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

ELECTRICAL SOLUTIONS (SCOTLAND) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC295165

Electrical Solutions (Scotland) Limited

Filleted Unaudited Financial Statements

31 January 2020

Electrical Solutions (Scotland) Limited

Financial Statements

Year ended 31 January 2020

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Electrical Solutions (Scotland) Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Electrical Solutions (Scotland) Limited

Year ended 31 January 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Electrical Solutions (Scotland) Limited for the year ended 31 January 2020, which comprise the 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 practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Electrical Solutions (Scotland) Limited, as a body, in accordance with the terms of our engagement letter dated 24 March 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Electrical Solutions (Scotland) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Electrical Solutions (Scotland) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Electrical Solutions (Scotland) 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 loss of Electrical Solutions (Scotland) Limited. You consider that Electrical Solutions (Scotland) 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 Electrical Solutions (Scotland) 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.

CLARK ANDREWS LIMITED Chartered Accountants

4 Eaglesham Road Clarkston Glasgow G76 7BT

6 May 2020

Electrical Solutions (Scotland) Limited

Statement of Financial Position

31 January 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		232,069	243,202

Current assets

Stocks		1,059	1,059
Debtors	6	354,242	228,200
Cash at bank and in hand		114	78
		---------	---------
		355,415	229,337

Creditors: amounts falling due within one year	7	454,807		205,488
		---------		---------
Net current (liabilities)/assets			( 99,392)	23,849
			---------	---------
Total assets less current liabilities			132,677	267,051

Creditors: amounts falling due after more than one year	8		124,798	142,524

Provisions

Taxation including deferred tax	4,751	6,064
	---------	---------
Net assets	3,128	118,463
	---------	---------

Electrical Solutions (Scotland) Limited

Statement of Financial Position (continued)

31 January 2020

	2020		2019
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	3,028	118,363
	-------	---------
Shareholders funds	3,128	118,463
	-------	---------

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 Section 1A of 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 January 2020 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 6 May 2020 , and are signed on behalf of the board by:

Mr C T Bryant

Director

Company registration number: SC295165

Electrical Solutions (Scotland) Limited

Notes to the Financial Statements

Year ended 31 January 2020

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 47-51 Glasgow Road, Rutherglen, Glasgow, G73 1LJ.

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

1 Basis of preparation

The financial statements have been prepared on the historical cost basis.

2 Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods or services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods or services, 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.

3 Tax

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

4 Tangible assets

Tangible assets are recorded at cost, and subsequently stated at cost less any accumulated depreciation.

5 Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold Property	-	2% straight line
Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance

6 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 stock to its present location and condition.

7 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.

8 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.

9 Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 24 (2019: 22 ).

5. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 February 2019	217,307	37,073	25,843	280,223
Additions	–	–	1,350	1,350
	---------	--------	--------	---------
At 31 January 2020	217,307	37,073	27,193	281,573
	---------	--------	--------	---------
Depreciation
At 1 February 2019	6,019	19,212	11,790	37,021
Charge for the year	4,225	4,465	3,793	12,483
	---------	--------	--------	---------
At 31 January 2020	10,244	23,677	15,583	49,504
	---------	--------	--------	---------
Carrying amount
At 31 January 2020	207,063	13,396	11,610	232,069
	---------	--------	--------	---------
At 31 January 2019	211,288	17,861	14,053	243,202
	---------	--------	--------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	291,040	228,187
Directors loan account	61,112	–
Other debtors	2,090	13
	---------	---------
	354,242	228,200
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	56,864	43,733
Trade creditors	276,368	107,959
Accruals and deferred income	7,416	5,789
Corporation tax	20,601	29,494
Social security and other taxes	53,558	18,513
Other creditors	40,000	–
	---------	---------
	454,807	205,488
	---------	---------

The bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.

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

	2020	2019
	£	£
Bank loans and overdrafts	124,798	142,524
	---------	---------

The bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.

9. Operating leases

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

	2020	2019
	£	£
Not later than 1 year	20,535	18,373
Later than 1 year and not later than 5 years	27,784	17,178
	--------	--------
	48,319	35,551
	--------	--------

10. Directors' advances, credits and guarantees

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

	2020
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr C T Bryant	–	( 61,112)	( 61,112)
	----	--------	--------

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr C T Bryant	–	–	–
	----	----	----