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Registered number: 00795238
SOUTHERN ELECTRICAL DISCOUNTERS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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SOUTHERN ELECTRICAL DISCOUNTERS LIMITED
REGISTERED NUMBER: 00795238
BALANCE SHEET
AS AT 31 MARCH 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Capital redemption reserve
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SOUTHERN ELECTRICAL DISCOUNTERS LIMITED
REGISTERED NUMBER: 00795238
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 September 2025.
The notes on pages 3 to 10 form part of these financial statements.
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SOUTHERN ELECTRICAL DISCOUNTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Southern Electrical Discounters Limited ("the Company") is a company limited by shares, incorporated in England and Wales. The registered office is Unit 2 Kingsgate Court, Rayleigh Road, Leigh-On-Sea, SS9 5PS.
The principal activity of the Company during the year was that of a property holding company.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
Rental income is recognised in accordance with the terms of the rental agreement. Sales invoices are raised monthly and quarterly in advance for services provided. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, provided on the following annual basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Investment properties are carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
Short term debtors are measured at transaction price, less any impairment.
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SOUTHERN ELECTRICAL DISCOUNTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to the Statement of comprehensive income.
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SOUTHERN ELECTRICAL DISCOUNTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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SOUTHERN ELECTRICAL DISCOUNTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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SOUTHERN ELECTRICAL DISCOUNTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
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The 2025 valuations were made by the director, on an open market value for existing use basis.
These above properties have a historical cost of £926,000 (2024 - £926,000).
The Company has aggregate rentals receivable in relation to operating leases of £187,251 (2024 -£181,385). At 31 March 2025 and 31 March 2024, all of the Company's properties were used in operating leases.
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SOUTHERN ELECTRICAL DISCOUNTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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SOUTHERN ELECTRICAL DISCOUNTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
9.Deferred taxation (continued)
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The provision for deferred taxation is made up as follows:
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Revaluation of investment properties
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Allotted, called up and fully paid
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10,891 (2024 - 10,891) Ordinary shares of £1.00 each
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10,420 (2024 - 10,420) Deferred shares of £0.05 each
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The Ordinary shares of £1 each and the Deferred shares of 5p each rank pari passu except for the following:-
Distribution
The profits, from time to time, shall be distributed, being applied first to the ordinary shares at the rate of 25% per annum on the capital, and any balance of such profits shall then be applied to the deferred shares.
Winding-up
On winding-up the surplus assets available for the members shall be applied first in making payments to the holders of the ordinary shares at the rate of £3 for every £1 of the capital paid up, and any balance of such assets shall then be divided amongst the holders of the deferred shares.
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SOUTHERN ELECTRICAL DISCOUNTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Share premium account
The share premium account comprises of premiums paid for shares in excess of the nominal share capital value.
Revaluation reserve
The revaluation reserve comprises of accumulated revaluation gains and losses, net of any deferred tax and other adjustments.
Capital redemption reserve
The capital redemption reserve comprises of historic share buy back transactions.
Profit and loss account
The Statement of comprehensive income account represents cumulative distributable profits and losses net of dividends and other adjustments.
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Related party transactions
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During the year, the Company incurred accountancy recharges of £4,000 (2024 - £4,000) from its parent company.
Included within debtors at the end of the year, there is an amount of £30,659 (2024 - £Nil) due from a company under common control.
Included within creditors at the end of the year, there is an amount of £289,111 (2024 - £439,173) due to its parent company.
Included within creditors at the end of the year, there is an amount of £450,096 (2024 - £Nil) due to companies under common control.
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Parent undertaking and controlling party
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Tower Radio Group Limited is the ultimate parent undertaking of the Company. The Company's registered office address is Unit 2 Kingsgate Court, Rayleigh Road, Leigh-On-Sea, SS9 5PS. The group considers its ultimate controlling party to be Mr B P Litman.
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