OEM Electrical Components Limited - Accounts to registrar (filleted) - small 18.2

OEM Electrical Components Limited - Accounts to registrar (filleted) - small 18.2

SIA APPLIANCES LIMITED - Company Information

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REGISTERED NUMBER: 08134062 (England and Wales)














Unaudited Financial Statements

for the Year Ended 30 September 2020

for

OEM Electrical Components Limited
OEM Electrical Components Limited (Registered number: 08134062)






Contents of the Financial Statements
for the Year Ended 30 September 2020




Page

Balance Sheet 1

Notes to the Financial Statements 2


OEM Electrical Components Limited (Registered number: 08134062)

Balance Sheet
30 September 2020

2020 2019
Notes £    £   
CURRENT ASSETS
Stocks 550 39,280
Debtors 4 409,264 268,218
Cash at bank 8,870 119,661
418,684 427,159
CREDITORS
Amounts falling due within one year 5 250,628 182,417
NET CURRENT ASSETS 168,056 244,742
TOTAL ASSETS LESS CURRENT LIABILITIES 168,056 244,742

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 167,956 244,642
SHAREHOLDERS' FUNDS 168,056 244,742

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2020 and were signed on its behalf by:





S Johnson - Director


The notes form part of these financial statements

Page 1
OEM Electrical Components Limited (Registered number: 08134062)

Notes to the Financial Statements
for the Year Ended 30 September 2020

1. STATUTORY INFORMATION

OEM Electrical Components Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08134062

Registered office: Unit 31 Longwood Road
Longwood Park
Trafford Park
Manchester
M17 1PZ

The presentation currency of the financial statements is the Pound Sterling (£).


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.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being the 12 month period from the date of these accounts being approved, given the impact of the Coronavirus upon the economy and therefore the financial statements have been prepared on a going concern basis.

Turnover
Turnover represents net invoiced sales of goods and marketing services, excluding value added tax.

Revenue is recognised as the company becomes entitled to consideration for the goods supplied.

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 Profit and Loss Account, 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.


Page 2 continued...
OEM Electrical Components Limited (Registered number: 08134062)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2020

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 1 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 63,048 25,618
Other debtors 346,216 242,600
409,264 268,218

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade creditors 151,543 125,035
Taxation and social security 57,744 28,076
Other creditors 41,341 29,306
250,628 182,417

Page 3