	7	28,715		51,860
Cash at bank and in hand		5,823		7,097
		_______		_______
		40,038		64,457
Creditors: amounts falling due
within one year	8	( 61,631)		( 68,639)
		_______		_______
Net current liabilities			( 21,593)		( 4,182)
			_______		_______
Total assets less current liabilities			401		14,277

Creditors: amounts falling due
after more than one year	9		( 832)		( 3,179)

Provisions for liabilities			( 4,179)		( 3,507)

			_______		_______
Net (liabilities)/assets			( 4,610)		7,591
			_______		_______

Capital and reserves
Called up share capital			2		2
Profit and loss account	10		( 4,612)		7,589
			_______		_______
Shareholders (deficit)/funds			( 4,610)		7,591
			_______		_______

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 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 comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 18 February 2020 , and are signed on behalf of the board by:

Mr Paul Andrew Berry

Director

Company registration number: 05828951

PB ELECTRICAL (UK) 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. The address of the registered office is Office 2 8 Pankhurst Units, Pankhurst Close, Exmouth, Devon, EX8 2RN.

Principal activity

The principal activity of the company in the year under review was that of electrical contractors.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Turnover

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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	-	over 10 years

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.

Tangible assets

tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:


Plant and machinery	-	20 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

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. 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 are largely independent of the cash inflows from other assets or groups of assets.

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 stocks to their present location and condition.

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 in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2018: 5 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 June 2018 and 31 May 2019	60,121	60,121
	_______	_______
Amortisation
At 1 June 2018 and 31 May 2019	60,121	60,121
	_______	_______
Carrying amount
At 31 May 2019	-	-
	_______	_______
At 31 May 2018	-	-
	_______	_______

6. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 June 2018	19,604	58,875	78,479
Additions	3,526	7,328	10,854
	_______	_______	_______
At 31 May 2019	23,130	66,203	89,333
	_______	_______	_______
Depreciation
At 1 June 2018	12,037	47,983	60,020
Charge for the year	2,763	4,556	7,319
	_______	_______	_______
At 31 May 2019	14,800	52,539	67,339
	_______	_______	_______
Carrying amount
At 31 May 2019	8,330	13,664	21,994
	_______	_______	_______
At 31 May 2018	7,567	10,892	18,459
	_______	_______	_______

7. Debtors

	2019	2018
	£	£
Trade debtors	25,310	30,264
Other debtors	3,405	21,596
	_______	_______
	28,715	51,860
	_______	_______

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	9,603	-
Trade creditors	27,881	28,483
Accruals and deferred income	926	1,494
Social security and other taxes	19,430	34,353
Other creditors	3,791	4,309
	_______	_______
	61,631	68,639
	_______	_______

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

	2019	2018
	£	£
Other creditors	832	3,179
	_______	_______

10. Reserves

Profit and loss account:This reserve records retained earnings and accumulated losses.

11. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	3,600	3,600
Later than 1 year and not later than 5 years	10,500	17,700
	_______	_______
	14,100	21,300
	_______	_______

12. Directors advances, credits and guarantees

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


	Loans to / (from) directors at 1 June 2018	Loans to / (from) the directors	Amounts repaid	Balance at 31 May 2019
	£	£	£	£
Directors	19,716	2,466	( 19,716)	2,466
	_______	_______	_______	_______


	Loans to / (from) directors at 1 June 2017	Loans to / (from) the directors	Amounts repaid	Balance at 31 May 2018
	£	£	£	£
Directors	1,486	19,716	( 1,486)	19,716
	_______	_______	_______	_______

13. Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.