James Watt (Electricians) Limited - Limited company - abbreviated

REGISTERED NUMBER: SC231406 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 30 June 2015

for

James Watt (Electricians) Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

J B Watt

Mrs M R Watt

SECRETARY:

Mrs M R Watt

REGISTERED OFFICE:

Dovecot

Haddington

East Lothian

EH41 4HA

REGISTERED NUMBER:

SC231406 (Scotland)

ACCOUNTANTS:

Douglas Home & Co Ltd

Chartered Accountants

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

662

4,761

662

4,761

CURRENT ASSETS

Stocks

1,500

Debtors

20,067

42,953

Cash at bank

74,450

49,099

96,017

93,552

CREDITORS

Amounts falling due within one year

89,612

86,198

NET CURRENT ASSETS

6,405

7,354

TOTAL ASSETS LESS CURRENT
LIABILITIES

7,067

12,115

PROVISIONS FOR LIABILITIES

-

500

NET ASSETS

7,067

11,615

CAPITAL AND RESERVES

Called up share capital

4

300

Profit and loss account

6,767

11,315

SHAREHOLDERS' FUNDS

7,067

11,615

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 31 March 2016 and were signed on its behalf by:

J B Watt - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten years.

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 the shorter.

Plant and machinery

-

25% on cost and 10% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2014

and 30 June 2015

38,000

AMORTISATION

At 1 July 2014

and 30 June 2015

38,000

NET BOOK VALUE

At 30 June 2015

-

At 30 June 2014

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2014

54,430

Additions

195

Disposals

(26,869

)

At 30 June 2015

27,756

DEPRECIATION

At 1 July 2014

49,669

Charge for year

3,887

Eliminated on disposal

(26,462

)

At 30 June 2015

27,094

NET BOOK VALUE

At 30 June 2015

662

At 30 June 2014

4,761

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/6/15

30/6/14

value:

£

300

Ordinary

1

300

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2015 and

30 June 2014:

30/6/15

30/6/14

£

J B Watt

Balance outstanding at start of year

(23,328

)

(15,202

)

Amounts advanced

4,528

11,874

Amounts repaid

(4,706

)

(20,000

)

Balance outstanding at end of year

(23,506

)

(23,328

)

Mrs M R Watt

Balance outstanding at start of year

(23,329

)

(15,203

)

Amounts advanced

4,528

11,874

Amounts repaid

(4,706

)

(20,000

)

Balance outstanding at end of year

(23,507

)

(23,329

)

James Watt (Electricians) Limited - Limited company - abbreviated - 11.9

James Watt (Electricians) Limited - Limited company - abbreviated - 11.9