Chambers Electrical (Wolverhampton) Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01047567 (England and Wales)

Financial Statements for the Year Ended 30 April 2017

for

Chambers Electrical (Wolverhampton)

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr L W Chambers

Mrs T L Chambers

Mr R Chambers

SECRETARY:

Mrs T L Chambers

REGISTERED OFFICE:

74 Aldersley Road

Tettenhall

Wolverhampton

West Midlands

WV6 9LZ

REGISTERED NUMBER:

01047567 (England and Wales)

ACCOUNTANTS:

Haines Watts

Keepers Lane

The Wergs

Wolverhampton

West Midlands

WV6 8UA

FIXED ASSETS

Tangible assets

4

60,404

60,854

CURRENT ASSETS

Stocks

30,000

30,000

Debtors

5

167,413

184,783

Cash at bank and in hand

70,663

113,533

268,076

328,316

CREDITORS

Amounts falling due within one year

6

84,562

85,202

NET CURRENT ASSETS

183,514

243,114

TOTAL ASSETS LESS CURRENT LIABILITIES

243,918

303,968

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

243,818

303,868

SHAREHOLDERS' FUNDS

243,918

303,968

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 30 January 2018 and were signed on its behalf by:

Mr L W Chambers - Director

1.	STATUTORY INFORMATION

Chambers Electrical (Wolverhampton) Limited 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.

These financial statements for the year ended 30 April 2017 are the first financial statements that

comply with FRS102 Section 1A small entities. The date of transition is 1 May 2015.

The transition to FRS102 Section 1A small entities has not resulted in any changes in accounting

policies to those used previously.

The principal accounting policies adopted in the preparation of the financial statements are set out

below and have remained unchanged from the previous year, and also have been consistently applied

within the same accounts.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except In respect of

service contracts where turnover is recognised when the company obtains the right to consideration.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of

work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term

contracts and contracts for on-going services is recognised by reference to the stage of completion.

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.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

No depreciation is provided on freehold buildings, as the buildings are maintained to such a standard

that their estimated residual value is not less than their cost. The policy is not in accordance with

FRS102 section 1A "small entities". However, in the opinion of the directors the effect is not material.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Profit and Loss Account 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.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument

is any contract that evidences a residual interest in the assets of the company after deducting all of its

liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 May 2016

and 30 April 2017

58,024

55,205

600

113,829

DEPRECIATION

At 1 May 2016

-

52,628

347

52,975

Charge for year

-

387

63

450

At 30 April 2017

-

53,015

410

53,425

NET BOOK VALUE

At 30 April 2017

58,024

2,190

190

60,404

At 30 April 2016

58,024

2,577

253

60,854

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

151,133

161,109

Other debtors

16,280

23,674

167,413

184,783

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

54,701

55,708

Pension

791

318

Sundry Creditors

24,862

23,979

Corporation Tax

-

969

Social security and other taxes

4,208

4,228

84,562

85,202

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2017 and

30 April 2016:

2017

2016

£

£

Mr L W Chambers

Balance outstanding at start of year

5,532

382

Amounts advanced

8,697

5,150

Amounts repaid

(11,460

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,769

5,532