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REGISTERED NUMBER: 10534041 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SOUTHGATE ELECTRICAL SERVICES LTD

SOUTHGATE ELECTRICAL SERVICES LTD (REGISTERED NUMBER: 10534041)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SOUTHGATE ELECTRICAL SERVICES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: B D White
H C White





REGISTERED OFFICE: 41 Monkfrith Way
Southgate
London
N14 5LX





REGISTERED NUMBER: 10534041 (England and Wales)





ACCOUNTANTS: TC CH Limited
4 Office Village
Forder Way
Cygnet Park, Hampton
Peterborough
Cambridgeshire
PE7 8GX

SOUTHGATE ELECTRICAL SERVICES LTD (REGISTERED NUMBER: 10534041)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 10,551

CURRENT ASSETS
Debtors 5 5,272 16,461
Cash at bank 8,699 6,949
13,971 23,410
CREDITORS
Amounts falling due within one year 6 4,132 18,789
NET CURRENT ASSETS 9,839 4,621
TOTAL ASSETS LESS CURRENT LIABILITIES 9,839 15,172

CREDITORS
Amounts falling due after more than one
year

7

-

(95

)

PROVISIONS FOR LIABILITIES 8 - (2,005 )
NET ASSETS 9,839 13,072

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 9,837 13,070
SHAREHOLDERS' FUNDS 9,839 13,072

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

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

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.

SOUTHGATE ELECTRICAL SERVICES LTD (REGISTERED NUMBER: 10534041)

BALANCE SHEET - continued
31 DECEMBER 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 Board of Directors and authorised for issue on 27 July 2024 and were signed on its behalf by:





B D White - Director


SOUTHGATE ELECTRICAL SERVICES LTD (REGISTERED NUMBER: 10534041)

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


1. STATUTORY INFORMATION

Southgate Electrical Services Ltd 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.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

No significant judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies and preparing these financial statements.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There have been no key assumptions or there sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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.
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

At each balance sheet date assets not carried at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the asset is compared to the carrying amount of the asset.

Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost.

Financial liabilities - trade creditors, accruals and other creditors and basic financial instruments and are measured at amortised cost. Taxation and social security and not included in the financial instruments disclosure definition.


SOUTHGATE ELECTRICAL SERVICES LTD (REGISTERED NUMBER: 10534041)

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


2. ACCOUNTING POLICIES - continued
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.

Debtors
Short term debtors are initially measured at transaction price less attributable costs and then subsequently measured at amortised costs using EIR. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are initially measured at transaction price less attributable costs. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 2 ).

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 12,000 2,727 14,727
Disposals (12,000 ) (2,727 ) (14,727 )
At 31 December 2023 - - -
DEPRECIATION
At 1 January 2023 3,000 1,176 4,176
Eliminated on disposal (3,000 ) (1,176 ) (4,176 )
At 31 December 2023 - - -
NET BOOK VALUE
At 31 December 2023 - - -
At 31 December 2022 9,000 1,551 10,551

SOUTHGATE ELECTRICAL SERVICES LTD (REGISTERED NUMBER: 10534041)

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


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1 -
Other debtors - CIS 5,271 16,412
Prepayments - 49
5,272 16,461

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Corporation tax 2,574 5,174
Directors' loan accounts 208 12,415
Accrued expenses 1,350 1,200
4,132 18,789

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Trade creditors - 95

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax - 2,005

Deferred
tax
£   
Balance at 1 January 2023 2,005
Credit to Income Statement during year (2,005 )
acceleration of provision
Balance at 31 December 2023 -

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at the 31 December 2023, the company owed the directors £208. (2022 - £7,564). This loan is unsecured, interest free and repayable on demand.

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £15,500 (2022 - £12,000) were paid to the directors .

SOUTHGATE ELECTRICAL SERVICES LTD (REGISTERED NUMBER: 10534041)

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


12. ULTIMATE CONTROLLING PARTY

The company is controlled by B D White and H C White with equal shareholdings.