Company Registration No. 05397040 (England and Wales)
DNE ELECTRICAL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
DNE ELECTRICAL SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
DNE ELECTRICAL SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
10,353
Current assets
Stocks
-
2,500
Debtors
5
16,681
50,420
Cash at bank and in hand
348
5,469
17,029
58,389
Creditors: amounts falling due within one year
6
(16,929)
(40,609)
Net current assets
100
17,780
Total assets less current liabilities
100
28,133
Provisions for liabilities
-
(1,967)
Net assets
100
26,166
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
8
-
26,066
Total equity
100
26,166
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
The notes on pages 3 - 6 form an integral part of these financial statements.
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and FRS102 Section 1A.
DNE ELECTRICAL SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 9 December 2019
D Nowers
Director
Company Registration No. 05397040
DNE ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
DNE Electrical Services Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Airport House, Suite 43-45, Purley Way, Croydon, Surrey, CR0 0XZ.
The principal activity of the company continued to be that of electrical contractors.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of trade discounts.
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:
Computer equipment
25% Reducing Balance
Motor vehicles
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
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DNE ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed
at the balance sheet date.
1.6
Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of income
and retained earnings
in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
1.7
Pensions
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once thecontributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 1).
2019
2018
Number
Number
Director
1
1
1
1
DNE ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2018 and 31 March 2019
15,000
Amortisation and impairment
At 1 April 2018 and 31 March 2019
15,000
Carrying amount
At 31 March 2019
-
At 31 March 2018
-
4
Tangible fixed assets
Computer equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2018
2,850
11,679
14,529
Disposals
(2,850)
(11,679)
(14,529)
At 31 March 2019
-
-
-
Depreciation and impairment
At 1 April 2018
1,257
2,919
4,176
Eliminated in respect of disposals
(1,257)
(2,919)
(4,176)
At 31 March 2019
-
-
-
Carrying amount
At 31 March 2019
-
-
-
At 31 March 2018
1,593
8,760
10,353
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
17,676
Other debtors
16,681
32,744
16,681
50,420
The director considers the carrying value of trade and other receivables approximate to their fair values.
DNE ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
-
11,641
Corporation tax
1,740
24,587
Other creditors
13,988
1,338
Accruals and deferred income
1,201
3,043
16,929
40,609
The director considers the carrying amounts of current liabilities approximate to their fair values.
7
Pension commitments
The company operates a defined contribution pension scheme . The assets of the scheme are held
separately from those of the company in an independently administered fund. The pension costs charge
represents contributions payable by the company to the fund and amounted to £
3
,
375
(201
8
- £
4,
50
0
)
Contribution totalling £Nil (201
8
- Nil) were payable to fund at balance sheet date and are included in creditors
8
Reserves
Profit and loss reserves
The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.
9
Related party transactions
As at the balance sheet date, included in other creditors is amount owed to director Darren John Nowers of £
13,
9
88
(201
8
- £1
,338
).