B M Electrical Wholesale Limited Small abridged accounts

B M Electrical Wholesale Limited Small abridged accounts

B M ELECTRICAL WHOLESALE LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements
All of the members of B M Electrical Wholesale Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: NI047792
B M Electrical Wholesale Limited
Unaudited Abridged Financial Statements
31 March 2017
B M Electrical Wholesale Limited
Abridged Financial Statements
Period from 1 January 2016 to 31 March 2017
Contents
Page
Officers and professional advisers
1
Directors' report
2
Report to the board of directors on the preparation of the unaudited statutory abridged financial statements
3
Abridged statement of comprehensive income
4
Abridged statement of financial position
5
Statement of changes in equity
7
Notes to the abridged financial statements
8
The following pages do not form part of the abridged financial statements
Detailed abridged income statement
15
Notes to the detailed abridged income statement
16
B M Electrical Wholesale Limited
Officers and Professional Advisers
The board of directors
Mr K Magee
Mr K Robinson
Company secretary
Mr K Magee
Registered office
Ormeau House
91-97 Ormeau Road
Belfast
Co Antrim
Northern Ireland
BT7 1SH
Accountants
DNTCA Ltd
Chartered accountant
B M Electrical Wholesale Limited
Directors' Report
Period from 1 January 2016 to 31 March 2017
The directors present their report and the unaudited abridged financial statements of the company for the period ended 31 March 2017 .
Directors
The directors who served the company during the period were as follows:
Mr K Magee
Mr K Robinson
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 30 September 2017 and signed on behalf of the board by:
Mr K Magee
Mr K Robinson
Director
Director
Mr K Magee
Company Secretary
Registered office:
Ormeau House
91-97 Ormeau Road
Belfast
Co Antrim
Northern Ireland
BT7 1SH
B M Electrical Wholesale Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of B M Electrical Wholesale Limited
Period from 1 January 2016 to 31 March 2017
As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the period ended 31 March 2017, which comprise the abridged statement of comprehensive income, abridged statement of financial position, statement of changes in equity and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
DNTCA Ltd Chartered accountant
30 September 2017
B M Electrical Wholesale Limited
Abridged Statement of Comprehensive Income
Period from 1 January 2016 to 31 March 2017
Period from
1 Jan 16 to
Year to
31 Mar 17
31 Dec 15
Note
£
£
Gross profit
1,503,682
1,135,218
Administrative expenses
1,200,035
930,591
------------
------------
Operating profit
303,647
204,627
Other interest receivable and similar income
–
2
Interest payable and similar expenses
3,589
1,432
------------
------------
Profit before taxation
5
300,058
203,197
Tax on profit
61,761
43,231
---------
---------
Profit for the financial period and total comprehensive income
238,297
159,966
---------
---------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the period as set out above.
B M Electrical Wholesale Limited
Abridged Statement of Financial Position
31 March 2017
31 Mar 17
31 Dec 15
Note
£
£
£
Fixed assets
Intangible assets
6
78,000
93,000
Tangible assets
7
181,060
89,556
---------
---------
259,060
182,556
Current assets
Stocks
545,969
523,180
Debtors
774,055
839,448
Cash at bank and in hand
45,334
39,231
------------
------------
1,365,358
1,401,859
Creditors: amounts falling due within one year
1,252,942
1,022,766
------------
------------
Net current assets
112,416
379,093
---------
---------
Total assets less current liabilities
371,476
561,649
Creditors: amounts falling due after more than one year
35,812
22,679
Provisions
Taxation including deferred tax
25,043
8,650
---------
---------
Net assets
310,621
530,320
---------
---------
B M Electrical Wholesale Limited
Abridged Statement of Financial Position (continued)
31 March 2017
31 Mar 17
31 Dec 15
Note
£
£
£
Capital and reserves
Called up share capital
72
120
Profit and loss account
310,549
530,200
---------
---------
Shareholders funds
310,621
530,320
---------
---------
These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the period ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 30 September 2017 , and are signed on behalf of the board by:
Mr K Magee
Mr K Robinson
Director
Director
Company registration number: NI047792
B M Electrical Wholesale Limited
Statement of Changes in Equity
Period from 1 January 2016 to 31 March 2017
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2015
120
473,530
473,650
Profit for the period
159,966
159,966
----
---------
---------
Total comprehensive income for the period
–
159,966
159,966
Dividends paid and payable
–
( 103,296)
( 103,296)
----
---------
---------
Total investments by and distributions to owners
–
( 103,296)
( 103,296)
At 31 December 2015
120
530,200
530,320
Profit for the period
238,297
238,297
----
---------
---------
Total comprehensive income for the period
–
238,297
238,297
Dividends paid and payable
–
( 116,296)
( 116,296)
Cancellation of subscribed capital
( 48)
48
–
Redemption of shares
–
( 341,700)
( 341,700)
----
---------
---------
Total investments by and distributions to owners
( 48)
( 457,948)
( 457,996)
----
---------
---------
At 31 March 2017
72
310,549
310,621
----
---------
---------
B M Electrical Wholesale Limited
Notes to the Abridged Financial Statements
Period from 1 January 2016 to 31 March 2017
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Ormeau House, 91-97 Ormeau Road, Belfast, Co Antrim, BT7 1SH, Northern Ireland.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tenants Improvements
-
15% straight line
Leasehold Property
-
15% straight line
Fixtures & Fittings
-
15% straight line
Motor Vehicles
-
20% straight line
Equipment
-
15% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 26 (2015: 25 ).
