Company Registration No. 10192965 (England and Wales)
SFL POWER SOLUTIONS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
SFL POWER SOLUTIONS LIMITED
COMPANY INFORMATION
Directors
D A Hedger
T G Hedger
Secretary
D A Hedger
Company number
10192965
Registered office
3 Meadows Close
Hertford
Herts
SG13 7EH
SFL POWER SOLUTIONS LIMITED
CONTENTS
Page
Directors' report
1
Profit and loss account
2
Balance sheet
3
Notes to the financial statements
4 - 5
The following pages do not form part of the statutory accounts:
Detailed trading and profit and loss account
6 - 7
SFL POWER SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 5 APRIL 2023
- 1 -
The directors present their annual report and financial statements for the year ended 5 April 2023.
Principal activities
The principal activity of the company is that of Electrical Installation
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
D A Hedger
T G Hedger
Results and dividends
Ordinary dividends were paid amounting to £29,627.
Directors' interests
The directors' interests in the shares of the company were as stated below:
Ordinary shares of £1 each
5 April 2023
5 April 2022
D A Hedger
25
25
T G Hedger
75
75
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
T G Hedger
Director
27 November 2023
SFL POWER SOLUTIONS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2023
- 2 -
2023
2022
Notes
£
£
Turnover
135,970
127,434
Cost of sales
(45,051)
(37,016)
Gross profit
90,919
90,418
Administrative expenses
(49,245)
(42,438)
Profit before taxation
41,674
47,980
Taxation
(8,954)
(10,498)
Profit for the financial year
32,720
37,482
SFL POWER SOLUTIONS LIMITED
BALANCE SHEET
AS AT
5 APRIL 2023
05 April 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
2
16,357
21,809
Current assets
Debtors
3
3,185
11,095
Cash at bank and in hand
29,317
25,395
32,502
36,490
Creditors: amounts falling due within one year
4
(14,328)
(26,861)
Net current assets
18,174
9,629
Total assets less current liabilities
34,531
31,438
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
34,431
31,338
Total equity
34,531
31,438
For the financial year ended 5 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Directors' responsibilities:
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 27 November 2023 and are signed on its behalf by:
T G Hedger
Director
Company Registration No. 10192965
SFL POWER SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
- 4 -
1
Accounting policies
Company information
SFL Power Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Meadows Close, Hertford, Herts, SG13 7EH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SFL POWER SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 5 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 6 April 2022 and 5 April 2023
65,994
Depreciation and impairment
At 6 April 2022
44,185
Depreciation charged in the year
5,452
At 5 April 2023
49,637
Carrying amount
At 05 April 2023
16,357
At 05 April 2022
21,809
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,185
11,095
4
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
8,954
10,498
Other taxation and social security
537
5,151
Other creditors
4,837
11,212
14,328
26,861
5
Called up share capital
2023
2022
£
£
Ordinary share capital
Authorised
100 Ordinary shares of £1 each
100
100
Issued and fully paid
100 Ordinary shares of £1 each
100
100
SFL POWER SOLUTIONS LIMITED
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 5 APRIL 2023
- 7 -
2023
2022
£
£
Administrative expenses
Training
80
132
Directors' remuneration
18,120
17,640
Office Rent
3,967
3,750
Repairs and renewals
2,073
297
Computer and internet services
425
521
Motor expenses
10,114
8,142
Travel and accomodation expenses
4,592
2,741
Subscriptions and fees
214
-
Accountancy
700
775
Bank charges
87
87
Insurances
147
132
Printing and stationery
255
216
Advertising and promotion
572
129
Telephone
1,117
593
Sundry expenses
1,206
13
Utilities
124
-
Depreciation
5,452
7,270
49,245
42,438