Company Registration No. 02199121 (England and Wales)
S2S ELECTRONICS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
S2S ELECTRONICS LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 6
S2S ELECTRONICS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF S2S ELECTRONICS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2015
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of S2S Electronics Limited for the year ended 31 December 2015 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of S2S Electronics Limited, as a body, in accordance with the terms of our engagement letter dated 8 January 2016. Our work has been undertaken solely to prepare for your approval the financial statements of S2S Electronics Limited and state those matters that we have agreed to state to the Board of Directors of S2S Electronics Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S2S Electronics Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that S2S Electronics Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of S2S Electronics Limited. You consider that S2S Electronics Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of S2S Electronics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Knowles Warwick Limited
18 July 2016
Chartered Accountants
183 Fraser Road
Sheffield
S8 0JP
S2S ELECTRONICS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
2
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
33,750
36,000
Tangible assets
2
66,271
59,983
Investments
2
500
500
100,521
96,483
Current assets
Stocks
115,162
115,293
Debtors
3
1,294,502
1,327,476
Cash at bank and in hand
3,011
863
1,412,675
1,443,632
Creditors: amounts falling due within one year
4
(531,671)
(591,216)
Net current assets
881,004
852,416
Total assets less current liabilities
981,525
948,899
Creditors: amounts falling due after more than one year
(29,000)
(51,866)
952,525
897,033
Capital and reserves
Called up share capital
5
6,000
6,000
Profit and loss account
946,525
891,033
Shareholders' funds
952,525
897,033
S2S ELECTRONICS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2015
31 December 2015
3
For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 18 July 2016
Mr A Dukinfield
Director
Company Registration No. 02199121
S2S ELECTRONICS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
4
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill will be written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
10% straight line and 20% straight line
Fixtures, fittings and equipment
20% straight line
1.6
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.7
Stock
Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.9
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its fellow group companies comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 398 of the Companies Act 2006 not to prepare group accounts.
S2S ELECTRONICS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
5
2
Fixed assets
Intangible assets
Tangible assets
Investments
Total
£
£
£
£
Cost
At 1 January 2015
45,000
192,501
500
238,001
Additions
-
18,590
-
18,590
At 31 December 2015
45,000
211,091
500
256,591
Depreciation
At 1 January 2015
9,000
132,517
-
141,517
Charge for the year
2,250
12,303
-
14,553
At 31 December 2015
11,250
144,820
-
156,070
Net book value
At 31 December 2015
33,750
66,271
500
100,521
At 31 December 2014
36,000
59,983
500
96,483
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Elpro Limited
England and Wales
Ordinary
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2015
2015
Principal activity
£
£
Elpro Limited
Dormant company
-
-
3
Debtors
Debtors include an amount of £1,033,898 (2014 - £1,033,898) which is due after more than one year.
4
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £0 (2014 - £166,198).
S2S ELECTRONICS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
6
5
Share capital
2015
2014
£
£
Allotted, called up and fully paid
6,000 Ordinary shares of £1 each
6,000
6,000
6
Ultimate parent company
The ultimate parent company of S2S Electronics Limited is Chadlaw S2S Limited, a company incorporated in England and Wales.
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