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REGISTERED NUMBER: 01333878 (England and Wales)















SLEAFORD ELECTRICAL AND REFRIGERATION CO
LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023






SLEAFORD ELECTRICAL AND REFRIGERATION CO
LTD. (REGISTERED NUMBER: 01333878)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


SLEAFORD ELECTRICAL AND REFRIGERATION CO
LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTOR: C Turnock





REGISTERED OFFICE: Unit 1 Five Mile Lane
Washingborough
Lincoln
Lincolnshire
LN4 1AF





REGISTERED NUMBER: 01333878 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

SLEAFORD ELECTRICAL AND REFRIGERATION CO
LTD. (REGISTERED NUMBER: 01333878)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 119,497 95,853

CURRENT ASSETS
Stocks 6,000 6,000
Debtors 5 338,948 293,588
Cash at bank and in hand 49,045 61,679
393,993 361,267
CREDITORS
Amounts falling due within one year 6 240,802 201,613
NET CURRENT ASSETS 153,191 159,654
TOTAL ASSETS LESS CURRENT LIABILITIES 272,688 255,507

CREDITORS
Amounts falling due after more than one year 7 (59,447 ) (75,482 )

PROVISIONS FOR LIABILITIES (26,253 ) (18,212 )
NET ASSETS 186,988 161,813

CAPITAL AND RESERVES
Called up share capital 10 11,202 11,202
Capital redemption reserve 45,000 45,000
Retained earnings 130,786 105,611
SHAREHOLDERS' FUNDS 186,988 161,813

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 February 2024 and were signed by:




C Turnock - Director


SLEAFORD ELECTRICAL AND REFRIGERATION CO
LTD. (REGISTERED NUMBER: 01333878)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Sleaford Electrical And Refrigeration Co Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts charged to customers for goods and services provided during the year, excluding value added tax and trade discounts.

Refrigeration and electrical sales are recognised in the period in which the services are rendered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on reducing balance and 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. 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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to income statement on a straight line basis over the period of the lease.

SLEAFORD ELECTRICAL AND REFRIGERATION CO
LTD. (REGISTERED NUMBER: 01333878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 15 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022 154,455
Additions 53,867
Disposals (13,709 )
At 31 October 2023 194,613
DEPRECIATION
At 1 November 2022 58,602
Charge for year 29,203
Eliminated on disposal (12,689 )
At 31 October 2023 75,116
NET BOOK VALUE
At 31 October 2023 119,497
At 31 October 2022 95,853


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 288,040 201,258
Amounts owed by group undertakings 30,000 63,430
Amounts recoverable on contract 6,810 14,465
Other debtors 14,098 14,435
338,948 293,588

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,492 9,258
Hire purchase contracts (see note 8) 33,222 30,366
Trade creditors 120,151 105,977
Taxation and social security 59,705 40,157
Other creditors 18,232 15,855
240,802 201,613

SLEAFORD ELECTRICAL AND REFRIGERATION CO
LTD. (REGISTERED NUMBER: 01333878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 15,523 25,015
Hire purchase contracts (see note 8) 43,924 50,467
59,447 75,482

8. LEASING AGREEMENTS

Total financial commitments, guarantees and contingencies which are not included in the statement of financial position amount to £29,523 (2022: £18,972).

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 25,015 34,273
Hire purchase contracts 77,146 80,833
102,161 115,106

Hire purchase liabilities are secured on the assets to which they relate. The bank loan is a coronavirus business loan which is supported by the government who will pay the interest for the first twelve months.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
11,202 Ordinary 'A' £1 11,202 11,202

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The directors have an overdrawn directors loan accounts totalling £2,183 overdrawn brought forward (2022: £4,444 overdrawn). During the year, the directors of the company borrowed £9,627.33 (2022: £2,739) from the company and repaid £7,500 (2022: £5,000). The balance at the end of the year totalled £4,310 overdrawn (2022: £2,183).