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REGISTERED NUMBER: 01853261 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Specialist Switchgear Systems Limited

Specialist Switchgear Systems Limited (Registered number: 01853261)






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


Specialist Switchgear Systems Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P Hoy
G Hoy
G Hoy





REGISTERED OFFICE: Unit B
Porritt Street
Bury
BL9 6HJ





REGISTERED NUMBER: 01853261 (England and Wales)





ACCOUNTANTS: Campbell Mackay Limited
Chartered Certified Accountants
Bridge House
100 Wellington Road
Turton
Bolton
BL7 0EA

Specialist Switchgear Systems Limited (Registered number: 01853261)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 265,777 112,727

CURRENT ASSETS
Stocks 734,957 782,274
Debtors 5 2,701,085 3,035,797
Cash at bank 684,596 357,174
4,120,638 4,175,245
CREDITORS
Amounts falling due within one year 6 886,635 1,076,263
NET CURRENT ASSETS 3,234,003 3,098,982
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,499,780

3,211,709

CREDITORS
Amounts falling due after more than one
year

7

(118,091

)

(198,839

)

PROVISIONS FOR LIABILITIES (44,869 ) (17,515 )
NET ASSETS 3,336,820 2,995,355

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,336,720 2,995,255
SHAREHOLDERS' FUNDS 3,336,820 2,995,355

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.

Specialist Switchgear Systems Limited (Registered number: 01853261)

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 20 September 2024 and were signed on its behalf by:





P Hoy - Director


Specialist Switchgear Systems Limited (Registered number: 01853261)

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

1. STATUTORY INFORMATION

Specialist Switchgear Systems 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.

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.

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

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods, the amount of turnover can be measured reliably, it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and any accumulative impairment losses.

Depreciation on fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods: -

Plant, machinery and equipment - 15% straight line and 15% reducing balance
Computer equipment - 33% straight line
Motor vehicles - 25% reducing balance

Having regard to the residual value of land and buildings, which are reviewed annually, any depreciation charge is considered immaterial and therefore land and buildings have not been depreciated.

At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, in any. Where it is not possible to estimate the recoverable amount of the assets, the Company estimates the recoverable amount of the cash generating unit to which it belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

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


Specialist Switchgear Systems Limited (Registered number: 01853261)

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

2. 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 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
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 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.

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 of bad and doubtful debts.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutes, and other short-term 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.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 24 ) .

Specialist Switchgear Systems Limited (Registered number: 01853261)

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

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 31,504 438,218 469,722
Additions 185,151 14,508 199,659
At 31 December 2023 216,655 452,726 669,381
DEPRECIATION
At 1 January 2023 12,444 344,551 356,995
Charge for year 10,408 36,201 46,609
At 31 December 2023 22,852 380,752 403,604
NET BOOK VALUE
At 31 December 2023 193,803 71,974 265,777
At 31 December 2022 19,060 93,667 112,727

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 43,375
DEPRECIATION
At 1 January 2023 17,475
Charge for year 10,843
At 31 December 2023 28,318
NET BOOK VALUE
At 31 December 2023 15,057
At 31 December 2022 25,900

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 867,068 1,324,970
Other debtors 15,267 23,960
Amounts owed by group undertakings 1,786,442 1,645,806
Prepayments 32,308 41,061
2,701,085 3,035,797

Specialist Switchgear Systems Limited (Registered number: 01853261)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 72,500 74,721
Hire purchase contracts 8,249 8,249
Trade creditors 554,035 663,877
Taxation and social security 184,455 297,811
Other creditors 67,396 31,605
886,635 1,076,263

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 108,542 181,042
Hire purchase contracts 9,549 17,797
118,091 198,839

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 17,798 26,046

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
P Hoy
Balance outstanding at start of year (1,343 ) (3,200 )
Amounts advanced 750 1,857
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (593 ) (1,343 )

10. RELATED PARTY DISCLOSURES

Included within other debtors is £593 (2022 - £1343) owed by the company, to P Hoy, a director.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P Hoy.