Company Registration No. 09626989 (England and Wales)
SEM Electrical Contractors Limited
Unaudited accounts
for the year ended 31 July 2023
SEM Electrical Contractors Limited
Unaudited accounts
Contents
SEM Electrical Contractors Limited
Company Information
for the year ended 31 July 2023
Directors
Mr S.E. Meredith
Mrs J.A. Meredith
Secretary
Mrs J.A. Meredith
Company Number
09626989 (England and Wales)
Registered Office
Phylmur
4 Trevanson Road
Wadebridge
Cornwall
PL27 7HD
England
Accountants
Stephen Beard Accountancy Services
10 Cheshire Road
Thame
Oxon
OX9 3LQ
SEM Electrical Contractors Limited
Statement of financial position
as at 31 July 2023
Tangible assets
1,087
1,717
Cash at bank and in hand
12,091
26,578
Creditors: amounts falling due within one year
(7,088)
(25,033)
Net current assets
10,011
31,884
Total assets less current liabilities
11,098
33,601
Creditors: amounts falling due after more than one year
(7,625)
(11,639)
Provisions for liabilities
Called up share capital
17,300
21,300
Capital redemption reserve
4,000
-
Profit and loss account
(18,034)
336
Shareholders' funds
3,266
21,636
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2024 and were signed on its behalf by
Mr S.E. Meredith
Director
Company Registration No. 09626989
SEM Electrical Contractors Limited
Notes to the Accounts
for the year ended 31 July 2023
SEM Electrical Contractors Limited is a private company, limited by shares, registered in England and Wales, registration number 09626989. The registered office is Phylmur, 4 Trevanson Road, Wadebridge, Cornwall, PL27 7HD, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Straight line basis
Motor vehicles
20% Straight line basis
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
SEM Electrical Contractors Limited
Notes to the Accounts
for the year ended 31 July 2023
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 August 2022
8,506
45,475
53,981
Disposals
-
(36,142)
(36,142)
At 31 July 2023
8,506
9,333
17,839
At 1 August 2022
6,789
45,475
52,264
Charge for the year
630
-
630
On disposals
-
(36,142)
(36,142)
At 31 July 2023
7,419
9,333
16,752
At 31 July 2023
1,087
-
1,087
At 31 July 2022
1,717
-
1,717
SEM Electrical Contractors Limited
Notes to the Accounts
for the year ended 31 July 2023
Amounts falling due within one year
Accrued income and prepayments
489
2,014
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
4,014
3,915
Trade creditors
1,579
8,708
Taxes and social security
37
7,581
Loans from directors
-
1,258
8
Creditors: amounts falling due after more than one year
2023
2022
This facility is supported by the Bounce Back Loan Scheme (BBLS). The lender has a guarantee from the UK Government under BBLS. The loan is repayable over 5 years.
9
Deferred taxation
2023
2022
Accelerated capital allowances
207
326
Provision at start of year
326
192
(Credited)/charged to the profit and loss account
(119)
134
Provision at end of year
207
326
Allotted, called up and fully paid:
17,300 Ordinary shares of £1 each
17,300
21,300
SEM Electrical Contractors Limited
Notes to the Accounts
for the year ended 31 July 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's loan account
(624)
1,000
312
64
Director's loan account
(634)
1,000
312
54
12
Average number of employees
During the year the average number of employees was 3 (2022: 6).