18 01/04/2023 31/03/2024 2024-03-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 05076233 2023-04-01 2024-03-31 05076233 2024-03-31 05076233 2023-03-31 05076233 2022-04-01 2023-03-31 05076233 2023-03-31 05076233 2022-03-31 05076233 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05076233 core:PlantMachinery 2023-04-01 2024-03-31 05076233 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 05076233 core:MotorVehicles 2023-04-01 2024-03-31 05076233 core:OnerousContractsExcludingVacantProperties 2023-04-01 2024-03-31 05076233 bus:Director1 2023-04-01 2024-03-31 05076233 core:NetGoodwill 2024-03-31 05076233 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 05076233 core:PlantMachinery 2023-03-31 05076233 core:FurnitureFittingsToolsEquipment 2023-03-31 05076233 core:MotorVehicles 2023-03-31 05076233 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 05076233 core:PlantMachinery 2024-03-31 05076233 core:FurnitureFittingsToolsEquipment 2024-03-31 05076233 core:MotorVehicles 2024-03-31 05076233 core:WithinOneYear 2024-03-31 05076233 core:WithinOneYear 2023-03-31 05076233 core:AfterOneYear 2024-03-31 05076233 core:AfterOneYear 2023-03-31 05076233 core:ShareCapital 2024-03-31 05076233 core:ShareCapital 2023-03-31 05076233 core:RetainedEarningsAccumulatedLosses 2024-03-31 05076233 core:RetainedEarningsAccumulatedLosses 2023-03-31 05076233 core:NetGoodwill 2023-03-31 05076233 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 05076233 core:PlantMachinery 2023-03-31 05076233 core:FurnitureFittingsToolsEquipment 2023-03-31 05076233 core:MotorVehicles 2023-03-31 05076233 bus:SmallEntities 2023-04-01 2024-03-31 05076233 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05076233 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05076233 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05076233 bus:FullAccounts 2023-04-01 2024-03-31
Company registration number: 05076233
SEI Electrical Contractors Limited
Unaudited filleted financial statements
31 March 2024
SEI Electrical Contractors Limited
Contents
Statement of financial position
Notes to the financial statements
SEI Electrical Contractors Limited
Statement of financial position
31st March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 462,335 447,439
_______ _______
462,335 447,439
Current assets
Stocks 4,000 3,750
Debtors 7 259,092 205,713
Cash at bank and in hand 201,798 316,674
_______ _______
464,890 526,137
Creditors: amounts falling due
within one year 8 ( 285,393) ( 270,601)
_______ _______
Net current assets 179,497 255,536
_______ _______
Total assets less current liabilities 641,832 702,975
Creditors: amounts falling due
after more than one year 9 ( 278,206) ( 352,967)
Provisions for liabilities ( 35,513) ( 35,513)
_______ _______
Net assets 328,113 314,495
_______ _______
Capital and reserves
Called up share capital 101 101
Profit and loss account 328,012 314,394
_______ _______
Shareholders funds 328,113 314,495
_______ _______
For the 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.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr M Skucha
Director
Company registration number: 05076233
SEI Electrical Contractors Limited
Notes to the financial statements
Year ended 31st March 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 Unit 3, Brownhills Business Park, Canal Street, Stoke-on-Trent, Staffs, ST6 4RP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 buildings - 10 % straight line
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their 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. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2023: 19 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1st April 2023 and 31st March 2024 9,180 9,180
_______ _______
Amortisation
At 1st April 2023 and 31st March 2024 9,180 9,180
_______ _______
Carrying amount
At 31st March 2024 - -
_______ _______
At 31st March 2023 - -
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £ £
Cost
At 1st April 2023 310,892 27,505 38,925 284,039 22,573 683,934
Additions 14,032 777 1,412 50,058 - 66,279
Disposals - - - ( 14,313) - ( 14,313)
_______ _______ _______ _______ _______ _______
At 31st March 2024 324,924 28,282 40,337 319,784 22,573 735,900
_______ _______ _______ _______ _______ _______
Depreciation
At 1st April 2023 5,503 24,206 23,661 161,477 21,648 236,495
Charge for the year - 1,559 4,313 43,441 358 49,671
Disposals - - - ( 12,601) - ( 12,601)
_______ _______ _______ _______ _______ _______
At 31st March 2024 5,503 25,765 27,974 192,317 22,006 273,565
_______ _______ _______ _______ _______ _______
Carrying amount
At 31st March 2024 319,421 2,517 12,363 127,467 567 462,335
_______ _______ _______ _______ _______ _______
At 31st March 2023 305,389 3,299 15,264 122,562 925 447,439
_______ _______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 227,300 180,379
Other debtors 31,792 25,334
_______ _______
259,092 205,713
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 61,680 60,953
Trade creditors 100,896 64,942
Corporation tax 13,999 16,405
Social security and other taxes 74,582 62,589
Other creditors 34,236 65,712
_______ _______
285,393 270,601
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 265,497 327,904
Other creditors 12,709 25,063
_______ _______
278,206 352,967
_______ _______