Accounts filed on 31-07-2018

Accounts filed on 31-07-2018

FREDERICK SMITH (ELECTRICAL) LIMITED - Company Information

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Registered number: 01268526
Frederick Smith (Electrical) Ltd
ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2018
Prepared By:
Brieley Grimsdell Falconer Ltd
Chartered Tax Advisers and Accountants
14 Regent Street
Kimberley
Nottingham
NG16 2LW
Frederick Smith (Electrical) Ltd
ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2018
DIRECTORS
Mr A Bancroft
Mr S Stephenson
SECRETARY
Mr A Bancroft
REGISTERED OFFICE
Unit 8 Appleby Glade Estate
Ryder Close
Swadlincote
Derbys
DE11 9EU
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 01268526
BANKERS
LLoyds TSB, 7 High Street, Leicester, LE1 9FS
ACCOUNTANTS
Brieley Grimsdell Falconer Ltd
Chartered Tax Advisers and Accountants
14 Regent Street
Kimberley
Nottingham
NG16 2LW
Frederick Smith (Electrical) Ltd
ACCOUNTS
FOR THEYEARENDED31 JULY 2018
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-
Frederick Smith (Electrical) Ltd
BALANCE SHEET AT 31 July 2018
20182017
Notes££
FIXED ASSETS
Tangible assets253,33241,239
CURRENT ASSETS
Stock8,4255,606
Debtors4431,682356,974
Cash at bank and in hand646,104552,514
1,086,211915,094
CREDITORS: Amounts falling due within one year5427,835411,647
NET CURRENT ASSETS658,376503,447
TOTAL ASSETS LESS CURRENT LIABILITIES711,708544,686
PROVISIONS FOR LIABILITIES AND CHARGES710,1337,835
NET ASSETS701,575536,851
CAPITAL AND RESERVES
Called up share capital8100100
Profit and loss account701,475536,751
SHAREHOLDERS' FUNDS701,575536,851
For the year ending 31 July 2018 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 18 October 2018 and signed on their behalf by
.............................
Mr S Stephenson
Director
Frederick Smith (Electrical) Ltd
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2018
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Short Leasehold Propertiesstraight line 15%
Plant and Machinerystraight line 20%
Commercial Vehiclesstraight line 20%
Fixtures and Fittingsstraight line 15%
Equipmentstraight line 20%
1c. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
1d. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.
Frederick Smith (Electrical) Ltd
2. TANGIBLE FIXED ASSETS
Short LeaseholdPlant andCommercialFixtures
PropertiesMachineryVehiclesand FittingsEquipmentTotal
££££££
Cost
At 1 August 201710,3705,60648,84714,3872,58381,793
Additions-52526,7791,9801,64630,930
Disposals--(6,695)--(6,695)
At 31 July 201810,3706,13168,93116,3674,229106,028
Depreciation
At 1 August 20173,5363,96825,2876,86190240,554
Disposals--(5,077)--(5,077)
For the year1,02562212,6752,46743017,219
At 31 July 20184,5614,59032,8859,3281,33252,696
Net Book Amounts
At 31 July 20185,8091,54136,0467,0392,89753,332
At 31 July 20176,8341,63823,5607,5261,68141,239
The company has changed the basis of depreciating its assets from the reducing balance basis to the straight line basis. This has increased the overall depreciation charge for the year by £3,179.
3. STOCK 20182017
££
Stock comprises:
Stock8,4254,455
Work in progress-1,151
8,4255,606
4. DEBTORS 20182017
££
Amounts falling due within one year
Trade debtors404,769323,228
Other debtors5,7785,778
Prepayments21,13515,161
Accrued income-12,807
431,682356,974
Frederick Smith (Electrical) Ltd
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20182017
££
UK corporation tax41,10318,209
VAT78,68747,592
PAYE control19,68910,264
Salaries and wages control2,960-
Trade creditors80,794157,322
Other creditors1,036-
Accruals15,45035,734
Deferred income188,116142,526
427,835411,647
6. EMPLOYEES
20182017
No.No.
Average number of employees97
7. PROVISIONS FOR LIABILITIES 20182017
££
Deferred taxation10,1337,835
10,1337,835
8. SHARE CAPITAL 20182017
££
Allotted, issued and fully paid:
100 ordinary of £1 each100100
100100
Frederick Smith (Electrical) Ltd
9. OTHER FINANCIAL COMMITMENTS
At 31 July 2018 the company was committed to making the following payments under non-cancellable operating leases:
20182017
££
Operating Leases which expire:
Within two to five years21,50020,875
10. CONTROLLING PARTY
The company is controlled by ControlRite Limited, a company incorporated in England and Wales.