Company registration number 10007576 (England and Wales)
S N ELECTRICAL MIDLANDS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
S N ELECTRICAL MIDLANDS LIMITED
COMPANY INFORMATION
Director
S Neath
Company number
10007576
Registered office
4 Shenstone Avenue
Halesowen
West Midlands
B62 8QA
Accountants
Jerroms GCN Limited
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
S N ELECTRICAL MIDLANDS LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 6
S N ELECTRICAL MIDLANDS LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF S N ELECTRICAL MIDLANDS LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of S N Electrical Midlands Limited for the year ended 29 February 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of S N Electrical Midlands Limited, as a body, in accordance with the terms of our engagement letter dated 1 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of S N Electrical Midlands Limited and state those matters that we have agreed to state to the board of directors of S N Electrical Midlands Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S N Electrical Midlands Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that S N Electrical Midlands Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of S N Electrical Midlands Limited. You consider that S N Electrical Midlands Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of S N Electrical Midlands Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jerroms GCN Limited
25 September 2024
Chartered Certified Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
S N ELECTRICAL MIDLANDS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024
29 February 2024
- 2 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,151
1,535
Current assets
Debtors
4
8,728
6,149
Cash at bank and in hand
8,922
30,038
17,650
36,187
Creditors: amounts falling due within one year
5
(13,613)
(15,271)
Net current assets
4,037
20,916
Total assets less current liabilities
5,188
22,451
Creditors: amounts falling due after more than one year
6
(4,667)
(8,667)
Net assets
521
13,784
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
520
13,783
Total equity
521
13,784
S N ELECTRICAL MIDLANDS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024
29 February 2024
- 3 -
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 29 February 2024 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.
The financial statements were approved and signed by the director and authorised for issue on 25 September 2024
S Neath
Director
Company registration number 10007576 (England and Wales)
S N ELECTRICAL MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information
S N Electrical Midlands Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Shenstone Avenue, Halesowen, West Midlands, B62 8QA.
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
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
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:
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.
1.4
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.
S N ELECTRICAL MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 March 2023 and 29 February 2024
11,500
Depreciation and impairment
At 1 March 2023
9,965
Depreciation charged in the year
384
At 29 February 2024
10,349
Carrying amount
At 29 February 2024
1,151
At 28 February 2023
1,535
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,608
6,029
Other debtors
120
120
8,728
6,149
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,000
5,000
Trade creditors
1,204
1,283
Corporation tax
5,893
5,686
Other creditors
556
2,342
Accruals and deferred income
960
960
13,613
15,271
S N ELECTRICAL MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
4,667
8,667
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1