Registered number
04596255
Afan Electrical Ltd
Filleted Accounts
31 October 2016
Afan Electrical Ltd
Registered number: 04596255
Balance Sheet
as at 31 October 2016
Notes 2016 2015
£ £
Fixed assets
Intangible assets 3 4,500 5,250
Tangible assets 4 499,150 549,566
503,650 554,816
Current assets
Stocks 3,000 5,000
Debtors 5 421,297 411,408
Cash at bank and in hand 334,747 142,689
759,044 559,097
Creditors: amounts falling due within one year 6 (140,543) (130,525)
Net current assets 618,501 428,572
Total assets less current liabilities 1,122,151 983,388
Creditors: amounts falling due after more than one year 7 (99,466) (96,136)
Net assets 1,022,685 887,252
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,022,683 887,250
Shareholders' funds 1,022,685 887,252
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
E A Davies
Director
Approved by the board on 28 July 2017
Afan Electrical Ltd
Notes to the Accounts
for the year ended 31 October 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2016 2015
Number Number
Average number of persons employed by the company 14 14
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2015 15,000
At 31 October 2016 15,000
Amortisation
At 1 November 2015 9,750
Provided during the year 750
At 31 October 2016 10,500
Net book value
At 31 October 2016 4,500
At 31 October 2015 5,250
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2015 407,637 160,369 116,411 684,417
Additions (132,675) 120,985 833 (10,857)
At 31 October 2016 274,962 281,354 117,244 673,560
Depreciation
At 1 November 2015 - 78,487 56,364 134,851
Charge for the year - 30,430 9,129 39,559
At 31 October 2016 - 108,917 65,493 174,410
Net book value
At 31 October 2016 274,962 172,437 51,751 499,150
At 31 October 2015 407,637 81,882 60,047 549,566
5 Debtors 2016 2015
£ £
Trade debtors 421,297 411,408
6 Creditors: amounts falling due within one year 2016 2015
£ £
Trade creditors 60,390 38,710
Corporation tax 10,335 -
Other taxes and social security costs 66,318 52,835
Other creditors 3,500 38,980
140,543 130,525
7 Creditors: amounts falling due after one year 2016 2015
£ £
Other creditors 99,466 96,136
8 Other information
Afan Electrical Ltd is a private company limited by shares and incorporated in Wales. Its registered office is:
Unit 24
Glanyrafon Industrial Estate
Aberystwyth
Ceredigion
SY23 3JQ
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