Company Registration No. 10821685 (England and Wales)
LPM ELECTRICAL LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2018
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 PERIOD ENDED 30 JUNE 2018
- 1 -
The director presents his annual report and financial statements for the period ended 30 June 2018.
Principal activities
The principal activity of the company is that of Electricians
Director
The director who held office during the period 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 £23,000.
Director's interests
The director's interest in the shares of the company was as stated below:
Ordinary shares of £1 each
30 June 2018
L McDevitt
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
26 October 2018
LPM ELECTRICAL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 JUNE 2018
- 2 -
period
ended
30 June
2018
Notes
£
Turnover
51,856
Cost of sales
(5,421)
Gross profit
46,435
Administrative expenses
(17,097)
Profit before taxation
29,338
Taxation
(5,453)
Profit for the financial period
23,885
LPM ELECTRICAL LIMITED
BALANCE SHEET
AS AT
30 JUNE 2018
30 June 2018
- 3 -
2018
Notes
£
£
Fixed assets
Tangible assets
2
637
Current assets
Stock and work in progress
930
Debtors
3
10,368
Cash at bank and in hand
150
11,448
Creditors: amounts falling due within one year
4
(11,100)
Net current assets
348
Total assets less current liabilities
985
Capital and reserves
Called up share capital
5
100
Profit and loss reserves
885
Total equity
985
For the financial period ended 30 June 2018 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 period 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 26 October 2018
L McDevitt
Director
Company Registration No. 10821685
LPM ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2018
- 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 PERIOD ENDED 30 JUNE 2018
- 5 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 16 June 2017
-
Additions
849
At 30 June 2018
849
Depreciation and impairment
At 16 June 2017
-
Depreciation charged in the period
212
At 30 June 2018
212
Carrying amount
At 30 June 2018
637
3
Debtors
2018
Amounts falling due within one year:
£
Trade debtors
10,368
4
Creditors: amounts falling due within one year
2018
£
Trade creditors
2,607
Corporation tax
5,453
Other creditors
3,040
11,100
5
Called up share capital
2018
£
Ordinary share capital
Authorised
100 Ordinary shares of £1 each
100
Issued and fully paid
100 Ordinary shares of £1 each
100
LPM ELECTRICAL LIMITED
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 JUNE 2018
- 6 -
Period
ended
30 June
2018
£
£
Turnover
Sales
51,856
Cost of sales
Materials
4,556
Closing stock and work in progress
(930)
Waste disposal
1,795
(5,421)
Gross profit
46,435
Administrative expenses
(17,097)
Operating profit
29,338
LPM ELECTRICAL LIMITED
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE PERIOD ENDED 30 JUNE 2018
- 7 -
Period
ended
30 June
2018
£
Administrative expenses
Training
27
Directors' remuneration
8,200
Office Rent
1,200
Repairs and renewals
356
Computer and internet services
112
Motor expenses
3,093
Travel and accomodation expenses
1,491
Legal and professional fees
136
Accountancy
840
Uniform
318
Insurances
96
Printing and stationery
78
Advertising
35
Mobile telephone
890
Sundry expenses
13
Depreciation
212
17,097