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REGISTERED NUMBER: 06520896 (England and Wales)




















Financial Statements

for the Year Ended 31 December 2023

for

S&C Electric EMEA Ltd

S&C Electric EMEA Ltd (Registered number: 06520896)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


S&C Electric EMEA Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M J S Edmonds
J M T Lander
A Sjoelin





SECRETARY: J M T Lander





REGISTERED OFFICE: S&C Electric EMEA Ltd
Brunel Park, Brunel Way
Baglan Energy Park
Neath
SA11 2FP





REGISTERED NUMBER: 06520896 (England and Wales)

S&C Electric EMEA Ltd (Registered number: 06520896)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 137,012 162,918
Investments 5 - -
137,012 162,918

CURRENT ASSETS
Stocks 1,109,715 875,866
Debtors 6 1,695,111 751,073
Cash at bank 2,877,562 3,875,527
5,682,388 5,502,466
CREDITORS
Amounts falling due within one year 7 9,892,287 8,473,879
NET CURRENT LIABILITIES (4,209,899 ) (2,971,413 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,072,887

)

(2,808,495

)

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Capital contribution 9 20,736,891 20,736,891
Retained earnings 9 (24,810,778 ) (23,546,386 )
SHAREHOLDERS' FUNDS (4,072,887 ) (2,808,495 )

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2024 and were signed on its behalf by:





J M T Lander - Director


S&C Electric EMEA Ltd (Registered number: 06520896)

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

1. STATUTORY INFORMATION

S&C Electric EMEA Ltd 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 (£), rounded to the nearest Pound.

2. ACCOUNTING POLICIES

Going concern basis
The financial statements of the Company have been prepared on a going concern basis based on the confirmations from its ultimate parent company that it intends to provide adequate financial support to the Company, to enable it to continue its normal operations for the foreseeable future.

Preparation of consolidated financial statements
The financial statements contain information about S&C Electric EMEA Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional 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 expense recognised that it is probable will be recovered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Building and improvements - over period of lease
Fixtures and fittings - 20% on straight line basis
Motor vehicles - 20% on straight line basis
Computer equipment - 20% on straight line basis

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 the profit or loss.

Investments in subsidiaries
Investments in subsidiaries are initially measure at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment loss or reversals of impairment losses are recognised immediately in the Income Statement.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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

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 the Income Statement. Reversals of impairment losses are also recognised in the Income Statement.

S&C Electric EMEA Ltd (Registered number: 06520896)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provision of Selection 11 'Basic Financial Instruments' and Selection 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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 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.

Basic financial liabilities
Basic financial liabilities, including creditors and loans 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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are remeasured into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are remeasured 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.

S&C Electric EMEA Ltd (Registered number: 06520896)

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

2. ACCOUNTING POLICIES - continued

Leasing commitments
Rentals payable under operating leases, including any lease incentives received, are charged to the Income Statement on a straight line basis over the term of the relevant leases except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

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.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the Income Statement, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the Income Statement, unless the relevant asset is carried at a revalued amount in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

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.

The cost of any holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 20 ) .

S&C Electric EMEA Ltd (Registered number: 06520896)

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

4. TANGIBLE FIXED ASSETS
Building Fixtures
and and Motor Computer
improvements fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 216,280 1,030 63,189 58,261 338,760
Additions - - - 23,141 23,141
Disposals - (113 ) - - (113 )
At 31 December 2023 216,280 917 63,189 81,402 361,788
DEPRECIATION
At 1 January 2023 99,647 235 45,285 30,675 175,842
Charge for year 26,916 183 12,638 9,310 49,047
Eliminated on disposal - (113 ) - - (113 )
At 31 December 2023 126,563 305 57,923 39,985 224,776
NET BOOK VALUE
At 31 December 2023 89,717 612 5,266 41,417 137,012
At 31 December 2022 116,633 795 17,904 27,586 162,918

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 7,400,557
PROVISIONS
At 1 January 2023
and 31 December 2023 7,400,557
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

The directors are of the opinion that there is no realistic prospect of amounts invested in its subsidiary undertaking being recoverable in the foreseeable future and accordingly full provision has been made in these financial statements against the cost of the investment.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,396,860 520,400
Other debtors 298,251 230,673
1,695,111 751,073

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 38,025 41,837
Amounts owed to group undertakings 9,539,345 8,165,372
Social security and other taxes 54,672 54,829
Other creditors 260,245 211,841
9,892,287 8,473,879

S&C Electric EMEA Ltd (Registered number: 06520896)

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

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 83,931 83,931
Between one and five years 123,785 208,958
207,716 292,889

9. RESERVES

The Capital Contribution Reserve represents amounts contributed to the company by its parent company where there is no expectation that repayment will be required.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Martin Longmore (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited

11. ULTIMATE CONTROLLING PARTY

The company is a wholly-owned subsidiary of S&C Electric Company, a company registered in the USA. S&C Electric Company is owned by a trust fund established in conjunction with an employee stock ownership plan.