Company registration number SC344289 (Scotland)
AC GOLD ELECTRICAL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
AC GOLD ELECTRICAL SERVICES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
AC GOLD ELECTRICAL SERVICES LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr R J Campbell
Company number
SC344289
Registered office
Unit 11
Back O'Hill Industrial Estate
Stirling
Stirlingshire
Scotland
FK8 1SH
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
AC GOLD ELECTRICAL SERVICES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
212,992
72,472
Current assets
Stocks
169,757
256,643
Debtors
4
2,057,650
827,288
Cash at bank and in hand
426,753
117,661
2,654,160
1,201,592
Creditors: amounts falling due within one year
5
(1,716,624)
(526,146)
Net current assets
937,536
675,446
Total assets less current liabilities
1,150,528
747,918
Creditors: amounts falling due after more than one year
6
(88,743)
(163,333)
Provisions for liabilities
8
(52,116)
(16,914)
Net assets
1,009,669
567,671
Capital and reserves
Called up share capital
9
102
102
Profit and loss reserves
1,009,567
567,569
Total equity
1,009,669
567,671

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

AC GOLD ELECTRICAL SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 15 March 2024
Mr R J Campbell
Director
Company Registration No. SC344289
AC GOLD ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information

AC Gold Electrical Services Limited is a private company limited by shares incorporated in Scotland. The company's registered number is SC344289. The registered office is Unit 11, Back O'Hill Industrial Estate, Stirling, Stirlingshire, Scotland, FK8 1SH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable during the year, which includes a valuation of amounts recoverable on contracts, net of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer.

 

Valuation of amounts recoverable on contracts is determined by reference to the stage of completion of each contract.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

AC GOLD ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises the purchase price of direct materials.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

AC GOLD ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Hire purchase

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.

 

Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Total
60
30
AC GOLD ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
43,169
8,888
22,040
156,875
230,972
Additions
26,580
-
0
5,506
139,676
171,762
At 30 June 2023
69,749
8,888
27,546
296,551
402,734
Depreciation and impairment
At 1 July 2022
35,172
7,420
14,734
101,174
158,500
Depreciation charged in the year
8,644
367
2,174
20,057
31,242
At 30 June 2023
43,816
7,787
16,908
121,231
189,742
Carrying amount
At 30 June 2023
25,933
1,101
10,638
175,320
212,992
At 30 June 2022
7,997
1,468
7,306
55,701
72,472
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,017,677
678,174
Amounts owed by group undertakings
-
0
130,874
Other debtors
39,973
18,240
2,057,650
827,288
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
158,333
36,667
Trade creditors
302,398
232,782
Amounts owed to group undertakings
503,405
-
0
Taxation and social security
624,492
193,831
Other creditors
127,996
62,866
1,716,624
526,146

Bank loans are secured by a bond and floating charge over the assets of the company.

 

Included within other creditors are amounts totalling £46,960 (2022 - £nil) relating to hire purchase contracts which are secured over the assets to which they relate.

AC GOLD ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
-
0
163,333
Other creditors
88,743
-
0
88,743
163,333

Bank loans are secured by a bond and floating charge over the assets of the company.

 

Included within other creditors are amounts totalling £88,743 (2022 - £nil) relating to hire purchase contracts which are secured over the assets to which they relate.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
-
6,667
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
8
52,116
16,914
8
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2023
2022
Balances:
£
£
Accelerated capital allowances
52,116
16,914
2023
Movements in the year:
£
Liability at 1 July 2022
16,914
Charge to profit or loss
35,202
Liability at 30 June 2023
52,116
AC GOLD ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 A Ordinary shares of £1
100
100
2 B Ordinary shares of £1
2
2
102
102
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
150
750
11
Related party transactions

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.

 

Rock Solid Investments Limited is a company with common shareholders to parent company, AC Gold Holdings Limited. As at 30 June 2023, amounts totalling £2,777 (2022 - 5,357) were due from Rock Solid Investments Limited.

 

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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