Servo Motors Ltd 12023631 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is renting and leasing of equipment. Digita Accounts Production Advanced 6.30.9574.0 true 12023631 2022-11-01 2023-10-31 12023631 2023-10-31 12023631 core:RetainedEarningsAccumulatedLosses 2023-10-31 12023631 core:ShareCapital 2023-10-31 12023631 core:CurrentFinancialInstruments 2023-10-31 12023631 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 12023631 core:FurnitureFittingsToolsEquipment 2023-10-31 12023631 bus:SmallEntities 2022-11-01 2023-10-31 12023631 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 12023631 bus:FullAccounts 2022-11-01 2023-10-31 12023631 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 12023631 bus:Director1 2022-11-01 2023-10-31 12023631 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 12023631 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 12023631 countries:EnglandWales 2022-11-01 2023-10-31 12023631 2022-10-31 12023631 core:FurnitureFittingsToolsEquipment 2022-10-31 12023631 2021-11-01 2022-10-31 12023631 2022-10-31 12023631 core:RetainedEarningsAccumulatedLosses 2022-10-31 12023631 core:ShareCapital 2022-10-31 12023631 core:CurrentFinancialInstruments 2022-10-31 12023631 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 12023631 core:FurnitureFittingsToolsEquipment 2022-10-31 iso4217:GBP xbrli:pure

Registration number: 12023631

Servo Motors Ltd

Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Servo Motors Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Servo Motors Ltd

(Registration number: 12023631)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

214

252

Current assets

 

Stocks

4

29,392

23,050

Debtors

5

10,351

7,561

Cash at bank and in hand

 

20,959

30,953

 

60,702

61,564

Creditors: Amounts falling due within one year

6

(7,251)

(12,903)

Net current assets

 

53,451

48,661

Net assets

 

53,665

48,913

Capital and reserves

 

Called up share capital

1

1

Retained earnings

53,664

48,912

Shareholders' funds

 

53,665

48,913

For the financial year ending 31 October 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 February 2024
 

.........................................
Mr S A Johnson
Director

 

Servo Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the
respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary
items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date
when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

 

Servo Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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

Fixtures & Fittings

15% Reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Servo Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

349

349

At 31 October 2023

349

349

Depreciation

At 1 November 2022

97

97

Charge for the year

38

38

At 31 October 2023

135

135

Carrying amount

At 31 October 2023

214

214

At 31 October 2022

252

252

4

Stocks

2023
£

2022
£

Other inventories

29,392

23,050

5

Debtors

Current

2023
£

2022
£

Trade debtors

9,114

6,662

Prepayments

1,237

899

 

10,351

7,561

 

Servo Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

722

1,385

Taxation and social security

1,963

2,467

Accruals and deferred income

990

900

Other creditors

3,576

8,151

7,251

12,903