South Electrical Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04725938 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

SOUTH ELECTRICAL LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

8

DIRECTORS:

R South

O South

SECRETARY:

L J Williamson

REGISTERED OFFICE:

Brunel Close

Brunel Industrial Estate

Harworth

Doncaster

South Yorkshire

DN11 8QA

REGISTERED NUMBER:

04725938 (England and Wales)

ACCOUNTANTS:

Andrew Thomas Accountancy Limited

Chartered Certified Accountants

82 Oswald Road

Scunthorpe

North Lincolnshire

DN15 7PA

FIXED ASSETS

Intangible assets

3

-

4,800

Tangible assets

4

280,981

211,272

280,981

216,072

CURRENT ASSETS

Stocks

279,047

115,615

Debtors

2,309,266

2,135,621

Prepayments and accrued income

17,314

17,220

Cash at bank

171,741

123,787

2,777,368

2,392,243

CREDITORS

Amounts falling due within one year

1,445,299

1,125,855

NET CURRENT ASSETS

1,332,069

1,266,388

TOTAL ASSETS LESS CURRENT LIABILITIES

1,613,050

1,482,460

CREDITORS

Amounts falling due after more than one year

(69,635

)

-

PROVISIONS FOR LIABILITIES

(49,857

)

(37,371

)

ACCRUALS AND DEFERRED INCOME

(100,193

)

(76,275

)

NET ASSETS

1,393,365

1,368,814

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

1,393,265

1,368,714

SHAREHOLDERS' FUNDS

1,393,365

1,368,814

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 6 January 2021 and were signed on its behalf by:

R South - Director

1.	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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on reducing balance

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.

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 97 (2019 - 93 ) .

3.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

and 31 March 2020

60,000

AMORTISATION

At 1 April 2019

55,200

Amortisation for year

4,800

At 31 March 2020

60,000

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

4,800

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

393,915

Additions

134,979

At 31 March 2020

528,894

DEPRECIATION

At 1 April 2019

182,643

Charge for year

65,270

At 31 March 2020

247,913

NET BOOK VALUE

At 31 March 2020

280,981

At 31 March 2019

211,272

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

Totals

£

COST

At 1 April 2019

50,185

Additions

52,623

Transfer to ownership

(50,185

)

Reclassification/transfer

55,364

At 31 March 2020

107,987

DEPRECIATION

At 1 April 2019

16,511

Charge for year

23,578

Transfer to ownership

(24,929

)

Reclassification/transfer

13,841

At 31 March 2020

29,001

NET BOOK VALUE

At 31 March 2020

78,986

At 31 March 2019

33,674

5.	SECURED DEBTS

The company has outstanding liabilities of £199,428 which are partly secured against assets held by RS Distribution (UK) Limited and Mr R South personally.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

7.	OTHER FINANCIAL COMMITMENTS

National Westminster Bank PLC holds fixed and floating charges over the company assets.

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2020 and 31 March 2019:

2020

2019

£

£

R South and M South

Balance outstanding at start of year

-

46,861

Amounts repaid

-

(46,861

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of South Electrical Limited for the year ended 31 March 2020 which comprise the Abridged Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of South Electrical Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of South Electrical Limited and state those matters that we have agreed to state to the Board of Directors of South Electrical Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that South Electrical Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of South Electrical Limited. You consider that South Electrical Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of South Electrical Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Andrew Thomas Accountancy Limited

Chartered Certified Accountants

82 Oswald Road

Scunthorpe

North Lincolnshire

DN15 7PA

6 January 2021