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REGISTERED NUMBER:
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R & M ELECTRICAL WHOLESALERS LIMITED |
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Unaudited Financial Statements |
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for the Year Ended 31 March 2018 |
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REGISTERED NUMBER:
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R & M ELECTRICAL WHOLESALERS LIMITED |
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Unaudited Financial Statements |
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for the Year Ended 31 March 2018 |
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R & M ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: SC207862) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Chartered Accountants' Report | 6 |
R & M ELECTRICAL WHOLESALERS LIMITED |
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Company Information |
for the Year Ended 31 March 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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28 Townsend Place |
Kirkcaldy |
Fife |
KY1 1HB |
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BANKERS: |
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R & M ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: SC207862) |
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Balance Sheet |
31 March 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
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R & M ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: SC207862) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2018 |
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1. | STATUTORY INFORMATION |
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R & M Electrical Wholesalers Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are presented in sterling which is the functional currency of the company and rounded to |
the nearest £. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and |
accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating |
as intended. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all |
costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and |
condition. Cost is calculated using the first-in, first-out basis. Provision is made for damaged, obsolete and |
slow-moving stock where appropriate. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
R & M ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: SC207862) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Employee benefits |
When employees have rendered service to the company, short-term employee benefits to which the employees |
are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
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Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
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Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance |
sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is |
estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an |
impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the |
impairment loss is a revaluation decrease. |
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Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past |
event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be |
reliably estimated. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
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fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2017 |
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Additions |
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Disposals | ( |
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At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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R & M ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: SC207862) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Corporation tax |
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Social security and other taxes |
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VAT | 28,533 | 12,878 |
Outstanding accounts | 10,703 | 9,844 |
Directors' current accounts | 20,900 | 900 |
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7. | SECURED DEBTS |
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Bank of Scotland hold a Bond and Floating Charge over the whole assets of the company. |
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8. | OTHER FINANCIAL COMMITMENTS |
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The total amount of financial commitments, guarantees and contingencies that are not included in the balance |
sheet is £14,448. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
R & M Electrical Wholesalers Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary |
statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of R & M Electrical Wholesalers Limited for the year ended 31 March 2018 which comprise the |
Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from |
information and explanations you have given us. |
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As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
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This report is made solely to the Board of Directors of R & M Electrical Wholesalers Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of R & M Electrical Wholesalers Limited and state those matters that we have agreed to state to the Board of Directors of R & M Electrical Wholesalers Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that R & M Electrical Wholesalers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of R & M Electrical Wholesalers Limited. You consider that R & M Electrical Wholesalers Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of R & M Electrical Wholesalers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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28 Townsend Place |
Kirkcaldy |
Fife |
KY1 1HB |
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