Cass Electric Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02000305 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2020

for

Cass Electric Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P Toone

Mrs H Toone

SECRETARY:

Mrs H Toone

REGISTERED OFFICE:

10-11 Gateway Place

Parkgate

Rotherham

S62 6JL

REGISTERED NUMBER:

02000305 (England and Wales)

ACCOUNTANTS:

SMH Haywood & Co Limited

24-26 Mansfield Road

Rotherham

South Yorkshire

S60 2DT

FIXED ASSETS

Tangible assets

4

43,267

42,142

CURRENT ASSETS

Stocks

4,615

29,978

Debtors

5

429,774

1,020,569

Cash at bank

338,224

53,299

772,613

1,103,846

CREDITORS

Amounts falling due within one year

6

(503,873

)

(914,443

)

NET CURRENT ASSETS

268,740

189,403

TOTAL ASSETS LESS CURRENT LIABILITIES

312,007

231,545

CREDITORS

Amounts falling due after more than one year

7

(88,889

)

-

NET ASSETS

223,118

231,545

CAPITAL AND RESERVES

Called up share capital

230,011

230,011

Capital redemption reserve

92

92

Retained earnings

(6,985

)

1,442

223,118

231,545

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 19 April 2021 and were signed on its behalf by:

Mr P Toone - Director

Mrs H Toone - Director

1.	STATUTORY INFORMATION

Cass Electric Company 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 as modified by the revaluation of certain assets.

Turnover

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

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 etc

-

25% on reducing balance, 20% on reducing balance and 15% on reducing balance

Government grants

Government grants in relation to fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited to income when the expenditure is charged to the profit and loss.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks 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.

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 34 (2019 - 32 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST OR VALUATION

At 1 July 2019

91,895

Additions

11,254

Disposals

(1,973

)

At 30 June 2020

101,176

DEPRECIATION

At 1 July 2019

49,753

Charge for year

9,695

Eliminated on disposal

(1,539

)

At 30 June 2020

57,909

NET BOOK VALUE

At 30 June 2020

43,267

At 30 June 2019

42,142

Cost or valuation at 30 June 2020 is represented by:

Plant and

machinery

etc

£

Cost

101,176

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

356,853

1,018,881

Other debtors

72,921

1,688

429,774

1,020,569

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

11,111

-

Trade creditors

94,901

548,036

Taxation and social security

134,778

92,722

Other creditors

263,083

273,685

503,873

914,443

Other creditors includes a balance of £181,634 (2019 - £225,634) owed to the director P Toone. There is no intention that this balance should be repaid in the foreseeable future.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

88,889

-

8.	LEASING AGREEMENTS

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

2020

2019

£

£

Within one year

5,799

9,893

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

100,000

-

The bank loan is secured by an Enterprise Finance Guarantee, under the CBILS loan scheme.

10.	OTHER FINANCIAL COMMITMENTS

The company's bankers provide, from time to time, performance bonds guaranteeing the company's satisfactory completion of contracts. The company indemnifies the bank against any liability which might arise. Provision is made in the accounts for all known liabilities at the balance sheet date.

11.	RELATED PARTY DISCLOSURES

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr P Toone.