Matt Payne Electrical Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09499747 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

MATT PAYNE ELECTRICAL LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M J Payne

REGISTERED OFFICE:

96-98 Castle Lane West

Bournemouth

Dorset

BH9 3JU

BUSINESS ADDRESS:

63 Roman Road

Salisbury

Wiltshire

SP2 9BW

REGISTERED NUMBER:

09499747 (England and Wales)

ACCOUNTANTS:

Paget Reid York

96 Castle Lane West

Bournemouth

Dorset

BH9 3JU

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

37,218

16,565

37,219

16,566

CURRENT ASSETS

Stocks

1,709

807

Debtors

6

7,448

2,657

Cash at bank

5,710

18,674

14,867

22,138

CREDITORS

Amounts falling due within one year

7

25,021

22,832

NET CURRENT LIABILITIES

(10,154

)

(694

)

TOTAL ASSETS LESS CURRENT LIABILITIES

27,065

15,872

CREDITORS

Amounts falling due after more than one year

8

(34,174

)

(6,773

)

PROVISIONS FOR LIABILITIES

-

(3,017

)

NET (LIABILITIES)/ASSETS

(7,109

)

6,082

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(7,209

)

5,982

SHAREHOLDERS' FUNDS

(7,109

)

6,082

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 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 2 December 2017 and were signed by:

M J Payne - Director

1.	STATUTORY INFORMATION

Matt Payne 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.

The accounts are prepared on a going concern basis given the director has expressed his intention to continue to

support the company through his directors current account being maintained.

Turnover

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

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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 etc

-

33% on reducing balance, 25% on reducing balance and 15% on reducing balance

Stocks

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

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

1

NET BOOK VALUE

At 31 March 2017

1

At 31 March 2016

1

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

20,934

Additions

36,307

Disposals

(5,000

)

At 31 March 2017

52,241

DEPRECIATION

At 1 April 2016

4,369

Charge for year

12,606

Eliminated on disposal

(1,952

)

At 31 March 2017

15,023

NET BOOK VALUE

At 31 March 2017

37,218

At 31 March 2016

16,565

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2016

9,250

Additions

35,627

At 31 March 2017

44,877

DEPRECIATION

At 1 April 2016

1,850

Charge for year

10,757

At 31 March 2017

12,607

NET BOOK VALUE

At 31 March 2017

32,270

At 31 March 2016

7,400

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

4,513

662

Other debtors

2,935

1,995

7,448

2,657

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Finance leases

4,373

1,176

Trade creditors

11,407

5,513

Taxation and social security

(959

)

9,889

Other creditors

10,200

6,254

25,021

22,832

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Finance leases

34,174

6,773

9.	ULTIMATE CONTROLLING PARTY

The company is controlled by the director and his wife due to their 100% shareholding.

10.	FIRST YEAR ADOPTION

The company's date of transition to FRS 102 reporting standard was 01.04.15, the earliest period for which the

company presents full comparative information under these new standards. The first reporting set of financial

statements under this standard being therefore dated 31.03.17. The previous set of financial statements dated

31.03.16 were presented under UKGAAP - the Financial Reporting Standard for Smaller Entities (the

FRSSE)(effective January 2015).

There has been no change to the accounting policies of the company due to the transition to FRS 102. There has

been no effect on transition to the income and expenditure, assets and liabilities and reserves previously reported

at 01.04.15 and 31.03.16. Therefore the comparative figures as stated in these financial statements are as those

stated in the financial statements dated 31.03.16.

Transitional relief

The company has not taken advantage of any transitional relief on transition to FRS 102.