REGISTERED NUMBER: 01853261 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Specialist Switchgear Systems Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Hoy

G Hoy

G Hoy

REGISTERED OFFICE:

Unit B

Porritt Street

Bury

BL9 6HJ

REGISTERED NUMBER:

01853261 (England and Wales)

ACCOUNTANTS:

Campbell Mackay Limited

Chartered Certified Accountants

Bridge House

100 Wellington Road

Turton

Bolton

BL7 0EA

FIXED ASSETS

Tangible assets

4

248,708

265,777

CURRENT ASSETS

Stocks

948,231

734,957

Debtors

5

2,944,352

2,701,085

Cash at bank

955,205

684,596

4,847,788

4,120,638

CREDITORS

Amounts falling due within one year

6

1,057,211

886,635

NET CURRENT ASSETS

3,790,577

3,234,003

TOTAL ASSETS LESS CURRENT LIABILITIES

4,039,285

3,499,780

CREDITORS

Amounts falling due after more than one year

7

(53,012

)

(118,091

)

PROVISIONS FOR LIABILITIES

(43,320

)

(44,869

)

NET ASSETS

3,942,953

3,336,820

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

3,942,853

3,336,720

SHAREHOLDERS' FUNDS

3,942,953

3,336,820

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2025 and were signed on its behalf by:

P Hoy - Director

1.	STATUTORY INFORMATION

Specialist Switchgear Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods, the amount of turnover can be measured reliably, it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. 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.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and any accumulative impairment losses.

Depreciation on fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods: -

Plant, machinery and equipment - 15% straight line and 15% reducing balance

Computer equipment - 33% straight line

Motor vehicles - 25% reducing balance

Having regard to the residual value of land and buildings, which are reviewed annually, any depreciation charge is considered immaterial and therefore land and buildings have not been depreciated.

At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items of property, plant and equipment 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, in any. Where it is not possible to estimate the recoverable amount of the assets, the Company estimates the recoverable amount of the cash generating unit to which it belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses of bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutes, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 25 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

216,655

452,726

669,381

Additions

7,500

39,029

46,529

Disposals

-

(9,500

)

(9,500

)

At 31 December 2024

224,155

482,255

706,410

DEPRECIATION

At 1 January 2024

22,852

380,752

403,604

Charge for year

21,327

37,719

59,046

Eliminated on disposal

-

(4,948

)

(4,948

)

At 31 December 2024

44,179

413,523

457,702

NET BOOK VALUE

At 31 December 2024

179,976

68,732

248,708

At 31 December 2023

193,803

71,974

265,777

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2024

43,375

Additions

23,250

At 31 December 2024

66,625

DEPRECIATION

At 1 January 2024

28,318

Charge for year

14,234

At 31 December 2024

42,552

NET BOOK VALUE

At 31 December 2024

24,073

At 31 December 2023

15,057

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

907,609

867,068

Other debtors

10,208

15,267

Amounts owed by group undertakings

1,983,287

1,786,442

Prepayments

43,248

32,308

2,944,352

2,701,085

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

72,500

72,500

Hire purchase contracts

20,999

8,249

Trade creditors

643,188

554,035

Taxation and social security

255,704

184,455

Other creditors

64,820

67,396

1,057,211

886,635

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

46,333

108,542

Hire purchase contracts

6,679

9,549

53,012

118,091

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Hire purchase contracts

27,678

17,798

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

£

P Hoy

Balance outstanding at start of year

(593

)

(1,343

)

Amounts advanced

242

750

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(351

)

(593

)

10.	RELATED PARTY DISCLOSURES

Included within other debtors is £351 (2023 - £593) owed by the company, to P Hoy, a director.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P Hoy.