Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr J P Sanderson 01/01/2020 Mr R Sanderson 17/06/1974 Mrs Y Sanderson 17/06/1974 25 July 2024 The principal activity of the company continued to be that of repair of electrical equipment and installation of
industrial machinery and equipment.
01174128 2023-12-31 01174128 bus:Director1 2023-12-31 01174128 bus:Director2 2023-12-31 01174128 bus:Director3 2023-12-31 01174128 2022-12-31 01174128 core:CurrentFinancialInstruments 2023-12-31 01174128 core:CurrentFinancialInstruments 2022-12-31 01174128 core:ShareCapital 2023-12-31 01174128 core:ShareCapital 2022-12-31 01174128 core:RetainedEarningsAccumulatedLosses 2023-12-31 01174128 core:RetainedEarningsAccumulatedLosses 2022-12-31 01174128 core:OtherPropertyPlantEquipment 2022-12-31 01174128 core:OtherPropertyPlantEquipment 2023-12-31 01174128 2023-01-01 2023-12-31 01174128 bus:AbridgedAccounts 2023-01-01 2023-12-31 01174128 bus:SmallEntities 2023-01-01 2023-12-31 01174128 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 01174128 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01174128 bus:Director1 2023-01-01 2023-12-31 01174128 bus:Director2 2023-01-01 2023-12-31 01174128 bus:Director3 2023-01-01 2023-12-31 01174128 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 01174128 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 01174128 2022-01-01 2022-12-31 01174128 core:OtherPropertyPlantEquipment 1 2023-01-01 2023-12-31 01174128 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 01174128 (England and Wales)

SANDERSON ELECTRICS LIMITED

ABRIDGED UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

SANDERSON ELECTRICS LIMITED

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

SANDERSON ELECTRICS LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
SANDERSON ELECTRICS LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
DIRECTORS Mr J P Sanderson
Mr R Sanderson
Mrs Y Sanderson
SECRETARY Mr R Sanderson
REGISTERED OFFICE 1 Dunedin Road
Greenmount
Bury
BL8 4EX
United Kingdom
COMPANY NUMBER 01174128 (England and Wales)
CHARTERED ACCOUNTANTS PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
BB1 5QB
SANDERSON ELECTRICS LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
SANDERSON ELECTRICS LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 24,036 25,449
24,036 25,449
Current assets
Stocks 250 250
Debtors 6,335 33,877
Cash at bank and in hand 107,731 68,261
114,316 102,388
Creditors: amounts falling due within one year ( 41,396) ( 69,166)
Net current assets 72,920 33,222
Total assets less current liabilities 96,956 58,671
Provision for liabilities ( 6,009) ( 4,835)
Net assets 90,947 53,836
Capital and reserves
Called-up share capital 100 100
Profit and loss account 90,847 53,736
Total shareholders' funds 90,947 53,836

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Sanderson Electrics Limited (registered number: 01174128) were approved and authorised for issue by the Board of Directors on 25 July 2024. They were signed on its behalf by:

Mr J P Sanderson
Director
SANDERSON ELECTRICS LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
SANDERSON ELECTRICS LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sanderson Electrics Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Dunedin Road, Greenmount, Bury, BL8 4EX, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 5 years straight line
15 % reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Finance income

2023 2022
£ £
Interest receivable and similar income 123 22

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 53,353 53,353
At 31 December 2023 53,353 53,353
Accumulated depreciation
At 01 January 2023 27,904 27,904
Charge for the financial year 1,413 1,413
rounding 0 0
At 31 December 2023 29,317 29,317
Net book value
At 31 December 2023 24,036 24,036
At 31 December 2022 25,449 25,449