Paul Grace Electrical Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 08265022 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

PAUL GRACE ELECTRICAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P D S Grace

REGISTERED OFFICE:

15 The Broadway

Penn Road

Beaconsfield

Buckinghamshire

HP9 2PD

REGISTERED NUMBER:

08265022 (England and Wales)

ACCOUNTANTS:

O'Sullivan & Co

Chartered Certified Accountants

15 The Broadway

Penn Road

Beaconsfield

Buckinghamshire

HP9 2PD

FIXED ASSETS

Tangible assets

4

1,884

1,956

CURRENT ASSETS

Debtors

5

660

327

Cash at bank

7,224

4,221

7,884

4,548

CREDITORS

Amounts falling due within one year

6

8,340

5,091

NET CURRENT LIABILITIES

(456

)

(543

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,428

1,413

PROVISIONS FOR LIABILITIES

7

377

391

NET ASSETS

1,051

1,022

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

951

922

SHAREHOLDERS' FUNDS

1,051

1,022

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 12 June 2017 and were signed by:

P D S Grace - Director

1.	STATUTORY INFORMATION

Paul Grace Electrical Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention. The reported financial position and financial performance for the previous period are not affected by

the transition to FRS 102. The company transitioned from previously extant UK GAAP to FRS 102 as at 1

January 2016.

The financial statements are prepared in sterling which is the functional currency of the company and rounded to

the nearest £.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and

accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life,

Plant and machinery etc - 33% on reducing balance, 25% on reducing balance and 20% on reducing

balance

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine

whether there is any indication that any item have suffered an impairment loss. If any such indication exists, the

recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any.

Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable

amount of the cash-generating unit to which the asset belongs

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

4,229

Additions

485

At 31 December 2016

4,714

DEPRECIATION

At 1 January 2016

2,273

Charge for year

557

At 31 December 2016

2,830

NET BOOK VALUE

At 31 December 2016

1,884

At 31 December 2015

1,956

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

660

327

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade creditors

-

865

Taxation and social security

4,272

2,257

Other creditors

4,068

1,969

8,340

5,091

7.	PROVISIONS FOR LIABILITIES

31.12.16

31.12.15

£

£

Deferred tax

377

391

Deferred

tax

£

Balance at 1 January 2016

391

Accelerated Capital Allowance

(14

)

Balance at 31 December 2016

377

8.	RELATED PARTY DISCLOSURES

During the year, dividends were paid to the company director, of £17,000.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is P D S Grace.