Registered number
07136303
SR Mechanical Services Ltd
Filleted Accounts
29 February 2024
SR Mechanical Services Ltd
Registered number: 07136303
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 73,238 53,639
Current assets
Stocks 40,000 40,000
Debtors 4 100,962 90,846
Cash at bank and in hand 50 19,547
141,012 150,393
Creditors: amounts falling due within one year 5 (141,628) (116,654)
Net current (liabilities)/assets (616) 33,739
Total assets less current liabilities 72,622 87,378
Creditors: amounts falling due after more than one year 6 (107,140) (94,008)
Net liabilities (34,518) (6,630)
Capital and reserves
Called up share capital 100 100
Profit and loss account (34,618) (6,730)
Shareholder's funds (34,518) (6,630)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Robb
Director
Approved by the board on 25 November 2024
SR Mechanical Services Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 27,857 95,324 123,181
Additions - 73,660 73,660
Disposals - (69,829) (69,829)
At 29 February 2024 27,857 99,155 127,012
Depreciation
At 1 March 2023 25,071 44,471 69,542
Charge for the year 557 17,752 18,309
On disposals - (34,077) (34,077)
At 29 February 2024 25,628 28,146 53,774
Net book value
At 29 February 2024 2,229 71,009 73,238
At 28 February 2023 2,786 50,853 53,639
4 Debtors 2024 2023
£ £
Trade debtors 100,962 139,777
Other debtors - (48,931)
100,962 90,846
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 49,584 18,532
Obligations under finance lease and hire purchase contracts 14,622 15,497
Trade creditors 41,853 81,754
Taxation and social security costs (6,456) 14
Other creditors 42,025 857
141,628 116,654
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 39,704 61,174
Obligations under finance lease and hire purchase contracts 52,436 32,834
Other creditors 15,000 -
107,140 94,008
7 Other information
SR Mechanical Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 Yeats Close
Redhill
RH1 6LG
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