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01881793







SARUM ELECTRONICS LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2023

































SARUM ELECTRONICS LIMITED
REGISTERED NUMBER:01881793

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
13,238

Tangible assets
 5 
14,647
22,007

  
14,647
35,245

Current assets
  

Stocks
  
175,863
232,622

Debtors: amounts falling due within one year
 6 
461,815
531,568

Cash at bank and in hand
 7 
717,966
428,221

  
1,355,644
1,192,411

Creditors: amounts falling due within one year
 8 
(383,313)
(380,458)

Net current assets
  
 
 
972,331
 
 
811,953

Total assets less current liabilities
  
986,978
847,198

  

Net assets
  
986,978
847,198


Capital and reserves
  

Called up share capital 
  
2,222
2,222

Profit and loss account
  
984,756
844,976

  
986,978
847,198


Page 1

SARUM ELECTRONICS LIMITED
REGISTERED NUMBER:01881793
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



S Davidson
Director

Date: 24 July 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

SARUM ELECTRONICS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Sarum Electronics Limited is a private company, limited by shares, registered in England and Wales. The
company's registered number is 01881793 and registered office address is 59 Imperial Way, Croydon, England CR0 4RR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Monetary amounts in these financial statements are stated in pounds sterling and are rounded to the nearest whole £1, except where otherwise stated.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the sale of goods is therefore recognised once the goods have been despatched.
Page 3

SARUM ELECTRONICS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.2
Revenue (continued)

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue from the provision of services is therefore recognised once the service has been carried out.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

SARUM ELECTRONICS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful economic life assigned shall not exceed ten years.

 
2.10

  Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 5

SARUM ELECTRONICS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and  loans to related parties.

 
2.16

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2022 - 17).

Page 6

SARUM ELECTRONICS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Computer software

£





At 1 January 2023
16,483


Disposals
(16,483)



At 31 December 2023

-





At 1 January 2023
3,245


On disposals
(3,245)



At 31 December 2023

-



Net book value



At 31 December 2023
-



At 31 December 2022
13,238




5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 January 2023
32,452
19,795
52,247


Additions
442
-
442



At 31 December 2023

32,894
19,795
52,689



Depreciation


At 1 January 2023
22,456
7,784
30,240


Charge for the year on owned assets
4,800
3,002
7,802



At 31 December 2023

27,256
10,786
38,042



Net book value



At 31 December 2023
5,638
9,009
14,647



At 31 December 2022
9,996
12,011
22,007

Page 7

SARUM ELECTRONICS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
460,526
433,226

Amounts owed by group undertakings
-
86,165

Other debtors
1,289
1,337

Prepayments and accrued income
-
10,840

461,815
531,568



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
717,966
428,221

Less: bank overdrafts
-
(24,271)

717,966
403,950



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
24,271

Trade creditors
146,615
192,235

Amounts owed to group undertakings
12,084
2,429

Corporation tax
79,915
77,952

Other taxation and social security
76,610
70,448

Other creditors
6,666
6,598

Accruals and deferred income
61,423
6,525

383,313
380,458



9.


Related party transactions

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related
party transactions with wholly owned subsidiaries within the group.
At the balance sheet date the company owed £12,084 (2022:£2,429) to group companies.
During the year, the company made purchases of £6,000 (2022: £Nil) from a fellow subsidiary which is not wholly owned.

Page 8

SARUM ELECTRONICS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Controlling party

The immediate parent company is Lester Control Systems (Holdings) Limited. The ultimate controlling
party is Mr S Davidson, a director.
Lester Control Systems (Holdings) Limited is the parent company of the smallest and largest group for
which consolidated accounts are prepared and of which Sarum Electronics Limited is a member. The
financial statements of Lester Control Systems (Holdings) Limited are publicly available and can be
obtained from Companies House.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 25 July 2024 by Matthew Neill BA (Hons) MA FCA (Senior statutory auditor) on behalf of CLA Evelyn Partners Limited.

 
Page 9