General Information
S & S EC Services LLP is a limited liability partnership, incorporated in England & Wales, registered number OC437546. The Registered Office is 41 Keswick Avenue, London, England, SW15 3QH.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value-added taxes. Turnover refers to the revenue earned from the sale of goods and services.
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.
Cost of sales
Cost of sales includes all direct expenses incurred in delivering IT services under contracts secured with third-party clients. The LLP also engages external suppliers and subcontractors to perform the IT work required to fulfil these contracts.
Direct costs include:
- Payments to external suppliers and subcontractors providing IT services
- IT-related costs directly attributable to service delivery (e.g. software licences, cloud platforms, development tools)
- Computer and equipment expenses used in fulfilling client work
- Website and hosting costs directly linked to operational delivery
- These costs are recognised in the period in which the related revenue is earned.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the LLP. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rentalpayment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the transaction date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit & Loss account.
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:
| Motor Vehicles |
20% Straight Line
|
| Fixtures and Fittings |
20% Straight Line
|
| Computer Equipment |
33% Straight Line
|
|
| 2. |
Average number of employees
Average number of employees during the year was 0 (2023 : 0).
|
| 3. |
Obligations Under Finance Leases and Hire Purchases
| The Future Minimum Finance Lease Paments are as follows: |
|
31 May 2024
£ |
|
31 May 2023
£ |
| No Later than One Year |
|
7,430 |
|
7,430 |
| Later than One year |
|
25,320 |
|
29,124 |
|
|
32,750 |
|
36,554 |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Motor Vehicles |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
| At 01 June 2023 |
46,969 |
|
5,695 |
|
2,920 |
|
55,584 |
| Additions |
- |
|
- |
|
- |
|
- |
| Disposals |
- |
|
- |
|
- |
|
- |
| At 31 May 2024 |
46,969 |
|
5,695 |
|
2,920 |
|
55,584 |
| Depreciation |
| At 01 June 2023 |
10,295 |
|
1,696 |
|
896 |
|
12,887 |
| Charge for year |
9,393 |
|
1,139 |
|
967 |
|
11,499 |
| On disposals |
- |
|
- |
|
- |
|
- |
| At 31 May 2024 |
19,688 |
|
2,835 |
|
1,863 |
|
24,386 |
| Net book values |
| Closing balance as at 31 May 2024 |
27,281 |
|
2,860 |
|
1,057 |
|
31,198 |
| Opening balance as at 01 June 2023 |
36,674 |
|
3,999 |
|
2,024 |
|
42,697 |
|
| 5. |
Debtors: amounts falling due within one year
|
2024
£ |
|
2023
£ |
| Trade Debtors |
735,375 |
|
235,726 |
| VAT |
4,578 |
|
0 |
|
739,953 |
|
235,726 |
|
| 6. |
Creditors: amount falling due within one year
|
2024
£ |
|
2023
£ |
| Trade Creditors |
196,348 |
|
16,483 |
| Accrued Expenses |
0 |
|
220 |
| Obligations under HP/Financial Leases |
7,548 |
|
7,430 |
| VAT |
0 |
|
1,368 |
|
203,896 |
|
25,501 |
|
| 7. |
Creditors: amount falling due after more than one year
|
2024
£ |
|
2023
£ |
| Trade Creditors |
21,576 |
|
29,124 |
|
21,576 |
|
29,124 |
|
2
|