Onic_Electrical_Ltd

Onic Electrical Ltd

Contents

Page

Abbreviated balance sheet

1

Notes to the abbreviated accounts

2 - 3

Onic Electrical Ltd

Abbreviated Balance Sheet

As At 31 March 2016

Page 1

2016

2015

Notes

£

Fixed assets

Tangible assets

2

925

1,234

Current assets

Stocks

3,000

Debtors

40,247

40,350

Cash at bank and in hand

1,916

6,439

45,163

49,789

Creditors: amounts falling due within one year

(46,052)

(51,015)

Net current liabilities

(889)

(1,226)

Total assets less current liabilities

36

8

Capital and reserves

Called up share capital

3

2

Profit and loss account

34

6

Shareholders' funds

36

8

For the financial year ended 31 March 2016 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 23 August 2016

Mr M Hignell

Director

Company Registration No. 07495439

Onic Electrical Ltd

Notes To The Abbreviated Accounts

For The Year Ended 31 March 2016

Page 2

1

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 January 2015).

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.

Turnover is recognised when goods are physically delivered to the customer and the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Where a contract has only been partially completed at the balance sheet date turnover represents the value of the services provided to the date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

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:

Plant and machinery

25% reducing balance

2

Fixed assets

Tangible assets

£

Cost

At 1 April 2015 & at 31 March 2016

3,800

Depreciation

At 1 April 2015

2,566

Charge for the year

309

At 31 March 2016

2,875

Net book value

At 31 March 2016

925

At 31 March 2015

1,234

Onic Electrical Ltd

Notes To The Abbreviated Accounts (Continued)

For The Year Ended 31 March 2016

Page 3

3

Share capital

2016

2015

£

Allotted, called up and fully paid

2 ordinary shares of £1 each

2

4

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

£

Mr M Hignell -

-

8,356

-

4,714

3,642

Mr J Brailey -

-

8,356

-

4,714

3,642

16,712

-

9,428

7,284

Onic_Electrical_Ltd - Accounts

Onic_Electrical_Ltd - Accounts