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No description of principal activity
2020-11-01
Sage Accounts Production Advanced 2021 - FRS102_2021
20,456
2,313
14,456
8,313
19,706
578
13,706
6,578
1,735
750
xbrli:pure
xbrli:shares
iso4217:GBP
07823753
2020-11-01
2021-10-31
07823753
2021-10-31
07823753
2020-10-31
07823753
2019-11-01
2020-10-31
07823753
2020-10-31
07823753
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2020-11-01
2021-10-31
07823753
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2020-11-01
2021-10-31
07823753
bus:LeadAgentIfApplicable
2020-11-01
2021-10-31
07823753
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2020-11-01
2021-10-31
07823753
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2020-11-01
2021-10-31
07823753
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2020-10-31
07823753
core:MotorVehicles
2021-10-31
07823753
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2021-10-31
07823753
core:WithinOneYear
2020-10-31
07823753
core:ShareCapital
2021-10-31
07823753
core:ShareCapital
2020-10-31
07823753
core:RetainedEarningsAccumulatedLosses
2021-10-31
07823753
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2020-10-31
07823753
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2020-10-31
07823753
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2020-11-01
2021-10-31
07823753
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2020-11-01
2021-10-31
07823753
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2020-11-01
2021-10-31
07823753
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2020-11-01
2021-10-31
07823753
bus:PrivateLimitedCompanyLtd
2020-11-01
2021-10-31
COMPANY REGISTRATION NUMBER:
07823753
PETER CONWAY ELECTRICALS LIMITED
|
|
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
PETER CONWAY ELECTRICALS LIMITED
|
|
YEAR ENDED 31 OCTOBER 2021
Officers and Professional Advisers
|
1
|
|
|
Statement of Financial Position
|
2
|
|
|
Notes to the Financial Statements
|
4
|
|
|
PETER CONWAY ELECTRICALS LIMITED
|
|
OFFICERS AND PROFESSIONAL ADVISERS
|
|
THE BOARD OF DIRECTORS
P J Conway
|
|
|
|
- Director
E I Conway
- Director
REGISTERED NUMBER
07823753
REGISTERED OFFICE
|
35a High Street
|
|
Potters Bar
|
|
EN6 5AJ
|
|
|
ACCOUNTANTS
|
Gallagher & Brocklehurst
|
|
Accountants
|
|
35a High Street
|
|
Potters Bar
|
|
Hertfordshire
|
|
EN6 5AJ
|
|
|
Santander
PO Box 382
21 Prescot St.
London
E1 8AD
PETER CONWAY ELECTRICALS LIMITED
|
|
STATEMENT OF FINANCIAL POSITION
|
|
31 October 2021
FIXED ASSETS
Tangible assets
|
4
|
1,735
|
750
|
|
|
|
|
CURRENT ASSETS
Stocks
|
17,973
|
46,663
|
Debtors
|
5
|
654,370
|
665,045
|
Cash at bank and in hand
|
424,280
|
88,201
|
|
------------
|
----------
|
|
1,096,623
|
799,909
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
6
|
(
739,900)
|
(
575,919)
|
|
------------
|
----------
|
NET CURRENT ASSETS
|
356,723
|
223,990
|
|
----------
|
----------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
358,458
|
224,740
|
|
----------
|
----------
|
NET ASSETS
|
358,458
|
224,740
|
|
----------
|
----------
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital
|
2
|
2
|
Profit and loss account
|
358,456
|
224,738
|
|
----------
|
----------
|
SHAREHOLDERS FUNDS
|
358,458
|
224,740
|
|
----------
|
----------
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2021 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
.
PETER CONWAY ELECTRICALS LIMITED
|
|
STATEMENT OF FINANCIAL POSITION (continued)
|
|
31 October 2021
These financial statements were approved by the
board of directors
and authorised for issue on
25 July 2022
, and are signed on behalf of the board by:
Company registration number:
07823753
PETER CONWAY ELECTRICALS LIMITED
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 OCTOBER 2021
1.
GENERAL INFORMATION
Peter Conway Electricals Limited is a private company, limited by shares, and incorporated in England and Wales. The company registration number is
07823753
and the registered office is 35A High Street, Potters Bar, EN6 5AJ. The principal activity of the company is electrical installation.
2.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable aremeasured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Interest income
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
|
Motor vehicles
|
-
|
25% straight line
|
|
|
|
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
3.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
2
(2020:
2
).
4.
TANGIBLE ASSETS
|
Motor vehicles
|
|
£
|
Cost
|
|
At 1 November 2020
|
20,456
|
Additions
|
2,313
|
Disposals
|
(
14,456)
|
|
--------
|
At 31 October 2021
|
8,313
|
|
--------
|
Depreciation
|
|
At 1 November 2020
|
19,706
|
Charge for the year
|
578
|
Disposals
|
(
13,706)
|
|
--------
|
At 31 October 2021
|
6,578
|
|
--------
|
Carrying amount
|
|
At 31 October 2021
|
1,735
|
|
--------
|
At 31 October 2020
|
750
|
|
--------
|
|
|
5.
DEBTORS
|
2021
|
2020
|
|
£
|
£
|
Trade debtors
|
341,994
|
298,944
|
Other debtors
|
312,376
|
366,101
|
|
----------
|
----------
|
|
654,370
|
665,045
|
|
----------
|
----------
|
|
|
|
6.
CREDITORS:
amounts falling due within one year
|
2021
|
2020
|
|
£
|
£
|
Trade creditors
|
178,301
|
57,865
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
450,000
|
450,000
|
Corporation tax
|
47,088
|
–
|
Other creditors
|
64,511
|
68,054
|
|
----------
|
----------
|
|
739,900
|
575,919
|
|
----------
|
----------
|
|
|
|
7.
FINANCIAL INSTRUMENTS
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
8.
TRANSACTIONS WITH DIRECTORS
During the year the company made advances totalling £13,048 (2020: £4,970) to Mr
P J Conway
, the director, and received credits of £76,451 (2020: £73,315). Interest of £Nil (2020: £1,394) has been charged at commercial rates on overdrawn balances. As at 31 October 2021, Mr P J Conway
is owed £65 from the company (2020: Mr P J Conway
Owed the Company £63,338). The loan is unsecured and repayable on demand.
9.
CONTROLLING PARTY
The directors have ultimate control of the company by virture of holding all the issued share capital of Peter Conway Holdings Limited and were therefore the controlling parties throughout the year.