ELMPARK ELECTRICAL LTD

ELMPARK ELECTRICAL LTD - Company Information

2019-06-012020-05-312020-05-31false09460975ELMPARK ELECTRICAL 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Registered Number
09460975
(England and Wales)

Unaudited Financial Statements for the Year Ended
31 May 2020

ELMPARK ELECTRICAL LTD

Company Information
for the year from 1 June 2019 to 31 May 2020


Directors	FORD, Craig Michael
	KEOGH, Jonathan James Henry


Registered Address	7 Brian Close
	Hornchurch
	RM12 4SL


Registered Number	09460975 (England and Wales)

ELMPARK ELECTRICAL LTD

Balance Sheet as at
31 May 2020

	Notes	2020		2019
		£	£	£	£
Fixed assets
Tangible assets	5		4,700		6,175
			4,700		6,175
Current assets
Stocks		51,500		-
Debtors		136,658		89,216
Cash at bank and on hand		25,282		-
		213,440		89,216
Creditors amounts falling due within one year	8	(167,565)		(65,835)
Net current assets (liabilities)			45,875		23,381
Total assets less current liabilities			50,575		29,556
Creditors amounts falling due after one year	9		(50,000)		(27,154)
Net assets			575		2,402
Capital and reserves
Called up share capital			4		4
Profit and loss account			571		2,398
Shareholders' funds			575		2,402

The company was entitled to exemption from audit for this reporting period 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 in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Board of Directors on 24 May 2021, and are signed on its behalf by:

FORD, Craig Michael
Director
Registered Company No. 09460975

ELMPARK ELECTRICAL LTD

Notes to the Financial Statements
for the year ended 31 May 2020

1.	STATUTORY INFORMATION
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	ACCOUNTING POLICIES

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

	Inventories policy
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leases policy
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

4.	EMPLOYEE INFORMATION

		2020		2019
	Average number of employees during the year	2		2

5.	PROPERTY, PLANT AND EQUIPMENT

		Total £
	Cost or valuation
	At 01 June 19	14,663
	At 31 May 20	14,663
	Depreciation and impairment
	At 01 June 19	8,488
	Charge for year	1,475
	At 31 May 20	9,963
	Net book value
	At 31 May 20	4,700
	At 31 May 19	6,175

6.	DIVIDENDS PROPOSED AND PAYABLE

		2020 £		2019 £
	Dividends Paid	40,000		50,000
	Total	40,000		50,000

7.	DEBTORS WITHIN ONE YEAR
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

DEBTORS WITHIN ONE YEAR

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	2020 £	2019 £
Trade debtors / trade receivables	103,194	39,721
Other debtors	33,464	49,495
Total	136,658	89,216

8.	CREDITORS WITHIN ONE YEAR
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	2020 £	2019 £
Trade creditors / trade payables	44,699	14,658
Bank borrowings and overdrafts	-	19,678
Taxation and social security	122,866	27,999
Accrued liabilities and deferred income	-	3,500
Total	167,565	65,835

9.	CREDITORS AFTER ONE YEAR
	Long term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

		2020 £		2019 £
	Other creditors	50,000		27,154
	Total	50,000		27,154