Yorkshire Electrical Contractors Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 08321138 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Yorkshire Electrical Contractors Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Mortimer

S Kimpton

L Smith

REGISTERED OFFICE:

38 Rotherham Road

Parkgate

Rotherham

South Yorkshire

S62 6EA

REGISTERED NUMBER:

08321138 (England and Wales)

ACCOUNTANT:

PKN Accountants Ltd

Chartered Accountants

63 Bawtry Road

Bramley

Rotherham

South Yorkshire

S66 2TN

FIXED ASSETS

Tangible assets

4

4,206

223

Investments

5

-

-

4,206

223

CURRENT ASSETS

Stocks

6

15,000

12,000

Debtors

7

364,917

171,784

Cash at bank

318,418

101,571

698,335

285,355

CREDITORS

Amounts falling due within one year

8

393,375

213,362

NET CURRENT ASSETS

304,960

71,993

TOTAL ASSETS LESS CURRENT LIABILITIES

309,166

72,216

PROVISIONS FOR LIABILITIES

9

799

45

NET ASSETS

308,367

72,171

CAPITAL AND RESERVES

Called up share capital

10

300

300

Retained earnings

11

308,067

71,871

SHAREHOLDERS' FUNDS

308,367

72,171

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 12 December 2017 and were signed on its behalf by:

L Smith - Director

D Mortimer - Director

S Kimpton - Director

1.	STATUTORY INFORMATION

Yorkshire Electrical Contractors 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.

Preparation of consolidated financial statements

The financial statements contain information about Yorkshire Electrical Contractors Ltd as an individual

company and do not contain consolidated financial information as the parent of a group. The company has taken

the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

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.

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at 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

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 makes employer contributions to employees personal pension plans.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2016 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2016

938

Additions

6,139

At 31 March 2017

7,077

DEPRECIATION

At 1 April 2016

715

Charge for year

2,156

At 31 March 2017

2,871

NET BOOK VALUE

At 31 March 2017

4,206

At 31 March 2016

223

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

80,400

Impairments

(80,400

)

At 31 March 2017

-

NET BOOK VALUE

At 31 March 2017

-

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Mak Joinery (Rotherham) Limited

Registered office: 38 Rotherham Road, Parkgate, Rotherham, S62 6EA.

Nature of business: Joinery

%

Class of shares:

holding

Ordinary

100.00

The company purchased 100% of the ordinary share capital of the company on 24th June 2016.

The company went into liquidation in December 2016, in view of this the carrying value has been reduced to Nil.

6.

STOCKS

2017

2016

£

£

Stocks

15,000

12,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

247,569

143,007

Amounts recoverable on contract

96,006

25,936

Other debtors

19,600

-

Prepayments

1,742

2,841

364,917

171,784

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

238,383

130,644

Tax

63,479

9,872

Social security and other taxes

28,150

12,160

VAT

50,698

31,557

Other creditors

1,571

636

Loans: Connected companies

-

8,250

Directors' current accounts

7,594

18,243

Accrued expenses

3,500

2,000

393,375

213,362

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

799

45

Deferred

tax

£

Balance at 1 April 2016

45

Accelerated capital allowances

754

Balance at 31 March 2017

799

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary A

£1

100

100

100

Ordinary B

£1

100

100

100

Ordinary C

£1

100

100

300

300

11.

RESERVES

Retained

earnings

£

At 1 April 2016

71,871

Profit for the year

289,065

Dividends

(52,869

)

At 31 March 2017

308,067

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £39,335 (2016 - £29,755) were paid to the directors .

MAK Joinery (Rotherham) Ltd

A wholly owned subsidiary

Sales were made to Mak Joinery: £40,000, (2016: £52,500).

Management fees were charged by MAK Joinery (Rotherham) Ltd totalling: £93,000, (2016: £52,500)

Purchases in the year: £Nil, (2016: £8,142).

Trade creditor balance as at 31st March 2017: £Nil (2016: £23,971).

Inter company loan balance owed to MAK: £Nil at 31st March 2017, (2016: £8,250).

Dividends were received in the year ended 31st March 2017: £115,221, (2016: £Nil).

DDS Properties

A partnership that both D Mortimer and S Kimpton are partners.

Purchases were made: £6,350 (2016: £4,200) for rent and sundry items.

No monies were owing at either year end.

MAK Home Improvements Ltd

A company that both D Mortimer and S Kimpton are directors.

Yorkshire Electrical Contractors Ltd purchased materials: £74,744, (2016: £7,105l) in the year.

No monies were owing at either year end.

Central Scaffolding (Rotherham) Ltd

A company in which all of the Directors are Directors and Shareholders.

Rent was paid to Central Scaffolding (Rotherham) Ltd: £1,250, for the rental of yard space (2016: £Nil).

Monies were loaned to this company on an interest free basis.

The balance outstanding as at 31st March 2017: £19,600, (2016: £20,000).

Mrs S Mortimer

Shareholder and wife of Mr D Mortimer a Director and Shareholder

Mrs Mortimer provided bookkeeping services in the period: £5,960, (2016: £4,160).

No monies were owing at either year end.

Mr D and Mrs S Mortimer and Mr S and Mrs K Kimpton

Shareholders

The company acquired the shareholding of Mak Joinery (Rotherham) Limited on 24th June 2016.

This was at fair market value being £80,000.