MB Electrical Contractors Limited - Period Ending 2014-01-31

Registration number: 04141841

MB Electrical Contractors Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 January 2014
 

MB Electrical Contractors Limited
(Registration number: 04141841)
Abbreviated Balance Sheet at 31 January 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			288,905			258,778
Current assets
Stocks					1,500			1,500
Debtors					19,110			41,023
					20,610			42,523
Creditors: Amounts falling due within one year		3			(179,644)			(170,219)
Net current liabilities					(159,034)			(127,696)
Total assets less current liabilities					129,871			131,082
Creditors: Amounts falling due after more than one year					(75,272)			(82,730)
Net assets					54,599			48,352
Capital and reserves
Called up share capital		4			1			1
Profit and loss account					54,598			48,351
Shareholders' funds					54,599			48,352

The notes on pages 3 to 4 form an integral part of these financial statements.
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MB Electrical Contractors Limited
(Registration number: 04141841)
Abbreviated Balance Sheet at 31 January 2014
......... continued

For the year ending 31 January 2014 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 2008).

Approved by the director on 31 October 2014

.........................................
Mr M Batty
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
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MB Electrical Contractors Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2014
......... 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 April 2008).

Turnover

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

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	10% reducing balance basis
Motor vehicles	20% reducing balance basis

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.

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.

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MB Electrical Contractors Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 February 2013		278,044			278,044
Additions		42,950			42,950
Disposals		(13,354)			(13,354)
At 31 January 2014		307,640			307,640
Depreciation
At 1 February 2013		19,266			19,266
Charge for the year		5,293			5,293
Eliminated on disposals		(5,824)			(5,824)
At 31 January 2014		18,735			18,735
Net book value
At 31 January 2014		288,905			288,905
At 31 January 2013		258,778			258,778

3

Creditors

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

		2014 £			2013 £
Amounts falling due within one year		24,477			30,407
Amounts falling due after more than one year		75,272			82,730
Total secured creditors		99,749			113,137

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		1			1			1			1

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