SUNFIELD ELECTRICAL CONTRACTORS LIMITED

Company Registration Number:
06063211 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

SUNFIELD ELECTRICAL CONTRACTORS LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2024

Balance sheet
Additional notes
Balance sheet notes

SUNFIELD ELECTRICAL CONTRACTORS LIMITED

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 47,607 63,419
Total fixed assets: 47,607 63,419
Current assets
Stocks: 4 38,489 111,592
Debtors: 5 201,697 237,902
Cash at bank and in hand: 290,229 15,464
Total current assets: 530,415 364,958
Creditors: amounts falling due within one year: 6 ( 268,664 ) ( 166,047 )
Net current assets (liabilities): 261,751 198,911
Total assets less current liabilities: 309,358 262,330
Creditors: amounts falling due after more than one year: 7 ( 50,000 ) ( 80,000 )
Provision for liabilities: ( 11,902 ) ( 12,049 )
Total net assets (liabilities): 247,456 170,281
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 247,454 170,279
Total Shareholders' funds: 247,456 170,281

The notes form part of these financial statements

SUNFIELD ELECTRICAL CONTRACTORS LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 21 June 2024
and signed on behalf of the board by:

Name: D R ALLEN
Status: Director

The notes form part of these financial statements

SUNFIELD ELECTRICAL CONTRACTORS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

    Tangible fixed assets depreciation policy

    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: Plant and machinery 20% per annum reducing balance Motor vehicles 25% per annum reducing balance Office equipment 25% per annum reducing balance

    Other accounting policies

    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. Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss. 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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. 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. Dividends Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared. Defined contribution pension obligation A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

SUNFIELD ELECTRICAL CONTRACTORS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 5 6

SUNFIELD ELECTRICAL CONTRACTORS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2023 55,658 9,595 102,836 168,089
Additions
Disposals
Revaluations
Transfers
At 31 March 2024 55,658 9,595 102,836 168,089
Depreciation
At 1 April 2023 54,802 8,314 41,554 104,670
Charge for year 171 320 15,321 15,812
On disposals
Other adjustments
At 31 March 2024 54,973 8,634 56,875 120,482
Net book value
At 31 March 2024 685 961 45,961 47,607
At 31 March 2023 856 1,281 61,282 63,419

SUNFIELD ELECTRICAL CONTRACTORS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Stocks

2024 2023
£ £
Stocks 38,489 111,592
Total 38,489 111,592

SUNFIELD ELECTRICAL CONTRACTORS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Debtors

2024 2023
£ £
Trade debtors 201,697 237,435
Prepayments and accrued income 467
Total 201,697 237,902

SUNFIELD ELECTRICAL CONTRACTORS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 30,000 30,000
Trade creditors 56,317 86,012
Taxation and social security 174,896 46,420
Accruals and deferred income 5,000
Other creditors 2,451 3,615
Total 268,664 166,047

SUNFIELD ELECTRICAL CONTRACTORS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

7. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 50,000 80,000
Total 50,000 80,000