Savage and Sons (Electrical) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01504318 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2021

for

Savage and Sons (Electrical) Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D J Savage

J A Savage

SECRETARY:

J A Savage

REGISTERED OFFICE:

1 Pegasus Mews

Stratton Business Park

BIGGLESWADE

Bedfordshire

SG18 8QA

REGISTERED NUMBER:

01504318 (England and Wales)

ACCOUNTANTS:

George Hay Partnership LLP

Chartered Accountants

Brigham House

High Street

Biggleswade

Bedfordshire

SG18 0LD

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

193,830

201,936

193,830

201,936

CURRENT ASSETS

Stocks

8,500

4,755

Debtors

433,605

357,378

Cash at bank and in hand

197,139

369,236

639,244

731,369

CREDITORS

Amounts falling due within one year

282,561

238,162

NET CURRENT ASSETS

356,683

493,207

TOTAL ASSETS LESS CURRENT LIABILITIES

550,513

695,143

CREDITORS

Amounts falling due after more than one year

-

(5,332

)

PROVISIONS FOR LIABILITIES

(17,606

)

(17,209

)

NET ASSETS

532,907

672,602

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

532,807

672,502

SHAREHOLDERS' FUNDS

532,907

672,602

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 August 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 3 May 2022 and were signed on its behalf by:

D J Savage - Director

1.	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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Significant judgements and estimates

During the year the pandemic outbreak of Covid-19 has continued to have a significant impact on both people and industry across the world. The directors are carefully monitoring the situation and following the applicable guidance issued by the UK Governments. Due to the nature of the outbreak and the ongoing affect it is having around the world it is currently very difficult to predict the overall impact this situation will have on the Company going forward. The Directors have exercised judgment in evaluating the impact of Covid-19 on these financial statements and have reviewed the assets for impairment as deemed necessary.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1992, was written off evenly over it's estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

20% on reducing balance

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accruals model.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2020 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2020

and 31 August 2021

4,500

AMORTISATION

At 1 September 2020

and 31 August 2021

4,500

NET BOOK VALUE

At 31 August 2021

-

At 31 August 2020

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2020

536,127

Additions

40,527

Disposals

(40,095

)

At 31 August 2021

536,559

DEPRECIATION

At 1 September 2020

334,191

Charge for year

33,441

Eliminated on disposal

(24,903

)

At 31 August 2021

342,729

NET BOOK VALUE

At 31 August 2021

193,830

At 31 August 2020

201,936

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 September 2020

and 31 August 2021

26,000

DEPRECIATION

At 1 September 2020

5,545

Charge for year

4,092

At 31 August 2021

9,637

NET BOOK VALUE

At 31 August 2021

16,363

At 31 August 2020

20,455

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2021 and 31 August 2020:

2021

2020

£

£

D J Savage

Balance outstanding at start of year

4,970

3,446

Amounts advanced

9,263

4,970

Amounts repaid

(4,970

)

(3,446

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

9,263

4,970

This was repaid during April 2022.