A.J. Taylor Electrical Contractors Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03319595 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

A.J. TAYLOR ELECTRICAL CONTRACTORS

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A J Taylor

L P Crossley

A G Tristram

SECRETARY:

P L Taylor

REGISTERED OFFICE:

Atlas Chambers

33 West Street

Brighton

East Sussex

BN1 2RE

REGISTERED NUMBER:

03319595 (England and Wales)

ACCOUNTANTS:

Galloways Accounting

Atlas Chambers

33 West Street

Brighton

East Sussex

BN1 2RE

FIXED ASSETS

Tangible assets

4

96,091

88,522

CURRENT ASSETS

Debtors

5

1,061,186

1,078,526

Cash in hand

659

-

1,061,845

1,078,526

CREDITORS

Amounts falling due within one year

6

845,007

888,950

NET CURRENT ASSETS

216,838

189,576

TOTAL ASSETS LESS CURRENT LIABILITIES

312,929

278,098

CREDITORS

Amounts falling due after more than one year

7

(96,067

)

(52,920

)

PROVISIONS FOR LIABILITIES

(18,000

)

(16,300

)

NET ASSETS

198,862

208,878

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

198,762

208,778

SHAREHOLDERS' FUNDS

198,862

208,878

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 13 June 2021 and were signed on its behalf by:

A J Taylor - Director

1.	STATUTORY INFORMATION

A.J. Taylor 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 directors do not anticipate that the recent Covid-19 outbreak will affect the company's ability to continue for the foreseeable future, given the avenues of support that are available. The company continues to adopt the going concern basis when preparing its financial statements.

Turnover

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

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as the proportion of total contract value completed to date.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.

Plant and machinery - 33% straight line, 25% on reducing balance and 15% on reducing balance

Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Government grants

The company has made use of the government's Coronavirus Job Retention Scheme (CJRS), put in place to assist companies during the Covid-19 outbreak. The grant is recognised on a straight-line basis over the period of furlough. Government grants also include the interest payable on the Coronavirus Bounce Back loan taken out by the company.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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.

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2019 - 46 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 October 2019

13,822

233,900

247,722

Additions

-

44,494

44,494

Disposals

-

(35,465

)

(35,465

)

At 30 September 2020

13,822

242,929

256,751

DEPRECIATION

At 1 October 2019

13,724

145,476

159,200

Charge for year

98

32,031

32,129

Eliminated on disposal

-

(30,669

)

(30,669

)

At 30 September 2020

13,822

146,838

160,660

NET BOOK VALUE

At 30 September 2020

-

96,091

96,091

At 30 September 2019

98

88,424

88,522

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

589,927

780,438

Amounts recoverable on contracts

415,716

259,074

Other debtors

55,543

39,014

1,061,186

1,078,526

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

126,298

368,328

Hire purchase contracts (see note 8)

29,826

22,557

Trade creditors

343,362

289,224

Taxation and social security

307,927

189,208

Other creditors

37,594

19,633

845,007

888,950

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

61,347

28,132

Hire purchase contracts (see note 8)

34,720

24,788

96,067

52,920

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

7,033

-

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2020

2019

£

£

Net obligations repayable:

Within one year

29,826

22,557

Between one and five years

34,720

24,788

64,546

47,345

Non-cancellable

operating leases

2020

2019

£

£

Within one year

38,000

38,000

Between one and five years

152,000

152,000

In more than five years

275,500

313,500

465,500

503,500

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdrafts

109,621

355,617

Bank loans

78,024

40,843

187,645

396,460

The bank borrowings are secured by the director in the form of a personal guarantee, and by a fixed and floating charge over the assets of the company.