Company registration number 05520925 (England and Wales)
SRI Water Engineering Limited
Unaudited financial statements
For the year ended 31 December 2023
SRI Water Engineering Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
SRI Water Engineering Limited
Statement of financial position
As at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,515
6,306
Current assets
Stocks
1,500
2,800
Debtors
5
28,378
42,730
Cash at bank and in hand
27,375
34,841
57,253
80,371
Creditors: amounts falling due within one year
6
(60,050)
(77,265)
Net current (liabilities)/assets
(2,797)
3,106
Total assets less current liabilities
1,718
9,412
Provisions for liabilities
-
0
(1,200)
Net assets
1,718
8,212
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,618
8,112
Total equity
1,718
8,212

The director of the company has elected not to include a copy of the income statement within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SRI Water Engineering Limited
Statement of financial position (continued)
As at 31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 19 August 2024
Mr S C Rowe
Director
Company registration number 05520925 (England and Wales)
SRI Water Engineering Limited
Notes to the financial statements
For the year ended 31 December 2023
- 3 -
1
Accounting policies
Company information

SRI Water Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 Box Lane, Congleton, Cheshire, CW12 4NS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has now been fully amortised on a systematic basis over its expected life.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% reducing balance
IT equipment
33% straight line
Motor vehicles
25% 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.

SRI Water Engineering Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets 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 (if any).

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Classification of financial liabilities

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.

SRI Water Engineering Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
SRI Water Engineering Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
8,500
Amortisation and impairment
At 1 January 2023 and 31 December 2023
8,500
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
4
Tangible fixed assets
Plant and equipment
IT equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
6,257
2,995
15,955
25,207
Disposals
(1,481)
-
0
-
0
(1,481)
At 31 December 2023
4,776
2,995
15,955
23,726
Depreciation and impairment
At 1 January 2023
4,275
2,457
12,169
18,901
Depreciation charged in the year
281
453
947
1,681
Eliminated in respect of disposals
(1,371)
-
0
-
0
(1,371)
At 31 December 2023
3,185
2,910
13,116
19,211
Carrying amount
At 31 December 2023
1,591
85
2,839
4,515
At 31 December 2022
1,982
538
3,786
6,306
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
27,820
42,381
Other debtors
558
349
28,378
42,730
SRI Water Engineering Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
604
545
Taxation and social security
17,326
17,300
Other creditors
42,120
59,420
60,050
77,265
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