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REGISTERED NUMBER: 01933790 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Michael Smith Switchgear Limited

Michael Smith Switchgear Limited (Registered number: 01933790)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Michael Smith Switchgear Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: S M Smith
Mrs E K Smith





REGISTERED OFFICE: 4 Elland Road
Braunstone Frith Industrial Estate
Leicester
Leicestershire
LE3 1TU





REGISTERED NUMBER: 01933790 (England and Wales)





ACCOUNTANTS: Gopsall Services Limited
4 HRFC Business Centre
Leicester Road
Hinckley
Leicestershire
LE10 3DR

Michael Smith Switchgear Limited (Registered number: 01933790)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 222,307 212,713

CURRENT ASSETS
Stocks 628,124 605,705
Debtors 5 1,074,445 996,597
Cash at bank and in hand 492,631 323,869
2,195,200 1,926,171
CREDITORS
Amounts falling due within one year 6 1,229,051 989,254
NET CURRENT ASSETS 966,149 936,917
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,188,456

1,149,630

CREDITORS
Amounts falling due after more than one year 7 - (35,466 )

PROVISIONS FOR LIABILITIES (50,817 ) (46,509 )
NET ASSETS 1,137,639 1,067,655

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Capital redemption reserve 9,000 9,000
Retained earnings 1,127,639 1,057,655
SHAREHOLDERS' FUNDS 1,137,639 1,067,655

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

Michael Smith Switchgear Limited (Registered number: 01933790)

Balance Sheet - continued
31 December 2023


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 17 July 2024 and were signed on its behalf by:





Mrs E K Smith - Director


Michael Smith Switchgear Limited (Registered number: 01933790)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Michael Smith Switchgear 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 (£).


The financial statements are rounded to the nearest Pound (£).

2. ACCOUNTING POLICIES

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

Related party exemption
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Government grants
Government grants are amortised in line with the estimated useful life of the associated asset.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Michael Smith Switchgear Limited (Registered number: 01933790)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2022 - 37 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 162,740 183,476 346,216
Additions - 58,655 58,655
At 31 December 2023 162,740 242,131 404,871
DEPRECIATION
At 1 January 2023 52,611 80,892 133,503
Charge for year 22,026 27,035 49,061
At 31 December 2023 74,637 107,927 182,564
NET BOOK VALUE
At 31 December 2023 88,103 134,204 222,307
At 31 December 2022 110,129 102,584 212,713

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,012,130 941,496
Other debtors 62,315 55,101
1,074,445 996,597

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 16,667 100,000
Finance leases 18,799 4,641
Trade creditors 766,417 383,460
Taxation and social security 221,570 345,753
Other creditors 205,598 155,400
1,229,051 989,254

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans - 16,667
Finance leases - 18,799
- 35,466

Michael Smith Switchgear Limited (Registered number: 01933790)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 16,667 116,667
Finance leases 18,799 23,440
35,466 140,107

Santander UK PLC holds fixed and floating charges and a negative pledge over the company's property and undertakings. A copy of the charge is filed at Companies House.
Finance lease liabilities are secured against the assets to which they relate.

9. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent undertaking and controlling party is S & E Group Management Limited, which prepares group financial statements. The registered office of S & E Group Management Limited is 4 Elland Road, Braunstone Frith Industrial Estate, Leicester LE3 1TU.