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REGISTERED NUMBER: 02187321 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

S&M ELECTRICAL LIMITED

S&M ELECTRICAL LIMITED (REGISTERED NUMBER: 02187321)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 8

S&M ELECTRICAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Stephen Freeman
Mrs Tracy Freeman





SECRETARY: Mrs Tracy Freeman





REGISTERED OFFICE: Office 210, Devonshire House
582 Honeypot Lane
Stanmore
Middlesex
HA7 1JS





REGISTERED NUMBER: 02187321 (England and Wales)





ACCOUNTANTS: Prestons
Chartered Accountants
364-368 Cranbrook Road
Gants Hill
Ilford
Essex
IG2 6HY

S&M ELECTRICAL LIMITED (REGISTERED NUMBER: 02187321)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,426 4,852

CURRENT ASSETS
Stocks 5 150 150
Debtors 6 2,518,790 2,225,499
Investments 7 98,508 98,508
Cash at bank and in hand 1,320,079 1,286,488
3,937,527 3,610,645
CREDITORS
Amounts falling due within one year 8 400,362 442,572
NET CURRENT ASSETS 3,537,165 3,168,073
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,539,591

3,172,925

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,539,491 3,172,825
3,539,591 3,172,925

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

S&M ELECTRICAL LIMITED (REGISTERED NUMBER: 02187321)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 December 2023 and were signed on its behalf by:





Stephen Freeman - Director


S&M ELECTRICAL LIMITED (REGISTERED NUMBER: 02187321)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

S&M Electrical Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the costs of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.
Depreciation is provided on the following basis:

Plant and Machinery - 25% Straight Line


The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss


S&M ELECTRICAL LIMITED (REGISTERED NUMBER: 02187321)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 16 ) .

S&M ELECTRICAL LIMITED (REGISTERED NUMBER: 02187321)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 20,674 43,989 64,663
DEPRECIATION
At 1 April 2022 15,822 43,989 59,811
Charge for year 2,426 - 2,426
At 31 March 2023 18,248 43,989 62,237
NET BOOK VALUE
At 31 March 2023 2,426 - 2,426
At 31 March 2022 4,852 - 4,852

5. STOCKS
31.3.23 31.3.22
£    £   
Finished goods 150 150

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 346,595 320,821
Other debtors 2,172,195 1,904,678
2,518,790 2,225,499

Other Debtors include loan to the director Mr. Stephen Freeman and Mrs Tracy Freeman for the sum of £1,765,483

Interest was charged at the market rate on the outstanding debt of the director .

7. CURRENT ASSET INVESTMENTS

Investment at cost is £98,508. The market value of the investment is £ 112,040

S&M ELECTRICAL LIMITED (REGISTERED NUMBER: 02187321)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 50,770 54,508
Taxation and social security 216,040 296,124
Other creditors 133,552 91,940
400,362 442,572

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the suture payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less and impairment.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
Stephen Freeman and Mrs Tracy Freeman
Balance outstanding at start of year 1,498,441 1,332,432
Amounts advanced 267,042 166,009
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,765,483 1,498,441

S&M ELECTRICAL LIMITED

REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF
S&M ELECTRICAL LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2023 set out on page nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Prestons
Chartered Accountants
364-368 Cranbrook Road
Gants Hill
Ilford
Essex
IG2 6HY


26 December 2023