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 2021

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

45,881

53,477

Investments

6

3,695

3,695

49,576

57,172

CURRENT ASSETS

Stocks

247,438

248,544

Debtors

7

151,191

105,186

Cash at bank and in hand

68,598

69,249

467,227

422,979

CREDITORS

Amounts falling due within one year

8

278,704

276,764

NET CURRENT ASSETS

188,523

146,215

TOTAL ASSETS LESS CURRENT LIABILITIES

238,099

203,387

CREDITORS

Amounts falling due after more than one year

9

(20,902

)

(26,500

)

PROVISIONS FOR LIABILITIES

(8,696

)

(10,134

)

NET ASSETS

208,501

166,753

CAPITAL AND RESERVES

Called up share capital

15,000

15,000

Retained earnings

193,501

151,753

SHAREHOLDERS' FUNDS

208,501

166,753

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 20 June 2022 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.

Government grants

Government grants are recognised where there is reasonable assurance that the grant will be received.

Loans provided and/or guaranteed by governments that represent market rates of interest are recorded at the amount of the proceeds received and recognised within Borrowings. All existing loans are considered to be at market value.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

109,384

Additions

16,910

At 31 December 2021

126,294

DEPRECIATION

At 1 January 2021

55,907

Charge for year

24,506

At 31 December 2021

80,413

NET BOOK VALUE

At 31 December 2021

45,881

At 31 December 2020

53,477

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2021

and 31 December 2021

3,695

NET BOOK VALUE

At 31 December 2021

3,695

At 31 December 2020

3,695

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

148,615

102,661

Other debtors

2,576

2,525

151,191

105,186

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

5,788

3,500

Trade creditors

180,964

156,045

Taxation and social security

11,065

17,700

Other creditors

80,887

99,519

278,704

276,764

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans

20,902

26,500

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.