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Registered number: 07727171
Streamline Electrical Contractors Limited
Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07727171
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 152,558 134,065
152,558 134,065
CURRENT ASSETS
Stocks 5 29,567 24,213
Debtors 6 89,323 71,880
Cash at bank and in hand 97,081 147,014
215,971 243,107
Creditors: Amounts Falling Due Within One Year 7 (154,082 ) (178,480 )
NET CURRENT ASSETS (LIABILITIES) 61,889 64,627
TOTAL ASSETS LESS CURRENT LIABILITIES 214,447 198,692
Creditors: Amounts Falling Due After More Than One Year 8 (48,936 ) (12,914 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (38,139 ) (33,516 )
NET ASSETS 127,372 152,262
CAPITAL AND RESERVES
Called up share capital 10 206 206
Profit and Loss Account 127,166 152,056
SHAREHOLDERS' FUNDS 127,372 152,262
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit 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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr T C Udy
Director
Mr P L Watson
Director
21/02/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Streamline Electrical Contractors Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07727171 . The registered office is 81 High Street, Cosham, Hampshire, PO6 3BL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts. The company is registered for value added tax and operates the standard scheme.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33.33% SL
Motor Vehicles 25% RB
Fixtures & Fittings 25% RB
Computer Equipment 25% RB
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 11)
13 11
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 September 2023 11,014 283,723 5,725 11,742 312,204
Additions 2,772 74,674 533 8,746 86,725
Disposals - (63,750 ) - - (63,750 )
As at 31 August 2024 13,786 294,647 6,258 20,488 335,179
Depreciation
As at 1 September 2023 9,921 157,839 1,633 8,746 178,139
Provided during the period 1,470 45,924 1,497 2,477 51,368
Disposals - (46,886 ) - - (46,886 )
As at 31 August 2024 11,391 156,877 3,130 11,223 182,621
Net Book Value
As at 31 August 2024 2,395 137,770 3,128 9,265 152,558
As at 1 September 2023 1,093 125,884 4,092 2,996 134,065
5. Stocks
2024 2023
£ £
Stock 29,567 24,213
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 31,349 29,938
Prepayments and accrued income 1,430 1,406
Other debtors 4,125 4,125
VAT 52,419 36,411
89,323 71,880
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 20,316 4,483
Trade creditors 78,823 74,514
Bank loans and overdrafts 6,949 6,787
Corporation tax 39,594 43,108
Other taxes and social security 2,629 12,569
Penson control 1,722 1,358
Credit Cards 32 32,369
Accruals and deferred income 2,736 2,200
Directors' loan accounts 1,281 1,092
154,082 178,480
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 44,152 1,567
Other loans 4,784 11,347
48,936 12,914
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 20,316 4,483
Later than one year and not later than five years 44,152 1,567
64,468 6,050
64,468 6,050
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 206 206
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 16,500 16,500
Later than one year and not later than five years 34,375 50,875
50,875 67,375
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12. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 162,000 250,000
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