Paul Carter Electrical Ltd - Period Ending 2018-03-31
Paul Carter Electrical Ltd - Period Ending 2018-03-31
Registration number:
Paul Carter Electrical Ltd
for the Year Ended 31 March 2018
5 Victoria Street
Cinderford
Gloucestershire
GL14 2ET
Paul Carter Electrical Ltd
Contents
Company Information |
|
Director's Report |
|
Accountants' Report |
|
Abridged Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Abridged Balance Sheet |
|
Statement of Changes in Equity |
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Notes to the Abridged Financial Statements |
Paul Carter Electrical Ltd
Company Information
Director |
Mr PA Carter |
Company secretary |
Mrs J Carter |
Registered office |
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Accountants |
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Page 1 |
Paul Carter Electrical Ltd
Director's Report for the Year Ended 31 March 2018
The director presents his report and the abridged financial statements for the year ended 31 March 2018.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is Electrical Contractor
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
.........................................
Mr PA Carter
Director
Page 2 |
Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Paul Carter Electrical Ltd
for the Year Ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Paul Carter Electrical Ltd for the year ended 31 March 2018 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Director of Paul Carter Electrical Ltd, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Paul Carter Electrical Ltd and state those matters that we have agreed to state to the Director of Paul Carter Electrical Ltd. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paul Carter Electrical Ltd and its Director for our work or for this report.
It is your duty to ensure that Paul Carter Electrical Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Paul Carter Electrical Ltd. You consider that Paul Carter Electrical 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 accounts of Paul Carter Electrical 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 accounts.
......................................
Cinderford
Gloucestershire
GL14 2ET
Page 3 |
Paul Carter Electrical Ltd
Abridged Profit and Loss Account for the Year Ended 31 March 2018
Note |
2018 |
2017 |
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Gross profit |
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|
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Administrative expenses |
( |
( |
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Interest payable and similar expenses |
( |
( |
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Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
Paul Carter Electrical Ltd
Statement of Comprehensive Income for the Year Ended 31 March 2018
2018 |
2017 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 5 |
Paul Carter Electrical Ltd
(Registration number: 06836181)
Abridged Balance Sheet as at 31 March 2018
Note |
2018 |
2017 |
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Fixed assets |
|||
Tangible assets |
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Current assets |
|||
Stocks |
- |
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Cash at bank and in hand |
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|
|
|
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||
Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Accruals and deferred income |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
|||
Called up share capital |
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|
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Profit and loss account |
( |
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Total equity |
( |
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For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Page 6 |
Paul Carter Electrical Ltd
(Registration number: 06836181)
Abridged Balance Sheet as at 31 March 2018
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
.........................................
Mr PA Carter
Director
Page 7 |
Paul Carter Electrical Ltd
Statement of Changes in Equity for the Year Ended 31 March 2018
Share capital |
Profit and loss account |
Total |
|
At 1 April 2017 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 March 2018 |
|
( |
( |
Share capital |
Profit and loss account |
Total |
|
At 1 April 2017 |
100 |
1,514 |
1,614 |
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 March 2017 |
|
|
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Page 8 |
Paul Carter Electrical Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 March 2018
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 9 |
Paul Carter Electrical Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 March 2018
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% on reducing balance |
Office equipment |
15% on reducing balance |
Plant and machinery |
15% on reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Page 10 |
Paul Carter Electrical Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 March 2018
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2018 |
2017 |
|
Depreciation expense |
|
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Page 11 |
Paul Carter Electrical Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 March 2018
Tangible assets |
Total |
|
Cost or valuation |
|
At 1 April 2017 |
|
At 31 March 2018 |
|
Depreciation |
|
At 1 April 2017 |
|
Charge for the year |
|
At 31 March 2018 |
|
Carrying amount |
|
At 31 March 2018 |
|
At 31 March 2017 |
|
Stocks |
2018 |
2017 |
|
Work in progress |
- |
|
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Dividends |
2018 |
2017 |
|||
£ |
£ |
|||
Final dividend of £ |
20,000 |
22,000 |
Page 12 |
Paul Carter Electrical Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 March 2018
Related party transactions |
Directors' remuneration
The director's remuneration for the year was as follows:
2018 |
2017 |
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Remuneration |
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Page 13 |