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REGISTERED NUMBER: 01333878 (England and Wales)















SLEAFORD ELECTRICAL AND REFRIGERATION CO
LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024






SLEAFORD ELECTRICAL AND REFRIGERATION CO
LTD. (REGISTERED NUMBER: 01333878)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


SLEAFORD ELECTRICAL AND REFRIGERATION CO
LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTOR: C Turnock





REGISTERED OFFICE: Unit 1 Five Mile Lane
Washingborough
Lincoln
Lincolnshire
LN4 1AF





REGISTERED NUMBER: 01333878 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

SLEAFORD ELECTRICAL AND REFRIGERATION CO
LTD. (REGISTERED NUMBER: 01333878)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2024

31.10.24 31.10.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 121,732 119,497

CURRENT ASSETS
Stocks 6,000 6,000
Debtors 5 243,232 338,948
Cash at bank and in hand 73,154 49,045
322,386 393,993
CREDITORS
Amounts falling due within one year 6 186,711 240,802
NET CURRENT ASSETS 135,675 153,191
TOTAL ASSETS LESS CURRENT LIABILITIES 257,407 272,688

CREDITORS
Amounts falling due after more than one year 7 (43,271 ) (59,447 )

PROVISIONS FOR LIABILITIES (27,029 ) (26,253 )
NET ASSETS 187,107 186,988

CAPITAL AND RESERVES
Called up share capital 10 11,202 11,202
Capital redemption reserve 45,000 45,000
Retained earnings 130,905 130,786
SHAREHOLDERS' FUNDS 187,107 186,988

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 February 2025 and were signed by:




C Turnock - Director


SLEAFORD ELECTRICAL AND REFRIGERATION CO
LTD. (REGISTERED NUMBER: 01333878)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1. STATUTORY INFORMATION

Sleaford Electrical And Refrigeration Co Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of aircon & refrigeration units is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of good.


Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from aircon and refrigeration install and servicing is recognised by reference to the stage of completion at the balance sheet date.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on reducing balance and 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


SLEAFORD ELECTRICAL AND REFRIGERATION CO
LTD. (REGISTERED NUMBER: 01333878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2023 194,613
Additions 35,166
At 31 October 2024 229,779
DEPRECIATION
At 1 November 2023 75,116
Charge for year 32,931
At 31 October 2024 108,047
NET BOOK VALUE
At 31 October 2024 121,732
At 31 October 2023 119,497


SLEAFORD ELECTRICAL AND REFRIGERATION CO
LTD. (REGISTERED NUMBER: 01333878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 216,394 288,040
Amounts owed by group undertakings - 30,000
Amounts recoverable on contract 2,274 6,810
Other debtors 24,564 14,098
243,232 338,948

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Bank loans and overdrafts 9,732 9,492
Hire purchase contracts (see note 8) 32,141 33,222
Trade creditors 82,561 120,151
Taxation and social security 48,297 59,705
Other creditors 13,980 18,232
186,711 240,802

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.24 31.10.23
£    £   
Bank loans 5,791 15,523
Hire purchase contracts (see note 8) 37,480 43,924
43,271 59,447

8. LEASING AGREEMENTS

Total financial commitments, guarantees and contingencies which are not included in the statement of financial position amount to £14,487 (2023: £29,523).

9. SECURED DEBTS

The following secured debts are included within creditors:

31.10.24 31.10.23
£    £   
Bank loans 15,523 25,015
Hire purchase contracts 69,621 77,146
85,144 102,161

Hire purchase liabilities are secured on the assets to which they relate. The bank loan is a coronavirus business loan which is supported by the government who will pay the interest for the first twelve months.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.24 31.10.23
value: £    £   
11,202 Ordinary 'A' £1 11,202 11,202

SLEAFORD ELECTRICAL AND REFRIGERATION CO
LTD. (REGISTERED NUMBER: 01333878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The directors have an overdrawn directors loan accounts totalling £1,810 overdrawn brought forward (2023: £2,183 overdrawn). During the year, the directors of the company borrowed £8,160 (2023: £9,627.33) from the company and repaid £2,001 (2023: 10,000). The balance at the end of the year totalled £7,969 overdrawn (2023: £1,810).