Lowe Electrical Contractors Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 04793025 (England and Wales)

Abbreviated Accounts

for the Year Ended 30 April 2016

for

LOWE ELECTRICAL CONTRACTORS LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

J B Lowe

J P King

A R M Willott

SECRETARY:

P J Ward

REGISTERED OFFICE:

1168/1170 Melton Road

Syston

Leicestershire

LE7 2HB

REGISTERED NUMBER:

04793025 (England and Wales)

ACCOUNTANTS:

Conley Ward

1168/1170 Melton Road

Syston

Leicester

Leicestershire

LE7 2HB

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

197,124

229,821

197,124

229,821

CURRENT ASSETS

Stocks

850

850

Debtors

1,446,120

908,726

Cash at bank

1,126,706

1,276,620

2,573,676

2,186,196

CREDITORS

Amounts falling due within one year

845,169

744,780

NET CURRENT ASSETS

1,728,507

1,441,416

TOTAL ASSETS LESS CURRENT LIABILITIES

1,925,631

1,671,237

CREDITORS

Amounts falling due after more than one year

(23,046

)

(25,965

)

PROVISIONS FOR LIABILITIES

(4,700

)

(6,000

)

NET ASSETS

1,897,885

1,639,272

CAPITAL AND RESERVES

Called up share capital

4

1

1

Profit and loss account

1,897,884

1,639,271

SHAREHOLDERS' FUNDS

1,897,885

1,639,272

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2016 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 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 Board of Directors on 21 December 2016 and were signed on its behalf by:

J B Lowe - 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, except in respect of service contracts

where turnover is recognised when the company obtains the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is amortised at a rate

calculated to write off the asset on a straight basis over its estimated useful economic live, not to exceed twenty

years. Impairment of the asset is reviewed where circumstances indicate that the carrying value may not be fully

recoverable.

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.

Improvements to property

-

10% on cost

Plant and machinery

-

15% on cost and 15% on reducing balance

Motor vehicles

-

25% on cost and 25% on reducing balance

Computer equipment

-

33% on cost and 33% on reducing balance

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

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.

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.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

and 30 April 2016

40,000

AMORTISATION

At 1 May 2015

and 30 April 2016

40,000

NET BOOK VALUE

At 30 April 2016

-

At 30 April 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

473,958

Additions

13,489

Disposals

(48,723

)

At 30 April 2016

438,724

DEPRECIATION

At 1 May 2015

244,137

Charge for year

37,638

Eliminated on disposal

(40,175

)

At 30 April 2016

241,600

NET BOOK VALUE

At 30 April 2016

197,124

At 30 April 2015

229,821

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.16

30.4.15

value:

£

£

1

Ordinary

1

1

1

5.	TRANSACTIONS WITH DIRECTORS

The following advances and credits to a director subsisted during the years ended 30 April 2016 and

30 April 2015:

30.4.16

30.4.15

£

£

J B Lowe

Balance outstanding at start of year

-

-

Amounts advanced

11,078

-

Amounts repaid

(11,078

)

-

Balance outstanding at end of year

-

-