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REGISTERED NUMBER: 13644811 (England and Wales)













Unaudited Financial Statements

for the Year Ended 29 February 2024

for

GEC Power Limited

GEC Power Limited (Registered number: 13644811)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GEC Power Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: M Gray
G M D Lake
F Parker





REGISTERED OFFICE: Unit 22a Airport Industrial Estate
Newcastle upon Tyne
Tyne and Wear
NE3 2EF





REGISTERED NUMBER: 13644811 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Kepier House
Belmont Business Park
Durham
DH1 1TW

GEC Power Limited (Registered number: 13644811)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 99,085 111,415

CURRENT ASSETS
Stocks 251,379 103,321
Debtors 5 322,589 213,495
Cash at bank and in hand 7,762 10,560
581,730 327,376
CREDITORS
Amounts falling due within one year 6 533,011 328,633
NET CURRENT ASSETS/(LIABILITIES) 48,719 (1,257 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

147,804

110,158

CREDITORS
Amounts falling due after more than one
year

7

(80,196

)

(85,808

)

PROVISIONS FOR LIABILITIES 10 (13,991 ) (12,343 )
NET ASSETS 53,617 12,007

CAPITAL AND RESERVES
Called up share capital 11 305 305
Retained earnings 53,312 11,702
SHAREHOLDERS' FUNDS 53,617 12,007

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

GEC Power Limited (Registered number: 13644811)

Balance Sheet - continued
29 February 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2024 and were signed on its behalf by:





F Parker - Director


GEC Power Limited (Registered number: 13644811)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

GEC Power 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.

2. ACCOUNTING POLICIES

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

There were no material departures from the standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

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

Income recognition
Turnover is recognised at the point at which the risks and rewards of the goods are transferred to the customer and the services are rendered.

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

Tangible fixed assets are measured at cost less any depreciation and impairment.

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

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


GEC Power Limited (Registered number: 13644811)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Leasehold and Motor
improvements fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023 - 5,652 118,815 124,467
Additions 2,154 2,397 65,080 69,631
Disposals - - (74,165 ) (74,165 )
At 29 February 2024 2,154 8,049 109,730 119,933
DEPRECIATION
At 1 March 2023 - 624 12,428 13,052
Charge for year 166 1,697 13,217 15,080
Eliminated on disposal - - (7,284 ) (7,284 )
At 29 February 2024 166 2,321 18,361 20,848
NET BOOK VALUE
At 29 February 2024 1,988 5,728 91,369 99,085
At 28 February 2023 - 5,028 106,387 111,415

GEC Power Limited (Registered number: 13644811)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 254,093 133,283
Amounts owed by associates 20,600 20,600
Other debtors 39,987 59,612
Directors' current accounts 7,909 -
322,589 213,495

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 58,957 -
Hire purchase contracts and finance leases (see note 8)
16,996

20,705
Trade creditors 343,822 241,403
Taxation and social security 105,552 55,955
Other creditors 1,808 7,820
Directors' current accounts 266 2,750
Accruals and deferred income 5,610 -
533,011 328,633

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 1,617 -
Hire purchase contracts and finance leases (see note 8)
78,579

85,808
80,196 85,808

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
2024 2023 2024 2023
£    £    £    £   
Net obligations repayable:
Within one year 12,241 20,705 4,755 -
Between one and five years 45,177 85,808 33,402 -
57,418 106,513 38,157 -

GEC Power Limited (Registered number: 13644811)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 23,100 -
Between one and five years 62,387 -
85,487 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 57,418 106,513

Hire purchase contracts are secured on the assets to which they relate.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 13,991 12,343

Deferred
tax
£   
Balance at 1 March 2023 12,343
Accelerated capital allowances 1,648
Balance at 29 February 2024 13,991

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
300 Ordinary £1 300 300
5 Ordinary B £1 5 5
305 305

GEC Power Limited (Registered number: 13644811)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 29 February 2024 and the period ended 28 February 2023:

2024 2023
£    £   
G M D Lake
Balance outstanding at start of year (296 ) -
Amounts advanced 15,520 -
Amounts repaid (14,170 ) (296 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,054 (296 )

F Parker
Balance outstanding at start of year (1,100 ) -
Amounts advanced 106,955 -
Amounts repaid (99,000 ) (1,100 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,855 (1,100 )

13. RELATED PARTY DISCLOSURES

There were no related party transactions other than those concluded under normal market conditions, except for those shown below.

2024 2023
£ £
Amounts due to/(from) directors (7,643 ) 2,750
Amounts due from associated companies 20,600 20,600

No interest has been charged.