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Company No: 02737051 (England and Wales)

SERVO COMPONENTS & SYSTEMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

SERVO COMPONENTS & SYSTEMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

SERVO COMPONENTS & SYSTEMS LIMITED

BALANCE SHEET

As at 31 August 2023
SERVO COMPONENTS & SYSTEMS LIMITED

BALANCE SHEET (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 6,580 5,685
6,580 5,685
Current assets
Stocks 4 150,653 46,500
Debtors 5 394,786 349,759
Cash at bank and in hand 679,110 522,932
1,224,549 919,191
Creditors: amounts falling due within one year 6 ( 586,076) ( 479,884)
Net current assets 638,473 439,307
Total assets less current liabilities 645,053 444,992
Net assets 645,053 444,992
Capital and reserves
Called-up share capital 3,292 3,292
Capital redemption reserve 1,708 1,708
Profit and loss account 640,053 439,992
Total shareholders' funds 645,053 444,992

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Servo Components & Systems Limited (registered number: 02737051) were approved and authorised for issue by the Board of Directors on 16 January 2024. They were signed on its behalf by:

Stephen Brian Hickman
Director
SERVO COMPONENTS & SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
SERVO COMPONENTS & SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Servo Components & Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer and Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery etc. 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. [MANUFACTURERS, ETC - Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.] Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 5

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 September 2022 63,219 63,219
Additions 2,196 2,196
At 31 August 2023 65,415 65,415
Accumulated depreciation
At 01 September 2022 57,534 57,534
Charge for the financial year 1,301 1,301
At 31 August 2023 58,835 58,835
Net book value
At 31 August 2023 6,580 6,580
At 31 August 2022 5,685 5,685

4. Stocks

2023 2022
£ £
Stocks 150,653 46,500

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

5. Debtors

2023 2022
£ £
Trade debtors 383,564 337,558
Other debtors 11,222 12,201
394,786 349,759

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 343,525 358,703
Amounts owed to Group undertakings 144 4,384
Taxation and social security 180,634 100,800
Other creditors 61,773 15,997
586,076 479,884