Silverfin false 28/02/2023 01/03/2022 28/02/2023 Mrs R Hooper 24/04/2023 Mr R Hooper 27/02/1998 29 November 2023 Manufacture of other fabricated metal products not elsewhere classified 02757304 2023-02-28 02757304 bus:Director1 2023-02-28 02757304 bus:Director2 2023-02-28 02757304 2022-02-28 02757304 core:CurrentFinancialInstruments 2023-02-28 02757304 core:CurrentFinancialInstruments 2022-02-28 02757304 core:Non-currentFinancialInstruments 2023-02-28 02757304 core:Non-currentFinancialInstruments 2022-02-28 02757304 core:ShareCapital 2023-02-28 02757304 core:ShareCapital 2022-02-28 02757304 core:RetainedEarningsAccumulatedLosses 2023-02-28 02757304 core:RetainedEarningsAccumulatedLosses 2022-02-28 02757304 core:LandBuildings 2022-02-28 02757304 core:PlantMachinery 2022-02-28 02757304 core:Vehicles 2022-02-28 02757304 core:FurnitureFittings 2022-02-28 02757304 core:LandBuildings 2023-02-28 02757304 core:PlantMachinery 2023-02-28 02757304 core:Vehicles 2023-02-28 02757304 core:FurnitureFittings 2023-02-28 02757304 core:CurrentFinancialInstruments core:Secured 2023-02-28 02757304 core:MoreThanFiveYears 2023-02-28 02757304 core:MoreThanFiveYears 2022-02-28 02757304 bus:OrdinaryShareClass1 2023-02-28 02757304 2022-03-01 2023-02-28 02757304 bus:FullAccounts 2022-03-01 2023-02-28 02757304 bus:SmallEntities 2022-03-01 2023-02-28 02757304 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 02757304 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 02757304 bus:Director1 2022-03-01 2023-02-28 02757304 bus:Director2 2022-03-01 2023-02-28 02757304 core:LandBuildings core:TopRangeValue 2022-03-01 2023-02-28 02757304 core:PlantMachinery 2022-03-01 2023-02-28 02757304 core:Vehicles 2022-03-01 2023-02-28 02757304 core:FurnitureFittings 2022-03-01 2023-02-28 02757304 2021-03-01 2022-02-28 02757304 core:LandBuildings 2022-03-01 2023-02-28 02757304 core:Non-currentFinancialInstruments 2022-03-01 2023-02-28 02757304 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 02757304 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02757304 (England and Wales)

THE ELECTRIC GATE COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

THE ELECTRIC GATE COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

THE ELECTRIC GATE COMPANY LIMITED

COMPANY INFORMATION

For the financial year ended 28 February 2023
THE ELECTRIC GATE COMPANY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 28 February 2023
DIRECTOR Mr R Hooper
REGISTERED OFFICE United Kingdom
COMPANY NUMBER 02757304 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
THE ELECTRIC GATE COMPANY LIMITED

BALANCE SHEET

As at 28 February 2023
THE ELECTRIC GATE COMPANY LIMITED

BALANCE SHEET (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 330,409 277,621
330,409 277,621
Current assets
Stocks 4 8,990 8,740
Debtors 5 358,955 323,978
Cash at bank and in hand 807 58,759
368,752 391,477
Creditors: amounts falling due within one year 6 ( 467,501) ( 416,302)
Net current liabilities (98,749) (24,825)
Total assets less current liabilities 231,660 252,796
Creditors: amounts falling due after more than one year 7 ( 199,386) ( 207,409)
Provision for liabilities ( 21,603) ( 7,475)
Net assets 10,671 37,912
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 10,571 37,812
Total shareholder's funds 10,671 37,912

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.

Director's responsibilities:

The financial statements of The Electric Gate Company Limited (registered number: 02757304) were approved and authorised for issue by the Director on 29 November 2023. They were signed on its behalf by:

Mr R Hooper
Director
THE ELECTRIC GATE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
THE ELECTRIC GATE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Electric Gate Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is :
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX
United Kingdom

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Land and buildings 25 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 9 7

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 March 2022 265,639 58,734 82,245 18,349 424,967
Additions 0 4,111 73,492 1,684 79,287
Disposals 0 0 ( 32,564) 0 ( 32,564)
At 28 February 2023 265,639 62,845 123,173 20,033 471,690
Accumulated depreciation
At 01 March 2022 18,000 48,468 67,103 13,775 147,346
Charge for the financial year 3,600 3,229 9,861 2,451 19,141
Disposals 0 0 ( 25,206) 0 ( 25,206)
At 28 February 2023 21,600 51,697 51,758 16,226 141,281
Net book value
At 28 February 2023 244,039 11,148 71,415 3,807 330,409
At 28 February 2022 247,639 10,266 15,142 4,574 277,621

4. Stocks

2023 2022
£ £
Stocks 8,990 8,740

5. Debtors

2023 2022
£ £
Trade debtors 103,718 90,296
Amounts owed by director 83,365 79,676
Prepayments 917 2,758
Other debtors 170,955 151,248
358,955 323,978

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 22,433 19,310
Trade creditors 39,700 42,323
Other loans 15,900 32,811
Accruals 6,504 5,036
Taxation and social security 310,636 225,779
Obligations under finance leases and hire purchase contracts (secured) 20,018 0
Other creditors 52,310 91,043
467,501 416,302

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 145,889 165,409
Other loans 26,250 42,000
Obligations under finance leases and hire purchase contracts (secured) 27,247 0
199,386 207,409

The bank loans are secured on freehold properties of the Company and floating charges over all other assets.

The hire purchase contracts are secured against the assets to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (repayable by instalments) 51,919 81,598

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Balance b/fwd 79,678 0
Advances including interest at HMRC official rate 63,703 115,819
Repayments (60,016) (36,141)
Balance c/fwd 83,365 79,678

Included within other creditors is a balance due to an associated company of which a director is also a directors. The balance owed at the year end was £442 (2022 - (£2,889) ). The loan is interest free and repayable on demand.