P J Wright & Son Electrical Contrs Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04908861 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2020

for

P J Wright & Son Electrical Contractors

Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P J Wright

SECRETARY:

Mrs M R Wright

REGISTERED OFFICE:

22-28 Willow Street

Accrington

Lancashire

BB5 1LP

REGISTERED NUMBER:

04908861 (England and Wales)

ACCOUNTANTS:

Mayes Business Partnership Ltd

Chartered Certified Accountants

22-28 Willow Street

Accrington

Lancashire

BB5 1LP

FIXED ASSETS

Intangible assets

4

2,540

3,390

Tangible assets

5

2,773

3,516

5,313

6,906

CURRENT ASSETS

Debtors

5,781

821

Cash at bank

6,096

12,078

11,877

12,899

CREDITORS

Amounts falling due within one year

10,557

18,035

NET CURRENT ASSETS/(LIABILITIES)

1,320

(5,136

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,633

1,770

CREDITORS

Amounts falling due after more than one year

(13,966

)

(426

)

PROVISIONS FOR LIABILITIES

(527

)

(668

)

NET (LIABILITIES)/ASSETS

(7,860

)

676

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

(7,861

)

675

SHAREHOLDERS' FUNDS

(7,860

)

676

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 February 2021 and were signed by:

P J Wright - Director

1.	STATUTORY INFORMATION

P J Wright & Son 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.

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.

The financial statements have been prepared on a going concern basis. The company has net liabilities at the end of the current financial year.. The company is reliant on the continued financial support of the director and on a long term bounce back loan.The director is of the opinion that trading performance will improve over the next financial year and that the relevant support will be maintained. No adjustments have been made that may have been found necessary if any other basis of preparation had been used.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company sells electrical contract services to the general public. Revenue is recognised in the accounting period in which the services are rendered when the outcome of contract can be estimated reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Financial instruments

Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 2 (2019 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2019

and 31 October 2020

17,000

AMORTISATION

At 1 November 2019

13,610

Amortisation for year

850

At 31 October 2020

14,460

NET BOOK VALUE

At 31 October 2020

2,540

At 31 October 2019

3,390

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2019

8,101

Additions

90

At 31 October 2020

8,191

DEPRECIATION

At 1 November 2019

4,585

Charge for year

833

At 31 October 2020

5,418

NET BOOK VALUE

At 31 October 2020

2,773

At 31 October 2019

3,516

6.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31/10/20

31/10/19

£

£

Between one and five years

177

2,109

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/10/20

31/10/19

value:

£

£

1

Ordinary

£1

1

1