Company registration number 01162602 (England and Wales)
S.A.C. ELECTRONICS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
S.A.C. ELECTRONICS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
S.A.C. ELECTRONICS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
31.12.24
31.03.24
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,967,948
2,016,479
Current assets
Stocks
5
1,138,118
1,304,731
Debtors
6
308,524
375,098
Cash at bank and in hand
975
12,356
1,447,617
1,692,185
Creditors: amounts falling due within one year
7
(1,029,541)
(1,172,696)
Net current assets
418,076
519,489
Total assets less current liabilities
2,386,024
2,535,968
Creditors: amounts falling due after more than one year
8
(953,867)
(1,036,963)
Provisions for liabilities
(45,364)
(46,016)
Net assets
1,386,793
1,452,989
Capital and reserves
Called up share capital
10
195,000
195,000
Profit and loss reserves
1,191,793
1,257,989
Total equity
1,386,793
1,452,989
The financial statements in relation to the year ended 31 March 2024 are unaudited.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 3 June 2025 and are signed on its behalf by:
FW Doherty
Director
Company registration number 01162602 (England and Wales)
S.A.C. ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
S.A.C. Electronics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Daniels Way, Hucknall, Nottingham, NG15 7LL.
1.1
Reporting period
The financial statements cover the period from 1 April 2024 to 31 December 2024. The accounting reference date was changed to bring in line with the group reporting period.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
The financial statements have been prepared on a going concern basis which assumes the company will continue to trade.
Consideration has been given to the risks of reduced turnover, slow payment or non-payment of debts, the value of stock and other assets owned by the company. The going concern of the business will be dependent on achieving minimum income projections as well as on the continued financial support of shareholders and the bank.
The company’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current banking facility.
The banking overdraft facility is not due for renewal until October 2025 and so at the point of approval has not been renewed. Should this facility be required at this point that bank have shown there willingness to renew this however cannot be guaranteed until it has been through the formal process.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
S.A.C. ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
2% straight line
Land
Not depreciated
Plant and equipment
20% and 50% straight line
Fixtures and fittings
20% and 10% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
S.A.C. ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
S.A.C. ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Carrying value of stocks
Management review the market value of and demand for its stocks on a periodic basis to ensure stock is recorded in the financial statements at the lower of cost and net realisable value. Any provision for impairment is recorded against the carrying value of stocks. Management use their knowledge of the market conditions, historical experiences and estimates of future events to assess future demand for the Comapny's products and achievable selling prices.
3
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
31.12.24
31.03.24
Number
Number
Total
8
14
S.A.C. ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2024
1,975,878
466,116
18,032
2,460,026
Additions
7,104
7,104
At 31 December 2024
1,975,878
473,220
18,032
2,467,130
Depreciation and impairment
At 1 April 2024
85,532
339,983
18,032
443,547
Depreciation charged in the Period
21,535
34,100
55,635
At 31 December 2024
107,067
374,083
18,032
499,182
Carrying amount
At 31 December 2024
1,868,811
99,137
1,967,948
At 31 March 2024
1,890,346
126,133
2,016,479
5
Stocks
31.12.24
31.03.24
£
£
Stocks
1,138,118
1,304,731
6
Debtors
31.12.24
31.03.24
Amounts falling due within one year:
£
£
Trade debtors
274,543
291,424
Other debtors
33,981
83,674
308,524
375,098
7
Creditors: amounts falling due within one year
31.12.24
31.03.24
£
£
Loans and borrowings
9
305,893
44,649
Trade creditors
11,102
35,983
Taxation and social security
10,841
41,013
Other creditors
701,705
1,051,051
1,029,541
1,172,696
S.A.C. ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 7 -
8
Creditors: amounts falling due after more than one year
31.12.24
31.03.24
£
£
Loans and borrowings
9
953,867
1,036,963
953,867
1,036,963
9
Loans and borrowings
31.12.24
31.03.24
£
£
Bank loans
1,047,842
1,081,612
Bank overdrafts
211,918
1,259,760
1,081,612
Payable within one year
305,893
44,649
Payable after one year
953,867
1,036,963
Loans and overdrafts
All bank borrowings are secured by virtue of fixed charge over the assets of the company. The carrying amount at the year end is £1,259,760 ( March 2024 - £1,081,612).
10
Called up share capital
31.12.24
31.03.24
31.12.24
31.03.24
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
195,000
195,000
195,000
195,000
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is qualified and includes the following:
Qualified opinion on financial statements
In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the Period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
S.A.C. ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
11
Audit report information
(Continued)
- 8 -
Basis for qualified opinion
We were appointed as auditors of the company on 3 December 2024 and therefore did not observe the counting of the physical inventories at the beginning of the financial period. We were unable to satisfy ourselves by alternative means concerning inventory quantities as at 31 March 2024. Since opening inventories enter into the determination of the financial performance, we were unable to determine whether adjustments might have been necessary in respect of profit for the financial period reported in the profit and loss account.
Senior Statutory Auditor:
Gavin Booth
Statutory Auditor:
DJH Audit Limited
Date of audit report:
3 June 2025
12
Related party transactions
Transactions with related parties
The company has taken advantage of the exemption under FRS102 Section 1A in respect of disclosing transactions with other members of the group.
13
Directors' transactions
At the balance sheet date, the Company had outstanding unsecured loans owed to the directors totaling £670,757 (March 2024 - £1,047,751) which are repayable on demand. Interest is charged to the company at a rate of 3.5% over the Bank of England base rate and during the year £55,480 (March 2024 - £57,751) was charged.
S.A.C. ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
14
Prior period adjustment
Land and building with a total cost of £1,975,878 which was acquired in 2021 were recognised under the cost method, however as depreciation charge had never been recognised. Depreciation charges had therefore been understated and fixed assets were overstated. In addition, deferred tax calculations for the year ended 31 March 2024 were not updated leading to an error. Management have restated the prior year figures to correct the errors. The adjustments are set out in the table below.
Reconciliation of changes in equity
1 April
31 March
2023
2024
£
£
Adjustments to prior Period
Freehold property depreciation
(56,819)
(28,713)
Deferred tax adjustment
-
38,142
Total adjustments
(56,819)
9,429
Equity as previously reported
1,613,744
1,500,379
Equity as adjusted
1,556,925
1,509,808
Analysis of the effect upon equity
Profit and loss reserves
(56,819)
(47,390)
Reconciliation of changes in loss for the previous financial period
31.03.24
£
Adjustments to prior Period
Freehold property depreciation
(28,713)
Deferred tax adjustment
38,142
Total adjustments
9,429
Loss as previously reported
(113,365)
Loss as adjusted
(103,936)
15
Ultimate controlling party
The Company's parent company is Reydon Sports PLC, incorporated in England.
As at the year end date the ultimate controlling parties were F E Doherty and F W Doherty.
Following a change in shareholdings since the year end date F W Doherty is now the controlling party.
The smallest and largest group in which the results of the company are consolidated is that headed by Reydon Sports PLC, a company incorporated in England. The consolidated accounts of the group may be obtained by Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
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