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Company Registration No. 09626989 (England and Wales)
SEM Electrical Contractors Limited Unaudited accounts for the year ended 31 July 2024
SEM Electrical Contractors Limited Unaudited accounts Contents
Page
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SEM Electrical Contractors Limited Company Information for the year ended 31 July 2024
Directors
Mr S.E. Meredith Mrs J.A. Meredith
Secretary
Mrs J.A. Meredith
Company Number
09626989 (England and Wales)
Registered Office
Phylmur 4 Trevanson Road Wadebridge Cornwall PL27 7HD England
Accountants
Stephen Beard Accountancy Services 10 Cheshire Road Thame Oxon OX9 3LQ
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SEM Electrical Contractors Limited Statement of financial position as at 31 July 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
580 
1,087 
Current assets
Inventories
200 
718 
Debtors
2,469 
4,290 
Cash at bank and in hand
2,443 
12,091 
5,112 
17,099 
Creditors: amounts falling due within one year
(5,653)
(7,088)
Net current (liabilities)/assets
(541)
10,011 
Total assets less current liabilities
39 
11,098 
Creditors: amounts falling due after more than one year
(3,509)
(7,625)
Provisions for liabilities
Deferred tax
- 
(207)
Net (liabilities)/assets
(3,470)
3,266 
Capital and reserves
Called up share capital
17,300 
17,300 
Capital redemption reserve
4,000 
4,000 
Profit and loss account
(24,770)
(18,034)
Shareholders' funds
(3,470)
3,266 
For the year ending 31 July 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by
Mr S.E. Meredith Director Company Registration No. 09626989
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SEM Electrical Contractors Limited Notes to the Accounts for the year ended 31 July 2024
1
Statutory information
SEM Electrical Contractors Limited is a private company, limited by shares, registered in England and Wales, registration number 09626989. The registered office is Phylmur, 4 Trevanson Road, Wadebridge, Cornwall, PL27 7HD, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Straight line basis
Motor vehicles
20% Straight line basis
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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SEM Electrical Contractors Limited Notes to the Accounts for the year ended 31 July 2024
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 August 2023
35,195 
At 31 July 2024
35,195 
Amortisation
At 1 August 2023
35,195 
At 31 July 2024
35,195 
Net book value
At 31 July 2024
- 
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 August 2023
8,506 
9,333 
17,839 
Disposals
(4,673)
- 
(4,673)
At 31 July 2024
3,833 
9,333 
13,166 
Depreciation
At 1 August 2023
7,419 
9,333 
16,752 
Charge for the year
447 
- 
447 
On disposals
(4,613)
- 
(4,613)
At 31 July 2024
3,253 
9,333 
12,586 
Net book value
At 31 July 2024
580 
- 
580 
At 31 July 2023
1,087 
- 
1,087 
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SEM Electrical Contractors Limited Notes to the Accounts for the year ended 31 July 2024
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
70 
- 
Trade debtors
- 
434 
Deferred tax asset
1,374 
Accrued income and prepayments
541 
489 
Other debtors
484 
3,367 
2,469 
4,290 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
4,116 
4,014 
VAT
- 
461 
Trade creditors
1 
1,579 
Taxes and social security
- 
37 
Other creditors
- 
77 
Loans from directors
942 
- 
Accruals
594 
920 
5,653 
7,088 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
3,509 
7,625 
This facility is supported by the Bounce Back Loan Scheme (BBLS). The lender has a guarantee from the UK Government under BBLS. The loan is repayable over 5 years.
9
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
110 
207 
Tax losses carried forward
(1,484)
- 
(1,374)
207 
2024 
2023 
£ 
£ 
Provision at start of year
207 
326 
Credited to the profit and loss account
(1,581)
(119)
Provision at end of year
(1,374)
207 
10
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
17,300 Ordinary shares of £1 each
17,300 
17,300 
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SEM Electrical Contractors Limited Notes to the Accounts for the year ended 31 July 2024
11
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Mr S.E. Meredith
Director's loan account
64 
- 
64 
- 
Mrs J.A. Meredith
Director's loan account
54 
- 
54 
- 
118 
- 
118 
- 
12
Average number of employees
During the year the average number of employees was 2 (2023: 3).
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