IT Electrical Contractors Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 08910232 (England and Wales)

Abbreviated Accounts for the Year Ended 31 March 2016

for

IT Electrical Contractors Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

J C Milton

REGISTERED OFFICE:

c/o Plunkett Yates Ltd

7 Southernhay West

Exeter

Devon

EX1 1JG

REGISTERED NUMBER:

08910232 (England and Wales)

ACCOUNTANTS:

Plunkett Yates Limited

7 Southernhay West

Exeter

Devon

EX1 1JG

FIXED ASSETS

Tangible assets

2

43,082

38,776

CURRENT ASSETS

Stocks

14,282

6,341

Debtors

13,997

19,539

28,279

25,880

CREDITORS

Amounts falling due within one year

40,723

54,781

NET CURRENT LIABILITIES

(12,444

)

(28,901

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

30,638

9,875

CREDITORS

Amounts falling due after more than one
year

14,059

-

NET ASSETS

16,579

9,875

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

16,479

9,775

SHAREHOLDERS' FUNDS

16,579

9,875

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 30 September 2016 and were signed by:

J C Milton - 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.

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

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

20% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

47,477

Additions

21,907

Disposals

(9,047

)

At 31 March 2016

60,337

DEPRECIATION

At 1 April 2015

8,701

Charge for year

10,816

Eliminated on disposal

(2,262

)

At 31 March 2016

17,255

NET BOOK VALUE

At 31 March 2016

43,082

At 31 March 2015

38,776

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

100

Ordinary

£1

100