Wells Electrical Contractors Limited 05849171 false 2020-11-01 2021-10-31 2021-10-31 The principal activity of the company is that of electrical contractors. Digita Accounts Production Advanced 6.30.9574.0 true 05849171 2020-11-01 2021-10-31 05849171 2021-10-31 05849171 bus:OrdinaryShareClass1 bus:CumulativeShares 2021-10-31 05849171 bus:OrdinaryShareClass2 bus:CumulativeShares 2021-10-31 05849171 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2021-10-31 05849171 core:CurrentFinancialInstruments 2021-10-31 05849171 core:CurrentFinancialInstruments core:WithinOneYear 2021-10-31 05849171 core:Non-currentFinancialInstruments core:AfterOneYear 2021-10-31 05849171 core:Goodwill 2021-10-31 05849171 core:FurnitureFittingsToolsEquipment 2021-10-31 05849171 core:MotorVehicles 2021-10-31 05849171 bus:SmallEntities 2020-11-01 2021-10-31 05849171 bus:AuditExemptWithAccountantsReport 2020-11-01 2021-10-31 05849171 bus:FullAccounts 2020-11-01 2021-10-31 05849171 bus:SmallCompaniesRegimeForAccounts 2020-11-01 2021-10-31 05849171 bus:RegisteredOffice 2020-11-01 2021-10-31 05849171 bus:CompanySecretary1 2020-11-01 2021-10-31 05849171 bus:Director2 2020-11-01 2021-10-31 05849171 bus:OrdinaryShareClass1 bus:CumulativeShares 2020-11-01 2021-10-31 05849171 bus:OrdinaryShareClass2 bus:CumulativeShares 2020-11-01 2021-10-31 05849171 bus:PrivateLimitedCompanyLtd 2020-11-01 2021-10-31 05849171 bus:Agent1 2020-11-01 2021-10-31 05849171 core:RetainedEarningsAccumulatedLosses 2020-11-01 2021-10-31 05849171 core:Goodwill 2020-11-01 2021-10-31 05849171 core:FurnitureFittingsToolsEquipment 2020-11-01 2021-10-31 05849171 core:MotorVehicles 2020-11-01 2021-10-31 05849171 core:PlantMachinery 2020-11-01 2021-10-31 05849171 countries:EnglandWales 2020-11-01 2021-10-31 05849171 2020-10-31 05849171 core:Goodwill 2020-10-31 05849171 core:FurnitureFittingsToolsEquipment 2020-10-31 05849171 core:MotorVehicles 2020-10-31 05849171 2019-11-01 2020-10-31 05849171 2020-10-31 05849171 bus:OrdinaryShareClass1 bus:CumulativeShares 2020-10-31 05849171 bus:OrdinaryShareClass2 bus:CumulativeShares 2020-10-31 05849171 core:CurrentFinancialInstruments 2020-10-31 05849171 core:CurrentFinancialInstruments core:WithinOneYear 2020-10-31 05849171 core:Non-currentFinancialInstruments core:AfterOneYear 2020-10-31 05849171 core:FurnitureFittingsToolsEquipment 2020-10-31 05849171 core:MotorVehicles 2020-10-31 05849171 core:RetainedEarningsAccumulatedLosses 2019-11-01 2020-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05849171

Wells Electrical Contractors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2021

 

Wells Electrical Contractors Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 13

 

Wells Electrical Contractors Limited

Company Information

Director

Mr Nicholas Andrew Wells

Company secretary

Mrs Victoria Louise Wells

Registered office

28A Manchester Road
Westhoughton
Bolton
BL5 3QJ

Accountants

Xeinadin Group
Regent House
Folds Road
Bolton
BL1 2RZ

 

Wells Electrical Contractors Limited

Director's Report for the Year Ended 31 October 2021

The director presents his report and the financial statements for the year ended 31 October 2021.

