FINANCIAL PERIOD DATA REFRESH REQUIRED
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Registration number:
Southeast Electrical Contractors Group Ltd
for the Year Ended 30 June 2023
Southeast Electrical Contractors Group Ltd
Contents
Company Information |
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Directors' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Southeast Electrical Contractors Group Ltd
Company Information
Directors |
Mr SA Stanley Mr M Corbett |
Registered office |
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Accountants |
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Southeast Electrical Contractors Group Ltd
Directors' Report for the Year Ended 30 June 2023
The directors present their report and the financial statements for the year ended 30 June 2023.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is Electrical installation
Small companies provision statement
This report has 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.
Approved and authorised by the
......................................... |
Southeast Electrical Contractors Group Ltd
Profit and Loss Account for the Year Ended 30 June 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
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Administrative expenses |
( |
( |
|
Operating profit |
306,004 |
123,538 |
|
Interest payable and similar expenses |
( |
( |
|
Profit before tax |
|
|
|
Tax on profit |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Southeast Electrical Contractors Group Ltd
Statement of Comprehensive Income for the Year Ended 30 June 2023
2023 |
2022 |
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Profit for the year |
|
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Total comprehensive income for the year |
|
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Southeast Electrical Contractors Group Ltd
(Registration number: 09677779)
Balance Sheet as at 30 June 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Other financial assets |
348 |
348 |
|
|
|
||
Current assets |
|||
Stocks |
|
|
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Debtors |
|
|
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Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
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Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
- |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
300 |
300 |
|
Retained earnings |
274,554 |
211,449 |
|
Shareholders' funds |
274,854 |
211,749 |
For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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.
Southeast Electrical Contractors Group Ltd
(Registration number: 09677779)
Balance Sheet as at 30 June 2023 (continued)
Approved and authorised by the
......................................... |
Southeast Electrical Contractors Group Ltd
Statement of Changes in Equity for the Year Ended 30 June 2023
Share capital |
Retained earnings |
Total |
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At 1 July 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 30 June 2023 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 July 2021 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 30 June 2022 |
300 |
211,449 |
211,749 |
Southeast Electrical Contractors Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Southeast Electrical Contractors Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
2 |
Accounting policies (continued) |
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.
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:
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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.
Southeast Electrical Contractors Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
2 |
Accounting policies (continued) |
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.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Southeast Electrical Contractors Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
2 |
Accounting policies (continued) |
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
Southeast Electrical Contractors Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
4 |
Profit before tax (continued) |
2023 |
2022 |
|
Depreciation expense |
|
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Amortisation expense |
|
|
Southeast Electrical Contractors Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
Intangible assets |
Internally generated software development costs |
Total |
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Cost or valuation |
||
At 1 July 2022 |
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At 30 June 2023 |
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Amortisation |
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At 1 July 2022 |
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Amortisation charge |
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At 30 June 2023 |
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Carrying amount |
||
At 30 June 2023 |
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At 30 June 2022 |
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Southeast Electrical Contractors Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
||
Cost or valuation |
|||||
At 1 July 2022 |
|
|
|
|
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Additions |
- |
|
|
|
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Disposals |
( |
( |
( |
( |
|
At 30 June 2023 |
|
|
|
|
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Depreciation |
|||||
At 1 July 2022 |
|
|
|
|
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Charge for the year |
|
|
|
|
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Eliminated on disposal |
( |
( |
( |
( |
|
At 30 June 2023 |
|
|
|
|
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Carrying amount |
|||||
At 30 June 2023 |
|
|
|
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At 30 June 2022 |
|
|
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Southeast Electrical Contractors Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
6 |
Tangible assets (continued) |
Total |
|||||
Cost or valuation |
|||||
At 1 July 2022 |
|
||||
Additions |
|
||||
Disposals |
( |
||||
At 30 June 2023 |
|
||||
Depreciation |
|||||
At 1 July 2022 |
|
||||
Charge for the year |
|
||||
Eliminated on disposal |
( |
||||
At 30 June 2023 |
|
||||
Carrying amount |
|||||
At 30 June 2023 |
|
||||
At 30 June 2022 |
|
Southeast Electrical Contractors Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
6 |
Tangible assets (continued) |
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
Additions |
348 |
348 |
At 30 June 2023 |
348 |
348 |
Impairment |
||
Carrying amount |
||
At 30 June 2023 |
|
348 |
Stocks |
2023 |
2022 |
|
Work in progress |
|
|
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
- |
|
|
Amounts owed by related parties |
|
|
|
Prepayments |
|
- |
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Other debtors |
|
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Southeast Electrical Contractors Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
10 |
Creditors (continued) |
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
- |
|
Trade creditors |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
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Other creditors |
|
|
|
|
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Southeast Electrical Contractors Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
10 |
Creditors (continued) |
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
300 |
|
300 |
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
|
Bank borrowings |
|
|
Hire purchase contracts |
|
- |
Other borrowings |
|
|
|
|
Current loans and borrowings
2023 |
2022 |
|
Hire purchase contracts |
|
- |
Dividends |
Interim dividends paid
2023 |
2022 |
|||
Interim dividend of £ |
|
|
||
Southeast Electrical Contractors Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
Related party transactions |
Southeast Electrical Contractors Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
14 |
Related party transactions (continued) |
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
- |
37,140 |
25,140 |