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Registration number: 06671732

Gosport Electrical Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Gosport Electrical Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Gosport Electrical Limited

(Registration number: 06671732)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

4,052

5,767

Current assets

 

Stocks

6

250

250

Debtors

7

7,916

1,788

Cash at bank and in hand

 

18,457

21,462

 

26,623

23,500

Creditors: Amounts falling due within one year

8

(18,762)

(15,715)

Net current assets

 

7,861

7,785

Net assets

 

11,913

13,552

Capital and reserves

 

Called up share capital

9

200

200

Retained earnings

11,713

13,352

Shareholders' funds

 

11,913

13,552

For the financial year ending 31 August 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 October 2023 and signed on its behalf by:
 

.........................................
Mr M J Boswell
Director

 

Gosport Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 4G
Oakland Office Park
Aerodrome Road
Gosport
Hampshire
PO13 0GY
England

The principal place of business is:
19 Newlands Avenue
Gosport
Hampshire
PO12 3QX

These financial statements were authorised for issue by the Board on 17 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of VAT.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Gosport Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line

Office equipment

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Gosport Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Gosport Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

20,000

20,000

At 31 August 2023

20,000

20,000

Amortisation

At 1 September 2022

20,000

20,000

At 31 August 2023

20,000

20,000

Carrying amount

At 31 August 2023

-

-

5

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

600

6,263

6,863

At 31 August 2023

600

6,263

6,863

Depreciation

At 1 September 2022

313

783

1,096

Charge for the year

150

1,565

1,715

At 31 August 2023

463

2,348

2,811

Carrying amount

At 31 August 2023

137

3,915

4,052

At 31 August 2022

287

5,480

5,767

6

Stocks

2023
£

2022
£

Other inventories

250

250

 

Gosport Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

7,612

1,455

Prepayments

304

333

 

7,916

1,788

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,381

1,576

Taxation and social security

4,667

1,633

Accruals and deferred income

467

467

Other creditors

12,247

12,039

18,762

15,715

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary shares 2013 of £1 each

50

50

50

50

Ordinary shares 2014 of £1 each

50

50

50

50

 

200

200

200

200