Company Registration No. 06987384 (England and Wales)
ABSOLUTE ELECTRICAL INSTALL LTD
(COMPANY LIMITED BY GUARANTEE)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2014
ABSOLUTE ELECTRICAL INSTALL LTD
(COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABSOLUTE ELECTRICAL INSTALL LTD
(COMPANY LIMITED BY GUARANTEE)
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2014
31 August 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
3,693
7,061
Current assets
Debtors
222,173
209,940
Cash at bank and in hand
21,882
6,263
244,055
216,203
Creditors: amounts falling due within one year
(193,765)
(153,094)
Net current assets
50,290
63,109
Total assets less current liabilities
53,983
70,170
Provisions for liabilities
-
(942)
53,983
69,228
Capital and reserves
Profit and loss account
53,983
69,228
Shareholders' funds
53,983
69,228
For the financial year ended 31 August 2014 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.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 29 May 2015
Mr M Murray
Mr T Prest
Director
Director
Company Registration No. 06987384
ABSOLUTE ELECTRICAL INSTALL LTD
(COMPANY LIMITED BY GUARANTEE)
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
20% reducing balance basis
Fixtures, fittings and equipment
25% reducing balance basis
Motor vehicles
25% reducing balance basis
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
ABSOLUTE ELECTRICAL INSTALL LTD
(COMPANY LIMITED BY GUARANTEE)
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2014
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 September 2013
14,700
Additions
2,447
Disposals
(11,700)
At 31 August 2014
5,447
Depreciation
At 1 September 2013
7,639
On disposals
(6,989)
Charge for the year
1,104
At 31 August 2014
1,754
Net book value
At 31 August 2014
3,693
At 31 August 2013
7,061
3
Related party relationships and transactions
Other transactions
At the end of the year the company owed the directors Mr M Murray and Mr T Prest £30,571 (2013: £23,205) and £30,571 (2013: £42,181) respectively, via their directors' current accounts.