Registration number:
One Complete Installations
for the Year Ended 31 May 2020
One Complete Installations
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
One Complete Installations
Company Information
Director |
Mr Carl Hynes |
Registered office |
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Accountants |
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One Complete Installations
Director's Report for the Year Ended 31 May 2020
The director presents his report and the abridged financial statements for the year ended 31 May 2020.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is contracting work
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Mr Carl Hynes
Director
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
One Complete Installations
for the Year Ended 31 May 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of One Complete Installations for the year ended 31 May 2020 as set out on pages 4 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of One Complete Installations, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of One Complete Installations and state those matters that we have agreed to state to the Board of Directors of One Complete Installations, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than One Complete Installations and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that One Complete Installations has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of One Complete Installations. You consider that One Complete Installations is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of One Complete Installations. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Wrexham Technology park
Wrexham
LL13 7YP
One Complete Installations
(Registration number: 10773966)
Abridged Balance Sheet as at 31 May 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
One Complete Installations
(Registration number: 10773966)
Abridged Balance Sheet as at 31 May 2020
Approved and authorised by the
.........................................
Mr Carl Hynes
Director
One Complete Installations
Notes to the Abridged Financial Statements for the Year Ended 31 May 2020
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
One Complete Installations
Notes to the Abridged Financial Statements for the Year Ended 31 May 2020
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
25% straight line basis |
Vehicles |
25% straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
One Complete Installations
Notes to the Abridged Financial Statements for the Year Ended 31 May 2020
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2020 |
2019 |
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Depreciation expense |
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Tangible assets |
Total |
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Cost or valuation |
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At 1 June 2019 |
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Disposals |
( |
At 31 May 2020 |
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Depreciation |
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At 1 June 2019 |
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Charge for the year |
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At 31 May 2020 |
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Carrying amount |
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At 31 May 2020 |
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At 31 May 2019 |
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Dividends |
Final dividends paid
2020 |
2019 |
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Final dividend of £
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- |
One Complete Installations
Detailed Profit and Loss Account for the Year Ended 31 May 2020
2020 |
2019 |
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Turnover (analysed below) |
210,826 |
244,057 |
Cost of sales (analysed below) |
(132,791) |
(108,487) |
Gross profit |
78,035 |
135,570 |
Gross profit (%) |
37.01% |
55.55% |
Administrative expenses |
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Employment costs (analysed below) |
(19,014) |
(15,149) |
Establishment costs (analysed below) |
(1,412) |
(1,357) |
General administrative expenses (analysed below) |
(20,888) |
(21,747) |
Finance charges (analysed below) |
(81) |
(26) |
Depreciation costs (analysed below) |
(3,476) |
(3,497) |
(44,871) |
(41,776) |
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Other operating income (analysed below) |
3,393 |
- |
Operating profit |
36,557 |
93,794 |
Interest payable and similar expenses (analysed below) |
- |
(46) |
Profit before tax |
36,557 |
93,748 |
One Complete Installations
Detailed Profit and Loss Account for the Year Ended 31 May 2020
2020 |
2019 |
Turnover |
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Sale of goods, UK |
210,826 |
244,057 |
Cost of sales |
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Purchases |
60,090 |
35,203 |
Direct costs |
7,215 |
5,146 |
Subcontract cost |
65,486 |
68,138 |
132,791 |
108,487 |
Employment costs |
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Directors remuneration |
(17,625) |
(14,366) |
Directors NIC (Employers) |
(1,389) |
(783) |
(19,014) |
(15,149) |
Establishment costs |
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Insurance |
(1,412) |
(1,357) |
General administrative expenses |
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Telephone and fax |
(586) |
(781) |
Printing, postage and stationery |
(171) |
(276) |
Sundry expenses |
(587) |
(98) |
Motor expenses |
(10,584) |
(13,005) |
Travel and subsistence |
(7,322) |
(6,159) |
Accountancy fees |
(1,638) |
(1,428) |
(20,888) |
(21,747) |
Finance charges |
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Bank charges |
(81) |
(26) |
Depreciation costs |
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Depreciation of fixtures and fittings (owned) |
(101) |
(122) |
Depreciation of motor vehicles (owned) |
(3,375) |
(3,375) |
(3,476) |
(3,497) |
Other operating income |
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Other operating income |
3,393 |
- |