KAYLEX ELEC & DISTRIBUTORS LTD - Limited company accounts 16.1

REGISTERED NUMBER: 07068742 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2015

for

Kaylex Electrical Wholesalers And

Distributors Ltd

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

K Masarati

J Masarati

S Masarati

SECRETARY:

J Masarati

REGISTERED OFFICE:

56-60 PINNER GREEN

PINNER

Middlesex

HA5 2AB

REGISTERED NUMBER:

07068742 (England and Wales)

ACCOUNTANTS:

Grist & Co.

74a The Broadway,

Chesham

Buckinghamshire

HP5 1EG

The directors present their report with the financial statements of the company for the year ended 31 December 2015.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2015 to the date of this

report.

K Masarati

J Masarati

S Masarati

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

J Masarati - Director

5 August 2016

TURNOVER

1,440,457

1,377,914

Cost of sales

1,060,092

997,314

GROSS PROFIT

380,365

380,600

Administrative expenses

314,014

340,445

66,351

40,155

Other operating income

12,550

16,145

OPERATING PROFIT

2

78,901

56,300

Interest payable and similar charges

1,004

1,536

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION

77,897

54,764

Tax on profit on ordinary activities

3

18,665

17,996

PROFIT FOR THE FINANCIAL YEAR

59,232

36,768

FIXED ASSETS

Intangible assets

5

60,000

75,000

Tangible assets

6

6,674

8,073

66,674

83,073

CURRENT ASSETS

Stocks

106,500

108,000

Debtors

7

168,063

147,387

Prepayments and accrued income

21,690

Cash at bank and in hand

1,213

1,445

297,466

278,522

CREDITORS

Amounts falling due within one year

8

232,890

231,041

NET CURRENT ASSETS

64,576

47,481

TOTAL ASSETS LESS CURRENT
LIABILITIES

131,250

130,554

CAPITAL AND RESERVES

Called up share capital

9

300

Profit and loss account

10

130,950

130,254

SHAREHOLDERS' FUNDS

131,250

130,554

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The financial statements were approved by the Board of Directors on 5 August 2016 and were signed on its behalf by:

J Masarati - Director

K Masarati - Director

S Masarati - 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 January 2015).

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 2010, is being amortised evenly over its estimated useful life of fifteen years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

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

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

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.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.15

31.12.14

£

Depreciation - owned assets

1,399

Goodwill amortisation

15,000

35,000

Directors' remuneration and other benefits etc

12,627

14,352

3.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

31.12.15

31.12.14

£

Current tax:

UK corporation tax

18,665

17,996

Tax on profit on ordinary activities

18,665

17,996

4.

DIVIDENDS

31.12.15

31.12.14

£

Ordinary shares of £1 each

Final

-

65,000

Interim

58,536

-

58,536

65,000

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2015

and 31 December 2015

150,000

AMORTISATION

At 1 January 2015

75,000

Charge for year

15,000

At 31 December 2015

90,000

NET BOOK VALUE

At 31 December 2015

60,000

At 31 December 2014

75,000

6.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 January 2015

and 31 December 2015

5,180

18,410

23,590

DEPRECIATION

At 1 January 2015

5,180

10,337

15,517

Charge for year

-

1,399

At 31 December 2015

5,180

11,736

16,916

NET BOOK VALUE

At 31 December 2015

-

6,674

At 31 December 2014

-

8,073

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.15

31.12.14

£

Trade debtors

168,063

147,387

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.15

31.12.14

£

Bank loans and overdrafts

-

14,206

Trade creditors

192,965

174,330

Taxation and social security

37,165

40,133

Other creditors

2,760

2,372

232,890

231,041

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.12.14

value:

£

300

Ordinary

£1

300

10.

RESERVES

Profit

and loss

account

£

At 1 January 2015

130,254

Profit for the year

59,232

Dividends

(58,536

)

At 31 December 2015

130,950