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Company No: 05051301 (England and Wales)

GF ELECTRICAL LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

GF ELECTRICAL LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

GF ELECTRICAL LIMITED

BALANCE SHEET

As at 30 September 2023
GF ELECTRICAL LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 47,962 52,861
47,962 52,861
Current assets
Stocks 4 40,000 40,000
Debtors 5 98,805 86,530
Cash at bank and in hand 70,313 15,009
209,118 141,539
Creditors: amounts falling due within one year 6 ( 149,884) ( 108,992)
Net current assets 59,234 32,547
Total assets less current liabilities 107,196 85,408
Creditors: amounts falling due after more than one year 7 ( 16,667) ( 26,667)
Provision for liabilities ( 4,497) ( 5,008)
Net assets 86,032 53,733
Capital and reserves
Called-up share capital 100 100
Profit and loss account 85,932 53,633
Total shareholders' funds 86,032 53,733

For the financial year ending 30 September 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 GF Electrical Limited (registered number: 05051301) were approved and authorised for issue by the Director on 21 February 2024. They were signed on its behalf by:

G M Fisher
Director
GF ELECTRICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
GF ELECTRICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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

GF Electrical 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 Unit 22 Glenmore Business Park Blackhill Road, Holton Heath, Poole, BH16 6NL, 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 £.

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. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
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.

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 the following basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Office equipment 4 years straight line

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.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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 17 17

3. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 October 2022 69,214 18,920 8,166 15,919 112,219
Additions 695 150 2,664 4,115 7,624
Disposals 0 ( 636) 0 ( 2,684) ( 3,320)
At 30 September 2023 69,909 18,434 10,830 17,350 116,523
Accumulated depreciation
At 01 October 2022 31,216 12,115 7,337 8,690 59,358
Charge for the financial year 5,083 1,361 429 4,289 11,162
Disposals 0 ( 226) 0 ( 1,733) ( 1,959)
At 30 September 2023 36,299 13,250 7,766 11,246 68,561
Net book value
At 30 September 2023 33,610 5,184 3,064 6,104 47,962
At 30 September 2022 37,998 6,805 829 7,229 52,861

4. Stocks

2023 2022
£ £
Stocks 20,000 20,000
Work in progress 20,000 20,000
40,000 40,000

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

5. Debtors

2023 2022
£ £
Trade debtors 92,045 73,483
Other debtors 6,760 13,047
98,805 86,530

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 42,292 42,213
Taxation and social security 75,434 22,638
Other creditors 22,158 34,141
149,884 108,992

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

2023 2022
£ £
Bank loans 16,667 26,667

There are no amounts included above in respect of which any security has been given by the small entity.