B W Electronics Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07243485 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2017

for

B W Electronics Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R F Weaver

Mrs L N Weaver

REGISTERED OFFICE:

Unit 34 Knightsbridge Business Centre

Knightsbridge Green

Cheltenham

Gloucestershire

GL51 9TA

REGISTERED NUMBER:

07243485 (England and Wales)

FIXED ASSETS

Intangible assets

4

15,000

20,000

Tangible assets

5

18,997

24,202

33,997

44,202

CURRENT ASSETS

Stocks

12,506

10,080

Debtors

6

78,961

92,333

Cash in hand

4

259

91,471

102,672

CREDITORS

Amounts falling due within one year

7

115,121

141,334

NET CURRENT LIABILITIES

(23,650

)

(38,662

)

TOTAL ASSETS LESS CURRENT LIABILITIES

10,347

5,540

CREDITORS

Amounts falling due after more than one year

8

(1,676

)

-

PROVISIONS FOR LIABILITIES

(3,609

)

(4,840

)

NET ASSETS

5,062

700

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

4,962

600

SHAREHOLDERS' FUNDS

5,062

700

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 29 January 2018 and were signed on its behalf by:

Mr R F Weaver - Director

Mrs L N Weaver - Director

1.	STATUTORY INFORMATION

B W Electronics 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.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of

Value Added Tax.

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten 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

-

20% on reducing balance

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on reducing balance

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 number of employees during the year was 6 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2016

and 30 June 2017

50,000

AMORTISATION

At 1 July 2016

30,000

Charge for year

5,000

At 30 June 2017

35,000

NET BOOK VALUE

At 30 June 2017

15,000

At 30 June 2016

20,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 July 2016

41,571

1,900

18,914

62,385

Additions

149

-

-

149

At 30 June 2017

41,720

1,900

18,914

62,534

DEPRECIATION

At 1 July 2016

26,640

1,716

9,827

38,183

Charge for year

2,996

87

2,271

5,354

At 30 June 2017

29,636

1,803

12,098

43,537

NET BOOK VALUE

At 30 June 2017

12,084

97

6,816

18,997

At 30 June 2016

14,931

184

9,087

24,202

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

Motor

vehicles

£

COST

At 1 July 2016

and 30 June 2017

18,914

DEPRECIATION

At 1 July 2016

9,827

Charge for year

2,271

At 30 June 2017

12,098

NET BOOK VALUE

At 30 June 2017

6,816

At 30 June 2016

9,087

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

62,472

69,103

Other debtors

16,489

23,230

78,961

92,333

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

18,795

26,535

Hire purchase contracts

4,022

9,431

Trade creditors

21,487

44,465

Corporation tax

12,991

5,868

Social security and other taxes

1,261

1,228

VAT

9,056

10,763

Other creditors

44,589

40,494

Accruals and deferred income

2,920

2,550

115,121

141,334

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

1,676

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

18,795

25,702

Skipton Business Finance Ltd

42,221

37,608

61,016

63,310

The bank overdraft holds a fixed and floating charge over all assets.

Skipton Business Finance Limited hold a fixed and floating charge over the book debts and all property and

assets.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2017 and

30 June 2016:

2017

2016

£

£

Mr R F Weaver and Mrs L N Weaver

Balance outstanding at start of year

18,183

27,815

Amounts repaid

(5,482

)

(9,632

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

12,701

18,183

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr R F Weaver and Mrs L N Weaver.