POWERLEC_DISTRIBUTORS_(DE - Accounts

POWERLEC DISTRIBUTORS (DERBYSHIRE) LIMITED - Company Information

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Company Registration No. 06773463 (England and Wales)

POWERLEC DISTRIBUTORS (DERBYSHIRE) LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2013

POWERLEC DISTRIBUTORS (DERBYSHIRE) LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

Notes to the abbreviated accounts

3 - 4

POWERLEC DISTRIBUTORS (DERBYSHIRE) LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF POWERLEC DISTRIBUTORS (DERBYSHIRE) LIMITED FOR THE YEAR ENDED 31 DECEMBER 2013

- 1 -

The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Powerlec Distributors (Derbyshire) Limited for the year ended 31 December 2013 set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Powerlec Distributors (Derbyshire) Limited, as a body, in accordance with the terms of our engagement letter dated 15 August 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Powerlec Distributors (Derbyshire) Limited and state those matters that we have agreed to state to the Board of Directors of Powerlec Distributors (Derbyshire) Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Powerlec Distributors (Derbyshire) Limited and it's Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Powerlec Distributors (Derbyshire) 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 Powerlec Distributors (Derbyshire) Limited. You consider that Powerlec Distributors (Derbyshire) 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 Powerlec Distributors (Derbyshire) 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.

Jackson Calvert

25 September 2014

Chartered Accountants

Bennett Corner House

33 Coleshill Street

Sutton Coldfield

West Midlands

B72 1SD

POWERLEC DISTRIBUTORS (DERBYSHIRE) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2013

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2013

2012

Notes

Fixed assets

Tangible assets

6,791

8,999

Current assets

Stocks

45,000

31,000

Debtors

123,170

108,377

Cash at bank and in hand

314

168,484

139,377

Creditors: amounts falling due within one year

(157,562)

(146,678)

Net current assets/(liabilities)

10,922

(7,301)

Total assets less current liabilities

17,713

1,698

Capital and reserves

Called up share capital

100

Profit and loss account

17,613

1,598

Shareholders' funds

17,713

1,698

For the financial year ended 31 December 2013 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 25 September 2014

Mr D C Downes

Director

Company Registration No. 06773463

POWERLEC DISTRIBUTORS (DERBYSHIRE) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2013

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Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The accounts have been prepared on a going concern basis, the validity is on the basis that Mr B Brennan and Powerlec Distributors Limited will not seek full repayment of their loan accounts over forthcoming 12 months.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Leasehold

Straight line over the lease term

Computer equipment

25% Reducing balance

Fixtures, fittings & equipment

25% Reducing balance

Motor vehicles

25% Reducing balance

1.5

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Fixed assets

Tangible assets

Cost

At 1 January 2013 & at 31 December 2013

24,094

Depreciation

At 1 January 2013

15,095

Charge for the year

2,208

At 31 December 2013

17,303

Net book value

At 31 December 2013

6,791

At 31 December 2012

8,999

POWERLEC DISTRIBUTORS (DERBYSHIRE) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013

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Share capital

2013

2012

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

Related party relationships and transactions

Loans to directors

Transactions in relation to loans with directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

B Brennan - Interest free loan

28,602

21,221

20,000

29,823

28,602

21,221

20,000

29,823