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COMPANY REGISTRATION NUMBER: 1179522
SANDBECK ELECTRICAL LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 July 2024
SANDBECK ELECTRICAL LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
213,427
220,953
CURRENT ASSETS
Stocks
47,301
60,264
Debtors
6
186,960
262,549
Cash at bank and in hand
280,681
223,266
----------
----------
514,942
546,079
CREDITORS: amounts falling due within one year
7
194,798
135,671
----------
----------
NET CURRENT ASSETS
320,144
410,408
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
533,571
631,361
PROVISIONS
Taxation including deferred tax
1,665
2,807
----------
----------
NET ASSETS
531,906
628,554
----------
----------
SANDBECK ELECTRICAL LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2024
2024
2023
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
531,806
628,454
----------
----------
SHAREHOLDERS FUNDS
531,906
628,554
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 8 October 2024 , and are signed on behalf of the board by:
P E Casson
Director
Company registration number: 1179522
SANDBECK ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3A Rudgate Court, Rudgate Walton, Wetherby, West Yorkshire, LS23 7BF.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant & machinery
-
50% straight line
Fixtures & fittings
-
50% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).
5. TANGIBLE ASSETS
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
244,869
38,461
17,801
34,510
335,641
Additions
1,385
1,385
Disposals
( 7,400)
( 7,400)
----------
---------
---------
---------
----------
At 31 July 2024
244,869
39,846
17,801
27,110
329,626
----------
---------
---------
---------
----------
Depreciation
At 1 August 2023
35,143
37,680
16,178
25,687
114,688
Charge for the year
3,397
886
784
2,038
7,105
Disposals
( 5,594)
( 5,594)
----------
---------
---------
---------
----------
At 31 July 2024
38,540
38,566
16,962
22,131
116,199
----------
---------
---------
---------
----------
Carrying amount
At 31 July 2024
206,329
1,280
839
4,979
213,427
----------
---------
---------
---------
----------
At 31 July 2023
209,726
781
1,623
8,823
220,953
----------
---------
---------
---------
----------
6. DEBTORS
2024
2023
£
£
Trade debtors
168,810
233,238
Other debtors
18,150
29,311
----------
----------
186,960
262,549
----------
----------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
47,235
52,597
Corporation tax
36,971
36,026
Social security and other taxes
7,085
10,591
Other creditors
103,507
36,457
----------
----------
194,798
135,671
----------
----------
8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the certain directors had unsecured and interest free loans from the company. At the beginning of the year there was a credit balance due to those directors of £1,031. Advances of £97,274 and repayments of £169,000 were made during the year and the maximum balance outstanding was £87,621. At the year-end there was a loan balance due to those directors of £72,757.