Wright Electrical Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03125247 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st May 2019

for

Wright Electrical Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

P C Kent

SECRETARY:

Mrs V M Kent

REGISTERED OFFICE:

Unit 1 Boundary Industrial Estate

Stafford Road, Fordhouses

Wolverhampton

West Midlands

WV10 7EL

REGISTERED NUMBER:

03125247 (England and Wales)

ACCOUNTANTS:

Neil Westwood & Co.

Chartered Accountants

101 Dixons Green Road

Dudley

West Midlands

DY2 7DJ

The following reproduces the text of the report prepared for the director 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 Director 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 Wright Electrical Limited for the year ended 31st May 2019 which

comprise the Statement of Income and Retained Earnings, 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 director of Wright Electrical Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wright Electrical Limited and state those matters that we have agreed to state to the director of Wright Electrical Limited 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 Wright Electrical Limited and its director for our work or for this report.

It is your duty to ensure that Wright Electrical Limited 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 Wright Electrical Limited. You consider that Wright Electrical Limited 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 Wright Electrical Limited. 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.

Neil Westwood & Co.

Chartered Accountants

101 Dixons Green Road

Dudley

West Midlands

DY2 7DJ

20th February 2020

FIXED ASSETS

Tangible assets

4

16,508

21,973

CURRENT ASSETS

Stocks

20,000

30,331

Debtors

5

184,238

209,220

Cash in hand

5,209

4,513

209,447

244,064

CREDITORS

Amounts falling due within one year

6

197,779

252,172

NET CURRENT ASSETS/(LIABILITIES)

11,668

(8,108

)

TOTAL ASSETS LESS CURRENT LIABILITIES

28,176

13,865

CREDITORS

Amounts falling due after more than one year

7

6,366

11,904

NET ASSETS

21,810

1,961

CAPITAL AND RESERVES

Called up share capital

9

40

40

Retained earnings

10

21,770

1,921

SHAREHOLDERS' FUNDS

21,810

1,961

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2019 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 20th February 2020 and were signed by:

P C Kent - Director

1.	STATUTORY INFORMATION

Wright Electrical Limited 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.

Turnover

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

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

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

-

15% on reducing balance

Fixtures and fittings

-

15% 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 Statement of

Income and Retained Earnings, 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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2018 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st June 2018

1,324

5,329

28,499

14,414

49,566

Additions

-

-

-

485

485

At 31st May 2019

1,324

5,329

28,499

14,899

50,051

DEPRECIATION

At 1st June 2018

1,257

4,624

8,218

13,494

27,593

Charge for year

10

105

5,070

765

5,950

At 31st May 2019

1,267

4,729

13,288

14,259

33,543

NET BOOK VALUE

At 31st May 2019

57

600

15,211

640

16,508

At 31st May 2018

67

705

20,281

920

21,973

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

183,048

208,131

Other debtors

285

285

Tax

405

405

Prepayments

500

399

184,238

209,220

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

34,088

53,094

Other loans

1,632

4,788

Hire purchase contracts

2,634

2,634

Trade creditors

95,674

128,836

Tax

979

-

Social security and other taxes

14,173

13,148

VAT

43,877

28,991

Net wages

3,106

2,725

Directors' current accounts

1

16,111

Accrued expenses

1,615

1,845

197,779

252,172

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other loans - 2-5 years

-

2,904

Hire purchase contracts

6,366

9,000

6,366

11,904

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdrafts

34,088

53,094

Other loans

1,632

7,692

35,720

60,786

The bank overdraft is secured by a debenture dated 22/07/1999 creating a fixed and floating charge

over the undertaking and all property and assets present and future.

The other loan is secured by a debenture dated 15/08/2014 over all plant and machinery implements

utensils chattels equipment undertaking and assets, all the book and other debts.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

40

Ordinary

£1

40

40

10.

RESERVES

Retained

earnings

£

At 1st June 2018

1,921

Profit for the year

24,849

Dividends

(5,000

)

At 31st May 2019

21,770