South Woodford Electronics Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 01203430

Financial Statements

for the Year Ended 31 December 2016

for

South Woodford Electronics Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C W Gysin

R A Johnstone

G R Aislabie

SECRETARY:

G R Aislabie

REGISTERED OFFICE:

Unit 5 Southmill Trading Centre

Southmill Road

Bishops Stortford

Hertfordshire

CM23 3DY

REGISTERED NUMBER:

01203430

ACCOUNTANTS:

Parker Cavendish

Chartered Accountants

28 Church Road

Stanmore

Middlesex

HA7 4XR

FIXED ASSETS

Tangible assets

4

8,366

3,224

CURRENT ASSETS

Stocks

95,233

92,649

Debtors

5

177,794

162,105

Cash at bank

179,487

112,508

452,514

367,262

CREDITORS

Amounts falling due within one year

6

202,015

148,655

NET CURRENT ASSETS

250,499

218,607

TOTAL ASSETS LESS CURRENT LIABILITIES

258,865

221,831

PROVISIONS FOR LIABILITIES

1,052

-

NET ASSETS

257,813

221,831

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

257,713

221,731

SHAREHOLDERS' FUNDS

257,813

221,831

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 4 July 2017 and were signed on its behalf by:

C W Gysin - Director

1.	STATUTORY INFORMATION

South Woodford Electronics Limited is a private company, limited by shares , registered in Not

specified/Other. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements for the year ended 31 December 2016 are the first financial statements of

the company that comply with FRS 102. The date of transition is 1 January 2015. No differences to the

reported financial position and income statement for the previous period were noted as a result of the

transition to FRS 102.

The principal accounting policies adopted in the preparation of the financial statements are set out

below and have remain unchanged from the previous year, and also have been consistently applied

within the same accounts.

Turnover

Turnover represents the total invoice value, excluding value added tax, of goods and services

rendered during the year.

Tangible fixed assets

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

Short leasehold

-

straight line over the life of the lease

Plant and machinery

-

10% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due

allowances 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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets

and depreciated over the shorter of the lease term and their useful lives. Obligations under such

agreements are included in creditors net of the finance charge allocated to future periods. The finance

element of the rental payment is charged to the profit and loss account so as to produce constant

periodic rates of change on the net obligations outstanding in each period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 .

4.	TANGIBLE FIXED ASSETS

Short

Plant and

leasehold

machinery

Totals

£

£

£

COST

At 1 January 2016

13,334

377,320

390,654

Additions

-

6,035

6,035

Disposals

-

(150,076

)

(150,076

)

At 31 December 2016

13,334

233,279

246,613

DEPRECIATION

At 1 January 2016

13,334

374,096

387,430

Charge for year

-

893

893

Eliminated on disposal

-

(150,076

)

(150,076

)

At 31 December 2016

13,334

224,913

238,247

NET BOOK VALUE

At 31 December 2016

-

8,366

8,366

At 31 December 2015

-

3,224

3,224

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

164,811

149,090

Other debtors

5,250

5,250

Deferred tax asset

-

45

Prepayments and accrued income

7,733

7,720

177,794

162,105

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

51,987

45,140

Tax

8,284

6,120

Social security and other taxes

16,161

8,087

VAT

49,305

43,586

Accruals and deferred income

76,278

45,722

202,015

148,655

7.	ULTIMATE PARENT UNDERTAKING

During the year, the company's parent undertaking, Elcomponent LImited, transferred its shareholding

in the company to C W Gysin as an exempt distribution.

In the period preceding the date of disposal, the company sold goods to the value of £2,443 (2015:

£5,339) to its parent undertaking.