Alex Nangle (Electrical) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC111872 (Scotland)

Financial Statements for the Year Ended 30 September 2021

for

ALEX NANGLE (ELECTRICAL) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

Mrs J S Nangle

Mrs E Barr

REGISTERED OFFICE:

Unit 1 Telford Square

Houston Industrial Estate

Livingston

EH54 5PQ

REGISTERED NUMBER:

SC111872 (Scotland)

ACCOUNTANTS:

G O Thomson & Co

Chartered Accountants

13 Hope Street

Lanark

Lanarkshire

ML11 7NL

FIXED ASSETS

Tangible assets

4

345,432

371,310

CURRENT ASSETS

Stocks

433,000

442,208

Debtors

5

208,795

236,602

Cash at bank and in hand

55,340

595

697,135

679,405

CREDITORS

Amounts falling due within one year

6

334,049

375,746

NET CURRENT ASSETS

363,086

303,659

TOTAL ASSETS LESS CURRENT LIABILITIES

708,518

674,969

CREDITORS

Amounts falling due after more than one year

7

(47,500

)

(61,923

)

PROVISIONS FOR LIABILITIES

(13,147

)

(13,648

)

NET ASSETS

647,871

599,398

CAPITAL AND RESERVES

Called up share capital

26,000

26,000

Capital redemption reserve

(622

)

(622

)

Retained earnings

622,493

574,020

SHAREHOLDERS' FUNDS

647,871

599,398

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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 21 December 2021 and were signed on its behalf by:

Mrs E Barr - Director

1.	STATUTORY INFORMATION

Alex Nangle (Electrical) Limited 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 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.

Freehold property

-

2% on reducing balance

Furniture & equipment

-

20% on reducing balance

Computer equipment

-

33% on cost

Stocks

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

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.

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 11 (2020 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Furniture

Computer

property

& equipment

equipment

Totals

£

£

£

£

COST

At 1 October 2020

393,799

218,596

82,819

695,214

Additions

-

-

884

884

At 30 September 2021

393,799

218,596

83,703

696,098

DEPRECIATION

At 1 October 2020

62,565

203,610

57,729

323,904

Charge for year

6,625

2,997

17,140

26,762

At 30 September 2021

69,190

206,607

74,869

350,666

NET BOOK VALUE

At 30 September 2021

324,609

11,989

8,834

345,432

At 30 September 2020

331,234

14,986

25,090

371,310

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

204,389

231,473

Prepayments

4,406

5,129

208,795

236,602

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

-

56,233

Trade creditors

248,351

230,130

Tax

13,643

-

Social security and other taxes

5,606

4,962

VAT

6,555

16,782

Directors' current accounts

52,000

56,000

Accrued expenses

7,894

11,639

334,049

375,746

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

10,000

31,923

Bank loans - 2-5 years

37,500

30,000

47,500

61,923

8.	SECURED DEBTS

The Clydesdale Bank PLC holds the following:-

a floating charge dated 24 December 2011 over the assets and undertakings of the Company; and

a legal first charge dated 5 April 2012 over the property at Unit 1, Telford Square, Livingston.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A Nangle Executors.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Alex Nangle (Electrical) Limited for the year ended 30 September 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Alex Nangle (Electrical) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Alex Nangle (Electrical) Limited and state those matters that we have agreed to state to the Board of Directors of Alex Nangle (Electrical) Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Alex Nangle (Electrical) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Alex Nangle (Electrical) Limited. You consider that Alex Nangle (Electrical) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Alex Nangle (Electrical) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

G O Thomson & Co

Chartered Accountants

13 Hope Street

Lanark

Lanarkshire

ML11 7NL

21 December 2021