Company Registration No. 10821685 (England and Wales)
LPM ELECTRICAL LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
LPM ELECTRICAL LIMITED
CONTENTS
Page
Director's report
1
Profit and loss account
2
Balance sheet
3
Notes to the financial statements
4 - 5
The following pages do not form part of the statutory accounts:
Detailed trading and profit and loss account
6 - 7
LPM ELECTRICAL LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2019
- 1 -
The director presents his annual report and financial statements for the year ended 30 June 2019.
Principal activities
The principal activity of the company is that of Electricians
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
L McDevitt
Results and dividends
Ordinary dividends were paid amounting to £28,000.
Director's interests
The director's interest in the shares of the company was as stated below:
Ordinary shares of £1 each
30 June 2019
30 June 2018
L McDevitt
100
100
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
L McDevitt
Director
29 November 2019
LPM ELECTRICAL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2019
- 2 -
period
ended
30 June
30 June
2019
2018
Notes
£
£
Turnover
65,710
51,856
Cost of sales
(6,827)
(5,421)
Gross profit
58,883
46,435
Administrative expenses
(19,544)
(17,097)
Profit before taxation
39,339
29,338
Taxation
(7,505)
(5,453)
Profit for the financial year
31,834
23,885
LPM ELECTRICAL LIMITED
BALANCE SHEET
AS AT
30 JUNE 2019
30 June 2019
- 3 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
478
637
Current assets
Stock and work in progress
1,190
930
Debtors
3
15,419
10,368
Cash at bank and in hand
1,847
150
18,456
11,448
Creditors: amounts falling due within one year
4
(14,115)
(11,100)
Net current assets
4,341
348
Total assets less current liabilities
4,819
985
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
4,719
885
Total equity
4,819
985
For the financial year ended 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared 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 29 November 2019
L McDevitt
Director
Company Registration No. 10821685
LPM ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 4 -
1
Accounting policies
Company information
LPM ELECTRICAL LIMITED is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
10 Westwood Avenue, Hitchin, Herts, SG4 9LH.
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, 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 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 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:
Plant and equipment
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.
1.5
Cash and cash equivalents
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.
LPM ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 5 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2018 and 30 June 2019
849
Depreciation and impairment
At 1 July 2018
212
Depreciation charged in the year
159
At 30 June 2019
371
Carrying amount
At 30 June 2019
478
At 30 June 2018
637
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
15,419
10,368
4
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
422
2,607
Corporation tax
12,958
5,453
Other creditors
735
3,040
14,115
11,100
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Authorised
100 Ordinary shares of £1 each
100
100
Issued and fully paid
100 Ordinary shares of £1 each
100
100
LPM ELECTRICAL LIMITED
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2019
- 6 -
Period
ended
30 June
30 June
2019
2018
£
£
£
£
Turnover
Sales
65,710
51,856
Cost of sales
Opening stock and work in progress
930
-
Materials
3,647
4,556
Closing stock and work in progress
(1,190)
(930)
Subcontracted services
2,664
-
Waste disposal
776
1,795
(6,827)
(5,421)
Gross profit
58,883
46,435
Administrative expenses
(19,544)
(17,097)
Operating profit
39,339
29,338
LPM ELECTRICAL LIMITED
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 30 JUNE 2019
- 7 -
Period
ended
30 June
30 June
2019
2018
£
£
Administrative expenses
Training
-
27
Directors' remuneration
8,445
8,200
Office Rent
1,200
1,200
Repairs and renewals
487
356
Computer and internet services
168
112
Motor expenses
4,865
3,093
Travel and accomodation expenses
2,564
1,491
Legal and professional fees
-
136
Accountancy
840
840
Bank charges
87
-
Uniform
-
318
Insurances
107
96
Printing and stationery
121
78
Advertising
-
35
Mobile telephone
488
890
Sundry expenses
13
13
Depreciation
159
212
19,544
17,097