Afan Electrical Ltd - Filleted accounts

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