Louis Grace (Electrical) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC032153 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

LOUIS GRACE (ELECTRICAL) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M S Grace

Mrs E Grace

Mrs S F Morris

SECRETARY:

Mrs S F Morris

REGISTERED OFFICE:

Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

REGISTERED NUMBER:

SC032153 (Scotland)

ACCOUNTANTS:

Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

BANKERS:

Clydesdale Bank plc

21 Kilmarnock Road

Pollokshaws

Glasgow

G41 3YW

FIXED ASSETS

Tangible assets

4

34,599

35,646

CURRENT ASSETS

Stocks

95,134

111,957

Debtors

5

176,865

140,361

Cash at bank and in hand

9,453

25,606

281,452

277,924

CREDITORS

Amounts falling due within one year

6

126,333

104,234

NET CURRENT ASSETS

155,119

173,690

TOTAL ASSETS LESS CURRENT LIABILITIES

189,718

209,336

CAPITAL AND RESERVES

Called up share capital

9

700

700

Capital redemption reserve

300

300

Retained earnings

188,718

208,336

SHAREHOLDERS' FUNDS

189,718

209,336

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 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 Board of Directors on 13 December 2017 and were signed on its behalf by:

Mrs S F Morris - Director

M S Grace - Director

1.	STATUTORY INFORMATION

Louis Grace (Electrical) Limited is a private company, limited by shares , registered in Scotland. The company's registered

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

The presentation currency of the financial statements is the Pound Sterling (£).

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 impact of first year adoption of FRS 102 is given in the final note to the financial statements.

Turnover

The turnover shown in the Income Statement represents the value of all goods sold during the year, less returns received

and services delivered at a selling price exclusive of Value Added Tax. Sales are recognised at the point at which the

Company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence,

have been transferred to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

2% straight line

Motor vehicles

-

25% reducing balance

Equipment and fittings

-

10% reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs

of acquisition.

Stocks

Stocks 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 weighted average method and includes the normal cost of transporting stock to its present

location and condition.

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments,

according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at

principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the

outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of

its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated

financial instrument.

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

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 6 (2016 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Equipment

Freehold

Motor

and

property

vehicles

fittings

Totals

£

£

£

£

COST

At 1 April 2016

44,715

7,593

68,823

121,131

Additions

-

-

1,025

1,025

Disposals

-

(7,593

)

-

(7,593

)

At 31 March 2017

44,715

-

69,848

114,563

DEPRECIATION

At 1 April 2016

17,889

7,346

60,250

85,485

Charge for year

894

49

931

1,874

Eliminated on disposal

-

(7,395

)

-

(7,395

)

At 31 March 2017

18,783

-

61,181

79,964

NET BOOK VALUE

At 31 March 2017

25,932

-

8,667

34,599

At 31 March 2016

26,826

247

8,573

35,646

5.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

170,633

134,964

Other debtors

2,595

1,964

173,228

136,928

2017

2016

£

£

Amounts falling due after more than one year:

Other debtors

3,637

3,433

Aggregate amounts

176,865

140,361

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

87,520

65,279

Taxation and social security

32,547

32,689

Other creditors

6,266

6,266

126,333

104,234

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

1,669

-

Between one and five years

6,676

-

8,345

-

8.	PROVISIONS FOR LIABILITIES

Deferred

tax

£

Excess taxation allowances

1,560

Advance corporation tax

(1,560

)

Balance at 31 March 2017

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

700

Ordinary

£1

700

700

10.	RELATED PARTY DISCLOSURES

Total directors' remuneration was £50,657 (2016 - £50,384) for the year.

During the year, dividends totalling £76,800 (2016 - £76,800) were paid to directors.

No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting

Standard 102 Section 1A.

11.	ULTIMATE CONTROLLING PARTY

The Company is controlled by M S Grace and Mrs S F Morris, by virtue of their shareholding. No individual shareholder has

overall control.

12.	FIRST YEAR ADOPTION

The policies applied under the Company's previous accounting framework are not materially different to FRS 102 and have

not impacted on equity or profit or loss. The transition date for FRS 102 reporting is 1 April 2015.