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Company Registration Number: 07987709
SONIK ELECTRICAL LTD
Unaudited Filleted Financial Statements
31 March 2023
SONIK ELECTRICAL LTD
Contents
Balance Sheet
Notes To The Financial Statements
SONIK ELECTRICAL LTD
Balance Sheet
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 3,943 3,798
_______ _______
3,943 3,798
Current assets
Stocks 950 2,450
Debtors 7 73,101 77,559
Cash at bank and in hand 11,699 658
_______ _______
85,750 80,667
Creditors: amounts falling due
within one year 8 ( 56,065) ( 48,091)
_______ _______
Net current assets 29,685 32,576
_______ _______
Total assets less current liabilities 33,628 36,374
Creditors: amounts falling due
after more than one year 9 ( 28,777) ( 33,445)
_______ _______
Net assets 4,851 2,929
_______ _______
Capital and reserves
Called up share capital 10 100 100
Profit and loss account 4,751 2,829
_______ _______
Shareholder funds 4,851 2,929
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 Profit and Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 September 2023 , and are signed on behalf of the board by:
............................
N. B. Bhayani
Director
Company Registration Number: 07987709
SONIK ELECTRICAL LTD
Notes To The Financial Statements
Year Ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in the United Kingdom. The address of the registered office is Clifton House, Four Elms Road, Cardiff, CF24 1LE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, 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.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference. However, no provision has been made in these financial statements, as, in the opinion of the director, the amounts involved are not material.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured 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 the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. All of the financial instruments applicable to the company as basic, as defined in the Accounting Standard, and as such are initially recognised at the transaction price. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023 10,000
_______
Amortisation
At 1 April 2022 and 31 March 2023 10,000
_______
Carrying amount
At 31 March 2023 -
_______
At 31 March 2022 -
_______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2022 2,760 12,840 15,600
Additions 1,077 - 1,077
_______ _______ _______
At 31 March 2023 3,837 12,840 16,677
_______ _______ _______
Depreciation
At 1 April 2022 1,081 10,721 11,802
Charge for the year 508 424 932
_______ _______ _______
At 31 March 2023 1,589 11,145 12,734
_______ _______ _______
Carrying amount
At 31 March 2023 2,248 1,695 3,943
_______ _______ _______
At 31 March 2022 1,679 2,119 3,798
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 39,609 25,270
Prepayments and accrued income 853 2,189
Other debtors 32,639 50,100
_______ _______
73,101 77,559
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 8,069 4,667
Trade creditors 16,872 18,039
Accruals and deferred income 240 1,380
Corporation tax 20,672 12,634
Other creditors 4,591 1,950
_______ _______
50,444 38,670
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 28,777 33,445
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ - (2022 £ 14,821 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The above amounts relate to a government-backed Covid "Bounce-Back" loan. This loan is repayable over nine years from May 2021, and attracts interest at a fixed rate at 2.5% per annum.
10. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances to the director Amounts repaid Balance o/standing
£ £ £ £
N. B. Bhayani ( 35,192) ( 26,740) 45,032 ( 16,900)
_______ _______ _______ _______
2022
Balance brought forward Advances to the director Amounts repaid Balance o/standing
£ £ £ £
N. B. Bhayani ( 57,212) ( 22,980) 45,000 ( 35,192)
_______ _______ _______ _______
12. Controlling party
The company is controlled by its director, Mr N.B. Bhayani, who, together with his associates, holds all of the shares currently in issue.