A.J. Taylor Electrical Contractors Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03319595 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

FOR

A.J. TAYLOR ELECTRICAL CONTRACTORS

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Report of the Accountants

8

DIRECTORS:

A J Taylor

L P Crossley

A G Tristram

SECRETARY:

P L Taylor

REGISTERED OFFICE:

30 New Road

Brighton

East Sussex

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REGISTERED NUMBER:

03319595 (England and Wales)

ACCOUNTANTS:

Galloways

30 New Road

Brighton

East Sussex

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FIXED ASSETS

Tangible assets

4

88,521

80,373

CURRENT ASSETS

Debtors

5

1,078,526

927,180

Cash in hand

-

70

1,078,526

927,250

CREDITORS

Amounts falling due within one year

6

888,950

743,122

NET CURRENT ASSETS

189,576

184,128

TOTAL ASSETS LESS CURRENT LIABILITIES

278,097

264,501

CREDITORS

Amounts falling due after more than one year

7

(52,919

)

(77,553

)

PROVISIONS FOR LIABILITIES

10

(16,300

)

(14,500

)

NET ASSETS

208,878

172,448

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

208,778

172,348

SHAREHOLDERS' FUNDS

208,878

172,448

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 2 April 2020 and were signed on its behalf by:

A J Taylor - Director

1.	STATUTORY INFORMATION

A.J. Taylor Electrical Contractors 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.

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.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in

the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as the

proportion of total contract value completed to date.

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.

Plant and machinery

-

33% straight line, 25% on reducing balance and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated

impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

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.

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.

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work

done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress

payments on account. Excess progress payments are included in creditors as payments on account.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction

price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Going concern

The directors do not anticipate that the recent Covid-19 outbreak will affect the company's ability to continue for the

foreseeable future, given the avenues of support that are available. The company continues to adopt the going concern

basis when preparing its financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2018 - 46 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 October 2018

13,822

196,873

210,695

Additions

-

38,227

38,227

Disposals

-

(1,200

)

(1,200

)

At 30 September 2019

13,822

233,900

247,722

DEPRECIATION

At 1 October 2018

13,626

116,696

130,322

Charge for year

98

29,475

29,573

Eliminated on disposal

-

(694

)

(694

)

At 30 September 2019

13,724

145,477

159,201

NET BOOK VALUE

At 30 September 2019

98

88,423

88,521

At 30 September 2018

196

80,177

80,373

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

Motor

vehicles

£

COST

At 1 October 2018

133,607

Additions

13,445

Transfer to ownership

(47,902

)

At 30 September 2019

99,150

DEPRECIATION

At 1 October 2018

73,753

Charge for year

18,325

Transfer to ownership

(39,377

)

At 30 September 2019

52,701

NET BOOK VALUE

At 30 September 2019

46,449

At 30 September 2018

59,854

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

780,438

363,485

Amounts recoverable on contracts

259,074

532,128

Other debtors

33,237

20,250

Prepayments

5,777

11,317

1,078,526

927,180

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

368,328

197,084

Hire purchase contracts (see note 8)

22,557

31,334

Trade creditors

289,224

361,114

Tax

31,243

27,913

Social security and other taxes

28,998

25,656

VAT

128,967

93,375

Other creditors

6,080

3,036

Directors' loan accounts

8,803

82

Accruals and deferred income

4,750

3,528

888,950

743,122

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans - 1-2 years

13,614

12,793

Bank loans - 2-5 years

14,517

27,970

Hire purchase contracts (see note 8)

24,788

36,790

52,919

77,553

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Net obligations repayable:

Within one year

22,557

31,334

Between one and five years

24,788

36,790

47,345

68,124

Non-cancellable operating

leases

2019

2018

£

£

Within one year

38,000

38,000

Between one and five years

152,000

152,000

In more than five years

313,500

351,500

503,500

541,500

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdrafts

355,617

183,243

Bank loans

40,842

54,604

Hire purchase contracts

47,345

68,124

443,804

305,971

The bank borrowings are secured by the director in the form of a personal guarantee.

10.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

16,300

14,500

Deferred

tax

£

Balance at 1 October 2018

14,500

Accelerated capital allowance

1,800

Balance at 30 September 2019

16,300

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 A.J. Taylor Electrical Contractors Limited for the year ended 30 September 2019 which comprise the Income

Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and

explanations you have given us.

As a professional firm regulated by 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 A.J. Taylor Electrical Contractors Limited in accordance with our terms of

engagement. Our work has been undertaken solely to prepare for your approval the financial statements of A.J. Taylor Electrical

Contractors Limited and state those matters that we have agreed to state to the director of A.J. Taylor Electrical Contractors

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 A.J. Taylor Electrical Contractors Limited and its Board of Directors for our

work or for this report.

It is your duty to ensure that A.J. Taylor Electrical Contractors 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 A.J. Taylor

Electrical Contractors Limited. You consider that A.J. Taylor Electrical Contractors 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 A.J. Taylor Electrical Contractors

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.

Galloways

30 New Road

Brighton

East Sussex

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2 April 2020