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Registration number: 07315156

Sellectronics Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Sellectronics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Sellectronics Limited

Company Information

Directors

Mr Dean Haney

Mr Jason O'Connell

Mr Jon Hurrell

Registered office

Unit C1 - C2, Church View Business Park,
Bickland Water Road
Falmouth
Cornwall
TR11 4FZ

 

Sellectronics Limited

(Registration number: 07315156)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,241,082

1,011,044

Current assets

 

Stocks

5

727,285

451,268

Debtors

6

473,722

689,676

Cash at bank and in hand

 

322,794

81,789

 

1,523,801

1,222,733

Creditors: Amounts falling due within one year

7

(1,027,652)

(836,804)

Net current assets

 

496,149

385,929

Total assets less current liabilities

 

1,737,231

1,396,973

Creditors: Amounts falling due after more than one year

7

(244,881)

(603,171)

Provisions for liabilities

(201,949)

(134,047)

Net assets

 

1,290,401

659,755

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,290,301

659,655

Shareholders' funds

 

1,290,401

659,755

For the financial year ending 31 July 2023 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 year 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Sellectronics Limited

(Registration number: 07315156)
Balance Sheet as at 31 July 2023

Approved and authorised by the Board on 4 April 2024 and signed on its behalf by:
 

Mr Dean Haney

Director

Mr Jason O'Connell

Director

Mr Jon Hurrell

Director

 

Sellectronics Limited

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

1

General information

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

The address of its registered office is:
Unit C1 - C2, Church View Business Park,
Bickland Water Road
Falmouth
Cornwall
TR11 4FZ
United Kingdom

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 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Other grants

General grants are recognised in the period in which they are recieved. Grants relating to the purchase of plant & machinery and other fixed assets are released to the P&L at the same rate as the asset is depreciated at.

 

Sellectronics Limited

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

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 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.

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

Plant and machinery

25% reducing balance, 20% straight line and 10% straight line

Fixtures and fittings

15% reducing balance

Motor vehicles

20% straight line

Freehold property

2% and 10% straight line

 

Sellectronics Limited

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

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.

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.

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

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.

 

Sellectronics Limited

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

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 year, was 30 (2022 - 25).

 

Sellectronics Limited

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

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 August 2022

636,010

130,074

908,613

135,790

1,810,487

Additions

-

20,703

377,846

63,020

461,569

At 31 July 2023

636,010

150,777

1,286,459

198,810

2,272,056

Depreciation

At 1 August 2022

109,536

56,569

531,962

101,376

799,443

Charge for the year

30,144

14,131

164,855

22,401

231,531

At 31 July 2023

139,680

70,700

696,817

123,777

1,030,974

Carrying amount

At 31 July 2023

496,330

80,077

589,642

75,033

1,241,082

At 31 July 2022

526,474

73,505

376,651

34,414

1,011,044

Included within the net book value of land and buildings above is £496,330 (2022 - £526,474) in respect of freehold land and buildings.
 

 

Sellectronics Limited

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

5

Stocks

2023
£

2022
£

Work in progress

124,024

23,951

Other inventories

603,261

427,317

727,285

451,268

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

346,869

582,131

Amounts owed by related parties

12,790

-

Prepayments

 

19,558

17,381

Other debtors

 

94,505

90,164

   

473,722

689,676

 

Sellectronics Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

345,023

98,183

Trade creditors

 

481,729

592,678

Taxation and social security

 

155,942

110,256

Accruals and deferred income

 

35,059

30,457

Other creditors

 

9,899

5,230

 

1,027,652

836,804

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

137,073

479,726

Deferred income

 

107,808

123,445

 

244,881

603,171

 

Sellectronics Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

50

50

50

50

Ordinary B of £1 each

50

50

50

50

 

100

100

100

100

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

253,965

Other borrowings

137,073

225,761

137,073

479,726

2023
£

2022
£

Current loans and borrowings

Bank borrowings

256,335

18,911

Other borrowings

88,688

79,272

345,023

98,183