Director of the company

The director who held office during the year was as follows:

Mr Nicholas Andrew Wells

Principal activity

The principal activity of the company is that of electrical contractors.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 30 August 2022
 

.........................................
Mr Nicholas Andrew Wells
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Wells Electrical Contractors Limited
for the Year Ended 31 October 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wells Electrical Contractors Limited for the year ended 31 October 2021 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Wells Electrical Contractors Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Wells Electrical Contractors Limited and state those matters that we have agreed to state to the Board of Directors of Wells Electrical Contractors Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wells Electrical Contractors Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Wells Electrical Contractors Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Wells Electrical Contractors Limited. You consider that Wells Electrical Contractors 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 accounts of Wells Electrical Contractors 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 accounts.

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

Xeinadin Group
Regent House
Folds Road
Bolton
BL1 2RZ

Date:.............................

 

Wells Electrical Contractors Limited

(Registration number: 05849171)
Balance Sheet as at 31 October 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

5

140,389

124,902

Other financial assets

6

12,500

12,500

 

152,889

137,402

Current assets

 

Stocks

7

5,134

20,537

Debtors

886,057

882,196

Cash at bank and in hand

 

682,567

314,273

 

1,573,758

1,217,006

Creditors: Amounts falling due within one year

(468,654)

(588,741)

Net current assets

 

1,105,104

628,265

Total assets less current liabilities

 

1,257,993

765,667

Creditors: Amounts falling due after more than one year

(316,047)

(56,043)

Provisions for liabilities

(478,210)

(474,749)

Net assets

 

463,736

234,875

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

463,636

234,775

Shareholders' funds

 

463,736

234,875

 

Wells Electrical Contractors Limited

(Registration number: 05849171)
Balance Sheet as at 31 October 2021 (continued)

For the financial year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 30 August 2022
 

.........................................
Mr Nicholas Andrew Wells
Director

 

Wells Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

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:
28A Manchester Road
Westhoughton
Bolton
BL5 3QJ

These financial statements were authorised for issue by the director on 30 August 2022.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

 

Wells Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021 (continued)

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 balance sheet 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

Plan and machinery

15% reducing balance method

Fixtures, fitting & equipment

20% reducing balance method

Motor vehicles

25% reducing balance method

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.

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.

 

Wells Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021 (continued)

2

Accounting policies (continued)

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.

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.

 

Wells Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021 (continued)

2

Accounting policies (continued)

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Wells Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021 (continued)

2

Accounting policies (continued)

Defined benefit pension obligation

For a defined benefit scheme, the liability recorded in the balance sheet is the presentvalue of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries.

Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income.

Current and post service costs, along with settlements or curtailments, are charged to the Inciome Statement. Interest on pension plan liabilities are recognised within finance expense.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2020 - 11).

 

Wells Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2020

10,000

10,000

At 31 October 2021

10,000

10,000

Amortisation

At 1 November 2020

10,000

10,000

At 31 October 2021

10,000

10,000

Carrying amount

At 31 October 2021

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2020

146,719

210,728

357,447

Additions

6,420

49,994

56,414

Disposals

-

(46,600)

(46,600)

At 31 October 2021

153,139

214,122

367,261

Depreciation

At 1 November 2020

78,117

154,428

232,545

Charge for the year

11,623

26,574

38,197

Eliminated on disposal

-

(43,870)

(43,870)

At 31 October 2021

89,740

137,132

226,872

Carrying amount

At 31 October 2021

63,399

76,990

140,389

At 31 October 2020

68,602

56,300

124,902

 

Wells Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021 (continued)

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 November 2020

12,500

12,500

At 31 October 2021

12,500

12,500

Impairment

Carrying amount

At 31 October 2021

12,500

12,500

7

Stocks

2021
£

2020
£

Work in progress

5,134

20,537

 

Wells Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021 (continued)

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary Class A Shares of £1 each

90

90

90

90

Ordinary Class B Shares of £1 each

10

10

10

10

 

100

100

100

100

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Retained earnings
£

Total
£

Remeasurement gain/loss on defined benefit pension schemes

(71,000)

(71,000)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Retained earnings
£

Total
£

Remeasurement gain/loss on defined benefit pension schemes

(71,000)

(71,000)