Caseware UK (AP4) 2016.0.181 2016.0.181 2018-03-312018-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueElectriciansfalse2017-04-01 06201139 2017-04-01 2018-03-31 06201139 2016-04-01 2017-03-31 06201139 2018-03-31 06201139 2017-03-31 06201139 2016-04-01 06201139 c:Director1 2017-04-01 2018-03-31 06201139 d:PlantMachinery 2017-04-01 2018-03-31 06201139 d:PlantMachinery 2018-03-31 06201139 d:PlantMachinery 2017-03-31 06201139 d:PlantMachinery d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 06201139 d:MotorVehicles 2017-04-01 2018-03-31 06201139 d:MotorVehicles 2018-03-31 06201139 d:MotorVehicles 2017-03-31 06201139 d:MotorVehicles d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 06201139 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2017-04-01 2018-03-31 06201139 d:FurnitureFittings 2017-04-01 2018-03-31 06201139 d:FurnitureFittings 2018-03-31 06201139 d:FurnitureFittings 2017-03-31 06201139 d:FurnitureFittings d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 06201139 d:OfficeEquipment 2017-04-01 2018-03-31 06201139 d:OfficeEquipment 2018-03-31 06201139 d:OfficeEquipment 2017-03-31 06201139 d:OfficeEquipment d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 06201139 d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 06201139 d:LeasedAssetsHeldAsLessee 2017-04-01 2018-03-31 06201139 d:CurrentFinancialInstruments 2018-03-31 06201139 d:CurrentFinancialInstruments 2017-03-31 06201139 d:Non-currentFinancialInstruments 2018-03-31 06201139 d:Non-currentFinancialInstruments 2017-03-31 06201139 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 06201139 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 06201139 d:Non-currentFinancialInstruments d:AfterOneYear 2018-03-31 06201139 d:Non-currentFinancialInstruments d:AfterOneYear 2017-03-31 06201139 d:ShareCapital 2018-03-31 06201139 d:ShareCapital 2017-03-31 06201139 d:RetainedEarningsAccumulatedLosses 2018-03-31 06201139 d:RetainedEarningsAccumulatedLosses 2017-03-31 06201139 d:AcceleratedTaxDepreciationDeferredTax 2018-03-31 06201139 d:AcceleratedTaxDepreciationDeferredTax 2017-03-31 06201139 c:FRS102 2017-04-01 2018-03-31 06201139 c:AuditExempt-NoAccountantsReport 2017-04-01 2018-03-31 06201139 c:FullAccounts 2017-04-01 2018-03-31 06201139 c:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 06201139 d:HirePurchaseContracts d:WithinOneYear 2018-03-31 06201139 d:HirePurchaseContracts d:WithinOneYear 2017-03-31 06201139 d:HirePurchaseContracts d:BetweenOneTwoYears 2018-03-31 06201139 d:HirePurchaseContracts d:BetweenOneTwoYears 2017-03-31 iso4217:GBP xbrli:pure
Registered number: 06201139









HARNWELL ELECTRICAL LTD

FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018







































 
HARNWELL ELECTRICAL LTD
REGISTERED NUMBER: 06201139

BALANCE SHEET
AS AT 31 MARCH 2018

2018
2017
Note
£
£

Fixed assets
  

Tangible assets
 4 
76,726
69,379

  
76,726
69,379

Current assets
  

Stocks
 5 
12,600
12,200

Debtors: amounts falling due within one year
 6 
209,105
229,736

Cash at bank and in hand
 7 
1,303
2,351

  
223,008
244,287

Creditors: amounts falling due within one year
 8 
(200,950)
(181,625)

Net current assets
  
 
 
22,058
 
 
62,662

Total assets less current liabilities
  
98,784
132,041

Creditors: amounts falling due after more than one year
 9 
(2,113)
(711)

Provisions for liabilities
  

Deferred tax
 11 
(12,849)
(11,566)

  
 
 
(12,849)
 
 
(11,566)

Net assets
  
83,822
119,764


Capital and reserves
  

Called up share capital 
 12 
200
200

Profit and loss account
  
83,622
119,564

  
83,822
119,764


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Page 1

 
HARNWELL ELECTRICAL LTD
REGISTERED NUMBER: 06201139
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr G G Harnwell
Director

Date: 30 October 2018

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
HARNWELL ELECTRICAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

1.


