Cell-Lec Projects Limited - Period Ending 2016-05-31

Registration number: 04317808

Cell-Lec Projects Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016
 

Saul Fairholm Limited
12 Tentercroft Street
Lincoln
Lincolnshire
LN5 7DB

Cell-Lec Projects Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Cell-Lec Projects Limited
(Registration number: 04317808)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			44,199			36,833
Current assets
Stocks					173,084			239,643
Debtors					553,543			419,745
Cash at bank and in hand					231,848			132,300
					958,475			791,688
Creditors: Amounts falling due within one year		3			(371,387)			(429,072)
Net current assets					587,088			362,616
Total assets less current liabilities					631,287			399,449
Creditors: Amounts falling due after more than one year		3			(6,963)			-
Provisions for liabilities					(8,259)			(6,578)
Net assets					616,065			392,871
Capital and reserves
Called up share capital		4			12			12
Profit and loss account					616,053			392,859
Shareholders' funds					616,065			392,871

For the year ending 31 May 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 21 October 2016 and signed on its behalf by:

.........................................
Mr AJ Griffin
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Cell-Lec Projects Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Revenue represents the fair value of the consideration received or receivable for telecommunications and electrical installations, net of discounts and sales taxes. Revenue is recognised when it is probable that the economic benefits associated with a transaction will flow to the Company and the amount of revenue and associated costs can be measured reliably.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Leasehold improvements	20% straight line method
Plant and machinery	15% reducing balance
Motor vehicles	25% reducing balance
Office equipment	33% straight line method

Stock and work in progress

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving items. Work in progress is valued based on ongoing contracts at the balance sheet date where the work has been not completed to a point where it can be billed. Valuation is at the lower of cost and net realisable value.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 2

Cell-Lec Projects Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2015		56,377			56,377
Additions		21,894			21,894
At 31 May 2016		78,271			78,271
Depreciation
At 1 June 2015		19,544			19,544
Charge for the year		14,528			14,528
At 31 May 2016		34,072			34,072
Net book value
At 31 May 2016		44,199			44,199
At 31 May 2015		36,833			36,833

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		5,969			-
Amounts falling due after more than one year		6,963			-
Total secured creditors		12,932			-

Page 3

Cell-Lec Projects Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary Shares of £1 each		1			1			1			1
'A' Ordinary Shares of £1 each		10			10			10			10
'B' Ordinary Shares of £1 each		1			1			1			1
		12			12			12			12

5

Control

The company is controlled by A J Griffin by virtue of his majority shareholding.

Page 4