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Registration number: 0642211

Simpson Electrical Solutions Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

image-name

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

 

Simpson Electrical Solutions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Simpson Electrical Solutions Ltd

Company Information

Directors

Mr Angelo Martine Di Paola

Mr Nicholas Simpson

Mrs Lynette Simpson

Registered office

2-4 Ash Lane
Rustington
West Sussex
BN16 3BZ

Accountants

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

 

Simpson Electrical Solutions Ltd

(Registration number: 0642211)
Balance Sheet as at 31 March 2018

Note

2018
 £

2017
 £

Fixed assets

 

Tangible assets

4

134,905

112,237

Current assets

 

Stocks

5

32,057

22,692

Debtors

6

183,976

152,310

Cash at bank and in hand

 

191,118

224,411

 

407,151

399,413

Creditors: Amounts falling due within one year

7

(192,643)

(198,620)

Net current assets

 

214,508

200,793

Total assets less current liabilities

 

349,413

313,030

Creditors: Amounts falling due after more than one year

7

(8,562)

-

Provisions for liabilities

(10,716)

(8,052)

Net assets

 

330,135

304,978

Capital and reserves

 

Called up share capital

5,000

5,000

Profit and loss account

325,135

299,978

Total equity

 

330,135

304,978

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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Simpson Electrical Solutions Ltd

(Registration number: 0642211)
Balance Sheet as at 31 March 2018

Approved and authorised by the Board on 13 September 2018 and signed on its behalf by:
 

.........................................

Mr Nicholas Simpson

Director

 

Simpson Electrical Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2-4 Ash Lane
Rustington
West Sussex
BN16 3BZ
United Kingdom

These financial statements were authorised for issue by the Board on 13 September 2018.

2

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 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 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.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

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 and deferred 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.

 

Simpson Electrical Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

2

Accounting policies (continued)

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Plant and machinery

20% reducing balance.

Fixtures ansd fittings

20% reducing balance.

Motor vehicles

25% 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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Simpson Electrical Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

Simpson Electrical Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

2

Accounting policies (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2017 - 10).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Cost or valuation

At 1 April 2017

30,903

36,374

162,458

50,516

Additions

-

-

59,952

-

Disposals

-

-

(41,795)

-

At 31 March 2018

30,903

36,374

180,615

50,516

Depreciation

At 1 April 2017

-

27,102

92,953

47,959

Charge for the year

-

1,854

12,398

511

Eliminated on disposal

-

-

(19,274)

-

At 31 March 2018

-

28,956

86,077

48,470

Carrying amount

At 31 March 2018

30,903

7,418

94,538

2,046

At 31 March 2017

30,903

9,272

69,505

2,557

 

Simpson Electrical Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

4

Tangible assets (continued)

Total
£

Cost or valuation

At 1 April 2017

280,251

Additions

59,952

Disposals

(41,795)

At 31 March 2018

298,408

Depreciation

At 1 April 2017

168,014

Charge for the year

14,763

Eliminated on disposal

(19,274)

At 31 March 2018

163,503

Carrying amount

At 31 March 2018

134,905

At 31 March 2017

112,237

Included within the net book value of land and buildings above is £30,903 (2017 - £30,903) in respect of freehold land and buildings.
 

5

Stocks

2018
 £

2017
 £

Work in progress

27,617

18,612

Other inventories

4,440

4,080

32,057

22,692

6

Debtors

2018
£

2017
£

Trade debtors

177,437

147,996

Prepayments

6,539

4,314

183,976

152,310

 

Simpson Electrical Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

7

Creditors

Creditors: amounts falling due within one year

Note

2018
 £

2017
 £

Due within one year

 

Loans and borrowings

9

83,790

101,846

Trade creditors

 

55,084

34,312

Social security and other taxes

 

32,820

43,624

Accrued expenses

 

11,497

7,127

Income tax liability

9,452

11,711

 

192,643

198,620

Due after one year

 

Loans and borrowings

9

8,562

-

 

8,562

-

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

9

8,562

-

 

8,562

-

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary of £1 each

5,000

5,000

5,000

5,000

         
 

Simpson Electrical Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

9

Loans and borrowings

2018
 £

Non-current loans and borrowings

Finance lease liabilities

8,562

8,562

2018
 £

2017
 £

Current loans and borrowings

Finance lease liabilities

3,733

5,213

Other borrowings

80,057

96,633

83,790

101,846