Semloh Electrics Limited,Ltd - Accounts

SEMLOH ELECTRICS LIMITED - Company Information

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Semloh Electrics Limited

For the year ended 31 December 2015

Unaudited Abbreviated Report and Financial Statements

England and Wales

Registered Number: 02674882

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Contents Page

Semloh Electrics Limited

For the year ended 31 December 2015

Balance Sheet

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Notes to the Abbreviated Financial Statements

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Abbreviated Balance Sheet

Semloh Electrics Limited

As at 31 December 2015

02674882

Registered Number :

2015

Notes

2014

Fixed assets

Tangible assets

19,260

23,831

19,260

23,831

Current assets

Stocks

409,852

160,678

Debtors

560,723

554,087

Cash at bank and in hand

116,197

114

830,962

970,689

Creditors: amounts falling due within one year

(588,843)

(409,172)

381,846

421,790

Net current assets

Total assets less current liabilities

441,050

405,677

(4,000)

(5,500)

Provisions for liabilities

437,050

Net assets

400,177

Capital and reserves

Called up share capital

1,000

Profit and loss account

436,050

399,177

437,050

400,177

Shareholders funds

For the year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;

2) The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Date approved by the board: 26 September 2016

Mr Patrick Atkinson Director

Signed on behalf of the board of directors

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Notes to the Abbreviated Financial Statements

Semloh Electrics Limited

For the year ended 31 December 2015

1 Accounting Policies

Basis of accounting

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Operating lease rentals

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Finance lease and hire purchase charges

The finance element of the rental payment is charged to the profit and loss account on a straight line basis.

Pension Costs

The company operates a defined contribution pension scheme for the benefit of its directors/and employees.

Contributions payable are charged to the profit and loss account in the period in which they are payable.

Foreign currency

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange

ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the

transaction. All foreign exchange differences are included to the profit and loss account.

Deferred taxation

Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.

Tangible fixed assets

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Computer Equipment

33% Straight line

Fixtures and Fittings

15% Reducing balance

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Notes to the Abbreviated Financial Statements

Semloh Electrics Limited

For the year ended 31 December 2015

Assets on finance lease and hire purchase

Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and

rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets

and depreciated over the shorter of the lease term and their estimated expected useful lives.

Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2 Tangible fixed assets

Tangible fixed

assets

Cost or valuation

151,044

At 01 January 2015

At 31 December 2015

151,044

Depreciation

127,213

At 01 January 2015

4,571

Charge for year

131,784

At 31 December 2015

Net book values

At 31 December 2015

19,260

23,831

At 31 December 2014

3 Share capital

Authorised

1,000 Ordinary shares of £1.00 each

Allotted called up and fully paid

2015

2014

1,000 Ordinary shares of £1.00 each

1,000

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Notes to the Abbreviated Financial Statements

Semloh Electrics Limited

For the year ended 31 December 2015

4 Loans to Directors

At 01/01/2015

Loaned

Repaid

At 31/12/2015

Interest

Mr Patrick Atkinson

Loan

(36,558)

33,621

(2,937)

(36,558)

33,621

(2,937)

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