Accounts filed on 31-07-2020

Accounts filed on 31-07-2020

FREDERICK SMITH (ELECTRICAL) LIMITED - Company Information

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Registered number: 01268526
Frederick Smith (Electrical) Ltd
ACCOUNTS
FOR THE YEAR ENDED 31/07/2020
Prepared By:
Brieley Grimsdelll Falconer Ltd
Chartered Tax Advisers & Accountants
The Surgery
14 Regent Street
Kimberley
Nottinghamshire
NG16 2LW
Frederick Smith (Electrical) Ltd
ACCOUNTS
FOR THE YEAR ENDED 31/07/2020
DIRECTORS
Mr A Bancroft
Mr S Stephenson
SECRETARY
Mr A Bancroft
REGISTERED OFFICE
Unit 8 Appleby Glade Estate
Ryder Close
Swadlincote
Derbys
DE11 9EU
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 01268526
BANKERS
Lloyds, 7 High Street, Leicester, LE1 9FS
ACCOUNTANTS
Brieley Grimsdelll Falconer Ltd
Chartered Tax Advisers & Accountants
The Surgery
14 Regent Street
Kimberley
Nottinghamshire
NG16 2LW
Frederick Smith (Electrical) Ltd
ACCOUNTS
FOR THEYEARENDED31/07/2020
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-
Frederick Smith (Electrical) Ltd
BALANCE SHEET AT 31/07/2020
20202019
Notes££
FIXED ASSETS
Tangible assets247,66648,056
CURRENT ASSETS
Stock22,7165,605
Debtors4256,705287,106
Cash at bank and in hand638,684757,057
918,1051,049,768
CREDITORS: Amounts falling due within one year5201,836244,476
NET CURRENT ASSETS716,269805,292
TOTAL ASSETS LESS CURRENT LIABILITIES763,935853,348
PROVISIONS FOR LIABILITIES AND CHARGES79,0579,131
NET ASSETS754,878844,217
CAPITAL AND RESERVES
Called up share capital8100100
Profit and loss account754,778844,117
SHAREHOLDERS' FUNDS754,878844,217
For the year ending 31/07/2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 21/10/2020 and signed on their behalf by
.............................
Mr S Stephenson
Director
Frederick Smith (Electrical) Ltd
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31/07/2020
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Short Leasehold Propertiesstraight line 15%
Plant and Machinerystraight line 20%
Commercial Vehiclesstraight line 20%
Fixtures and Fittingsstraight line 15%
Equipmentstraight line 20%
1c. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
1d. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.
Frederick Smith (Electrical) Ltd
2. TANGIBLE FIXED ASSETS
Short LeaseholdPlant andCommercialFixtures
PropertiesMachineryVehiclesand FittingsEquipmentTotal
££££££
Cost
At 01/08/201910,3707,75963,28616,5334,230102,178
Additions9,0007665,375--15,141
Disposals--(6,495)--(6,495)
At 31/07/202019,3708,52562,16616,5334,230110,824
Depreciation
At 01/08/20195,5865,15129,89411,5241,96754,122
Disposals--(6,495)--(6,495)
For the year1,81479810,3171,96863415,531
At 31/07/20207,4005,94933,71613,4922,60163,158
Net Book Amounts
At 31/07/202011,9702,57628,4503,0411,62947,666
At 31/07/20194,7842,60833,3925,0092,26348,056
3. STOCK 20202019
££
Stock comprises:
Stock6,1104,550
Work in progress16,6061,055
22,7165,605
4. DEBTORS 20202019
££
Amounts falling due within one year
Trade debtors228,826258,679
Other debtors5,7785,778
Prepayments22,10122,649
256,705287,106
Frederick Smith (Electrical) Ltd
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20202019
££
UK corporation tax23,90584,215
VAT30,26535,828
PAYE control14,9469,205
Salaries and wages control-1,498
Trade creditors34,77948,646
Other creditors1,608539
Accruals29,63511,050
Deferred income66,69853,495
201,836244,476
6. EMPLOYEES
20202019
No.No.
Average number of employees89
7. PROVISIONS FOR LIABILITIES 20202019
££
Deferred taxation9,0579,131
9,0579,131
8. SHARE CAPITAL 20202019
££
Allotted, issued and fully paid:
100 ordinary of £1 each100100
100100
Frederick Smith (Electrical) Ltd
9. OTHER FINANCIAL COMMITMENTS
At 31/07/2020 the company was committed to making the following payments under non-cancellable operating leases:
20202019
££
Operating Leases which expire:
Within two to five years21,50021,500
10. CONTROLLING PARTY
The company is controlled by ControlRite Limited, a company incorporated in England and Wales.