Savage and Sons (Electrical) Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 01504318 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2022

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

M D Green

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

157,879

193,830

157,879

193,830

CURRENT ASSETS

Stocks

8,500

8,500

Debtors

499,093

433,605

Cash at bank and in hand

176,670

197,139

684,263

639,244

CREDITORS

Amounts falling due within one year

298,124

282,561

NET CURRENT ASSETS

386,139

356,683

TOTAL ASSETS LESS CURRENT LIABILITIES

544,018

550,513

PROVISIONS FOR LIABILITIES

11,667

17,606

NET ASSETS

532,351

532,907

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

532,251

532,807

SHAREHOLDERS' FUNDS

532,351

532,907

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 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 2022 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 1 February 2023 and were signed on its behalf by:

J A 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 overs 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

Improvements to property - 2% on straight line

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

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 19 (2021 - 22 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2021

and 31 August 2022

4,500

AMORTISATION

At 1 September 2021

and 31 August 2022

4,500

NET BOOK VALUE

At 31 August 2022

-

At 31 August 2021

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2021

536,559

Additions

1,354

Disposals

(53,163

)

At 31 August 2022

484,750

DEPRECIATION

At 1 September 2021

342,729

Charge for year

27,887

Eliminated on disposal

(43,745

)

At 31 August 2022

326,871

NET BOOK VALUE

At 31 August 2022

157,879

At 31 August 2021

193,830

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date £2,827 is owed to the company by the directors. No interest is charged on the loan. This loan was repaid in November 2022.

The maximum overdrawn balance in the year was £9,835.