Halls Electrical Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02036219 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2018

FOR

HALLS ELECTRICAL LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S J Hall

M C S Hall

D S Hall

R W J Hughes

SECRETARY:

J J Hall

REGISTERED OFFICE:

Unit 17 Dean Court

Great Western Business Park

Yate

Bristol

BS37 5NJ

REGISTERED NUMBER:

02036219 (England and Wales)

ACCOUNTANTS:

Lawes & Co

Boyce's Building

40-42 Regent Street

Clifton

Bristol

BS8 4HU

FIXED ASSETS

Tangible assets

4

1,124,564

817,634

CURRENT ASSETS

Stocks

5

780,862

607,600

Debtors

6

492,993

763,500

Cash at bank and in hand

26,894

40,070

1,300,749

1,411,170

CREDITORS

Amounts falling due within one year

7

826,143

928,170

NET CURRENT ASSETS

474,606

483,000

TOTAL ASSETS LESS CURRENT LIABILITIES

1,599,170

1,300,634

CREDITORS

Amounts falling due after more than one year

8

(337,962

)

(121,226

)

PROVISIONS FOR LIABILITIES

(32,612

)

(24,649

)

NET ASSETS

1,228,596

1,154,759

CAPITAL AND RESERVES

Called up share capital

10

965

965

Revaluation reserve

11

84,803

84,803

Capital redemption reserve

11

35

35

Retained earnings

11

1,142,793

1,068,956

SHAREHOLDERS' FUNDS

1,228,596

1,154,759

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 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 30 January 2019 and were signed on its behalf by:

S J Hall - Director

1.	STATUTORY INFORMATION

Halls Electrical 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Computer equipment

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

for obsolete and slow moving stock.

Work-in-Progress

Work in progress represents the sales value of goods purchased for specific contracts

together with the labour costs for those contracts, valued at agreed chargeout rates, for

which sales invoices have not yet been raised.

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 balance sheet date.

Deferred tax

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

reversed at the balance sheet 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the

balance sheet. Those held under hire purchase contracts are depreciated over their

estimated useful lives. Those held under finance leases are depreciated over their

estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period.

The capital element of the future payments is treated as a liability.

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 50 (2017 - 51 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Computer

and

Motor

leasehold

equipment

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 September 2017

690,000

109,911

97,236

220,123

1,117,270

Additions

265,023

45,838

-

46,163

357,024

Disposals

-

-

(1,722

)

(42,438

)

(44,160

)

At 31 August 2018

955,023

155,749

95,514

223,848

1,430,134

DEPRECIATION

At 1 September 2017

2,100

96,382

93,073

108,081

299,636

Charge for year

-

9,112

610

33,274

42,996

Eliminated on disposal

-

-

(1,723

)

(35,339

)

(37,062

)

At 31 August 2018

2,100

105,494

91,960

106,016

305,570

NET BOOK VALUE

At 31 August 2018

952,923

50,255

3,554

117,832

1,124,564

At 31 August 2017

687,900

13,529

4,163

112,042

817,634

Long leaseholds are held at market value. The last valuation was undertaken on 7 May 2015

and the directors believe this value is still appropriate.

Cost or valuation at 31 August 2018 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2015

690,000

-

690,000

Cost

265,023

475,111

740,134

955,023

475,111

1,430,134

If long leasehold had not been revalued they would have been included at the following

historical cost:

31.8.18

31.8.17

£

£

Cost

922,633

657,610

Value of land in freehold land and buildings

922,633

657,610

Long leasehold were valued on an open market basis on 7 May 2015 by ETP Property Consultants

.

Fixed assets, included in the above, which are held under hire purchase contracts are as

follows:

Computer

Motor

equipment

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 September 2017

-

53,914

53,914

Additions

45,838

29,976

75,814

At 31 August 2018

45,838

83,890

129,728

DEPRECIATION

At 1 September 2017

-

12,798

12,798

Charge for year

5,730

14,027

19,757

At 31 August 2018

5,730

26,825

32,555

NET BOOK VALUE

At 31 August 2018

40,108

57,065

97,173

At 31 August 2017

-

41,116

41,116

5.

STOCKS

31.8.18

31.8.17

£

£

Stocks

160,000

196,000

Work-in-progress

620,862

411,600

780,862

607,600

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Trade debtors

478,632

756,531

Other debtors

14,361

6,969

492,993

763,500

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Bank loans and overdrafts

87,112

241,648

Hire purchase contracts

37,616

16,307

Trade creditors

357,775

292,204

Taxation and social security

224,645

239,228

Other creditors

118,995

138,783

826,143

928,170

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.18

31.8.17

£

£

Bank loans

295,010

104,188

Hire purchase contracts

42,952

17,038

337,962

121,226

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due over 5 years

130,849

6,688

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.18

31.8.17

£

£

Bank overdrafts

22,955

209,148

Bank loans

359,167

136,688

382,122

345,836

The company's overdraft facility and bank loan are secured by a fixed and floating charge

over the total assets of the company. The director S J Hall has also given a personal

security on the company's bank overdraft facility up to a maximum of £50,000.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.18

31.8.17

value:

£

£

550

Ordinary 'A'

£1.00

550

550

135

Ordinary 'B'

£1.00

135

135

80

Ordinary 'D'

£1.00

80

80

80

Ordinary 'E'

£1.00

80

80

80

Ordinary 'F'

£1.00

80

80

20

Ordinary 'G'

£1.00

20

20

20

Ordinary 'H'

£1.00

20

20

965

965

11.

RESERVES

Capital

Retained

Revaluation

redemption

earnings

reserve

reserve

Totals

£

£

£

£

At 1 September 2017

1,068,956

84,803

35

1,153,794

Profit for the year

183,167

183,167

Dividends

(109,330

)

(109,330

)

At 31 August 2018

1,142,793

84,803

35

1,227,631

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended

31 August 2018 and 31 August 2017:

31.8.18

31.8.17

£

£

D S Hall

Balance outstanding at start of year

2,609

-

Amounts advanced

2,336

2,609

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,945

2,609

R W J Hughes

Balance outstanding at start of year

306

-

Amounts advanced

5,326

306

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

5,632

306

13.	RELATED PARTY DISCLOSURES

The company maintains interest free loan accounts with the directors. At the balance sheet

date, the company owed the following amounts.

31.8.18

31.8.17

£

£

S J Hall

3,174

3,104

M C S Hall

2,486

3,518

14.	ULTIMATE CONTROLLING PARTY

The controlling party is S J Hall.