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REGISTERED NUMBER: 04458273 (England and Wales)



















GLOVER ELECTRICAL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023






GLOVER ELECTRICAL LIMITED (REGISTERED NUMBER: 04458273)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


GLOVER ELECTRICAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: Mr P A Glover





REGISTERED OFFICE: 81 Burton Road
Derby
Derbyshire
DE1 1TJ





BUSINESS ADDRESS: Unit G5
Southglade Business Park
NOTTINGHAM
NG5 9RA





REGISTERED NUMBER: 04458273 (England and Wales)





ACCOUNTANTS: Johnson Tidsall Limited
Chartered Accountants
81 Burton Road
Derby
Derbyshire
DE1 1TJ

GLOVER ELECTRICAL LIMITED (REGISTERED NUMBER: 04458273)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 116,366 16,591

CURRENT ASSETS
Stocks 20,998 42,835
Debtors 5 496,820 366,221
Cash at bank 330,248 162,266
848,066 571,322
CREDITORS
Amounts falling due within one year 6 414,439 245,171
NET CURRENT ASSETS 433,627 326,151
TOTAL ASSETS LESS CURRENT
LIABILITIES

549,993

342,742

CREDITORS
Amounts falling due after more than one
year

7

(45,856

)

(30,503

)

PROVISIONS FOR LIABILITIES (3,264 ) -
NET ASSETS 500,873 312,239

CAPITAL AND RESERVES
Called up share capital 49 49
Capital redemption reserve 51 51
Retained earnings 500,773 312,139
500,873 312,239

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

GLOVER ELECTRICAL LIMITED (REGISTERED NUMBER: 04458273)

BALANCE SHEET - continued
31 MAY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 January 2024 and were signed by:





Mr P A Glover - Director


GLOVER ELECTRICAL LIMITED (REGISTERED NUMBER: 04458273)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

Glover Electrical Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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
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 operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

GLOVER ELECTRICAL LIMITED (REGISTERED NUMBER: 04458273)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 June 2022 9,538 25,692 51,188 86,418
Additions 657 10,503 109,525 120,685
Disposals - - (39,438 ) (39,438 )
At 31 May 2023 10,195 36,195 121,275 167,665
DEPRECIATION
At 1 June 2022 9,538 19,872 40,417 69,827
Charge for year 657 5,436 14,817 20,910
Eliminated on disposal - - (39,438 ) (39,438 )
At 31 May 2023 10,195 25,308 15,796 51,299
NET BOOK VALUE
At 31 May 2023 - 10,887 105,479 116,366
At 31 May 2022 - 5,820 10,771 16,591

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 428,412 282,597
Other debtors 66,548 81,547
Prepayments and accrued income 1,860 2,077
496,820 366,221

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,992 9,992
Hire purchase contracts 9,559 -
Trade creditors 219,744 95,031
Corporation tax 48,858 3,853
Social security and other taxes 16,453 16,224
VAT 90,708 88,741
Other creditors 7,064 7,686
Directors' current accounts 4,000 4,000
Accruals and deferred income 8,061 19,644
414,439 245,171

GLOVER ELECTRICAL LIMITED (REGISTERED NUMBER: 04458273)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 11,000 -
Bank loans - 2-5 years 9,756 30,503
Hire purchase contracts 25,100 -
45,856 30,503