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REGISTERED NUMBER: 05013279 (England and Wales)










SINOLEC COMPONENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






SINOLEC COMPONENTS LIMITED (REGISTERED NUMBER: 05013279)






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


SINOLEC COMPONENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr M A Collier
Ms J J Sun





SECRETARY: Mr M A Collier





REGISTERED OFFICE: 69-71 East Street
Epsom
Surrey
KT17 1BP





REGISTERED NUMBER: 05013279 (England and Wales)





ACCOUNTANTS: Hakim Fry
Chartered Accountants
69-71 East Street
Epsom
Surrey
KT17 1BP

SINOLEC COMPONENTS LIMITED (REGISTERED NUMBER: 05013279)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 10,933 20,158
Investments 6 3,695 3,695
14,628 23,853

CURRENT ASSETS
Stocks 273,220 322,197
Debtors 7 396,429 127,015
Cash at bank and in hand 107,498 44,989
777,147 494,201
CREDITORS
Amounts falling due within one year 8 565,213 287,313
NET CURRENT ASSETS 211,934 206,888
TOTAL ASSETS LESS CURRENT
LIABILITIES

226,562

230,741

CREDITORS
Amounts falling due after more than one
year

9

(8,884

)

(14,968

)

PROVISIONS FOR LIABILITIES (2,077 ) (3,812 )
NET ASSETS 215,601 211,961

CAPITAL AND RESERVES
Called up share capital 15,000 15,000
Retained earnings 200,601 196,961
SHAREHOLDERS' FUNDS 215,601 211,961

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.

SINOLEC COMPONENTS LIMITED (REGISTERED NUMBER: 05013279)

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 30 August 2024 and were signed on its behalf by:





Mr M A Collier - Director


SINOLEC COMPONENTS LIMITED (REGISTERED NUMBER: 05013279)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Sinolec Components 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.

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

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to the company's sales channels have been met, as described below.

Sale of goods.
Sales of goods are recognised on sale to the customer, which is considered the point of despatch. Sales are usually on credit terms.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life.
Tooling - 25% on cost
Computer equipment - straight line over 3 years

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.


SINOLEC COMPONENTS LIMITED (REGISTERED NUMBER: 05013279)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Basis of recognition of jointly controlled entities
Entities in which the company holds an interest and which are jointly controlled by the company and one or more other venturers under a contractual arrangement are treated as joint ventures.

In the financial statements, joint ventures are accounted for using the cost method.

Government grants
Government grants are recognised where there is reasonable assurance that the grant will be received.

Loans provided and/or guaranteed by governments that represent market rates of interest are recorded at the amount of the proceeds received and recognised within Borrowings. All existing loans are considered to be at market value.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

SINOLEC COMPONENTS LIMITED (REGISTERED NUMBER: 05013279)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Computer
Tooling equipment Totals
£    £    £   
COST
At 1 January 2023 114,635 13,533 128,168
Additions - 815 815
At 31 December 2023 114,635 14,348 128,983
DEPRECIATION
At 1 January 2023 97,133 10,877 108,010
Charge for year 8,661 1,379 10,040
At 31 December 2023 105,794 12,256 118,050
NET BOOK VALUE
At 31 December 2023 8,841 2,092 10,933
At 31 December 2022 17,502 2,656 20,158

6. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 3,695
NET BOOK VALUE
At 31 December 2023 3,695
At 31 December 2022 3,695

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 393,099 124,719
Other debtors 3,330 2,296
396,429 127,015

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 6,084 5,934
Trade creditors 403,106 98,211
Taxation and social security 8,241 8,816
Other creditors 147,782 174,352
565,213 287,313

SINOLEC COMPONENTS LIMITED (REGISTERED NUMBER: 05013279)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 8,884 14,968

10. RELATED PARTY DISCLOSURES

The company is controlled by the directors, M Collier and J J Sun, by virtue of their combined influence over 100% of the company's equity share capital.