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Registration number: SC527326

Keith Gunn Electrical Solutions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Keith Gunn Electrical Solutions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Keith Gunn Electrical Solutions Limited

Company Information

Directors

Mr S Vickers

Mr C Harkins

Registered office

1 Rodney Street
Edinburgh
Midlothian
EH7 4EN

 

Keith Gunn Electrical Solutions Limited

(Registration number: SC527326)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

43,016

57,466

Current assets

 

Stocks

6

23,323

50,000

Debtors

7

442,626

377,550

Cash at bank and in hand

 

2,548

2,461

 

468,497

430,011

Creditors: Amounts falling due within one year

8

(463,508)

(382,157)

Net current assets

 

4,989

47,854

Total assets less current liabilities

 

48,005

105,320

Creditors: Amounts falling due after more than one year

8

(30,963)

(78,174)

Provisions for liabilities

(6,788)

(9,533)

Net assets

 

10,254

17,613

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

10,154

17,513

Shareholders' funds

 

10,254

17,613

For the financial year ending 28 February 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 28 November 2023 and signed on its behalf by:
 

 

Keith Gunn Electrical Solutions Limited

(Registration number: SC527326)
Balance Sheet as at 28 February 2023

.........................................
Mr S Vickers
Director

 

Keith Gunn Electrical Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
1 Rodney Street
Edinburgh
Midlothian
EH7 4EN
Scotland

These financial statements were authorised for issue by the Board on 28 November 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 and deferred 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.

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.

 

Keith Gunn Electrical Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Leasehold improvements

25% reducing balance

Plant and Machinery

25% reducing balance

Motor vehicles

25% reducing balance

Furniture and fittings

25% reducing balance

Computer equipment

33% 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.

 

Keith Gunn Electrical Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Keith Gunn Electrical Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 21 (2022 - 21).

 

Keith Gunn Electrical Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

14,660

14,660

At 28 February 2023

14,660

14,660

Amortisation

At 1 March 2022

14,660

14,660

At 28 February 2023

14,660

14,660

Carrying amount

At 28 February 2023

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 March 2022

2,570

12,794

83,046

25,087

Additions

-

932

(4,875)

817

At 28 February 2023

2,570

13,726

78,171

25,904

Depreciation

At 1 March 2022

1,960

5,233

40,879

17,959

Charge for the year

153

2,705

6,446

2,020

At 28 February 2023

2,113

7,938

47,325

19,979

Carrying amount

At 28 February 2023

457

5,788

30,846

5,925

At 28 February 2022

610

7,561

42,167

7,128

 

Keith Gunn Electrical Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Total
£

Cost or valuation

At 1 March 2022

123,497

Additions

(3,126)

At 28 February 2023

120,371

Depreciation

At 1 March 2022

66,031

Charge for the year

11,324

At 28 February 2023

77,355

Carrying amount

At 28 February 2023

43,016

At 28 February 2022

57,466

Included within the net book value of land and buildings above is £457 (2022 - £610) in respect of short leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Work in progress

3,323

30,000

Other inventories

20,000

20,000

23,323

50,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

75,731

96,605

Prepayments

20,475

-

Other debtors

346,420

280,945

 

442,626

377,550

 

Keith Gunn Electrical Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

59,714

72,758

Trade creditors

 

72,313

107,051

Taxation and social security

 

229,772

148,723

Other creditors

 

101,709

53,625

 

463,508

382,157

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

30,963

78,174

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary £1 of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,168

59,072

Hire purchase contracts

6,795

19,102

30,963

78,174

 

Keith Gunn Electrical Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

34,904

34,951

Bank overdrafts

10,672

19,871

Hire purchase contracts

14,138

17,936

59,714

72,758

11

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £Nil (2022 - £1.00) per ordinary share

 

-

 

-

Interim dividend of £Nil (2022 - £3.00) per ordinary share

 

52,600

 

26,600

   

52,600

 

26,600

         

12

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr S Vickers

Simon Vickers

101,261

47,479

(27,230)

121,510

         
       

Mr C Harkins

Chris Harkins

121,930

50,317

(26,300)

145,947

         
       

 

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

Mr S Vickers

Simon Vickers

77,933

39,622

(16,294)

101,261

         
       

Mr C Harkins

Chris Harkins

86,348

52,332

(16,750)

121,930