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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
Page
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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
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SEM Electrical Contractors Limited Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,087 
1,717 
Current assets
Inventories
718 
2,200 
Debtors
4,290 
28,139 
Cash at bank and in hand
12,091 
26,578 
17,099 
56,917 
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
Deferred tax
(207)
(326)
Net assets
3,266 
21,636 
Capital and reserves
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
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SEM Electrical Contractors Limited Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories
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 taxation
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.
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SEM Electrical Contractors Limited Notes to the Accounts for the year ended 31 July 2023
Government grants
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.
Leased assets
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.
Pension costs
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 
£ 
Cost
At 1 August 2022
35,195 
At 31 July 2023
35,195 
Amortisation
At 1 August 2022
35,195 
At 31 July 2023
35,195 
Net book value
At 31 July 2023
- 
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 
Depreciation
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 
Net book value
At 31 July 2023
1,087 
- 
1,087 
At 31 July 2022
1,717 
- 
1,717 
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SEM Electrical Contractors Limited Notes to the Accounts for the year ended 31 July 2023
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
434 
26,125 
Accrued income and prepayments
489 
2,014 
Other debtors
3,367 
- 
4,290 
28,139 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
4,014 
3,915 
VAT
461 
2,157 
Trade creditors
1,579 
8,708 
Taxes and social security
37 
7,581 
Other creditors
77 
291 
Loans from directors
- 
1,258 
Accruals
920 
1,123 
7,088 
25,033 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
7,625 
11,639 
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 
2023 
2022 
£ 
£ 
Provision at start of year
326 
192 
(Credited)/charged to the profit and loss account
(119)
134 
Provision at end of year
207 
326 
10
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
17,300 Ordinary shares of £1 each
17,300 
21,300 
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SEM Electrical Contractors Limited Notes to the Accounts for the year ended 31 July 2023
11
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Mr S.E. Meredith
Director's loan account
(624)
1,000 
312 
64 
Mrs J.A. Meredith
Director's loan account
(634)
1,000 
312 
54 
(1,258)
2,000 
624 
118 
12
Average number of employees
During the year the average number of employees was 3 (2022: 6).
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