Company registration number SC552601 (Scotland)
Bankhead Electrical Services Limited
Unaudited financial statements
for the year ended 31 December 2021
Pages for filing with registrar
Bankhead Electrical Services Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Bankhead Electrical Services Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bankhead Electrical Services Limited for the year ended 31 December 2021 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the Board of Directors of Bankhead Electrical Services Limited, as a body, in accordance with the terms of our engagement letter dated 16 November 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Bankhead Electrical Services Limited and state those matters that we have agreed to state to the Board of Directors of Bankhead Electrical Services Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bankhead Electrical Services Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Bankhead Electrical Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bankhead Electrical Services Limited. You consider that Bankhead Electrical Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Bankhead Electrical Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
15 August 2022
Bankhead Electrical Services Limited
Statement of financial position
as at 31 December 2021
31 December 2021
2
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
108,989
Tangible assets
4
174,673
89,721
283,662
89,721
Current assets
Stocks
10,374
10,374
Debtors
42,958
16,796
Cash at bank and in hand
180,661
344,924
233,993
372,094
Creditors: amounts falling due within one year
(172,168)
(107,911)
Net current assets
61,825
264,183
Total assets less current liabilities
345,487
353,904
Creditors: amounts falling due after more than one year
(8,130)
(24,687)
Provisions for liabilities
(33,188)
Net assets
304,169
329,217
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
304,166
329,214
Total equity
304,169
329,217
Bankhead Electrical Services Limited
Statement of financial position (continued)
as at 31 December 2021
31 December 2021
3
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 August 2022 and are signed on its behalf by:
Andrew Hickling
Oliver Hickling
Director
Director
Jamie Hickling
Director
Company registration number SC552601
Bankhead Electrical Services Limited
Notes to the financial statements
for the year ended 31 December 2021
4
1
Accounting policies
Company information
Bankhead Electrical Services Limited is a private company limited by shares incorporated in Scotland. The registered office is Bankhead Cottage, Auchterless, Turriff, Aberdeenshire, AB53 8BD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated impairment losses.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% straight line
Computer equipment
33.3% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Bankhead Electrical Services Limited
Notes to the financial statements (continued)
for the year ended 31 December 2021
1
Accounting policies (continued)
5
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
4
Bankhead Electrical Services Limited
Notes to the financial statements (continued)
for the year ended 31 December 2021
6
3
Intangible fixed assets
Total
£
Cost
At 1 January 2021
Additions
108,989
At 31 December 2021
108,989
Amortisation and impairment
At 1 January 2021 and 31 December 2021
Carrying amount
At 31 December 2021
108,989
At 31 December 2020
4
Tangible fixed assets
Total
£
Cost
At 1 January 2021
165,124
Additions
181,549
Disposals
(930)
At 31 December 2021
345,743
Depreciation and impairment
At 1 January 2021
75,403
Depreciation charged in the year
96,084
Eliminated in respect of disposals
(417)
At 31 December 2021
171,070
Carrying amount
At 31 December 2021
174,673
At 31 December 2020
89,721
5
Events after the reporting date
Since 31st December 2021 the value of the crypto currency has dramatically reduced. As at 31st July 2022 the units held at the year end were valued at £64,602. It is anticipated that this is a temporary reduction in value and will recover in time.