SIM Electrical Ltd 09030300 true 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Electrical Installation Digita Accounts Production Advanced 6.30.9574.0 true Mr Patrick James Holmes Cobat Secretarial Services Limited true 09030300 2023-04-01 2024-03-31 09030300 2024-03-31 09030300 bus:OrdinaryShareClass1 2024-03-31 09030300 core:RetainedEarningsAccumulatedLosses 2024-03-31 09030300 core:ShareCapital 2024-03-31 09030300 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 09030300 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 09030300 core:CurrentFinancialInstruments 2024-03-31 09030300 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09030300 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09030300 core:FurnitureFittingsToolsEquipment 2024-03-31 09030300 core:MotorVehicles 2024-03-31 09030300 bus:FRS102 2023-04-01 2024-03-31 09030300 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 09030300 bus:FullAccounts 2023-04-01 2024-03-31 09030300 bus:RegisteredOffice 2023-04-01 2024-03-31 09030300 bus:CompanySecretary1 2023-04-01 2024-03-31 09030300 bus:Director2 2023-04-01 2024-03-31 09030300 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 09030300 bus:EntityNoLongerTradingButTradedInPast 2023-04-01 2024-03-31 09030300 bus:Consolidated 2023-04-01 2024-03-31 09030300 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09030300 core:FurnitureFittings 2023-04-01 2024-03-31 09030300 core:MotorVehicles 2023-04-01 2024-03-31 09030300 countries:England 2023-04-01 2024-03-31 09030300 2023-03-31 09030300 core:FurnitureFittingsToolsEquipment 2023-03-31 09030300 core:MotorVehicles 2023-03-31 09030300 2023-03-31 09030300 bus:OrdinaryShareClass1 2023-03-31 09030300 core:RetainedEarningsAccumulatedLosses 2023-03-31 09030300 core:ShareCapital 2023-03-31 09030300 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 09030300 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 09030300 core:CurrentFinancialInstruments 2023-03-31 09030300 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09030300 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09030300 core:FurnitureFittingsToolsEquipment 2023-03-31 09030300 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09030300

SIM Electrical Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

SIM Electrical Ltd

Profit and Loss Account for the Year Ended 31 March 2024

The company has not traded during the year. During this year, the company received no income and incurred no expenditure and therefore made neither profit nor loss.

 

SIM Electrical Ltd

(Registration number: 09030300)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

18,375

18,375

Current assets

 

Debtors

4

13,345

13,345

Cash at bank and in hand

 

42,514

42,514

 

55,859

55,859

Creditors: Amounts falling due within one year

6

(18,160)

(18,160)

Net current assets

 

37,699

37,699

Total assets less current liabilities

 

56,074

56,074

Creditors: Amounts falling due after more than one year

6

(14,005)

(14,005)

Net assets

 

42,069

42,069

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

41,969

41,969

Shareholders' funds

 

42,069

42,069

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 15 November 2024
 

 

SIM Electrical Ltd

(Registration number: 09030300)
Balance Sheet as at 31 March 2024

.........................................
Mr Patrick James Holmes
Director

 

SIM Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

These financial statements were authorised for issue by the director on 15 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicle

25% on Reducing balance

Fixtures and fittings

25% on Reducing balance

 

SIM Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

SIM Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

SIM Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

5,121

37,306

42,427

At 31 March 2024

5,121

37,306

42,427

Depreciation

At 1 April 2023

4,263

19,789

24,052

At 31 March 2024

4,263

19,789

24,052

Carrying amount

At 31 March 2024

858

17,517

18,375

At 31 March 2023

858

17,517

18,375

4

Debtors

Current

2024
£

2023
£

Trade debtors

2,400

2,400

Other debtors

10,945

10,945

 

13,345

13,345

5

Cash and cash equivalents

2024
£

2023
£

Cash at bank

42,514

42,514

6

Creditors

 

SIM Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

3,160

3,160

Other payables

 

15,000

15,000

 

18,160

18,160

Due after one year

 

Loans and borrowings

8

14,005

14,005

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

14,005

14,005

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

3,160

3,160