Registered number
05060085
Selmech Supplies Limited
Filleted Accounts
31 March 2024
Selmech Supplies Limited
Registered number: 05060085
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 71,936 71,700
Current assets
Stocks 48,000 45,000
Debtors 4 97,044 91,699
Cash at bank and in hand 91,548 138,600
236,592 275,299
Creditors: amounts falling due within one year 5 (11,340) (52,175)
Net current assets 225,252 223,124
Total assets less current liabilities 297,188 294,824
Creditors: amounts falling due after more than one year 6 (19,711) -
Net assets 277,477 294,824
Capital and reserves
Called up share capital 100 100
Profit and loss account 277,377 294,724
Shareholders' funds 277,477 294,824
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
R S Sheppard
Director
Approved by the board on 3 December 2024
Selmech Supplies Limited
Notes to the Accounts
for the year ended 31 March 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:
Motor Vehicles 20% reducing balance
Plant and machinery 20% reducing balance
Computer equipment 33% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Motor vehicle Plant and machinery etc Computer Equipment Total
£ £ £ £
Cost
At 1 April 2023 110,066 18,301 8,659 137,026
Additions 78,279 619 472 79,370
Disposals (110,066) - - (110,066)
At 31 March 2024 78,279 18,920 9,131 106,330
Depreciation
At 1 April 2023 49,019 7,811 8,496 65,326
Charge for the year 15,656 2,222 209 18,087
On disposals (49,019) - - (49,019)
At 31 March 2024 15,656 10,033 8,705 34,394
Net book value
At 31 March 2024 62,623 8,887 426 71,936
At 31 March 2023 61,047 10,490 163 71,700
4 Debtors 2024 2023
£ £
Trade debtors 91,040 89,245
Other debtors 6,004 2,454
97,044 91,699
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 6,541 15,387
Taxation and social security costs 1,553 4,404
Other creditors 3,246 32,384
11,340 52,175
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 19,711 -
7 Other information
Selmech Supplies Limited is a private company limited by shares and incorporated in England. Its registered office is:
19 Norton Enterprise Park
Whittle Road
Salisbury
Wiltshire
SP2 7YS
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