Celtic Electrical Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04772983 (England and Wales)

CELTIC ELECTRICAL SERVICES

LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JUNE 2016 TO 28 MAY 2017

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

D L Powell

REGISTERED OFFICE:

Coed Y Gaer

Hendre

Pencoed

Bridgend

CF35 6RA

REGISTERED NUMBER:

04772983 (England and Wales)

ACCOUNTANTS:

Gerald Thomas

Chartered Accountants

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

FIXED ASSETS

Tangible assets

4

59,645

82,026

CURRENT ASSETS

Stocks

7,350

4,750

Debtors

5

253,031

223,280

Prepayments and accrued income

4,239

-

Cash at bank

1,246

78,616

265,866

306,646

CREDITORS

Amounts falling due within one year

6

497,340

253,233

NET CURRENT (LIABILITIES)/ASSETS

(231,474

)

53,413

TOTAL ASSETS LESS CURRENT LIABILITIES

(171,829

)

135,439

CREDITORS

Amounts falling due after more than one year

7

(60,894

)

(90,921

)

PROVISIONS FOR LIABILITIES

-

(14,531

)

NET (LIABILITIES)/ASSETS

(232,723

)

29,987

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(232,724

)

29,986

SHAREHOLDERS' FUNDS

(232,723

)

29,987

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 May 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 May 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 7 November 2018 and were signed by:

D L Powell - Director

1.	STATUTORY INFORMATION

Celtic Electrical Services 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.

The presentation currency of the financial statements is the Pound Sterling (£).

Monetary amounts in these financial statements are rounded to nearest £.

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.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

This is the first year that the company has presented its financial statements under the Financial

Reporting Standard 102 Section 1A small entities (FRS 102 1A) issued by the Financial Reporting

Council. The following disclosures are required in the year of transition. The last financial statements

under the previous Financial Reporting Standard for Smaller Entities (effective January 2015) (under

UK GAAP for Smaller Entities) were for the year ended 31 May 2016 and the date of transition to FRS

102 1A was therefore 1 June 2015. No adjustments have been made as a result of the transition.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and

services to customers.

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.

Motor Vehicles - 25% per annum on a reducing balance method

Plant and Machinery - 25% per annum on a reducing balance method

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Financial instruments

Basic financial assets which include trade and other debtors and cash and bank balances, are initially

measured at transaction price unless the arrangement constitutes a financing transaction, where the

transaction is measured at the present value of the future receipts discounted at a market rate of

interest.

Basic financial liabilities, including trade, other creditors and loans, are initially recognised at

transaction price unless the arrangement constitutes a financing transaction, where the debt

instrument is measured at the present value of the future receipts discounted at a market rate of

interest.

Taxation

Taxation for the period 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 period 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.

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.

Going concern

The company made a loss for the period before tax of £285,405 (2016 - profit of £15,337) and at the

balance sheet date had net liabilities of £232,723 (2016 - net assets of £29,987).

The director has a reasonable expectation that the company will return to profitability in the ensuing

year and the director will be the only significant creditor. The director therefore considers that with his

support and the continuing support of the company's creditors, the company will have adequate

resources to continue in operational existence for the foreseeable future. On this basis the director

considers it appropriate to prepare the financial statements on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 5 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2016

136,395

Disposals

(3,000

)

At 28 May 2017

133,395

DEPRECIATION

At 1 June 2016

54,369

Charge for period

19,881

Eliminated on disposal

(500

)

At 28 May 2017

73,750

NET BOOK VALUE

At 28 May 2017

59,645

At 31 May 2016

82,026

Tangible fixed assets include £51,195 (2016 - £70,710) at net book value in respect of assets held

under hire purchase agreements.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

120,160

39,461

Amounts recoverable on contract

122,928

88,644

Other debtors

9,943

95,175

253,031

223,280

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

44,689

3,333

Hire purchase contracts

15,784

19,601

Trade creditors

266,180

144,118

Taxation and social security

33,642

63,104

Other creditors

137,045

23,077

497,340

253,233

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

-

3,056

Hire purchase contracts

41,377

58,455

Other creditors

19,517

29,410

60,894

90,921

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Other loans

29,820

38,924

Other creditors include a loan balance of £29,820 (2016 - £38,924) from Finance Wales Investments

(6) Ltd secured by a fixed and floating charge dated 18 December 2014 over the company's assets.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year rent of £nil (2016 - £10,300) and dividends of £nil (2016 - £15,000) were paid to the

director Mr D L Powell.

Other creditors include the director's loan account balance of £69,643 (2016 - £40,342 debtor), which

is interest free and repayable on demand.

10.	RELATED PARTY DISCLOSURES