PM Houston Electrical Ltd - Accounts to registrar (filleted) - small 18.2

PM Houston Electrical Ltd - Accounts to registrar (filleted) - small 18.2

PM HOUSTON ELECTRICAL LTD - Company Information

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REGISTERED NUMBER: SC345817 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

FOR

PM HOUSTON ELECTRICAL LTD
PM HOUSTON ELECTRICAL LTD (REGISTERED NUMBER: SC345817)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PM HOUSTON ELECTRICAL LTD


COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2020







DIRECTORS: Ms D S Nikolova
P Houston Snr





REGISTERED OFFICE: 6th Floor, Gordon Chambers
90 Mitchell Street
Glasgow
G1 3NQ





REGISTERED NUMBER: SC345817 (Scotland)





ACCOUNTANTS: Cornerstone Accountants
6th Floor
Gordon Chambers
90 Mitchell Street
Glasgow
Lanarkshire
G1 3NQ
Page 1
PM HOUSTON ELECTRICAL LTD (REGISTERED NUMBER: SC345817)


BALANCE SHEET
31 JULY 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,865 23,820

CURRENT ASSETS
Work-in-progress 105,602 99,679
Debtors 5 314,838 43,686
Cash at bank 451,069 671,152
871,509 814,517
CREDITORS
Amounts falling due within one year 6 211,037 159,348
NET CURRENT ASSETS 660,472 655,169
TOTAL ASSETS LESS CURRENT
LIABILITIES
678,337
678,989

CAPITAL AND RESERVES
Called up share capital 13 13
Retained earnings 678,324 678,976
SHAREHOLDERS' FUNDS 678,337 678,989

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 April 2021 and were signed on its behalf by:




Ms D S Nikolova - Director


The notes form part of these financial statements

Page 2
PM HOUSTON ELECTRICAL LTD (REGISTERED NUMBER: SC345817)


NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020

1. STATUTORY INFORMATION

PM Houston Electrical Ltd is a private company, limited by shares , registered in Scotland. 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 represents the amounts derived from the provision of goods and services which fall within the company's ordinary activities and is stated net of Value Added Tax. Revenue is recognised on the despatch of goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on a reducing balance basis

Work-in-progress
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing work-in-progress to their present location and condition.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 7 ) .

Page 3 continued...
PM HOUSTON ELECTRICAL LTD (REGISTERED NUMBER: SC345817)


NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2020

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2019
and 31 July 2020 61,085 1,276 62,361
DEPRECIATION
At 1 August 2019 37,265 1,276 38,541
Charge for year 5,955 - 5,955
At 31 July 2020 43,220 1,276 44,496
NET BOOK VALUE
At 31 July 2020 17,865 - 17,865
At 31 July 2019 23,820 - 23,820

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Other debtors 314,838 43,686

Directors loan account balance was repaid in full within 9 months of the year end.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade creditors 102,903 84,842
Taxation and social security 105,494 71,175
Other creditors 2,640 3,331
211,037 159,348

Page 4