Connect Electrical Wholesale Limited - Period Ending 2016-03-31

Registration number: 07187987

Connect Electrical Wholesale Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Connect Electrical Wholesale Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Connect Electrical Wholesale Limited
(Registration number: 07187987)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					37,746			43,119
Current assets
Stocks					132,081			113,322
Debtors					326,161			385,830
Cash at bank and in hand					47,774			57,706
					506,016			556,858
Creditors: Amounts falling due within one year					(279,730)			(352,416)
Net current assets					226,286			204,442
Total assets less current liabilities					264,032			247,561
Creditors: Amounts falling due after more than one year					(103,608)			(49,971)
Provisions for liabilities					(7,549)			(8,304)
Net assets					152,875			189,286
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					152,775			189,186
Shareholders' funds					152,875			189,286

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 director acknowledges his 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 director on 20 December 2016

.........................................
J Bishop
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Connect Electrical Wholesale Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 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

Turnover represents amounts chargeable, net of value added tax, in respect of electrical wholesale to customers.

Depreciation

Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives using the following rates:

Asset class	Depreciation method and rate
Fixtures and fittings	5 years straight line
Motor vehicles	3 years straight line
Office equipment	3 years straight line
Plant and machinery	5 years straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.

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. 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 2

Connect Electrical Wholesale Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2015		94,424			94,424
Additions		20,174			20,174
At 31 March 2016		114,598			114,598
Depreciation
At 1 April 2015		51,305			51,305
Charge for the year		25,547			25,547
At 31 March 2016		76,852			76,852
Net book value
At 31 March 2016		37,746			37,746
At 31 March 2015		43,119			43,119

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 3