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Registration number: 09807269

SJS Electrical Contractors Limited

Annual Report and Unaudited Financial Statements

for the Period from 27 October 2021 to 29 October 2022

 

SJS Electrical Contractors Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

SJS Electrical Contractors Limited

Company Information

Directors

Mr S Sproston

Mr J Sproston

Registered office

3 Stadium Court
Plantation Road
Bromborough
Wirral
CH62 3QG

Accountants

G W Kelly & Company
Chartered Certified Accountants
3 Stadium Court
Plantation Road
Bromborough
Merseyside
CH62 3QG

 

SJS Electrical Contractors Limited

(Registration number: 09807269)
Balance Sheet as at 29 October 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

24,917

33,242

Current assets

 

Debtors

5

292,503

168,141

Cash at bank and in hand

 

39,514

95,268

 

332,017

263,409

Creditors: Amounts falling due within one year

6

(287,487)

(139,068)

Net current assets

 

44,530

124,341

Total assets less current liabilities

 

69,447

157,583

Creditors: Amounts falling due after more than one year

6

(59,757)

(150,600)

Provisions for liabilities

(4,734)

(6,316)

Net assets

 

4,956

667

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

4,955

666

Shareholders' funds

 

4,956

667

For the financial period ending 29 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their 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 Board on 26 October 2023 and signed on its behalf by:
 

.........................................
Mr S Sproston
Director

 

SJS Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Period from 27 October 2021 to 29 October 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
3 Stadium Court
Plantation Road
Bromborough
Wirral
CH62 3QG

The principal place of business is:
3 The Courtyard
Old Court House Road
Bromborough
Wirral
CH62 4UE

These financial statements were authorised for issue by the Board on 26 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were 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.

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.

 

SJS Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Period from 27 October 2021 to 29 October 2022

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.

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

Motor Vehicles

25% reducing balance

Office Equipment

33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

SJS Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Period from 27 October 2021 to 29 October 2022

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 17 (2021 - 17).

 

SJS Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Period from 27 October 2021 to 29 October 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 27 October 2021

878

71,334

72,212

At 29 October 2022

878

71,334

72,212

Depreciation

At 27 October 2021

702

38,268

38,970

Charge for the period

58

8,267

8,325

At 29 October 2022

760

46,535

47,295

Carrying amount

At 29 October 2022

118

24,799

24,917

At 26 October 2021

176

33,066

33,242

5

Debtors

Current

2022
£

2021
£

Trade debtors

202,380

39,641

Other debtors

90,123

128,500

 

292,503

168,141

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

49,274

-

Trade creditors

 

129,752

-

Taxation and social security

 

84,095

113,445

Accruals and deferred income

 

-

18,162

Other creditors

 

24,366

7,461

 

287,487

139,068

Creditors: amounts falling due after more than one year

 

SJS Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Period from 27 October 2021 to 29 October 2022

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

59,757

150,600

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

59,757

146,088

Other borrowings

-

4,512

59,757

150,600

9

Related party transactions

Transactions with directors

2022

At 27 October 2021
£

Advances to director
£

At 29 October 2022
£

Mr S Sproston

Loan

-

45,000

45,000

       
     

 

Directors' remuneration

The directors' remuneration for the period was as follows:

2022
£

2021
£

Remuneration

12,570

10,833