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Registration number: 10220577

SRW Electrical Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

SRW Electrical Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

SRW Electrical Limited

Company Information

Director

Mr S R Watkins

Registered office

Unit 810 Fowler Road
Oakwood Business Park
Clacton-on-Sea
CO15 4AA

Accountants

The Pub Experts Ltd
1st Floor
143 Connaught Avenue
Frinton-On-Sea
Essex
CO13 9AB

 

SRW Electrical Limited

(Registration number: 10220577)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

60,838

9,684

Current assets

 

Stocks

5

30,000

-

Debtors

6

137,312

68,677

Cash at bank and in hand

 

39,855

41,854

 

207,167

110,531

Creditors: Amounts falling due within one year

7

(199,009)

(82,328)

Net current assets

 

8,158

28,203

Total assets less current liabilities

 

68,996

37,887

Creditors: Amounts falling due after more than one year

7

(25,764)

(35,552)

Provisions for liabilities

(15,210)

-

Net assets

 

28,022

2,335

Capital and reserves

 

Called up share capital

100

200

Retained earnings

27,922

2,135

Shareholders' funds

 

28,022

2,335

 

SRW Electrical Limited

(Registration number: 10220577)
Balance Sheet as at 30 June 2023

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.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 12 January 2024
 

.........................................
Mr S R Watkins
Director

 

SRW Electrical Limited

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:
Unit 810 Fowler Road
Oakwood Business Park
Clacton-on-Sea
CO15 4AA
England

The principal place of business is:
Suite 7
Connaught Mews
Frinton on Sea
Essex
CO13 9AD

These financial statements were authorised for issue by the director on 12 January 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.

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.

 

SRW Electrical Limited

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

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% Straight line

Motor vehicles

25% Straight line

Office equipment

25% Straight line

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.

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.

 

SRW Electrical Limited

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

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 the director) during the year, was 16 (2022 - 5).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2022

3,306

15,608

7,157

26,071

Additions

3,417

13,937

44,000

61,354

At 30 June 2023

6,723

29,545

51,157

87,425

Depreciation

At 1 July 2022

1,504

10,654

4,228

16,386

Charge for the year

1,681

3,161

5,359

10,201

At 30 June 2023

3,185

13,815

9,587

26,587

Carrying amount

At 30 June 2023

3,538

15,730

41,570

60,838

At 30 June 2022

1,801

4,954

2,929

9,684

5

Stocks

2023
£

2022
£

Other inventories

30,000

-

 

SRW Electrical Limited

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

6

Debtors

2023
£

2022
£

Trade debtors

129,039

34,942

Other debtors

8,273

33,735

137,312

68,677

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

10,892

11,210

Trade creditors

 

24,902

3,651

Taxation and social security

 

83,395

50,119

Accruals and deferred income

 

900

900

Other creditors

 

78,920

16,448

 

199,009

82,328

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

25,764

35,552

 

SRW Electrical Limited

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

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

25,764

35,552

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,892

11,210