K B Electrical Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06825943 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

K B Electrical Solutions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K D Benzie

Mrs A J Benzie

REGISTERED OFFICE:

32 Hayhill Industrial Estate

Barrow Upon Soar

Loughborough

Leicestershire

LE12 8LD

REGISTERED NUMBER:

06825943 (England and Wales)

ACCOUNTANTS:

torr waterfield

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

135,094

131,758

135,094

131,758

CURRENT ASSETS

Stocks

20,000

42,276

Debtors

6

277,998

248,823

Cash at bank

117,708

7,789

415,706

298,888

CREDITORS

Amounts falling due within one year

7

388,798

231,276

NET CURRENT ASSETS

26,908

67,612

TOTAL ASSETS LESS CURRENT LIABILITIES

162,002

199,370

CREDITORS

Amounts falling due after more than one year

8

-

(11,919

)

PROVISIONS FOR LIABILITIES

(25,668

)

(25,034

)

NET ASSETS

136,334

162,417

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

136,332

162,415

SHAREHOLDERS' FUNDS

136,334

162,417

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 and authorised for issue on 22 October 2020 and were signed on its behalf by:

K D Benzie - Director

1.	STATUTORY INFORMATION

K B Electrical Solutions 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

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

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell on a first in first out basis 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 17 (2019 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

60,000

AMORTISATION

At 1 April 2019

and 31 March 2020

60,000

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2019

34,731

3,998

167,292

34,633

240,654

Additions

4,705

-

36,729

5,968

47,402

Disposals

-

-

(22,797

)

-

(22,797

)

At 31 March 2020

39,436

3,998

181,224

40,601

265,259

DEPRECIATION

At 1 April 2019

18,625

2,256

67,689

20,326

108,896

Charge for year

4,162

348

24,205

8,550

37,265

Eliminated on disposal

-

-

(15,996

)

-

(15,996

)

At 31 March 2020

22,787

2,604

75,898

28,876

130,165

NET BOOK VALUE

At 31 March 2020

16,649

1,394

105,326

11,725

135,094

At 31 March 2019

16,106

1,742

99,603

14,307

131,758

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

273,160

244,832

Other debtors

4,838

3,991

277,998

248,823

Other debtors includes prepayments and accrued income of £4,838 (2019: £3,991).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Hire purchase contracts

11,919

13,693

Trade creditors

201,011

68,948

Taxation and social security

124,216

88,115

Other creditors

51,652

60,520

388,798

231,276

Other creditors includes accruals and deferred income of £2,450 (2019: £2,450).

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Hire purchase contracts

-

11,919

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

£

£

Hire purchase contracts

11,919

25,612

Hire purchase liabilities are secured on the individual assets being so acquired.

10.	OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments, guarantees and contingencies that are not included in the balance sheet is £20,000 (2019 - £36,691).