General information

Harnwell Electrical Ltd is a private company limited by shares and incorporated in England & Wales (No 06201139).  The principal activity of the company is that of an electrical contractor.  The principal place of business is The Granary, St. Peter's Road, Upwell, Wisbech, Camb, PE14 9EH which differs from the company's registered office at Norfolk House, Hamlin Way, King's Lynn, Norfolk, PE30 4NG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

Page 3

 
HARNWELL ELECTRICAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
HARNWELL ELECTRICAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
20% per annum (reducing balance)
Motor vehicles
-
25% per annum (reducing balance)
Fixtures & fittings
-
15% per annum (reducing balance)
Office equipment
-
20% per annum (reducing balance)

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
HARNWELL ELECTRICAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2017 - 13).

Page 6

 
HARNWELL ELECTRICAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2017
87,004
92,142
1,579
13,207
193,932


Additions
16,833
19,587
-
225
36,645


Disposals
-
(26,891)
-
-
(26,891)



At 31 March 2018

103,837
84,838
1,579
13,432
203,686



Depreciation


At 1 April 2017
62,495
52,792
237
9,029
124,553


Charge for the year on owned assets
8,271
5,882
201
882
15,236


Charge for the year on financed assets
-
7,115
-
-
7,115


Disposals
-
(19,944)
-
-
(19,944)



At 31 March 2018

70,766
45,845
438
9,911
126,960



Net book value



At 31 March 2018
33,071
38,993
1,141
3,521
76,726



At 31 March 2017
24,509
39,350
1,342
4,178
69,379

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2018
2017
£
£



Motor vehicles
21,344
8,682

21,344
8,682

Page 7

 
HARNWELL ELECTRICAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

5.


Stocks

2018
2017
£
£

Raw materials and consumables
12,600
12,200

12,600
12,200



6.


Debtors

2018
2017
£
£


Trade debtors
129,205
98,853

Other debtors
71,284
122,749

Prepayments and accrued income
8,616
8,134

209,105
229,736



7.


Cash and cash equivalents

2018
2017
£
£

Cash at bank and in hand
1,303
2,351

Less: bank overdrafts
(109,830)
(53,290)

(108,527)
(50,939)


Page 8

 
HARNWELL ELECTRICAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

8.


Creditors: Amounts falling due within one year

2018
2017
£
£

Bank overdrafts
109,830
53,290

Trade creditors
21,246
30,445

Corporation tax
28,095
33,685

Other taxation and social security
29,007
46,270

Obligations under finance lease and hire purchase contracts
4,195
8,016

Other creditors
2,888
3,595

Accruals and deferred income
5,689
6,324

200,950
181,625


The following liabilities were secured:

2018
2017
£
£



Bank overdrafts
109,830
53,290

Obligations under finance lease and hire purchase contracts
4,195
8,016

114,025
61,306

Details of security provided:

Bank overdraft stated above is secured on a floating charge over the assets owned by the company. Hire purchase obligations stated above are secured on the assets to which the liability attaches.

Page 9

 
HARNWELL ELECTRICAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

9.


Creditors: Amounts falling due after more than one year

2018
2017
£
£

Net obligations under finance leases and hire purchase contracts
2,113
711

2,113
711


The following liabilities were secured:

2018
2017
£
£



Net obligations under finance leases and hire purchase contracts
2,113
711

2,113
711

Details of security provided:

Hire purchase obligations stated above are secured on the assets to which the liability attaches.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2018
2017
£
£


Within one year
4,195
8,016

Between 1-2 years
2,113
711

6,308
8,727


11.


Deferred taxation




2018
2017


£

£






At beginning of year
(11,566)
(14,578)


Charged to profit or loss
(1,283)
3,012



At end of year
(12,849)
(11,566)

Page 10

 
HARNWELL ELECTRICAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
 
11.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2018
2017
£
£


Accelerated capital allowances
(12,849)
(11,566)

(12,849)
(11,566)


12.


Share capital

2018
2017
£
£
Authorised, allotted, called up and fully paid



200 (2017 - 200) Ordinary shares of £1.00 each
200
200



13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,319 (2017 - £9,894). Contributions totalling £201 (2017 - £nil) were payable to the fund at the balance sheet date and are included in other creditors.


14.


Directors' benefits: Advances, credit and guarantees

Included within other debtors are the following amounts:


2018
2017
£
£


Mr G G Harnwell
43,387
81,343

Mr R J Harnwell
15,592
19,149

Mr T P Harnwell
12,307
22,258

71,286
122,750


Although included within amounts falling due within one year there is no fixed date of repayment.  No interest is payable in respect of these loans.

 
Page 11