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Registration number: 09677779

Southeast Electrical Contractors Group Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Southeast Electrical Contractors Group Ltd

Contents

Company Information

1

Directors' Report

2

Profit and Loss Account

3

Statement of Comprehensive Income

4

Balance Sheet

5 to 6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 20

 

Southeast Electrical Contractors Group Ltd

Company Information

Directors

Mr SA Stanley

Mr M Corbett

Registered office

First Floor
81 - 85 High Street
Brentwood
Essex
CM14 4RR

Accountants

F9 Consulting Ltd
Chartered Certified
First Floor
81 - 85 High Street
Brentwood
Essex
CM14 4RR

 

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:

Mr SA Stanley

Mr M Corbett

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 Board on 28 March 2024 and signed on its behalf by:
 

.........................................
Mr SA Stanley
Director

 

Southeast Electrical Contractors Group Ltd

Profit and Loss Account for the Year Ended 30 June 2023

Note

2023
£

2022
£

Turnover

 

5,032,292

4,953,687

Cost of sales

 

(837,179)

(902,330)

Gross profit

 

4,195,113

4,051,357

Administrative expenses

 

(3,889,109)

(3,927,819)

Operating profit

 

306,004

123,538

Interest payable and similar expenses

 

(62,285)

(65,139)

Profit before tax

4

243,719

58,399

Tax on profit

 

(1,614)

4,523

Profit for the financial year

 

242,105

62,922

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
£

Profit for the year

242,105

62,922

Total comprehensive income for the year

242,105

62,922

 

Southeast Electrical Contractors Group Ltd

(Registration number: 09677779)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

6,996

11,025

Tangible assets

6

374,426

281,281

Other financial assets

7

348

348

 

381,770

292,654

Current assets

 

Stocks

8

851,607

936,556

Debtors

9

92,326

150,808

Cash at bank and in hand

 

171,350

23,781

 

1,115,283

1,111,145

Creditors: Amounts falling due within one year

10

(581,417)

(585,638)

Net current assets

 

533,866

525,507

Total assets less current liabilities

 

915,636

818,161

Creditors: Amounts falling due after more than one year

10

(640,782)

(593,033)

Provisions for liabilities

-

(13,379)

Net assets

 

274,854

211,749

Capital and reserves

 

Called up share capital

11

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 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.

 

Southeast Electrical Contractors Group Ltd

(Registration number: 09677779)
Balance Sheet as at 30 June 2023 (continued)

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:
 

.........................................
Mr SA Stanley
Director

 

Southeast Electrical Contractors Group Ltd

Statement of Changes in Equity for the Year Ended 30 June 2023

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

300

211,449

211,749

Profit for the year

-

242,105

242,105

Dividends

-

(179,000)

(179,000)

At 30 June 2023

300

274,554

274,854

Share capital
£

Retained earnings
£

Total
£

At 1 July 2021

300

292,127

292,427

Profit for the year

-

62,922

62,922

Dividends

-

(143,600)

(143,600)

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

1

General information

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

The address of its registered office is:
First Floor
81 - 85 High Street
Brentwood
Essex
CM14 4RR

These financial statements were authorised for issue by the Board on 28 March 2024.

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.

 

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 12).

4

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

56,833

45,213

Amortisation expense

4,029

2,941

 

Southeast Electrical Contractors Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

5

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 July 2022

19,511

19,511

At 30 June 2023

19,511

19,511

Amortisation

At 1 July 2022

8,486

8,486

Amortisation charge

4,029

4,029

At 30 June 2023

12,515

12,515

Carrying amount

At 30 June 2023

6,996

6,996

At 30 June 2022

11,025

11,025

 

Southeast Electrical Contractors Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

6

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 July 2022

5,448

40,678

33,980

305,746

Additions

-

236

3,363

264,148

Disposals

(436)

(9,760)

(10,285)

(139,100)

At 30 June 2023

5,012

31,154

27,058

430,794

Depreciation

At 1 July 2022

4,920

26,418

23,849

49,395

Charge for the year

139

7,294

6,320

43,080

Eliminated on disposal

(436)

(9,760)

(10,285)

(21,342)

At 30 June 2023

4,623

23,952

19,884

71,133

Carrying amount

At 30 June 2023

389

7,202

7,174

359,661

At 30 June 2022

528

14,260

10,141

256,352

 

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

385,852

Additions

267,747

Disposals

(159,581)

At 30 June 2023

494,018

Depreciation

At 1 July 2022

104,582

Charge for the year

56,833

Eliminated on disposal

(41,823)

At 30 June 2023

119,592

Carrying amount

At 30 June 2023

374,426

At 30 June 2022

281,281

 

Southeast Electrical Contractors Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

6

Tangible assets (continued)

7

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

348

8

Stocks

2023
£

2022
£

Work in progress

851,607

936,556

9

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

-

52,829

Amounts owed by related parties

14

47,575

69,747

Prepayments

 

14,943

-

Other debtors

 

29,808

28,232

   

92,326

150,808

10

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

12

42,775

-

Trade creditors

 

428,031

495,585

Amounts owed to group undertakings and undertakings in which the company has a participating interest

14

24,124

-

Taxation and social security

 

11,166

11,702

Accruals and deferred income

 

10,000

10,000

Other creditors

 

65,321

68,351

 

581,417

585,638

 

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

12

640,782

593,033

11

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

300

300

300

300

       

12

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

339,777

591,316

Hire purchase contracts

296,875

-

Other borrowings

4,130

1,717

640,782

593,033

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

42,775

-

13

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £597.00 (2022 - £479.00) per each Ordinary Share

179,000

143,600

 

 
 

Southeast Electrical Contractors Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

14

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

25,140

25,140

Contributions paid to money purchase schemes

12,000

-

37,140

25,140