Sinolec Components Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05013279 (England and Wales)

SINOLEC COMPONENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M A Collier

Ms J J Sun

SECRETARY:

M A Collier

REGISTERED OFFICE:

69-71 East Street

Epsom

Surrey

KT17 1BP

REGISTERED NUMBER:

05013279 (England and Wales)

ACCOUNTANTS:

Hakim Fry

Chartered Accountants

69-71 East Street

Epsom

Surrey

KT17 1BP

FIXED ASSETS

Tangible assets

5

66,564

19,267

Investments

6

3,695

3,695

70,259

22,962

CURRENT ASSETS

Stocks

228,051

220,720

Debtors

7

146,065

49,497

Cash at bank and in hand

38,782

69,349

412,898

339,566

CREDITORS

Amounts falling due within one year

8

311,792

247,021

NET CURRENT ASSETS

101,106

92,545

TOTAL ASSETS LESS CURRENT LIABILITIES

171,365

115,507

CREDITORS

Amounts falling due after more than one year

9

(13,984

)

-

PROVISIONS FOR LIABILITIES

(12,614

)

(3,621

)

NET ASSETS

144,767

111,886

CAPITAL AND RESERVES

Called up share capital

15,000

15,000

Retained earnings

129,767

96,886

SHAREHOLDERS' FUNDS

144,767

111,886

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 6 July 2020 and were signed on its behalf by:

M A Collier - Director

1.	STATUTORY INFORMATION

Sinolec Components 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred

to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of

revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e)

when the specific criteria relating to the company's sales channels have been met, as described below.

Sale of goods.

Sales of goods are recognised on sale to the customer, which is considered the point of despatch. Sales are

usually on credit terms.

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 cost and Straight line over 3 years

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.

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.

Basis of recognition of jointly controlled entities

Entities in which the company holds an interest and which are jointly controlled by the company and one or more

other venturers under a contractual arrangement are treated as joint ventures.

In the financial statements, joint ventures are accounted for using the cost method.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

34,501

Additions

65,996

At 31 December 2019

100,497

DEPRECIATION

At 1 January 2019

15,234

Charge for year

18,699

At 31 December 2019

33,933

NET BOOK VALUE

At 31 December 2019

66,564

At 31 December 2018

19,267

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2019

and 31 December 2019

3,695

NET BOOK VALUE

At 31 December 2019

3,695

At 31 December 2018

3,695

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

141,257

45,511

Other debtors

4,808

3,986

146,065

49,497

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

165,645

141,743

Taxation and social security

6,815

8,702

Other creditors

139,332

96,576

311,792

247,021

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Other creditors

13,984

-

10.	RELATED PARTY DISCLOSURES

The company is controlled by the directors, M Collier and J J Sun, by virtue of their combined influence over

100% of the company's equity share capital.