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Registration number: 05353256

K & M Electrical Contractors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2018

 

K & M Electrical Contractors Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

K & M Electrical Contractors Limited

(Registration number: 05353256)
Balance Sheet as at 28 February 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

5

7,887

6,805

Current assets

 

Stocks

6

1,570

1,400

Debtors

7

10,102

9,679

Cash at bank and in hand

 

28,684

19,629

 

40,356

30,708

Creditors: Amounts falling due within one year

8

(33,502)

(34,993)

Net current assets/(liabilities)

 

6,854

(4,285)

Total assets less current liabilities

 

14,741

2,520

Provisions for liabilities

(1,342)

(1,159)

Net assets

 

13,399

1,361

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

13,299

1,261

Total equity

 

13,399

1,361

For the financial year ending 28 February 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.

 

K & M Electrical Contractors Limited

(Registration number: 05353256)
Balance Sheet as at 28 February 2018

Approved and authorised by the Board on 19 October 2018 and signed on its behalf by:
 

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

Mr J A Keates
Director

 

K & M Electrical Contractors Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

1

General information

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

The address of its registered office is:
7A King Street
Frome
Somerset
BA11 1BH

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.

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.

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.

 

K & M Electrical Contractors Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

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

Motor vehicles

25% reducing balance

Computers

25% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over estimated useful life

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.

 

K & M Electrical Contractors Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

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.

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 2 (2017 - 2).

 

K & M Electrical Contractors Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2017

20,000

20,000

At 28 February 2018

20,000

20,000

Amortisation

At 1 March 2017

20,000

20,000

At 28 February 2018

20,000

20,000

Net book value

At 28 February 2018

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2017

2,132

20,190

22,322

Additions

-

3,850

3,850

At 28 February 2018

2,132

24,040

26,172

Depreciation

At 1 March 2017

1,715

13,802

15,517

Charge for the year

208

2,560

2,768

At 28 February 2018

1,923

16,362

18,285

Net book value

At 28 February 2018

209

7,678

7,887

At 28 February 2017

417

6,388

6,805

6

Stocks

2018
£

2017
£

Stock

1,570

1,400

 

K & M Electrical Contractors Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

7

Debtors

2018
£

2017
£

Trade debtors

3,331

6,478

Other debtors

6,771

3,201

10,102

9,679

8

Creditors

Amounts falling due within one year

2018
£

2017
£

Due within one year

Trade creditors

3,124

5,815

Taxation and social security

1,532

3,222

Other creditors

15,884

17,578

Corporation tax

12,962

8,378

33,502

34,993