Company Registration No. 7130892 (England and Wales)
C M LONEY ELECTRICAL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
C M LONEY ELECTRICAL SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
C M LONEY ELECTRICAL SERVICES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,499
19,115
Current assets
Stocks
2,750
3,250
Debtors
4
23,378
12,558
Cash at bank and in hand
147,174
130,642
173,302
146,450
Creditors: amounts falling due within one year
5
(34,649)
(41,637)
Net current assets
138,653
104,813
Net assets
153,152
123,928
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
153,052
123,828
Total equity
153,152
123,928
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 31 August 2021
Mr C M Loney
Director
Company Registration No. 7130892
C M LONEY ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
1
Accounting policies
Company information
C M Loney Electrical Services Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit D1 Wagon Yard, London Road, Marlborough, Wiltshire, SN8 1LH.
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 £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation
.
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:
Plant and machinery
15% reducing balance
Computer equipment
33% reducing balance
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
valued at the lower of cost and net realisable value.
1.5
Cash at bank and in hand
Cash and cash equivalents
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
.
C M LONEY ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
6
6
C M LONEY ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2020 and 31 March 2021
41,814
Depreciation and impairment
At 1 April 2020
22,699
Depreciation charged in the year
4,616
At 31 March 2021
27,315
Carrying amount
At 31 March 2021
14,499
At 31 March 2020
19,115
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
19,168
9,444
Other debtors
4,210
3,114
23,378
12,558
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
3,759
2,666
Corporation tax
15,299
18,477
Other taxation and social security
12,721
12,053
Other creditors
2,870
8,441
34,649
41,637