Company Registration No. 05288378 (England and Wales)
ARC PRODUCTS & SERVICES LIMITED T/A ARC ELECTRICAL
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
ARC PRODUCTS & SERVICES LIMITED T/A ARC ELECTRICAL
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ARC PRODUCTS & SERVICES LIMITED T/A ARC ELECTRICAL (REGISTERED NUMBER: 05288378)
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
6,261
Current assets
Stocks
9,781
9,720
Debtors
4
131,216
130,201
Cash at bank and in hand
16,343
27,513
157,340
167,434
Creditors: amounts falling due within one year
5
(221,606)
(148,787)
Net current (liabilities)/assets
(64,266)
18,647
Total assets less current liabilities
(64,266)
24,908
Provisions for liabilities
(831)
(1,083)
Net (liabilities)/assets
(65,097)
23,825
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(65,197)
23,725
Total equity
(65,097)
23,825
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
ARC PRODUCTS & SERVICES LIMITED T/A ARC ELECTRICAL (REGISTERED NUMBER: 05288378)
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 November 2018 and are signed on its behalf by:
L R Field
Director
ARC PRODUCTS & SERVICES LIMITED T/A ARC ELECTRICAL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
Arc Products & Services Limited T/A Arc Electrical is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5th Floor, 34 Threadneedle Street, London, EC2R 8AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £
1
.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% reducing balance
Computer equipment
20% on cost
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
ARC PRODUCTS & SERVICES LIMITED T/A ARC ELECTRICAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7 (2016 - 8).
ARC PRODUCTS & SERVICES LIMITED T/A ARC ELECTRICAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2017
49,387
Additions
940
Disposals
(50,327)
At 31 December 2017
-
Depreciation and impairment
At 1 January 2017
43,126
Depreciation charged in the year
1,859
Eliminated in respect of disposals
(44,985)
At 31 December 2017
-
Carrying amount
At 31 December 2017
-
At 31 December 2016
6,261
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
126,148
124,849
Other debtors
5,068
5,352
131,216
130,201
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
1,312
-
Trade creditors
59,438
58,820
Amounts due to group undertakings
136,533
65,738
Corporation tax
-
753
Other taxation and social security
6,241
16,060
Other creditors
18,082
7,416
221,606
148,787
ARC PRODUCTS & SERVICES LIMITED T/A ARC ELECTRICAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
97 Ordinary shares of £1 each
97
100
1 Ordinary A of £1 each
1
-
1 Ordinary B of £1 each
1
-
1 Ordinary C of £1 each
1
-
100
100
7
Related party transactions
During the year the company purchases services totalling £180,000 from Field Business Holdings Limited, At the year end the company owed £136,533 to Field Business Holdings, a connected company.
8
Parent company
The company is controlled by Field Business Holdings Limited.