RJ Electrical Contractors Limited Filleted accounts for Companies House (small and micro)

RJ ELECTRICAL CONTRACTORS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 09019148

RJ Electrical Contractors Limited

Filleted Unaudited Financial Statements

31 August 2017

RJ Electrical Contractors Limited

Statement of Financial Position

31 August 2017

	2017	2016
Note	£	£

Fixed assets

Intangible assets	5	12,000	16,000
Tangible assets	6	69,167	25,857
		---------	---------
		81,167	41,857

Current assets

Debtors	7	17,342	30,760
Cash at bank and in hand		23,641	11,944
		---------	---------
		40,983	42,704

Creditors: amounts falling due within one year	8	39,367	50,714
		---------	---------
Net current assets/(liabilities)		1,616	( 8,010)
		---------	---------
Total assets less current liabilities		82,783	33,847

Creditors: amounts falling due after more than one year	9	64,872	27,920

Provisions

Taxation including deferred tax	13,141	5,171
	---------	---------
Net assets	4,770	756
	---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	4,768	754
	---------	---------
Shareholders funds	4,770	756
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

RJ Electrical Contractors Limited

Statement of Financial Position (continued)

31 August 2017

These financial statements were approved by the board of directors and authorised for issue on 5 January 2018 , and are signed on behalf of the board by:

Mr R Ward

Director

Company registration number: 09019148

RJ Electrical Contractors Limited

Notes to the Financial Statements

Year ended 31 August 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Waterloo Road, Wolverhampton, WV1 4DJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor vehicles	-	20% straight line
Plant and equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2016: 3 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 September 2016 and 31 August 2017	20,000
	---------
Amortisation
At 1 September 2016	4,000
Charge for the year	4,000
	---------
At 31 August 2017	8,000
	---------
Carrying amount
At 31 August 2017	12,000
	---------
At 31 August 2016	16,000
	---------

6. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 September 2016	31,885	4,589	36,474
Additions	57,333	5,921	63,254
	---------	---------	---------
At 31 August 2017	89,218	10,510	99,728
	---------	---------	---------
Depreciation
At 1 September 2016	9,420	1,197	10,617
Charge for the year	17,844	2,100	19,944
	---------	---------	---------
At 31 August 2017	27,264	3,297	30,561
	---------	---------	---------
Carrying amount
At 31 August 2017	61,954	7,213	69,167
	---------	---------	---------
At 31 August 2016	22,465	3,392	25,857
	---------	---------	---------

7. Debtors

	2017	2016
	£	£
Trade debtors	9,578	18,132
Other debtors	7,764	12,628
	---------	---------
	17,342	30,760
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Social security and other taxes	13,722	18,069
Other creditors	25,645	32,645
	---------	---------
	39,367	50,714
	---------	---------

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Corporation tax	–	864
Other creditors	64,872	27,056
	---------	---------
	64,872	27,920
	---------	---------

10. Directors' advances, credits and guarantees

At 31 August 2017 the company owe d Mr R Ward £13,724 (2016 : £17,224)and Mr J Goodby £11,921 (2016: £15,421).

11. Related party transactions

The company was under the control of Messrs R Ward and J Goodby throughout the current year. Messrs Ward and Goodby each received dividends of £10,000 (2016: £12,000) during the financial year.

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.

No transitional adjustments were required in equity or profit or loss for the year.