REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JULY 2023 |
FOR |
G B ELECTRICAL ENGINEERING MIDLANDS |
LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JULY 2023 |
FOR |
G B ELECTRICAL ENGINEERING MIDLANDS |
LIMITED |
G B ELECTRICAL ENGINEERING MIDLANDS |
LIMITED (REGISTERED NUMBER: 08159191) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JULY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Statement of Changes in Equity | 4 |
Notes to the Financial Statements | 5 |
G B ELECTRICAL ENGINEERING MIDLANDS |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST JULY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
2nd Floor |
Landchard House |
Victoria Street |
West Bromwich |
West Midlands |
B70 8ER |
BANKERS: |
P O Box 33 |
Queen Square |
Wolverhampton |
West Midlands |
WV1 1TE |
G B ELECTRICAL ENGINEERING MIDLANDS |
LIMITED (REGISTERED NUMBER: 08159191) |
BALANCE SHEET |
31ST JULY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
G B ELECTRICAL ENGINEERING MIDLANDS |
LIMITED (REGISTERED NUMBER: 08159191) |
BALANCE SHEET - continued |
31ST JULY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
G B ELECTRICAL ENGINEERING MIDLANDS |
LIMITED (REGISTERED NUMBER: 08159191) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST JULY 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st August 2021 |
Changes in equity |
Issue of share capital | ( |
) | - | ( |
) |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st July 2022 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st July 2023 |
G B ELECTRICAL ENGINEERING MIDLANDS |
LIMITED (REGISTERED NUMBER: 08159191) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JULY 2023 |
1. | STATUTORY INFORMATION |
G B Electrical Engineering Midlands Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling which is the functional currency of the company and are rounded to the nearest pound. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities as at the reporting date and the amounts reported for turnover and expenses during the period. The nature of estimating means that actual outcomes could differ from the original estimates. |
The principal accounting policies and the judgements and estimates that have the most significant effect on amounts recognised in the financial statements are as detailed below. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax. |
Turnover from the provision of services is recognised when that service is provided. If provision of the service has commenced, but is not completed by the company's reporting period end then an appropriate sales provision, based on the stage of completion reached at the period end is recognised. |
Turnover from the provision of goods is recognised when the risks and rewards of ownership of goods have been transferred to the customer. The risks and rewards of ownership of goods are deemed to have been transferred when the goods are shipped to, or are picked up by, the customer. |
Tangible fixed assets |
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Leased assets are depreciated in line with the accounting policy set out in the hire purchase and leasing commitments paragraphs below. |
Freehold land | - Nil |
Freehold buildings | - 2.33% on cost |
Plant and machinery | - 15% on reducing balance |
Fixtures and fittings | - 10% on cost |
Motor vehicles | - 25% on reducing balance |
Computer equipment | - 33% straight line |
Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. |
The carrying amount of stock is recognised as an expense in the period in which the related revenue is recognised. |
G B ELECTRICAL ENGINEERING MIDLANDS |
LIMITED (REGISTERED NUMBER: 08159191) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as cash, trade and other accounts receivable and payable and loans from banks and other third parties, including related parties. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company makes payments into personal pension schemes on behalf of the directors of the company. Contributions are charged in the income statement in the period in which they are paid. The company also makes employers contributions into an auto-enrolment pension scheme on behalf of its employees. Contributions are recognised in the income statement in the period in which they arise. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
G B ELECTRICAL ENGINEERING MIDLANDS |
LIMITED (REGISTERED NUMBER: 08159191) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2023 |
5. | TANGIBLE FIXED ASSETS |
Freehold | Fixtures |
land and | Plant and | and |
buildings | machinery | fittings |
£ | £ | £ |
COST |
At 1st August 2022 |
Additions |
Disposals | ( |
) |
At 31st July 2023 |
DEPRECIATION |
At 1st August 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st July 2023 |
NET BOOK VALUE |
At 31st July 2023 |
At 31st July 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st August 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st July 2023 |
DEPRECIATION |
At 1st August 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st July 2023 |
NET BOOK VALUE |
At 31st July 2023 |
At 31st July 2022 |
Included in cost of land and buildings is freehold land of £ 50,000 (2022 - £ 50,000 ) which is not depreciated. |
The directors are of the opinion that no adjustment is required to the carrying value of the company's freehold property at 31st July 2023. |
. |
G B ELECTRICAL ENGINEERING MIDLANDS |
LIMITED (REGISTERED NUMBER: 08159191) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under finance leases are as follows: |
Fixtures |
and |
fittings |
£ |
COST |
At 1st August 2022 |
and 31st July 2023 |
DEPRECIATION |
At 1st August 2022 |
Charge for year |
At 31st July 2023 |
NET BOOK VALUE |
At 31st July 2023 |
At 31st July 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Finance leases |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Finance leases |
9. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £75,000 were paid to the directors . |