Knight Electrical Limited - Period Ending 2015-04-30

Registration number: 03747577

Knight Electrical Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 April 2015
 

Knight Electrical Limited
Contents

Page

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

Knight Electrical Limited
(Registration number: 03747577)
Abbreviated Balance Sheet at 30 April 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					114,109			99,349
Current assets
Stocks					38,901			38,476
Debtors					486,814			248,241
Cash at bank and in hand					32,391			164,624
					558,106			451,341
Creditors: Amounts falling due within one year					(241,938)			(163,264)
Net current assets					316,168			288,077
Total assets less current liabilities					430,277			387,426
Provisions for liabilities					(22,607)			(19,759)
Net assets					407,670			367,667
Capital and reserves
Called up share capital		3			254			254
Share premium account					1,137			1,137
Profit and loss account					406,279			366,276
Shareholders' funds					407,670			367,667

Page 1

Knight Electrical Limited
(Registration number: 03747577)
Abbreviated Balance Sheet at 30 April 2015

For the year ending 30 April 2015 the company was entitled to exemption 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 .

Approved by the Board on 2 September 2015 and signed on its behalf by:

R D Knight Director

Page 2

Knight Electrical Limited
Notes to the Abbreviated Accounts
For the Year Ended 30 April 2015

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts invoiced, net of value added tax and after trade discounts, in respect of the sale of goods and services, as adjusted to reflect changes in value of amounts recoverable on contracts.

Amounts recoverable on contract

Contracts are stated at net cost less foreseeable losses. Where the outcome of the contract can be foreseen and the net cost plus profit earned to date exceeds the invoiced amount, the value is included in debtors as amounts recoverable on contracts. Invoiced amounts which exceed net cost or valuation are included in creditors as payments on account.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant & machinery	10-15% reducing balance
Motor vehicles	25% reducing balance
Fixtures and fittings	10% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

Knight Electrical Limited
Notes to the Abbreviated Accounts
For the Year Ended 30 April 2015

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 May 2014		7,000			235,541			242,541
Additions		-			54,133			54,133
Disposals		-			(46,675)			(46,675)
At 30 April 2015		7,000			242,999			249,999
Depreciation
At 1 May 2014		7,000			136,192			143,192
Charge for the year		-			31,146			31,146
Eliminated on disposals		-			(38,448)			(38,448)
At 30 April 2015		7,000			128,890			135,890
Net book value
At 30 April 2015		-			114,109			114,109
At 30 April 2014		-			99,349			99,349

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary 'A' shares of £1 each		200			200			200			200
Ordinary 'B' shares of £1 each		30			30			30			30
Ordinary 'C' shares of £1 each		3			3			3			3
Ordinary 'D' shares of £1 each		21			21			21			21
		254			254			254			254

 

Page 4

Knight Electrical Limited
Notes to the Abbreviated Accounts
For the Year Ended 30 April 2015

Page 5