Barmac Electrical Limited - Period Ending 2016-05-31

Registration number: 03988965

Barmac Electrical Limited

Unaudited Abbreviated Accounts

31 May 2016
 

Barmac Electrical Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Financial Statements of
Barmac Electrical Limited
for the Year Ended 31 May 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Barmac Electrical Limited for the year ended 31 May 2016 set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a 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 Barmac Electrical Limited, as a body, in accordance with the terms of our engagement letter dated 28 February 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Barmac Electrical 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 Barmac Electrical Limited and its Board of Directors as a body for our work or for this report.

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

Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

17 February 2017

Page 1

Barmac Electrical Limited
(Registration number: 03988965)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets		2			-			6,500
Tangible fixed assets		2			50,938			63,503
					50,938			70,003
Current assets
Stocks					1,500			1,250
Debtors					141,549			83,461
Cash at bank and in hand					21,376			55,286
					164,425			139,997
Creditors: Amounts falling due within one year		3			(138,733)			(117,157)
Net current assets					25,692			22,840
Total assets less current liabilities					76,630			92,843
Creditors: Amounts falling due after more than one year		3			(25,581)			(29,131)
Provisions for liabilities					(10,188)			(12,701)
Net assets					40,861			51,011
Capital and reserves
Called up share capital		4			2,000			2,000
Profit and loss account					38,861			49,011
Shareholders' funds					40,861			51,011

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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the Board on 17 February 2017 and signed on its behalf by:

.........................................
L J Barker
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Barmac Electrical 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

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

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

Asset class	Amortisation method and rate
Goodwill	5 years straight line

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
Plant and machinery	15% reducing balance
Fixtures and fittings	15% reducing balance
Motor vehicles	25% reducing balance
Office equipment	33% 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 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.

Page 3

Barmac Electrical Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 June 2015		35,503			108,448			143,951
Additions		-			3,644			3,644
At 31 May 2016		35,503			112,092			147,595
Depreciation
At 1 June 2015		29,003			44,945			73,948
Charge for the year		6,500			16,209			22,709
At 31 May 2016		35,503			61,154			96,657
Net book value
At 31 May 2016		-			50,938			50,938
At 31 May 2015		6,500			63,503			70,003

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2016 £			2015 £
After more than five years by instalments		10,119			14,196

Page 4

Barmac Electrical 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.			£
A Ordinary shares of £1 each		1,000			1,000			1,000			1,000
B Ordinary shares of £1 each		400			400			400			400
C Ordinary shares of £1 each		300			300			300			300
D Ordinary shares of £1 each		300			300			300			300
		2,000			2,000			2,000			2,000

5

Control

The company is controlled by the directors who own 100% of the called up share capital.

Page 5