Sectorem Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08492970 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

FOR

SECTOREM LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs S L Vinall

Mr G A Vinall

REGISTERED OFFICE:

New Media House

Davidson Road

Lichfield

Staffordshire

WS14 9DZ

BUSINESS ADDRESS:

3 Danesmead

Beech Close

Cobham

Surrey

KT11 2EN

REGISTERED NUMBER:

08492970 (England and Wales)

ACCOUNTANTS:

Brookes Stephens

New Media House

Davidson Road

Lichfield

Staffordshire

WS14 9DZ

Fixed assets

Tangible assets

5

3,596

958

Current assets

Stocks

1,397

1,397

Debtors

6

37,545

4,291

Cash at bank

27,309

10,175

66,251

15,863

Creditors

Amounts falling due within one year

7

44,702

16,528

Net current assets/(liabilities)

21,549

(665

)

Total assets less current liabilities

25,145

293

Creditors

Amounts falling due after more than one year

8

(24,430

)

-

Provisions for liabilities

(683

)

(182

)

Net assets

32

111

Capital and reserves

Called up share capital

9

100

100

Retained earnings

(68

)

11

Shareholders' funds

32

111

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2021 and were signed on its behalf by:

Mr G A Vinall - Director

1.	STATUTORY INFORMATION

Sectorem 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.

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4.	EMPLOYEES AND DIRECTORS

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

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2019

4,569

Additions

3,837

At 31 May 2020

8,406

DEPRECIATION

At 1 June 2019

3,611

Charge for year

1,199

At 31 May 2020

4,810

NET BOOK VALUE

At 31 May 2020

3,596

At 31 May 2019

958

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

37,545

4,291

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

(429

)

-

Trade creditors

500

279

Taxation and social security

31,662

16,249

Other creditors

12,969

-

44,702

16,528

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

24,430

-

2020

2019

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

4,819

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2020 and 31 May 2019:

2020

2019

£

£

Mr G A Vinall

Balance outstanding at start of year

3,239

3,854

Amounts advanced

20,454

3,239

Amounts repaid

-

(3,854

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

23,693

3,239

Interest is charged on this loan at a rate of 2.5% per annum, the loan is repayable on demand.

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £50,162 (2019 - £40,891) were paid to the directors .