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Registration number: 00183719

E.Saunders(Margate)Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

E.Saunders(Margate)Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

E.Saunders(Margate)Limited

Company Information

Directors

Mr MP Saunders

Mr AJ Smith

Mr PJ Saunders

Company secretary

Mr MP Saunders

Registered office

241 Northdown Road
Cliftonville
Margate
Kent
CT9 2PL

 

E.Saunders(Margate)Limited

(Registration number: 00183719)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

104,150

75,159

Current assets

 

Stocks

5

15,000

15,000

Debtors

6

768,685

1,335,127

Cash at bank and in hand

 

527,027

197,672

 

1,310,712

1,547,799

Creditors: Amounts falling due within one year

7

(613,015)

(987,969)

Net current assets

 

697,697

559,830

Total assets less current liabilities

 

801,847

634,989

Creditors: Amounts falling due after more than one year

7

(25,323)

(36,779)

Provisions for liabilities

(24,910)

(17,427)

Net assets

 

751,614

580,783

Capital and reserves

 

Called up share capital

2,295

2,295

Retained earnings

749,319

578,488

Shareholders' funds

 

751,614

580,783

 

E.Saunders(Margate)Limited

(Registration number: 00183719)
Balance Sheet as at 30 September 2024 (continued)

For the financial year ending 30 September 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.

Approved and authorised by the Board on 19 June 2025 and signed on its behalf by:
 

.........................................
Mr MP Saunders
Company secretary and director

   
     
 

E.Saunders(Margate)Limited

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

1

General information

E.Saunders(Margate)Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 00183719 and registered office address is as follows:

241 Northdown Road
Cliftonville
Margate
Kent
CT9 2PL

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

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 are prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the Company’s ability to continue as a going concern.

Judgements

No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements.

No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made.

 

E.Saunders(Margate)Limited

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

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Government grants

Grants are accounted for under the accruals model permitted by FRS102. Grants relating to expenditure on tangible assets are credited to the profit and loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

Finance income and costs policy

Interest income is recognised in profit or loss using the effective interest method.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

E.Saunders(Margate)Limited

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

2

Accounting policies (continued)

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on reducing balance

Motor vehicles

25% on reducing balance

Office equipment

20% on 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.

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.

 

E.Saunders(Margate)Limited

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

2

Accounting policies (continued)

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.

Leases and hire purchase contracts

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.

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.

Assets obtained under hire purchase contracts are capitalised as tangible fixed assets and are depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods and the finance element is charged to profit and loss account.

 

E.Saunders(Margate)Limited

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

2

Accounting policies (continued)

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.

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 41 (2023 - 41).

 

E.Saunders(Margate)Limited

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

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

9,584

58,280

196,836

264,700

Additions

-

12,975

42,648

55,623

Disposals

-

(15,000)

(14,600)

(29,600)

At 30 September 2024

9,584

56,255

224,884

290,723

Depreciation

At 1 October 2023

9,550

53,824

126,167

189,541

Charge for the year

7

2,632

20,644

23,283

Eliminated on disposal

-

(15,000)

(11,251)

(26,251)

At 30 September 2024

9,557

41,456

135,560

186,573

Carrying amount

At 30 September 2024

27

14,799

89,324

104,150

At 30 September 2023

34

4,456

70,669

75,159

The net book value of assets held under finance leases or hire purchase contracts is £41,780 (2023: £69,714).

5

Stocks

2024
£

2023
£

Work in progress

14,000

14,000

Stock of Materials

1,000

1,000

15,000

15,000

 

E.Saunders(Margate)Limited

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

179,957

225,969

Prepayments

6,468

2,472

Other debtors

582,260

1,106,686

 

768,685

1,335,127

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

11,456

13,204

Trade creditors

 

504,952

848,620

Taxation and social security

 

80,994

78,672

Accruals and deferred income

 

5,181

4,841

Other creditors

 

10,432

42,632

 

613,015

987,969

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

25,323

36,779

 

E.Saunders(Margate)Limited

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

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

25,323

36,779

Current loans and borrowings

2024
£

2023
£

Hire purchase liabilities

11,456

13,204

9

Related party transactions

During the year, rent in the sum of £9,000 (2023: £8,580) was paid to a company director and his wife in relation to premises occupied by the company,