J Kirby Electrical Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07554125 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2021

FOR

J KIRBY ELECTRICAL LTD

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

5

40,398

27,751

CURRENT ASSETS

Stocks

1,500

500

Debtors

6

50,218

25,416

Cash at bank and in hand

125,945

42,056

177,663

67,972

CREDITORS

Amounts falling due within one year

7

110,387

65,538

NET CURRENT ASSETS

67,276

2,434

TOTAL ASSETS LESS CURRENT LIABILITIES

107,674

30,185

CREDITORS

Amounts falling due after more than one year

8

(54,822

)

(7,575

)

PROVISIONS FOR LIABILITIES

9

(7,676

)

(5,273

)

NET ASSETS

45,176

17,337

CAPITAL AND RESERVES

Called up share capital

10

1

1

Retained earnings

45,175

17,336

SHAREHOLDERS' FUNDS

45,176

17,337

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 December 2021 and were signed by:

Mr J H Kirby - Director

1.	STATUTORY INFORMATION

J Kirby Electrical Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

07554125

Registered office:

53 Gildredge Road

Eastbourne

East Sussex

BN21 4SF

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company has prepared these accounts on a going concern basis, however there are material uncertainties in respect of COVID-19 and management have taken into consideration the existing and potential effects of coronavirus on the activities of the business in future.

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

-

25% on reducing balance

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Equipment

-

25% on cost

All fixed assets are initially recorded at cost.

Government grants

The entity has adopted the use of the accruals model in respect of grants received.

Any grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in ‘Other income’, in the period to which it relates.

Stocks

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

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, 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.

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.

Going concern

The company has prepared these accounts on a going concern basis, however there are material uncertainties in respect of COVID-19 and management have taken into consideration the existing and potential effects of coronavirus on the activities of the business in future.

Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2020 - 6 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Equipment

Totals

£

£

£

£

£

COST

At 1 April 2020

11,788

862

56,180

2,511

71,341

Additions

-

684

35,220

3,022

38,926

Disposals

-

-

(39,085

)

-

(39,085

)

At 31 March 2021

11,788

1,546

52,315

5,533

71,182

DEPRECIATION

At 1 April 2020

8,743

595

33,054

1,198

43,590

Charge for year

761

371

11,527

1,383

14,042

Eliminated on disposal

-

-

(26,848

)

-

(26,848

)

At 31 March 2021

9,504

966

17,733

2,581

30,784

NET BOOK VALUE

At 31 March 2021

2,284

580

34,582

2,952

40,398

At 31 March 2020

3,045

267

23,126

1,313

27,751

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

36,660

16,030

Provision for doubtful debts

-

666

Amounts owed by group undertakings

95

-

Other debtors

11,766

6,635

Prepayments and accrued income

1,697

2,085

50,218

25,416

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

7,734

-

Hire purchase contracts

5,413

2,525

Trade creditors

4,552

2,074

Corporation tax

13,745

9,456

PAYE and social security

2,128

1,616

VAT

18,836

9,574

Other creditors

495

710

Directors' current accounts

50,745

37,544

Accruals and deferred income

6,739

2,039

110,387

65,538

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-5 years

42,266

-

Hire purchase contracts

12,556

7,575

54,822

7,575

9.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

Accelerated capital allowances

7,676

5,273

Deferred

tax

£

Balance at 1 April 2020

5,273

Provided during year

2,403

Balance at 31 March 2021

7,676

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

1

Ordinary

£1

1

1

11.	RELATED PARTY DISCLOSURES

Included in creditors is a loan from the director to the value of £50,745 (2020: £37,544). This loan is interest free and repayable upon demand.

Included in debtors is a loan of £95 (2020: £nil) due from Seahaven Property Limited, a company with a shared controlling party.

12.	CORONAVIRUS SUPPORT

During the period the company received HMRC furlough support payments of £19,902 (2020: £nil), in line with the standard offering from the government scheme. The company also received a local authority grant of £10,000 (2020: £nil), based upon the rateable value of the business.