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REGISTERED NUMBER: 01203430 (England and Wales)









Financial Statements

for the Year Ended 31 December 2023

for

South Woodford Electronics Limited

South Woodford Electronics Limited (Registered number: 01203430)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


South Woodford Electronics Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C W Gysin
R A Johnstone
G R Aislabie





SECRETARY: G R Aislabie





REGISTERED OFFICE: Unit 5 Southmill Trading Centre
Southmill Road
Bishops Stortford
Hertfordshire
CM23 3DY





REGISTERED NUMBER: 01203430 (England and Wales)





ACCOUNTANTS: Parker Cavendish
Chartered Accountants
28 Church Road
Stanmore
Middlesex
HA7 4XR

South Woodford Electronics Limited (Registered number: 01203430)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 12,498 4,350

CURRENT ASSETS
Inventories 185,206 309,108
Debtors 5 151,452 154,833
Cash at bank 55,814 28,646
392,472 492,587
CREDITORS
Amounts falling due within one year 6 82,581 146,436
NET CURRENT ASSETS 309,891 346,151
TOTAL ASSETS LESS CURRENT
LIABILITIES

322,389

350,501

PROVISIONS FOR LIABILITIES 3,125 663
NET ASSETS 319,264 349,838

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 319,164 349,738
SHAREHOLDERS' FUNDS 319,264 349,838

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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





G R Aislabie - Director


South Woodford Electronics Limited (Registered number: 01203430)

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

1. STATUTORY INFORMATION

South Woodford Electronics 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. 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 represents the total invoice value, excluding value added tax, of goods and services rendered during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - straight line over the life of the lease
Plant & machinery - 10% on cost
Motor vehicles - 33.33% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of change on the net obligations outstanding in each period.

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.

South Woodford Electronics Limited (Registered number: 01203430)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 14 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Short Plant & Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 13,334 236,848 - 250,182
Additions - - 13,500 13,500
At 31 December 2023 13,334 236,848 13,500 263,682
DEPRECIATION
At 1 January 2023 13,334 232,498 - 245,832
Charge for year - 1,227 4,125 5,352
At 31 December 2023 13,334 233,725 4,125 251,184
NET BOOK VALUE
At 31 December 2023 - 3,123 9,375 12,498
At 31 December 2022 - 4,350 - 4,350

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 133,493 138,056
Other debtors 6,688 6,688
Tax 1,610 -
Prepayments & accrued income 9,661 10,089
151,452 154,833

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 20,013 85,046
Tax - 1,752
Social security & other taxes 6,204 8,372
Value added tax 32,975 19,968
Other creditors 4,295 -
Accruals & deferred income 19,094 31,298
82,581 146,436

7. LEASING AGREEMENTS
At 31 December 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £129,000 (2022: £160,000).