5. Profit before taxation
Profit before taxation is stated after charging:
Period from
1 Jan 16 to
Year to
31 Mar 17
31 Dec 15
£
£
Amortisation of intangible assets
15,000
12,000
Depreciation of tangible assets
55,047
31,070
--------
--------
6. Intangible assets
£
Cost
At 1 January 2016 and 31 March 2017
240,000
---------
Amortisation
At 1 January 2016
147,000
Charge for the period
15,000
---------
At 31 March 2017
162,000
---------
Carrying amount
At 31 March 2017
78,000
---------
At 31 December 2015
93,000
---------
7. Tangible assets
£
Cost
At 1 January 2016
540,706
Additions
149,327
Disposals
( 47,751)
---------
At 31 March 2017
642,282
---------
Depreciation
At 1 January 2016
451,150
Charge for the period
55,047
Disposals
( 44,975)
---------
At 31 March 2017
461,222
---------
Carrying amount
At 31 March 2017
181,060
---------
At 31 December 2015
89,556
---------
8. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
31 Mar 17
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr K Magee
( 362)
( 912)
( 1,274)
Mr K Robinson
( 584)
( 690)
( 1,274)
----
-------
-------
( 946)
( 1,602)
( 2,548)
----
-------
-------
31 Dec 15
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr K Magee
( 432)
70
( 362)
Mr K Robinson
( 432)
( 152)
( 584)
----
----
----
( 864)
( 82)
( 946)
----
----
----
9. Related party transactions
The company was under the control of Mr Magee and Mr Robinson throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
10. Other spare note 99 heading
B M Electrical Wholesale Limited
Management Information
Period from 1 January 2016 to 31 March 2017
The following pages do not form part of the abridged financial statements.
B M Electrical Wholesale Limited
Detailed Abridged Income Statement
Period from 1 January 2016 to 31 March 2017
Period from
1 Jan 16 to
Year to
31 Mar 17
31 Dec 15
£
£
Turnover
6,307,363
4,777,655
Cost of sales
Opening stock
523,180
480,821
Purchases
4,977,362
3,785,290
------------
------------
5,500,542
4,266,111
Closing stock
545,969
523,180
------------
------------
4,954,573
3,742,931
------------
------------
Other operating income
150,892
100,494
------------
------------
Gross profit
1,503,682
1,135,218
Overheads
Administrative expenses
1,200,035
930,591
------------
------------
Operating profit
303,647
204,627
Other interest receivable and similar income
–
2
Interest payable and similar expenses
(3,589)
(1,432)
---------
---------
Profit before taxation
300,058
203,197
---------
---------
B M Electrical Wholesale Limited
Notes to the Detailed Abridged Income Statement
Period from 1 January 2016 to 31 March 2017
Period from
1 Jan 16 to
Year to
31 Mar 17
31 Dec 15
£
£
Other operating income
AWEBB commission
150,892
100,494
---------
---------
Administrative expenses
Directors salaries
2,424
2,424
Staff Costs
695,328
523,375
Rent, rates and insurance
114,013
82,946
Light and heat
19,360
16,132
Repairs and maintenance
41,378
27,242
Motor expenses
99,013
79,728
Travel and subsistence
2,052
2,909
Postage, telephone & fax
42,640
29,567
Stationery and advertising
35,322
17,271
Protective clothing
3,884
1,800
General expenses
11,924
6,451
Cleaning
10,545
6,810
Charitable donations (allowable)
3,680
695
AWEBB fees
900
4,855
Legal fees
18,369
50,060
Accountancy fees
15,025
19,300
Amortisation of intangible assets
15,000
12,000
Depreciation of tangible assets
55,047
31,070
(Gain)/loss on disposal of tangible assets
(5,725)
(3,667)
Bank interest and charges
20,634
19,512
Foreign currency gains/losses
(778)
111
------------
---------
1,200,035
930,591
------------
---------
Other interest receivable and similar income
Interest on cash and cash equivalents
–
2
----
----
Interest payable and similar expenses
Interest on hire purchase and finance lease contracts
3,589
1,432
-------
-------