Registered number
04507997
Service Appliances Limited
Filleted Accounts
31 March 2023
Service Appliances Limited
Registered number: 04507997
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 4,212 5,763
Investments 5 15,168 13,627
19,380 19,390
Current assets
Stocks 46,430 43,990
Debtors 6 7,743 8,097
Cash at bank and in hand 67,506 81,319
121,679 133,406
Creditors: amounts falling due within one year 7 (42,995) (47,361)
Net current assets 78,684 86,045
Total assets less current liabilities 98,064 105,435
Creditors: amounts falling due after more than one year 8 (9,719) (13,616)
Provisions for liabilities (800) (1,095)
Net assets 87,545 90,724
Capital and reserves
Called up share capital 100 100
Fair value reserve 6 12,918 11,377
Profit and loss account 74,527 79,247
Shareholders' funds 87,545 90,724
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Robert Smith
Director
Approved by the board on 9 October 2023
Service Appliances Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% Reducing balance
Equipment 15% Reducing balance/3 Years straight line
Leasehold Improvements 4 years straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 20,400
At 31 March 2023 20,400
Amortisation
At 1 April 2022 20,400
At 31 March 2023 20,400
Net book value
At 31 March 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Leasehold Improvements Motor vehicles Equipment Total
£ £ £ £
Cost
At 1 April 2022 2,142 13,195 4,231 19,568
At 31 March 2023 2,142 13,195 4,231 19,568
Depreciation
At 1 April 2022 1,071 10,065 2,669 13,805
Charge for the year 535 782 234 1,551
At 31 March 2023 1,606 10,847 2,903 15,356
Net book value
At 31 March 2023 536 2,348 1,328 4,212
At 31 March 2022 1,071 3,130 1,562 5,763
5 Investments
Other
investments
£
Cost
At 1 April 2022 13,627
Revaluation 1,541
At 31 March 2023 15,168
6 Debtors 2023 2022
£ £
Trade debtors 1,368 1,472
Other debtors 6,375 6,625
7,743 8,097
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 3,865 3,830
Trade creditors 21,908 24,870
Taxation and social security costs 13,885 16,472
Other creditors 3,337 2,189
42,995 47,361
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 9,719 13,616
9 Revaluation reserve 2023 2022
£ £
At 1 April 2022 11,377 11,377
Value adjustments on fixed asset investments 1,541 -
At 31 March 2023 12,918 11,377
10 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 25,500 26,500
11 Other information
Service Appliances Limited is a private company limited by shares and incorporated in England. Its registered office is:
5B Sunrise Business Park
Higher Shaftesbury Road
Blandford Forum
Dorset
DT11 8ST
Service Appliances Limited 04507997 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts October 2023 Mr Robert Smith No description of principal activity 04507997 2021-04-01 2022-03-31 04507997 core:WithinOneYear 2022-03-31 04507997 core:AfterOneYear 2022-03-31 04507997 core:ShareCapital 2022-03-31 04507997 core:OtherReservesSubtotal 2022-03-31 04507997 core:RetainedEarningsAccumulatedLosses 2022-03-31 04507997 core:AllPeriods 2022-03-31 04507997 core:RevaluationReserve 2021-03-31 04507997 2022-04-01 2023-03-31 04507997 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04507997 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04507997 bus:Director40 2022-04-01 2023-03-31 04507997 core:LandBuildings 2022-04-01 2023-03-31 04507997 core:PlantMachinery 2022-04-01 2023-03-31 04507997 core:Vehicles 2022-04-01 2023-03-31 04507997 countries:England 2022-04-01 2023-03-31 04507997 bus:FRS102 2022-04-01 2023-03-31 04507997 bus:FullAccounts 2022-04-01 2023-03-31 04507997 2023-03-31 04507997 core:WithinOneYear 2023-03-31 04507997 core:AfterOneYear 2023-03-31 04507997 core:ShareCapital 2023-03-31 04507997 core:OtherReservesSubtotal 2023-03-31 04507997 core:RetainedEarningsAccumulatedLosses 2023-03-31 04507997 core:Goodwill 2023-03-31 04507997 core:LandBuildings 2023-03-31 04507997 core:PlantMachinery 2023-03-31 04507997 core:Vehicles 2023-03-31 04507997 core:RevaluationsIncreaseDecreaseInInvestments 2023-03-31 04507997 core:RevaluationReserve 2023-03-31 04507997 core:AllPeriods 2023-03-31 04507997 2022-03-31 04507997 core:Goodwill 2022-03-31 04507997 core:LandBuildings 2022-03-31 04507997 core:PlantMachinery 2022-03-31 04507997 core:Vehicles 2022-03-31 04507997 core:RevaluationReserve 2022-03-31 iso4217:GBP xbrli:pure