McConnells Electrical Company Limited - Period Ending 2016-03-31

Registration number: 02595801

 
  McConnells Electrical Company Limited
 
 
  Unaudited Abbreviated Accounts
 
 
  Year Ended 31 March 2016
 

Page Kirk LLP
Chartered Accountants
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

McConnells Electrical Company Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 7

McConnells Electrical Company Limited
  Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of McConnells Electrical Company Limited for the year ended 31 March 2016 set out on pages 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 (ICAEW), 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 McConnells Electrical Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of McConnells Electrical Company Limited and state those matters that we have agreed to state to them, 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 McConnells Electrical Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that McConnells Electrical Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of McConnells Electrical Company Limited. You consider that McConnells Electrical Company 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 accounts of McConnells Electrical Company 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 accounts.

......................................

Page Kirk LLP
Chartered Accountants
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

13 December 2016

Page 1

McConnells Electrical Company Limited
Abbreviated Balance Sheet
31 March 2016

		Note			2016						2015
	£			£			£			£
Fixed assets
Tangible fixed assets								214,100						123,289
Current assets
Stocks					60,427						79,908
Debtors					1,638,347						1,150,045
Cash at bank and in hand					208,453						353,627
					1,907,227						1,583,580
Creditors: Amounts falling due within one year					(1,254,337)						(965,762)
Net current assets								652,890						617,818
Total assets less current liabilities								866,990						741,107
Creditors: Amounts falling due after more than one year								(51,212)						(34,698)
Provisions for liabilities								(4,305)						(2,379)
Net assets								811,473						704,030
Capital and reserves
Called up share capital		4			1,000						1,000
Profit and loss account					810,473						703,030
Shareholders' funds								811,473						704,030

  The notes on pages 4 to 7 form an integral part of these financial statements.
  Page 2

McConnells Electrical Company Limited
Abbreviated Balance Sheet (continued)
31 March 2016

For the year ending 31 March 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 abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 13 December 2016 and signed on its behalf by:

.........................................
 Mr P A McConnell
 DirectorCompany registration number: 02595801
 

.........................................
 Mr D Miller
 DirectorCompany registration number: 02595801
 

  The notes on pages 4 to 7 form an integral part of these financial statements.
  Page 3

McConnells Electrical Company Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2016

1	Accounting policies

Basis of preparation

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). This is the first year that the financial statements have been prepared in accordance with FRSSE 2015. There are no material transitional adjustments.

Turnover

The turnover shown in the profit and loss account represents the value of work done in the year, exclusive of VAT. Turnover includes amounts invoiced in the year and estimates of amounts not invoiced in relation to on-going services. Turnover in respect of on-going services is recognised by reference to the stage of completion.

Fixed Assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% straight line
Fixtures and fittings	25% straight line
Motor vehicles	33.3% straight line
Computer equipment	25% straight line

Stock and work in progress

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Work in progress is valued on a contract-by-contract basis. Total direct costs of a contract are apportioned to cost of sales on a straight-line basis according to the stage of contract completion. Work in progress represents the value of direct costs to date in excess of those attributed to cost of sales. Provision is made for any foreseeable losses where appropriate. Payments on account in excess of turnover, after being deducted from any balance on that contract in work in progress are classified within creditors as payments on account.

Page 4

McConnells Electrical Company Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2016

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.

Foreign currency

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 5

McConnells Electrical Company Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2016

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2015		354,249			354,249
Additions		183,277			183,277
Disposals		(24,395)			(24,395)
At 31 March 2016		513,131			513,131
Depreciation
At 1 April 2015		230,960			230,960
Charge for the year		92,466			92,466
Eliminated on disposals		(24,395)			(24,395)
At 31 March 2016		299,031			299,031
Net book value
At 31 March 2016		214,100			214,100
At 31 March 2015		123,289			123,289

3

Creditors

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

		2016 £			2015 £
Amounts falling due within one year		144,058			86,973
Amounts falling due after more than one year		51,212			34,698
Total secured creditors		195,270			121,671

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

Page 6

McConnells Electrical Company Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2016

5	Related party transactions

P A McConnell

(Director and shareholder)

At the balance sheet, the amount due from the director was £9,269 (2015 - £8,757) and the maximum amount outstanding was £9,269 (2015 - £10,623). No interest was charged on this balance.

Page 7