Company Registration No. 12004231 (England and Wales)
Sertronics Commercial Ltd
Unaudited accounts
for the year ended 31 May 2023
Sertronics Commercial Ltd
Unaudited accounts
Contents
Sertronics Commercial Ltd
Statement of financial position
as at 31 May 2023
Intangible assets
18,122
20,630
Tangible assets
3,491
5,130
Inventories
160,754
173,188
Cash at bank and in hand
4,856
15,224
Creditors: amounts falling due within one year
(325,200)
(362,979)
Net current assets
57,130
38,244
Total assets less current liabilities
78,743
64,004
Creditors: amounts falling due after more than one year
(18,188)
(26,746)
Called up share capital
31,001
31,001
Profit and loss account
29,554
6,257
Shareholders' funds
60,555
37,258
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2023 and were signed on its behalf by
D Ince
Director
Company Registration No. 12004231
Sertronics Commercial Ltd
Notes to the Accounts
for the year ended 31 May 2023
Sertronics Commercial Ltd is a private company, limited by shares, registered in England and Wales, registration number 12004231. The registered office is 45 REGAL DRIVE, WALSALL ENTERPRISE PARK, WALSALL, WEST MIDLANDS, WS2 9HQ.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 are included at cost less accumulated amortisation.
Intangible assets are amortised evenly over their useful economic life of 10 years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing balance
Fixtures & fittings
33% Straight Line
Computer equipment
33% Straight Line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Sertronics Commercial Ltd
Notes to the Accounts
for the year ended 31 May 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account in the period to which they relate.
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Intangible fixed assets
Total
5
Tangible fixed assets
Total
Sertronics Commercial Ltd
Notes to the Accounts
for the year ended 31 May 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Advance to director
9,564
-
9,564
-
7
Average number of employees
During the year the average number of employees was 29 (2022: 30).