Gulley Electrical Ltd - Limited company accounts 17.3

REGISTERED NUMBER: 07179558 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Gulley Electrical Ltd

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

Mr N Gulley

Mrs C Gulley

REGISTERED OFFICE:

5 Vernal Close

Abbeymead

Gloucester

Gloucestershire

GL4 5FW

REGISTERED NUMBER:

07179558 (England and Wales)

ACCOUNTANTS:

Stanbridge Accountancy Services Limited

15 Stanbridge Way

Quedgeley

Gloucester

Gloucestershire

GL2 4RE

The directors present their report with the financial statements of the company for the year ended 31 March 2017.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of electrical contracting and

the installation of solar panels.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2016 to the

date of this report.

Mr N Gulley

Mrs C Gulley

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act

2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mrs C Gulley - Director

8 December 2017

TURNOVER

1,475,674

1,623,609

Cost of sales

1,074,936

1,213,517

GROSS PROFIT

400,738

410,092

Administrative expenses

270,563

244,346

130,175

165,746

Other operating income

5,400

-

OPERATING PROFIT

4

135,575

165,746

Interest receivable and similar income

11

-

135,586

165,746

Interest payable and similar expenses

1,535

1,456

PROFIT BEFORE TAXATION

134,051

164,290

Tax on profit

5

(60,401

)

41,113

PROFIT FOR THE FINANCIAL YEAR

194,452

123,177

FIXED ASSETS

Tangible assets

6

42,580

40,935

CURRENT ASSETS

Stocks

7

2,653

2,835

Debtors

8

342,034

374,273

Cash at bank

280,215

136,863

624,902

513,971

CREDITORS

Amounts falling due within one year

9

271,732

282,993

NET CURRENT ASSETS

353,170

230,978

TOTAL ASSETS LESS CURRENT LIABILITIES

395,750

271,913

CREDITORS

Amounts falling due after more than one year

10

(10,546

)

(8,974

)

PROVISIONS FOR LIABILITIES

11

-

(8,187

)

NET ASSETS

385,204

254,752

CAPITAL AND RESERVES

Called up share capital

12

2

2

Retained earnings

385,202

254,750

SHAREHOLDERS' FUNDS

385,204

254,752

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 8 December 2017 and were signed on its behalf by:

Mrs C Gulley - Director

Mr N Gulley - Director

1.	STATUTORY INFORMATION

Gulley Electrical Ltd 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.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

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

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the

balance sheet. Those held under hire purchase contracts are depreciated over their

estimated useful lives. Those held under finance leases are depreciated over their

estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period.

The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over

the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average monthly number of employees during the year was 19 .

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.17

31.3.16

£

£

Depreciation - owned assets

12,799

6,830

5.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

31.3.17

31.3.16

£

£

Current tax:

UK corporation tax

(52,214

)

32,926

Deferred tax

(8,187

)

8,187

Tax on profit

(60,401

)

41,113

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2016

11,384

2,120

75,605

13,816

102,925

Additions

3,674

354

21,681

4,524

30,233

Disposals

-

-

(9,445

)

-

(9,445

)

At 31 March 2017

15,058

2,474

87,841

18,340

123,713

DEPRECIATION

At 1 April 2016

9,655

530

42,493

9,312

61,990

Charge for year

2,425

618

19,181

4,585

26,809

Eliminated on disposal

-

-

(7,666

)

-

(7,666

)

At 31 March 2017

12,080

1,148

54,008

13,897

81,133

NET BOOK VALUE

At 31 March 2017

2,978

1,326

33,833

4,443

42,580

At 31 March 2016

1,729

1,590

33,112

4,504

40,935

Fixed assets, included in the above, which are held under hire purchase contracts are as

follows:

Motor

vehicles

£

COST

At 1 April 2016

59,605

Additions

16,995

Disposals

(9,445

)

Transfer to ownership

(34,660

)

At 31 March 2017

32,495

DEPRECIATION

At 1 April 2016

34,493

Charge for year

14,010

Eliminated on disposal

(7,666

)

Transfer to ownership

(28,834

)

At 31 March 2017

12,003

NET BOOK VALUE

At 31 March 2017

20,492

At 31 March 2016

25,112

7.

STOCKS

31.3.17

31.3.16

£

£

Stocks

2,653

2,835

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

270,246

374,273

Directors' current accounts

19,574

-

Tax

52,214

-

342,034

374,273

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Hire purchase contracts

10,933

12,709

Trade creditors

191,709

108,098

Tax

-

32,925

Social security and other taxes

18,036

11,943

VAT

49,204

60,875

Directors' current accounts

-

54,593

Accrued expenses

1,850

1,850

271,732

282,993

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Hire purchase contracts

10,546

8,974

11.	PROVISIONS FOR LIABILITIES

31.3.17

31.3.16

£

£

Deferred tax

-

8,187

Deferred

tax

£

Balance at 1 April 2016

8,187

Credit to Income Statement during year

(8,187

)

Balance at 31 March 2017

-

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

2

Ordinary

£1

2

2

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended

31 March 2017 and 31 March 2016:

31.3.17

31.3.16

£

£

Mr N Gulley and Mrs C Gulley

Balance outstanding at start of year

(54,593

)

(33,509

)

Amounts advanced

101,930

73,059

Amounts repaid

(27,763

)

(94,143

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

19,574

(54,593

)

The outstanding balance of the loan was repaid on 31 October 2017.

14.	RELATED PARTY DISCLOSURES

During the year, total dividends of £64,000 (2016 - £58,500) were paid to the directors .

15.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr N Gulley.

The ultimate controlling party is Mr N Gulley.