Registered number: 04184326
A CARTER ELECTRICAL LIMITED
REPORT AND ACCOUNTS
FOR THE YEAR ENDED
31 MARCH 2017
A CARTER ELECTRICAL LIMITED
REGISTERED NUMBER: 04184326
BALANCE SHEET
as at 31 March 2017
Notes 2017 2016
£ £
FIXED ASSETS
Tangible assets 3 8,455 2,423
CURRENT ASSETS
Stocks 625 625
Debtors 4 100,414 68,487
Cash at bank and in hand 53,064 32,122
154,103 101,234
CREDITORS: amounts falling due within one year 5 (160,738) (102,804)
NET CURRENT LIABILITIES (6,635) (1,570)
TOTAL ASSETS LESS CURRENT LIABILITIES 1,820 853
PROVISIONS FOR LIABILITIES (1,418) (152)
NET ASSETS 402 701
CAPITAL AND RESERVES
Called up share capital 101 101
Profit and loss account 301 600
SHAREHOLDERS' FUNDS 402 701
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.
Mrs A Carter
Director
Approved by the board on 12 September 2017
A CARTER ELECTRICAL LIMITED
NOTES TO THE ACCOUNTS
for the year ended 31 March 2017
1 ACCOUNTING POLICIES
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A small entities.
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.
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 25% reducing balance
Motor vehicles 25% reducing balance
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 EMPLOYEES 2017 2016
Number Number
Average number of persons employed by the company 8 7
3 TANGIBLE FIXED ASSETS
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2016 8,556 26,655 35,211
Additions 291 7,495 7,786
At 31 March 2017 8,847 34,150 42,997
Depreciation
At 1 April 2016 8,016 24,772 32,788
Charge for the year 190 1,564 1,754
At 31 March 2017 8,206 26,336 34,542
Net book value
At 31 March 2017 641 7,814 8,455
At 31 March 2016 540 1,883 2,423
4 DEBTORS 2017 2016
£ £
Trade debtors 99,593 67,588
Other debtors 821 899
100,414 68,487
5 CREDITORS: amounts falling due within one year 2017 2016
£ £
Trade creditors 26,394 13,765
Corporation tax 9,908 7,595
Other taxes and social security costs 24,201 31,592
Other creditors 100,235 49,852
160,738 102,804
6 RELATED PARTY TRANSACTIONS
At the balance sheet date an amount of £99,121 (2016: £48,900) was owed to Mr and Mrs Carter, the directors. The amount was unsecured, interest free, and has no fixed repayment date.
7 CONTROLLING PARTY
In the opinion of the directors, the ultimate controlling party of the company is Mr and Mrs Carter by virtue of their majority shareholding.
8 OTHER INFORMATION
A Carter Electrical Limited is a private company limited by shares and incorporated in England. Its registered office is:
Tredecim
Pingle Lane
Belper
Derby
DE56 1DW
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