Powerpoint Electrical Contractors Limited Company Accounts

COMPANY REGISTRATION NUMBER: 03310055

Powerpoint Electrical Contractors Limited

Filleted Unaudited Financial Statements

31 August 2017

Powerpoint Electrical Contractors Limited

Financial Statements

Year ended 31 August 2017

Contents	Pages

Balance sheet	1 to 2

Notes to the financial statements	3 to 7

Powerpoint Electrical Contractors Limited

Balance Sheet

31 August 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	30,000	37,500
Tangible assets	6	124,209	116,808
		----------	----------
		154,209	154,308

Current assets

Debtors	7	249,445	431,237
Cash at bank and in hand		134,552	20,521
		----------	----------
		383,997	451,758

Creditors: amounts falling due within one year	8	125,083		203,862
		----------		----------
Net current assets			258,914	247,896
			----------	----------
Total assets less current liabilities			413,123	402,204

Provisions

Deferred taxation	23,599	23,361
	----------	----------
Net assets	389,524	378,843
	----------	----------

Capital and reserves

Called up share capital	2	2
Profit and loss account	389,522	378,841
	----------	----------
Shareholders funds	389,524	378,843
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 August 2017 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 financial statements for the year in question in accordance with section 476 ;

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

Powerpoint Electrical Contractors Limited

Balance Sheet (continued)

31 August 2017

These financial statements were approved by the board of directors and authorised for issue on 19 December 2017 , and are signed on behalf of the board by:

Mr GS Millard
Director

Company registration number: 03310055

Powerpoint Electrical Contractors Limited

Notes to the Financial Statements

Year ended 31 August 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Brackley Close, Bournemouth International Airport, Christchurch, Dorset, BH23 6SE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. 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 they timing differences reverse, based on current tax rates and laws. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised to reflect the new estimates.

Upon transition the company elected to adopt the exemption available in FRS 102 paragraph 35.10(a) that no adjustment shall be made to the carrying value of goodwill. As such the goodwill is continuing to be written off over 20 years.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & machinery	-	25% reducing balance
Fixtures & fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	25% reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Pension costs

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the Statement of Income and Retained Earnings when due.

4. Staff numbers

The average number of persons employed by the company during the year amounted to 19 (2016: 21 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 September 2016 and 31 August 2017	150,000
	----------
Amortisation
At 1 September 2016	112,500
Charge for the year	7,500
	----------
At 31 August 2017	120,000
	----------
Carrying amount
At 31 August 2017	30,000
	----------
At 31 August 2016	37,500
	----------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Office equipment	Total
	£	£	£	£	£
Cost
At 1 September 2016	30,068	19,291	190,293	58,863	298,515
Additions	8,678	–	39,556	6,358	54,592
Disposals	–	–	( 31,140)	–	( 31,140)
	---------	---------	----------	---------	----------
At 31 August 2017	38,746	19,291	198,709	65,221	321,967
	---------	---------	----------	---------	----------
Depreciation
At 1 September 2016	12,499	12,970	104,894	51,344	181,707
Charge for the year	8,886	947	31,241	3,483	44,557
Disposals	–	–	( 28,506)	–	( 28,506)
	---------	---------	----------	---------	----------
At 31 August 2017	21,385	13,917	107,629	54,827	197,758
	---------	---------	----------	---------	----------
Carrying amount
At 31 August 2017	17,361	5,374	91,080	10,394	124,209
	---------	---------	----------	---------	----------
At 31 August 2016	17,569	6,321	85,399	7,519	116,808
	---------	---------	----------	---------	----------

7. Debtors

	2017	2016
	£	£
Trade debtors	242,459	411,076
Other debtors	6,986	20,161
	----------	----------
	249,445	431,237
	----------	----------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	47,570	108,238
Corporation tax	13,774	34,679
Social security and other taxes	17,193	23,123
Other creditors	46,546	37,822
	----------	----------
	125,083	203,862
	----------	----------

9. Commitments under operating leases

Total non-cancelable operating lease commitments which are not included in the balance sheet consisted of £20,477 (2016: £37,634) payable during the next 3 (2016: 3) years.

10. Related party transactions

Information about related party transactions and outstanding balances is outlined below:

	2017	2016
	£	£
Balance due to Director	16,883	339

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.

No transitional adjustments were required in equity or profit or loss for the year.