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Registration number: 09677779

Southeast Electrical Contractors Group Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Southeast Electrical Contractors Group Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 15

 

Southeast Electrical Contractors Group Ltd

Company Information

Directors

Mr SA Stanley

Mr M Corbett

Registered office

First Floor
81 - 85 High Street
Brentwood
Essex
CM14 4RR

Accountants

F9 Consulting Ltd
Chartered Certified Accountants
First Floor
81 - 85 High Street
Brentwood
Essex
CM14 4RR

 

Southeast Electrical Contractors Group Ltd

(Registration number: 09677779)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

5,984

6,996

Tangible assets

5

275,544

374,426

Other financial assets

6

348

348

 

281,876

381,770

Current assets

 

Stocks

7

998,425

851,607

Debtors

8

166,360

92,326

Cash at bank and in hand

 

120,600

171,350

 

1,285,385

1,115,283

Creditors: Amounts falling due within one year

9

(551,468)

(581,417)

Net current assets

 

733,917

533,866

Total assets less current liabilities

 

1,015,793

915,636

Creditors: Amounts falling due after more than one year

9

(651,652)

(640,782)

Net assets

 

364,141

274,854

Capital and reserves

 

Called up share capital

10

300

300

Retained earnings

363,841

274,554

Shareholders' funds

 

364,141

274,854

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Southeast Electrical Contractors Group Ltd

(Registration number: 09677779)
Balance Sheet as at 30 June 2024 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

.........................................
Mr SA Stanley
Director

 

Southeast Electrical Contractors Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
First Floor
81 - 85 High Street
Brentwood
Essex
CM14 4RR

These financial statements were authorised for issue by the Board on 28 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Southeast Electrical Contractors Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% straight line

Motor vehicles

10% straight line

Funiture and fittings

25% reducing balance

Computer equipment

20% straight line

Software

10% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Southeast Electrical Contractors Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Southeast Electrical Contractors Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 12).

 

Southeast Electrical Contractors Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 July 2023

19,511

19,511

Acquired through business combinations

(9,392)

(9,392)

At 30 June 2024

10,119

10,119

Amortisation

At 1 July 2023

12,515

12,515

Amortisation charge

1,012

1,012

Amortisation eliminated on disposals

(9,392)

(9,392)

At 30 June 2024

4,135

4,135

Carrying amount

At 30 June 2024

5,984

5,984

At 30 June 2023

6,996

6,996

 

Southeast Electrical Contractors Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 July 2023

5,012

31,154

37,343

430,794

Additions

-

13,865

2,434

45,200

Disposals

(1,024)

(17,672)

(26,888)

(166,646)

At 30 June 2024

3,988

27,347

12,889

309,348

Depreciation

At 1 July 2023

4,623

23,952

30,169

71,133

Charge for the year

110

3,194

4,214

30,934

Eliminated on disposal

(1,024)

(17,671)

(26,888)

(44,718)

At 30 June 2024

3,709

9,475

7,495

57,349

Carrying amount

At 30 June 2024

279

17,872

5,394

251,999

At 30 June 2023

389

7,202

7,174

359,661

 

Southeast Electrical Contractors Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

5

Tangible assets (continued)

Total
£

Cost or valuation

At 1 July 2023

504,303

Additions

61,499

Disposals

(212,230)

At 30 June 2024

353,572

Depreciation

At 1 July 2023

129,877

Charge for the year

38,452

Eliminated on disposal

(90,301)

At 30 June 2024

78,028

Carrying amount

At 30 June 2024

275,544

At 30 June 2023

374,426

 

Southeast Electrical Contractors Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

5

Tangible assets (continued)

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 July 2023

348

348

At 30 June 2024

348

348

Impairment

Carrying amount

At 30 June 2024

348

348

7

Stocks

2024
£

2023
£

Work in progress

998,425

851,607

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

81,108

-

Amounts owed by related parties

13

52,088

47,575

Prepayments

 

4,764

14,943

Other debtors

 

28,400

29,808

   

166,360

92,326

9

Creditors

Creditors: amounts falling due within one year

 

Southeast Electrical Contractors Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

9

Creditors (continued)

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

59,885

42,775

Trade creditors

 

405,406

428,031

Amounts owed to group undertakings and undertakings in which the company has a participating interest

13

8,175

24,124

Taxation and social security

 

36,376

11,166

Accruals and deferred income

 

-

10,000

Other creditors

 

41,626

65,321

 

551,468

581,417

 

Southeast Electrical Contractors Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

9

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

651,652

640,782

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

300

300

300

300

       

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

459,947

339,777

Hire purchase contracts

191,705

296,875

Other borrowings

-

4,130

651,652

640,782

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,648

-

Hire purchase contracts

49,237

42,775

59,885

42,775

12

Dividends

Interim dividends paid

 

Southeast Electrical Contractors Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

12

Dividends (continued)

2024
£

2023
£

Interim dividend of £253.00 (2023 - £597.00) per each Ordinary Share

76,000

179,000

 

 

13

Related party transactions

 

Southeast Electrical Contractors Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

13

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

50,855

25,140

Contributions paid to money purchase schemes

20,000

12,000

70,855

37,140