N Smith Electrical Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05220835 (England and Wales)

N Smith Electrical Limited

Unaudited Financial Statements for the Year Ended 30 November 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr N Smith

Mr C Smith

SECRETARY:

Mr C Smith

REGISTERED OFFICE:

Unit 23 Ghyll Industrial Estate

Ghyll Road

Heathfield

East Sussex

TN21 8AW

REGISTERED NUMBER:

05220835 (England and Wales)

ACCOUNTANTS:

Swindells LLP

Chartered Accountants

Atlantic House

8 Bell Lane

Bellbrook Industrial Estate

Uckfield

East Sussex

TN22 1QL

FIXED ASSETS

Intangible assets

4

4,250

5,100

Tangible assets

5

635,432

86,037

639,682

91,137

CURRENT ASSETS

Stocks

298,814

263,634

Debtors

6

190,931

233,866

Cash at bank

164,370

415,957

654,115

913,457

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

7

479,287

462,532

NET CURRENT ASSETS

174,828

450,925

TOTAL ASSETS LESS CURRENT LIABILITIES

814,510

542,062

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

8

(337,715

)

-

PROVISIONS FOR LIABILITIES

(18,644

)

(16,347

)

NET ASSETS

458,151

525,715

CAPITAL AND RESERVES

Called up share capital

10

200

200

Retained earnings

457,951

525,515

SHAREHOLDERS' FUNDS

458,151

525,715

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 July 2020 and were signed on its behalf by:

Mr C Smith - Director

1.	STATUTORY INFORMATION

N Smith 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.

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 represents amounts chargeable, net of value added tax, in respect of electrical services

supplied to customers. Revenue is recognised when the company obtains, through performance

under contract, the right to consideration for those services.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after due regard

for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated

costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of

fixed and variable overheads.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss

Account, 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 contributes to an employees' defined contribution pension scheme. Contributions

payable to the pension scheme are charged to profit or loss in the period to which they relate.

Government grants

Grants received of a revenue nature are credited to income so as to match them with the

expenditure to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2018 - 27 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2018

and 30 November 2019

17,000

AMORTISATION

At 1 December 2018

11,900

Charge for year

850

At 30 November 2019

12,750

NET BOOK VALUE

At 30 November 2019

4,250

At 30 November 2018

5,100

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 December 2018

-

9,164

9,551

Additions

563,930

-

3,415

Disposals

-

-

-

At 30 November 2019

563,930

9,164

12,966

DEPRECIATION

At 1 December 2018

-

6,710

8,853

Charge for year

11,279

615

1,027

Eliminated on disposal

-

-

-

At 30 November 2019

11,279

7,325

9,880

NET BOOK VALUE

At 30 November 2019

552,651

1,839

3,086

At 30 November 2018

-

2,454

698

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 December 2018

138,246

29,087

186,048

Additions

20,900

2,699

590,944

Disposals

(4,750

)

-

(4,750

)

At 30 November 2019

154,396

31,786

772,242

DEPRECIATION

At 1 December 2018

66,566

17,882

100,011

Charge for year

22,478

3,479

38,878

Eliminated on disposal

(2,079

)

-

(2,079

)

At 30 November 2019

86,965

21,361

136,810

NET BOOK VALUE

At 30 November 2019

67,431

10,425

635,432

At 30 November 2018

71,680

11,205

86,037

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

184,523

213,860

Other debtors

6,408

20,006

190,931

233,866

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

19,855

-

Trade creditors

379,792

341,877

Taxation and social security

37,316

86,278

Other creditors

42,324

34,377

479,287

462,532

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

337,715

-

2019

2018

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than five years by instalments

251,190

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

357,570

-

The bank loan is secured by way of fixed and floating charges over the property of the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

100

Ordinary A

£1

100

100

200

200

Ordinary and Ordinary A shares rank pari passu in all respects.

11.	OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £22,893 (2018 -

£9,417).

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company made loans totalling £nil (2018 - £9,797) to the directors and received

repayments totalling £22,150 (2018 - £nil). At the balance sheet date the company owed the

directors £12,346 (2018 - the directors owed the company £9,804).

Loans to the directors are interest free, unsecured and repayable on demand.