Company registration number 04390669 (England and Wales)
Electrogate Ltd
Unaudited
financial statements
for the year ended 31 March 2024
PAGES FOR FILING WITH REGISTRAR
Electrogate Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Electrogate Ltd
Statement of Financial Position
as at 31 March 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
114,803
109,524
Investments
5
50,000
50,000
164,803
159,524
Current assets
Stocks
10,920
5,582
Debtors
12,084
2,830
Cash at bank and in hand
202,395
187,529
225,399
195,941
Creditors: amounts falling due within one year
(162,394)
(144,080)
Net current assets
63,005
51,861
Total assets less current liabilities
227,808
211,385
Creditors: amounts falling due after more than one year
(7,500)
(17,500)
Provisions for liabilities
(25,256)
(20,809)
Net assets
195,052
173,076
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
194,952
172,976
Total equity
195,052
173,076
Electrogate Ltd
Statement of Financial Position (continued)
as at 31 March 2024
31 March 2024
- 2 -
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 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 members have 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.
The financial statements were approved and signed by the director and authorised for issue on 6 August 2024
J S Webster
Director
Company Registration No. 04390669
Electrogate Ltd
Notes to the Financial Statements
for the year ended 31 March 2024
- 3 -
1
Accounting policies
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.
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised on the supply of goods to the customer.
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
Tangible fixed assets
Tangible fixed assets are measured at cost net of depreciation.
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 machinery
15% Reducing Balance
Fixtures, fittings & equipment
15% 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 profit or loss.
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Stocks
Stocks are valued at the lower of cost and net realisable value.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Electrogate Ltd
Notes to the Financial Statements (continued)
for the year ended 31 March 2024
1
Accounting policies
(continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 is recognised in respect of all timing differences that have originated, but not reversed, at the balance sheet date. Timing differences represent accumulated differences between the company’s taxable profit and its financial profit arise primarily from the differences between the accelerated capital allowances and depreciation.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
4
3
Intangible fixed assets
Total
£
Cost
At 1 April 2023 and 31 March 2024
164,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
164,000
Carrying amount
At 31 March 2024
At 31 March 2023
Electrogate Ltd
Notes to the Financial Statements (continued)
for the year ended 31 March 2024
- 5 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
11,044
28,986
110,266
150,296
Additions
35,312
35,312
Disposals
(15,498)
(15,498)
At 31 March 2024
11,044
28,986
130,080
170,110
Depreciation and impairment
At 1 April 2023
9,133
5,930
25,709
40,772
Depreciation charged in the year
287
3,458
20,404
24,149
Eliminated in respect of disposals
(9,614)
(9,614)
At 31 March 2024
9,420
9,388
36,499
55,307
Carrying amount
At 31 March 2024
1,624
19,598
93,581
114,803
At 31 March 2023
1,911
23,056
84,557
109,524
5
Fixed asset investments
2024
2023
£
£
Other investments
50,000
50,000
6
Company information
Electrogate Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 599 Denby Dale Road, Calder Grove, Wakefield, West Yorkshire, United Kingdom, WF4 3DJ.