B M Electrical Wholesale Limited Filleted accounts for Companies House (small and micro)

B M ELECTRICAL WHOLESALE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI047792

B M Electrical Wholesale Limited

Filleted Unaudited Financial Statements

31 March 2018

B M Electrical Wholesale Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	66,000	78,000
Tangible assets	6	246,382	181,060
		---------	---------
		312,382	259,060

Current assets

Stocks		807,386	545,969
Debtors	7	1,051,537	774,055
Cash at bank and in hand		51,430	45,334
		------------	------------
		1,910,353	1,365,358

Creditors: amounts falling due within one year	8	1,548,860		1,252,942
		------------		------------
Net current assets			361,493	112,416
			---------	---------
Total assets less current liabilities			673,875	371,476

Creditors: amounts falling due after more than one year	9		27,471	35,812

Provisions

Taxation including deferred tax	35,713	25,043
	---------	---------
Net assets	610,691	310,621
	---------	---------

B M Electrical Wholesale Limited

Statement of Financial Position (continued)

31 March 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	72	72
Profit and loss account	610,619	310,549
	---------	---------
Shareholders funds	610,691	310,621
	---------	---------

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 March 2018 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 .

These financial statements were approved by the board of directors and authorised for issue on 17 December 2018 , and are signed on behalf of the board by:

Mr K Magee	Mr K Robinson
Director	Director

Company registration number: NI047792

B M Electrical Wholesale Limited

Notes to the Financial Statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Ormeau House, 91-97 Ormeau Road, Belfast, Co Antrim, BT7 1SH, Northern Ireland.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

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	-	5% 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:

Tenants Improvements	-	15% straight line
Leasehold Property	-	15% straight line
Fixtures & Fittings	-	15% straight line
Motor Vehicles	-	20% straight line

	Equipment	-	15% 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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 27 (2017: 26 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2017 and 31 March 2018	240,000
	---------
Amortisation
At 1 April 2017	162,000
Charge for the year	12,000
	---------
At 31 March 2018	174,000
	---------
Carrying amount
At 31 March 2018	66,000
	---------
At 31 March 2017	78,000
	---------

6. Tangible assets

	Freehold property	Long leasehold property	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2017	56,729	44,613	94,905	272,393	173,642	642,282
Additions	–	–	54,325	44,748	19,940	119,013
Disposals	–	–	–	( 12,099)	–	( 12,099)
	--------	--------	---------	---------	---------	---------
At 31 Mar 2018	56,729	44,613	149,230	305,042	193,582	749,196
	--------	--------	---------	---------	---------	---------
Depreciation
At 1 Apr 2017	56,729	44,613	79,742	154,219	125,919	461,222
Charge for the year	–	–	6,910	34,983	11,798	53,691
Disposals	–	–	–	( 12,099)	–	( 12,099)
	--------	--------	---------	---------	---------	---------
At 31 Mar 2018	56,729	44,613	86,652	177,103	137,717	502,814
	--------	--------	---------	---------	---------	---------
Carrying amount
At 31 Mar 2018	–	–	62,578	127,939	55,865	246,382
	--------	--------	---------	---------	---------	---------
At 31 Mar 2017	–	–	15,163	118,174	47,723	181,060
	--------	--------	---------	---------	---------	---------

7. Debtors

	2018	2017
	£	£
Trade debtors	961,864	763,381
Other debtors	89,673	10,674
	------------	---------
	1,051,537	774,055
	------------	---------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	242,449	211,249
Trade creditors	989,694	829,897
Corporation tax	80,064	45,368
Social security and other taxes	67,466	37,916
Other creditors	169,187	128,512
	------------	------------
	1,548,860	1,252,942
	------------	------------

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

	2018	2017
	£	£
Other creditors	27,471	35,812
	--------	--------

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr K Magee	( 1,274)	55,704	54,430
Mr K Robinson	( 1,274)	28,087	26,813
	-------	--------	--------
	( 2,548)	83,791	81,243
	-------	--------	--------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr K Magee	( 362)	( 912)	( 1,274)
Mr K Robinson	( 584)	( 690)	( 1,274)
	----	-------	-------
	( 946)	( 1,602)	( 2,548)
	----	-------	-------

11. Related party transactions

The company was under the control of Mr Magee and Mr Robinson throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.