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REGISTERED NUMBER: 00475504 (England and Wales)















SOUTH EASTERN AUTO ELECTRICAL SERVICES
LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






SOUTH EASTERN AUTO ELECTRICAL SERVICES
LIMITED (REGISTERED NUMBER: 00475504)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SOUTH EASTERN AUTO ELECTRICAL SERVICES
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Mr M P Huggins
Mr C B Chiswell
Mr S B Huggins





SECRETARY: Mr C B Chiswell





REGISTERED OFFICE: Wharf Road
Tovil
Maidstone
Kent
ME15 6RR





REGISTERED NUMBER: 00475504 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
Building 1063
Cornforth Drive
Kent Science Park
SITTINGBOURNE
Kent
ME9 8PX

SOUTH EASTERN AUTO ELECTRICAL SERVICES
LIMITED (REGISTERED NUMBER: 00475504)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 63,699 73,563

CURRENT ASSETS
Stocks 6 336,652 356,437
Debtors 7 213,251 277,823
Cash in hand 240 240
550,143 634,500
CREDITORS
Amounts falling due within one year 8 530,712 602,512
NET CURRENT ASSETS 19,431 31,988
TOTAL ASSETS LESS CURRENT
LIABILITIES

83,130

105,551

CREDITORS
Amounts falling due after more than one
year

9

(45,409

)

(71,262

)

PROVISIONS FOR LIABILITIES (10,891 ) (13,035 )
NET ASSETS 26,830 21,254

CAPITAL AND RESERVES
Called up share capital 12 12,500 12,500
Capital redemption reserve 1,000 1,000
Retained earnings 13,330 7,754
SHAREHOLDERS' FUNDS 26,830 21,254

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 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.

SOUTH EASTERN AUTO ELECTRICAL SERVICES
LIMITED (REGISTERED NUMBER: 00475504)

STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 2024


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 29 July 2024 and were signed on its behalf by:





Mr M P Huggins - Director


SOUTH EASTERN AUTO ELECTRICAL SERVICES
LIMITED (REGISTERED NUMBER: 00475504)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

South Eastern Auto Electrical Services 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The company meets its day to day working capital requirements through overdraft and discount factoring facilities which are repayable on demand. The directors expect these facilities to continue for the foreseeable future and therefore consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustment that would result from a withdrawal of the overdraft and discount factoring facilities by the company's bankers and factors.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

Turnover
Turnover represents the value, net of value added tax and discounts, relating to the sale of parts and labour in the stores and workshop departments.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - over remaining term of lease
Plant and equipment - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 10% on reducing balance

Government grants
The company has claimed the Employers Allowance in the year.

SOUTH EASTERN AUTO ELECTRICAL SERVICES
LIMITED (REGISTERED NUMBER: 00475504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued

Stocks
Stock is valued at the lower of cost and net realisable value using the FIFO standard method, after making due allowance for obsolete and slow moving items.

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


SOUTH EASTERN AUTO ELECTRICAL SERVICES
LIMITED (REGISTERED NUMBER: 00475504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs
Contributions in respect of the company's workplace pension scheme are charged to the profit and loss account for the year in which they relate.

Amounts recoverable under contracts
In accordance with accounting standards, income is accrued to reflect the fair value of the right of consideration under contracts.

Going concern
The directors are confident that the company will be able to deliver positive cashflows and that the company will be able to service its liabilities as and when they fall due. Accordingly, the directors consider the company will manage its business risks successfully and therefore continue to adopt the going concern basis in preparing the financial statements.

SOUTH EASTERN AUTO ELECTRICAL SERVICES
LIMITED (REGISTERED NUMBER: 00475504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 11 ) .

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Office
property equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 46,717 69,966 66,751 20,922 204,356
Additions - 3,999 - 415 4,414
At 30 April 2024 46,717 73,965 66,751 21,337 208,770
DEPRECIATION
At 1 May 2023 43,711 46,573 26,697 13,812 130,793
Charge for year 3,005 2,740 7,492 1,041 14,278
At 30 April 2024 46,716 49,313 34,189 14,853 145,071
NET BOOK VALUE
At 30 April 2024 1 24,652 32,562 6,484 63,699
At 30 April 2023 3,006 23,393 40,054 7,110 73,563

SOUTH EASTERN AUTO ELECTRICAL SERVICES
LIMITED (REGISTERED NUMBER: 00475504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 May 2023
and 30 April 2024 45,351
DEPRECIATION
At 1 May 2023 9,152
Charge for year 6,528
At 30 April 2024 15,680
NET BOOK VALUE
At 30 April 2024 29,671
At 30 April 2023 36,199

6. STOCKS
30.4.24 30.4.23
£    £   
Stocks 336,652 356,437

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 207,179 263,295
Other debtors 2,492 5,889
Loan to connected company - 4,000
Accrued income 990 2,845
Prepayments 2,590 1,794
213,251 277,823

SOUTH EASTERN AUTO ELECTRICAL SERVICES
LIMITED (REGISTERED NUMBER: 00475504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 171,859 241,737
Hire purchase contracts (see note 10) 5,853 4,707
Trade creditors 261,797 307,733
Other creditors 6,128 8,462
Other taxes and paye 62,847 39,873
Loan from connected company 22,228 -
530,712 602,512

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans - 1-2 years 20,000 20,000
Bank loans - 2-5 years - 20,000
Hire purchase contracts (see note 10) 25,409 31,262
45,409 71,262

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.4.24 30.4.23
£    £   
Net obligations repayable:
Within one year 5,853 4,707
Between one and five years 25,409 31,262
31,262 35,969

The company has total commitments under non cancellable operating leases totalling £31,262 (2023: £57,594).

11. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank overdrafts 151,859 221,737
Bank loans 40,000 60,000
191,859 281,737

SOUTH EASTERN AUTO ELECTRICAL SERVICES
LIMITED (REGISTERED NUMBER: 00475504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
12,500 Ordinary £1 12,500 12,500