MTRAC ELECTRICAL SERVICES LTD - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03676714 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

MTRAC ELECTRICAL SERVICES LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

7

DIRECTORS:

M S Charlton

T Charlton

REGISTERED OFFICE:

1 Tape Street

Cheadle

Stoke On Trent

Staffordshire

ST10 1BB

REGISTERED NUMBER:

03676714 (England and Wales)

ACCOUNTANTS:

The Curtis Partnership

Chartered Accountants

1 Tape Street

Cheadle

Stoke on Trent

ST10 1BB

FIXED ASSETS

Property, plant and equipment

4

35,518

48,711

CURRENT ASSETS

Inventories

500

500

Debtors

5

3,312

35,322

Cash at bank

62,098

43,613

65,910

79,435

CREDITORS

Amounts falling due within one year

6

71,601

117,336

NET CURRENT LIABILITIES

(5,691

)

(37,901

)

TOTAL ASSETS LESS CURRENT LIABILITIES

29,827

10,810

PROVISIONS FOR LIABILITIES

7

6,748

9,742

NET ASSETS

23,079

1,068

CAPITAL AND RESERVES

Called up share capital

2

3

Capital redemption reserve

1

-

Retained earnings

23,076

1,065

SHAREHOLDERS' FUNDS

23,079

1,068

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 17 August 2018 and were signed on its behalf by:

M S Charlton - Director

T Charlton - Director

1.	STATUTORY INFORMATION

MTRAC ELECTRICAL SERVICES 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.

There were no material departures from that standard.

The financial statements have been prepared on a going concern basis which assumes that the Company will

continue in operational existence for the foreseeable future.

Turnover

Revenue 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.

Equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Inventories 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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 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 2 (2016 - 3 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Motor

Equipment

vehicles

Totals

£

£

£

COST

At 1 January 2017

27,463

71,540

99,003

Additions

304

17,995

18,299

Disposals

-

(32,887

)

(32,887

)

At 31 December 2017

27,767

56,648

84,415

DEPRECIATION

At 1 January 2017

18,952

31,340

50,292

Charge for year

2,205

9,637

11,842

Eliminated on disposal

-

(13,237

)

(13,237

)

At 31 December 2017

21,157

27,740

48,897

NET BOOK VALUE

At 31 December 2017

6,610

28,908

35,518

At 31 December 2016

8,511

40,200

48,711

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,140

32,934

VAT

335

-

Debtors and Prepayments

1,837

2,388

3,312

35,322

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

12,300

20,609

Trade creditors

10,622

5,917

Tax

11,236

16,594

VAT

-

2,681

Directors' current accounts

35,854

63,486

Creditors and Accruals

1,589

8,049

71,601

117,336

7.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

6,748

9,742

Deferred

tax

£

Balance at 1 January 2017

9,742

Provided during year

(2,994

)

Balance at 31 December 2017

6,748

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and

certain other primary statements and the Report of the Directors are not required to be filed with the Registrar

of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of MTRAC ELECTRICAL SERVICES LTD for the year ended 31 December 2017 which comprise

the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the

related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of MTRAC ELECTRICAL SERVICES LTD, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of MTRAC ELECTRICAL SERVICES LTD and state those matters that we have agreed to state to the Board of Directors of MTRAC ELECTRICAL SERVICES LTD, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that MTRAC ELECTRICAL SERVICES LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MTRAC ELECTRICAL SERVICES LTD. You consider that MTRAC ELECTRICAL SERVICES LTD is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of MTRAC ELECTRICAL SERVICES LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Curtis Partnership

Chartered Accountants

1 Tape Street

Cheadle

Stoke on Trent

ST10 1BB

17 August 2018