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Company Registration No. 07594744 (England and Wales)
Powerfactor Electrical Contractors Limited Unaudited accounts for the year ended 31 May 2018
Powerfactor Electrical Contractors Limited Unaudited accounts Contents
Page
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Powerfactor Electrical Contractors Limited Company Information for the year ended 31 May 2018
Director
Mr Richard Tyack
Company Number
07594744 (England and Wales)
Registered Office
29 THE WARREN NEWTON ABBOT TQ12 1PP ENGLAND
Accountants
Mrs Catherine Flannery, FMAAT, FCCA, BSc (Hons) South Devon Accounting 6 Orchard Close Ogwell Newton Abbot TQ12 6AL
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Powerfactor Electrical Contractors Limited Statement of financial position as at 31 May 2018
2018 
2017 
Notes
£ 
£ 
Fixed assets
Intangible assets
21,000 
22,500 
Tangible assets
39,199 
33,879 
60,199 
56,379 
Current assets
Inventories
800 
800 
Debtors
18,745 
12,619 
Cash at bank and in hand
(3,757)
1,142 
15,788 
14,561 
Creditors: amounts falling due within one year
(38,969)
(32,735)
Net current liabilities
(23,181)
(18,174)
Total assets less current liabilities
37,018 
38,205 
Creditors: amounts falling due after more than one year
(28,822)
(27,292)
Provisions for liabilities
Deferred tax
- 
(938)
Net assets
8,196 
9,975 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
8,096 
9,875 
Shareholders' funds
8,196 
9,975 
For the year ending 31 May 2018 the company was entitled to exemption from audit 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 12 October 2018.
Mr Richard Tyack Director Company Registration No. 07594744
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Powerfactor Electrical Contractors Limited Notes to the Accounts for the year ended 31 May 2018
1
Statutory information
Powerfactor Electrical Contractors Limited is a private company, limited by shares, registered in England and Wales, registration number 07594744. The registered office is 29 THE WARREN, NEWTON ABBOT, TQ12 1PP, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Goodwill
Goodwill, being the ammount paid in connection with the acquisition of the business in 2011, is being amortised evenly over its estmated life of twenty years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing Balance Basis
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Powerfactor Electrical Contractors Limited Notes to the Accounts for the year ended 31 May 2018
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 June 2017
30,000 
At 31 May 2018
30,000 
Amortisation
At 1 June 2017
7,500 
Charge for the year
1,500 
At 31 May 2018
9,000 
Net book value
At 31 May 2018
21,000 
At 31 May 2017
22,500 
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 June 2017
36,554 
21,601 
58,155 
Additions
- 
41,604 
41,604 
Disposals
(35,912)
(12,357)
(48,269)
At 31 May 2018
642 
50,848 
51,490 
Depreciation
At 1 June 2017
17,979 
6,297 
24,276 
Charge for the year
233 
9,800 
10,033 
On disposals
(17,570)
(4,448)
(22,018)
At 31 May 2018
642 
11,649 
12,291 
Net book value
At 31 May 2018
- 
39,199 
39,199 
At 31 May 2017
18,575 
15,304 
33,879 
6
Inventories
2018 
2017 
£ 
£ 
Raw materials
800 
800 
800 
800 
7
Debtors
2018 
2017 
£ 
£ 
Trade debtors
10,355 
12,563 
Deferred tax asset
43 
Other debtors
8,347 
56 
18,745 
12,619 
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Powerfactor Electrical Contractors Limited Notes to the Accounts for the year ended 31 May 2018
8
Creditors: amounts falling due within one year
2018 
2017 
£ 
£ 
Obligations under finance leases and hire purchase contracts
10,752 
9,710 
Trade creditors
23,824 
- 
Taxes and social security
2,810 
6,873 
Proposed dividends
800 
- 
Other creditors
283 
108 
Loans from directors
- 
15,594 
Accruals
500 
450 
38,969 
32,735 
9
Creditors: amounts falling due after more than one year
2018 
2017 
£ 
£ 
Obligations under finance leases and hire purchase contracts
28,822 
27,292 
10
Share capital
2018 
2017 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
11
Average number of employees
During the year the average number of employees was 5 (2017: 5).
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