BOLT ELECTRICAL CONTRACTORS LIMITED Small abridged accounts

BOLT ELECTRICAL CONTRACTORS LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of BOLT ELECTRICAL CONTRACTORS LIMITED have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 31st March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 08270698

BOLT ELECTRICAL CONTRACTORS LIMITED

Unaudited Abridged Financial Statements

31 March 2017

MORGWN ATKINS LIMITED

Chartered Accountants

Eight Bells House

14 Church Street

Tetbury

Gloucestershire

GL8 8JG

BOLT ELECTRICAL CONTRACTORS LIMITED

Abridged Financial Statements

Year ended 31st March 2017

Contents	Page

Director's report	1

Statement of income and retained earnings	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

The following pages do not form part of the abridged financial statements

Chartered accountants report to the director on the preparation of the unaudited statutory abridged financial statements	11

Detailed abridged income statement	12

Notes to the detailed abridged income statement	13

BOLT ELECTRICAL CONTRACTORS LIMITED

Director's Report

Year ended 31st March 2017

The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 March 2017 .

Director

The director who served the company during the year was as follows:

R BOLT

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 13 April 2017 and signed on behalf of the board by:

R BOLT
Director

Registered office:

353 Quemerford

Calne

Wiltshire

SN11 8LD

BOLT ELECTRICAL CONTRACTORS LIMITED

Statement of Income and Retained Earnings

Year ended 31st March 2017

	2017	2016
Note	£	£
Gross profit	87,776	82,214

Administrative expenses	47,211	53,352
	--------	--------
Operating profit	40,565	28,862

Interest payable and similar expenses		1,421	2,205
		--------	--------
Profit before taxation	5	39,144	26,657

Tax on profit	8,750	6,308
	--------	--------
Profit for the financial year and total comprehensive income	30,394	20,349
	--------	--------

Dividends paid and payable	( 30,500)	( 20,250)

Retained earnings at the start of the year	181	82
	--------	--------
Retained earnings at the end of the year	75	181
	--------	--------

All the activities of the company are from continuing operations.

BOLT ELECTRICAL CONTRACTORS LIMITED

Abridged Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	7		1,954	4,014

Current assets

Stocks	21,244	400
Debtors	22,283	22,605
Cash at bank and in hand	12,509	23,386
	--------	--------
	56,036	46,391

Creditors: amounts falling due within one year	45,815		32,343
	--------		--------
Net current assets		10,221	14,048
		--------	--------
Total assets less current liabilities		12,175	18,062

Creditors: amounts falling due after more than one year	12,000	17,781
	--------	--------
Net assets	175	281
	--------	--------

BOLT ELECTRICAL CONTRACTORS LIMITED

Abridged Statement of Financial Position (continued)

31 March 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	75	181
	----	----
Members funds	175	281
	----	----

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 year ending 31st March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his 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 13 April 2017 , and are signed on behalf of the board by:

R BOLT
Director

Company registration number: 08270698

BOLT ELECTRICAL CONTRACTORS LIMITED

Notes to the Abridged Financial Statements

Year ended 31st March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 353 Quemerford, Calne, Wiltshire, SN11 8LD.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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	-	50% 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:

Plant and Equipment	-	25% straight line
Motor Vehicles	-	25% straight line
Office Equipment	-	25% 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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to 5 (2016: 5).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	3,951	4,914
	-------	-------

6. Intangible assets

	£
Cost
At 1st April 2016 and 31st March 2017	10,000
	--------
Amortisation
At 1st April 2016 and 31st March 2017	10,000
	--------
Carrying amount
At 31st March 2017	–
	--------

7. Tangible assets

	£
Cost
At 1st April 2016	19,655
Additions	1,891
	--------
At 31st March 2017	21,546
	--------
Depreciation
At 1st April 2016	15,641
Charge for the year	3,951
	--------
At 31st March 2017	19,592
	--------
Carrying amount
At 31st March 2017	1,954
	--------
At 31st March 2016	4,014
	--------

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Later than 1 year and not later than 5 years	1,994	1,994
	-------	-------

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
R BOLT	5,556	( 11,322)	( 5,766)
	-------	--------	-------

	2016
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
R BOLT	17,734	( 12,178)	5,556
	--------	--------	-------

10. Related party transactions

The company was under the control of Mr R Bolt throughout the current and previous year. Mr Bolt is the managing director and sole shareholder.

11. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st April 2015.

No transitional adjustments were required in equity or profit or loss for the year.

BOLT ELECTRICAL CONTRACTORS LIMITED

Management Information

Year ended 31st March 2017

The following pages do not form part of the abridged financial statements.

BOLT ELECTRICAL CONTRACTORS LIMITED

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of BOLT ELECTRICAL CONTRACTORS LIMITED

Year ended 31st March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of BOLT ELECTRICAL CONTRACTORS LIMITED for the year ended 31st March 2017, which comprise the statement of income and retained earnings, abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of BOLT ELECTRICAL CONTRACTORS LIMITED in accordance with the terms of our engagement letter dated 30th April 2015. Our work has been undertaken solely to prepare for your approval the abridged financial statements of BOLT ELECTRICAL CONTRACTORS LIMITED and state those matters that we have agreed to state you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BOLT ELECTRICAL CONTRACTORS LIMITED and its director for our work or for this report.

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

MORGWN ATKINS LIMITED Chartered Accountants

Eight Bells House 14 Church Street Tetbury Gloucestershire GL8 8JG

13 April 2017

BOLT ELECTRICAL CONTRACTORS LIMITED

Detailed Abridged Income Statement

Year ended 31st March 2017

	2017	2016
	£	£
Turnover	224,849	222,436

Cost of sales

Opening stock	400	400
Purchases	85,158	75,770
Other direct costs	258	128
Direct wages	61,516	53,402
Subcontractor costs	10,914	10,732
Hire of equipment	71	190
	---------	---------
	158,317	140,622

Closing stock - resale	21,244	400
	---------	---------
	137,073	140,222
	---------	---------

	--------	--------
Gross profit	87,776	82,214

Overheads

Administrative expenses	47,211	53,352

	--------	--------
Operating profit	40,565	28,862

Interest payable and similar expenses	1,421	2,205

	--------	--------
Profit before taxation	39,144	26,657
	--------	--------

BOLT ELECTRICAL CONTRACTORS LIMITED

Notes to the Detailed Abridged Income Statement

Year ended 31st March 2017

	2017	2016
	£	£

Administrative expenses

Directors salaries	8,100	7,943
Administrative staff salaries	6,000	8,000
Staff national insurance contributions	1,475	2,226
Insurance	3,964	1,650
Tools and equipment	569	1,291
Repairs and maintenance	–	42
Motor expenses	11,028	13,149
Travel and subsistence	1,269	2,891
Telephone	1,551	1,877
Computer expenses	14	–
Printing postage and stationery	250	512
Staff training	500	(1,464)
Sundry expenses	305	155
Laundry and cleaning	546	546
Charitable donations (allowable)	–	1
Use of home as office	1,300	1,300
Subscriptions	598	1,180
Advertising	491	1,712
Entertaining	995	941
Legal and professional fees	–	275
Accountancy fees	1,506	1,094
Depreciation of tangible assets	3,951	4,914
Bad debts written off	–	(17)
Provision for doubtful debts	178	840
Other operating lease payments	2,187	1,828
Bank charges	434	466
	--------	--------
	47,211	53,352
	--------	--------

Interest payable and similar expenses

Interest on bank loans and overdrafts	1,357	2,204
Other interest payable and similar charges	64	1
	-------	-------
	1,421	2,205
	-------	-------