COMPANY REGISTRATION NUMBER:
08377817
Westlon Electrical Contractors Limited
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Filleted Unaudited Abridged Financial Statements
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Westlon Electrical Contractors Limited
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Abridged Financial Statements
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Year ended 31 January 2022
Abridged statement of financial position
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1
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Notes to the abridged financial statements
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3
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Westlon Electrical Contractors Limited
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Abridged Statement of Financial Position
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31 January 2022
Fixed assets
Tangible assets
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5
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9,968
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13,291
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Current assets
Debtors
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176,783
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154,404
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Cash at bank and in hand
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17,711
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2,461
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---------
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---------
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194,494
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156,865
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Creditors: amounts falling due within one year
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155,043
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124,705
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---------
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---------
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Net current assets
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39,451
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32,160
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--------
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--------
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Total assets less current liabilities
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49,419
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45,451
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Creditors: amounts falling due after more than one year
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48,996
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43,915
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--------
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--------
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Net assets
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423
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1,536
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--------
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--------
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Capital and reserves
Called up share capital
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1
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1
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Profit and loss account
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422
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1,535
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----
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-------
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Shareholders funds
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423
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1,536
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----
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-------
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These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
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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 abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 January 2022 in accordance with Section 444(2A) of the Companies Act 2006.
Westlon Electrical Contractors Limited
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Abridged Statement of Financial Position (continued)
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31 January 2022
These abridged financial statements were approved by the
board of directors
and authorised for issue on
28 November 2022
, and are signed on behalf of the board by:
Company registration number:
08377817
Westlon Electrical Contractors Limited
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Notes to the Abridged Financial Statements
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Year ended 31 January 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 64 Westfield Road, West Ealing, W13 9JA, London.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Plant & machinery
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-
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25% reducing balance
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Motor vehicle
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-
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25% reducing balance
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Equipment
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-
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2021:
3
).
5.
Tangible assets
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£
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Cost
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At 1 February 2021 and 31 January 2022
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28,600
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--------
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Depreciation
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At 1 February 2021
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15,309
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Charge for the year
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3,323
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At 31 January 2022
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18,632
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Carrying amount
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At 31 January 2022
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9,968
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At 31 January 2021
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13,291
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--------
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6.
Director's advances, credits and guarantees
At the year end the director owed the company £124,270(2021: £104,144).
7.
Related party transactions
During the year the company paid the director £29,000 (2021: £10,000)in dividends.