Registration number:
Universal Electrical Services (Scotland) Ltd.
for the Year Ended 31 January 2021
Universal Electrical Services (Scotland) Ltd.
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Accountants' Report |
Universal Electrical Services (Scotland) Ltd.
Company Information
Director |
Mr Robert Graham Leishman |
Registered office |
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Accountants |
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Universal Electrical Services (Scotland) Ltd.
(Registration number: SC227399)
Balance Sheet as at 31 January 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
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Net (liabilities)/assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' (deficit)/funds |
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For the financial year ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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 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 Profit and Loss Account has been taken.
Approved and authorised by the
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Universal Electrical Services (Scotland) Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
General information |
The company is a private company limited by share capital, incorporated in Scotland.
Accounting policies |
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.
Going concern
It is the opinion of the director that there is reasonable expectation that the company has adequate resources to continue operations for the foreseeable future. For this reason the going concern basis has been adopted in preparing the financial statements for the period ended 31 January 2021.
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.
Universal Electrical Services (Scotland) Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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 |
Improvements to property |
Straight line at 2.5% |
Plant and machinery |
Reducing balance at 25% |
Motor vehicles |
Reducing balance at 25% |
Computer equipment |
Straight line at 33% |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Financial instruments
Classification
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Employees and Directors |
The average number of persons employed by the company (including the director) during the year, was
Universal Electrical Services (Scotland) Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Directors' remuneration
The director's remuneration for the year was as follows:
2021 |
2020 |
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Remuneration |
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Taxation |
The tax charge on the profit for the year was as follows:
2021 |
2020 |
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UK corporation tax |
(1,742) |
2,496 |
Deferred tax |
(85) |
3,864 |
Tax on profit |
(1,827) |
6,360 |
Tangible assets |
Land and buildings |
Plant and machinery |
Office equipment |
Motor vehicles |
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Cost or valuation |
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At 1 February 2020 |
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Additions |
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Disposals |
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( |
( |
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At 31 January 2021 |
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Depreciation |
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At 1 February 2020 |
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Charge for the year |
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Eliminated on disposal |
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At 31 January 2021 |
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Carrying amount |
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At 31 January 2021 |
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At 31 January 2020 |
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Universal Electrical Services (Scotland) Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Total |
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Cost or valuation |
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At 1 February 2020 |
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Additions |
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Disposals |
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At 31 January 2021 |
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Depreciation |
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At 1 February 2020 |
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Charge for the year |
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Eliminated on disposal |
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At 31 January 2021 |
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Carrying amount |
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At 31 January 2021 |
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At 31 January 2020 |
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Included within the net book value of land and buildings above is £341 (2020 - £353) in respect of freehold land and buildings.
Stocks |
2021 |
2020 |
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Other inventories |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Universal Electrical Services (Scotland) Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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Universal Electrical Services (Scotland) Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows:
2021 |
2020 |
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Within one year |
4,580 |
4,580 |
4,580 |
4,580 |
Related party transactions |
Creditors include the following amounts which are owed to individuals who were directors of the company during the year:
2021 |
2020 |
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Mr Robert Graham Leishman |
5,168 |
12,927 |
5,168 |
12,927 |
The maximum balance outstanding during the year amounted to £12,927.
The directors current accounts are repayable on demand.
Included within other creditors is an amount owed to an individual who was a shareholder of the company during the year. Total loans outstanding were £5,168 (2020: £12,927). The loan is repayable on demand.
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Universal Electrical Services (Scotland) Ltd.
for the Year Ended 31 January 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Universal Electrical Services (Scotland) Ltd. for the year ended 31 January 2021 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.
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.
This report is made solely to the Board of Directors of Universal Electrical Services (Scotland) Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Universal Electrical Services (Scotland) Ltd. and state those matters that we have agreed to state to the Board of Directors of Universal Electrical Services (Scotland) Ltd., 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 Universal Electrical Services (Scotland) Ltd. and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Universal Electrical Services (Scotland) Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Universal Electrical Services (Scotland) Ltd.. You consider that Universal Electrical Services (Scotland) Ltd. is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Universal Electrical Services (Scotland) Ltd.. 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 accounts.
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Gateway Business Park
Beancross Road
Grangemouth
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