Registration number:
Bainbridge Electrical Limited
for the Year Ended 31 March 2019
(taking advantage of s444 of the Companies Act 2006)
Bainbridge Electrical Limited
(Registration number: 3741938)
Balance Sheet as at 31 March 2019
Note |
2019 |
2018 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Page 1 |
Bainbridge Electrical Limited
(Registration number: 3741938)
Balance Sheet as at 31 March 2019
For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' report and Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 2 |
Bainbridge Electrical Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These 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 and deferred 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Page 3 |
Bainbridge Electrical Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
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 |
Leasehold improvement |
5% straight line |
IT equipment |
33% straight line |
Vehicles |
20% reducing balance |
Other equipment, furniture etc |
10% reducing balance |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 4 |
Bainbridge Electrical Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 April 2018 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
- |
( |
( |
At 31 March 2019 |
|
|
|
|
Depreciation |
||||
At 1 April 2018 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 31 March 2019 |
|
|
|
|
Carrying amount |
||||
At 31 March 2019 |
|
|
|
|
At 31 March 2018 |
|
|
|
|
Included within the net book value of land and buildings above is £5,532 (2018 - £9,834) in respect of short leasehold land and buildings.
Stocks |
2019 |
2018 |
|
Work in progress |
|
|
Other inventories |
|
|
|
|
Debtors |
Note |
2019 |
2018 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
|
Other debtors |
|
- |
|
Prepayments and accrued income |
20,427 |
9,488 |
|
Total current trade and other debtors |
|
|
Page 5 |
Bainbridge Electrical Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
- |
|
Trade creditors |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
|
Taxation and social security |
|
|
|
Accruals and deferred income |
41,219 |
76,607 |
|
|
|
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £144,696 (2018 - £Nil).
Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
|
Due after one year |
|||
Loans and borrowings |
|
- |
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £61,872 (2018 - £Nil).
Loans and borrowings |
2019 |
2018 |
|
Non-current loans and borrowings |
||
Finance lease liabilities |
|
- |
Page 6 |
Bainbridge Electrical Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
2019 |
2018 |
|
Current loans and borrowings |
||
Finance lease liabilities |
|
- |
Other borrowings |
|
- |
|
- |
Related party transactions |
Summary of transactions with parent
Income and receivables from related parties
2019 |
Parent |
Amounts receivable from related party |
|
2018 |
Parent |
Amounts receivable from related party |
|
Expenditure with and payables to related parties
2019 |
Parent |
Rendering of services |
|
2018 |
Parent |
Rendering of services |
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
Page 7 |