Company No: 01495378 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	20,035		26,370
Investment property	4	6,450,000		4,450,000
Investments	5	38,617		33,067
		6,508,652		4,509,437
Current assets
Stocks		2,001		1,726
Debtors	6	693,469		1,120,017
Cash at bank and in hand		1,931,294		1,279,673
		2,626,764		2,401,416
Creditors: amounts falling due within one year	7	( 1,954,547)		( 2,074,498)
Net current assets		672,217		326,918
Total assets less current liabilities		7,180,869		4,836,355
Creditors: amounts falling due after more than one year	8	( 266,073)		( 169,527)
Provision for liabilities	9	( 583,323)		( 84,000)
Net assets		6,331,473		4,582,828
Capital and reserves
Called-up share capital	10	100,000		100,000
Profit and loss account		6,231,473		4,482,828
Total shareholders' funds		6,331,473		4,582,828

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of S & I Electronics Limited (registered number: 01495378) were approved and authorised for issue by the Director. They were signed on its behalf by:

Ilyas Mohamed Director

12 December 2025

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

S & I Electronics Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 14-16 Stanhope Road, London, N12 9DT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net assets of £6,331,473. The company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the company during the year, including the director	2		2

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2024	69,291		69,291
Additions	1,249		1,249
Disposals	( 2,664)		( 2,664)
At 31 December 2024	67,876		67,876
Accumulated depreciation
At 01 January 2024	42,921		42,921
Charge for the financial year	6,697		6,697
Disposals	( 1,777)		( 1,777)
At 31 December 2024	47,841		47,841
Net book value
At 31 December 2024	20,035		20,035
At 31 December 2023	26,370		26,370

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	4,450,000
Fair value movement	2,000,000
As at 31 December 2024	6,450,000

Valuation

Investment properties, which are all freehold, were revalued to fair value at 31 December 2024, based on a valuation undertaken by a qualified third party.

5. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 January 2024	33,067		33,067
Movement in fair value	5,550		5,550
At 31 December 2024	38,617		38,617
Carrying value at 31 December 2024	38,617		38,617
Carrying value at 31 December 2023	33,067		33,067

6. Debtors

	2024		2023
	£		£
Trade debtors	2,498		12,999
Other debtors	690,971		1,107,018
	693,469		1,120,017

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	8,249		3,889
Taxation and social security	100,170		172,782
Other creditors	1,846,128		1,897,827
	1,954,547		2,074,498

8. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Other creditors	266,073		169,527

There are no amounts included above in respect of which any security has been given by the small entity.

9. Provision for liabilities

	2024		2023
	£		£
Deferred tax	583,323		84,000

10. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
100,000 Ordinary shares of £ 1.00 each	100,000		100,000

11. Related party transactions

Transactions with owners holding a participating interest in the entity

At the reporting date the company was owed £584,289 (2023: £584,289) by S & I Equity Limited, a company with common shareholders.

Transactions with the entity's director

At the reporting date the company owed £1,287,011.38 to the director and shareholders of the company. In 2023, the director and shareholders owed the company £85,414.

Other related party transactions

At the report date the company owed £32,318 (2023: £61,721) to Jiffy Developments Limited, a company under common control.