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Registered number: 11144336
SO Electrical Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
Mayers
33 Mary Seacole Road
The Millfields
Plymouth
PL1 3JY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11144336
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,419 681
1,419 681
CURRENT ASSETS
Stocks 5 9,028 14,725
Debtors 6 38,134 28,717
Cash at bank and in hand 78,580 56,382
125,742 99,824
Creditors: Amounts Falling Due Within One Year 7 (97,090 ) (67,069 )
NET CURRENT ASSETS (LIABILITIES) 28,652 32,755
TOTAL ASSETS LESS CURRENT LIABILITIES 30,071 33,436
Creditors: Amounts Falling Due After More Than One Year 8 (6,741 ) (12,541 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (270 ) (129 )
NET ASSETS 23,060 20,766
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 22,960 20,666
SHAREHOLDERS' FUNDS 23,060 20,766
Page 1
Page 2
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Samuel Owen
Director
14 July 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
SO Electrical Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11144336 . The registered office is 25 Crowder Park, South Brent, Devon, TQ10 9DB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20& reducing balance
Motor Vehicles 25% straight line
Computer Equipment 33% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2024: 1)
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2024 621 12,000 3,964 16,585
Additions - - 1,415 1,415
As at 31 March 2025 621 12,000 5,379 18,000
Depreciation
As at 1 April 2024 459 12,000 3,445 15,904
Provided during the period 32 - 645 677
As at 31 March 2025 491 12,000 4,090 16,581
Net Book Value
As at 31 March 2025 130 - 1,289 1,419
As at 1 April 2024 162 - 519 681
5. Stocks
2025 2024
£ £
Work in progress 9,028 14,725
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 27,249 20,549
Other debtors 9,544 7,874
VAT 1,341 294
38,134 28,717
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 4,215 4,272
Corporation tax 9,194 7,235
Other taxes and social security 39 39
Other creditors 3,566 1,063
Accrued expenses 1,240 1,180
Director's loan account 78,836 53,280
97,090 67,069
Page 4
Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans 6,741 12,541
9. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
Page 5