Driver Electrical Services Ltd - Period Ending 2014-05-31

Registration number: 07196668

Driver Electrical Services Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2014
 

AIMS Accountants for Business
Mark Ellis FCA
1 Ramsay Court
Kingfisher Way
Huntingdon
Cambridgeshire
PE29 6FY

Driver Electrical Services Ltd
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

Driver Electrical Services Ltd
(Registration number: 07196668)
Abbreviated Balance Sheet at 31 May 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					90,283			95,838
Tangible fixed assets					405			579
					90,688			96,417
Current assets
Stocks					604			-
Debtors					7,097			14,697
Cash at bank and in hand					27,028			23,939
					34,729			38,636
Creditors: Amounts falling due within one year					(14,952)			(34,067)
Net current assets					19,777			4,569
Total assets less current liabilities					110,465			100,986
Provisions for liabilities					(81)			(116)
Net assets					110,384			100,870
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					110,284			100,770
Shareholders' funds					110,384			100,870

For the year ending 31 May 2014 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 30 June 2014 and signed on its behalf by:

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

Driver Electrical Services Ltd
(Registration number: 07196668)
Abbreviated Balance Sheet at 31 May 2014
......... continued

.........................................
Mr N Driver
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Driver Electrical Services Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... continued

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 chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

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

Asset class	Amortisation method and rate
Goodwill	5% straight line basis

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
Office equipment	30% reducing balance basis

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.

Page 3

Driver Electrical Services Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 June 2013		111,115			877			111,992
At 31 May 2014		111,115			877			111,992
Depreciation
At 1 June 2013		15,277			298			15,575
Charge for the year		5,555			174			5,729
At 31 May 2014		20,832			472			21,304
Net book value
At 31 May 2014		90,283			405			90,688
At 31 May 2013		95,838			579			96,417

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

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