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Registration number: 04095975

Simon Dean Electrical Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Simon Dean Electrical Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Simon Dean Electrical Limited

Company Information

Directors

Mr Simon John Dean

Mrs Kim Dean

Company secretary

Mr Simon John Dean

Registered office

Bradshaw Farm
Long Heys Lane
Dalton
Wigan
Lancashire
WN8 7RS

Solicitors

McCarthy & Bennett
26 Bridgeman Terrace
Wigan
Lancashire
WN1 1TD

Accountants

McGinty Demack
Chartered Certified Accountants
Vermont House
Bradley Lane
Standish
Lancashire
WN6 0XF

 

Simon Dean Electrical Limited

(Registration number: 04095975)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

834,616

742,004

Current assets

 

Stocks

5

403,402

406,872

Debtors

6

2,831,508

1,424,466

Cash at bank and in hand

 

1,154,404

1,847,760

 

4,389,314

3,679,098

Creditors: Amounts falling due within one year

7

(656,194)

(576,408)

Net current assets

 

3,733,120

3,102,690

Net assets

 

4,567,736

3,844,694

Capital and reserves

 

Called up share capital

8

610

510

Retained earnings

4,567,126

3,844,184

Shareholders' funds

 

4,567,736

3,844,694

For the financial year ending 31 October 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.

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.

 

Simon Dean Electrical Limited

(Registration number: 04095975)
Balance Sheet as at 31 October 2024

Approved and authorised by the Board on 26 March 2025 and signed on its behalf by:
 

.........................................
Mr Simon John Dean
Company secretary and director

 

Simon Dean Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England 7 Wales.

The address of its registered office is:
Bradshaw Farm
Long Heys Lane
Dalton
Wigan
Lancashire
WN8 7RS
England

The principal place of business is:
Unit 3, 21 Pitt Hey Place
Skelmersdale
Lancashire
WN8 9PG

These financial statements were authorised for issue by the Board on 26 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.

 

Simon Dean Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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.

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

10% Reducing balance

Fixtures and fittings

10% Reducing balance

Motor vehicles

25% Reducing balance

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.

 

Simon Dean Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Simon Dean Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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 19 (2023 - 18).

 

Simon Dean Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

558,797

30,870

309,615

45,408

944,690

Additions

-

-

122,009

4,642

126,651

At 31 October 2024

558,797

30,870

431,624

50,050

1,071,341

Depreciation

At 1 November 2023

-

14,899

163,487

24,300

202,686

Charge for the year

-

1,430

30,034

2,575

34,039

At 31 October 2024

-

16,329

193,521

26,875

236,725

Carrying amount

At 31 October 2024

558,797

14,541

238,103

23,175

834,616

At 31 October 2023

558,797

15,971

146,128

21,108

742,004

Included within the net book value of land and buildings above is £558,797 (2023 - £558,797) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Work in progress

394,832

394,832

Finished goods and goods for resale

8,570

12,040

403,402

406,872

 

Simon Dean Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

311,526

473,799

Amounts owed by related parties

9

1,569,215

-

Other debtors

 

950,767

950,667

   

2,831,508

1,424,466

 

Simon Dean Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

52,907

54,777

Taxation and social security

338,519

347,362

Accruals and deferred income

223,849

120,241

Other creditors

40,919

54,028

656,194

576,408

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

110

110

110

110

Ordinary B, C, D & E Shares of £1 each

400

400

400

400

Ordinary F Shares of £1 (2023 - £0) each

100

100

-

-

610

610

510

510

9

Related party transactions

On the 29th October 2024 shares in the company were acquired by a holding company.

 

Simon Dean Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

40,274

57,148

Summary of transactions with parent

Simon Dean Holdings (16008382)
 Simon Dean Holdings (16008382) - Owes the company £13,215.00 shown as an intercompany loan.
 

Summary of transactions with other related parties

Dean Holiday Homes Limited (11804018)
Dean Group Limited (15040502)

 Dean Holiday Homes Limited (11804018) - Owes the company £950,566.36 shown as an intercompany loan.
Dean Group Limited (15040502) - Owes the company £1,556,000.00 shown as an intercompany loan.