BrightAccountsProduction v1.0.0 v1.0.0 2023-04-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is electrical installations. 25 July 2024 0 0 04738745 2024-03-31 04738745 2023-03-31 04738745 2022-03-31 04738745 2023-04-01 2024-03-31 04738745 2022-04-01 2023-03-31 04738745 uk-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04738745 uk-curr:PoundSterling 2023-04-01 2024-03-31 04738745 uk-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04738745 uk-bus:FullAccounts 2023-04-01 2024-03-31 04738745 uk-core:ShareCapital 2024-03-31 04738745 uk-core:ShareCapital 2023-03-31 04738745 uk-core:RetainedEarningsAccumulatedLosses 2024-03-31 04738745 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 04738745 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-03-31 04738745 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 04738745 uk-bus:FRS102 2023-04-01 2024-03-31 04738745 uk-core:Goodwill 2023-04-01 2024-03-31 04738745 uk-core:LandBuildings 2023-04-01 2024-03-31 04738745 uk-core:PlantMachinery 2023-04-01 2024-03-31 04738745 uk-core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 04738745 uk-core:MotorVehicles 2023-04-01 2024-03-31 04738745 uk-core:Goodwill 2023-03-31 04738745 uk-core:Goodwill 2024-03-31 04738745 uk-core:CurrentFinancialInstruments 2024-03-31 04738745 uk-core:CurrentFinancialInstruments 2023-03-31 04738745 uk-core:WithinOneYear 2024-03-31 04738745 uk-core:WithinOneYear 2023-03-31 04738745 uk-core:OtherMiscellaneousReserve 2023-03-31 04738745 uk-core:OtherMiscellaneousReserve 2023-04-01 2024-03-31 04738745 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 04738745 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-03-31 04738745 uk-core:OtherDeferredTax 2024-03-31 04738745 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-03-31 04738745 uk-core:OtherMiscellaneousReserve 2024-03-31 04738745 2023-04-01 2024-03-31 04738745 uk-bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 04738745 uk-bus:Director1 2023-04-01 2024-03-31 04738745 uk-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
Company Registration Number: 04738745
 
 
G Sides Electrical Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 March 2024



G Sides Electrical Limited
Company Registration Number: 04738745
BALANCE SHEET
as at 31 March 2024

2024 2023
Notes £ £
 
Fixed Assets
Intangible assets 5 - 2,250
Tangible assets 6 247,333 195,922
───────── ─────────
Fixed Assets 247,333 198,172
───────── ─────────
 
Current Assets
Stocks 7 2,000 2,000
Debtors 8 130,882 179,415
Cash and cash equivalents 632,420 562,318
───────── ─────────
765,302 743,733
───────── ─────────
Creditors: amounts falling due within one year 9 (116,792) (104,608)
───────── ─────────
Net Current Assets 648,510 639,125
───────── ─────────
Total Assets less Current Liabilities 895,843 837,297
 
Provisions for liabilities 11 (52,533) (35,892)
───────── ─────────
Net Assets 843,310 801,405
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 843,210 801,305
───────── ─────────
Shareholders' Funds 843,310 801,405
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 25 July 2024 and signed on its behalf by
           
           
           
________________________________          
Mr. G L Sides          
Director          
           



G Sides Electrical Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2024

   
1. General Information
 
G Sides Electrical Limited is a company limited by shares incorporated in the United Kingdom. 36-38 King Street, King's Lynn, Norfolk, PE30 1ES, England is the registered office and Sovereign Way, Trafalgar Industrial Estate, Downham Market, Norfolk, PE38 9SW is the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 March 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of sales and work done by the company, exclusive of trade discounts and value added tax.
 
Intangible assets
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Tennants Improve ments - Nil
  Plant and machinery - 10% Reducing balance
  Fixtures, fittings and equipment - 10% & 15% Reducing balance
  Motor vehicles - 25% Reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Pensions
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Profit and Loss Account in the period to which they relate.
       
3. Employees
 
The average monthly number of employees, including directors, during the year was 11.(2023 - 13)
       
4. Dividends 2024 2023
  £ £
Dividends on equity shares:
 
Ordinary Shares - Interim paid 52,000 55,334
  ═════════ ═════════
     
5. Intangible assets
   
  Goodwill
  £
Cost
At 1 April 2023 45,000
  ─────────
 
At 31 March 2024 45,000
  ─────────
Amortisation
At 1 April 2023 42,750
Charge for financial year 2,250
  ─────────
At 31 March 2024 45,000
  ─────────
Net book value
At 31 March 2024 -
  ═════════
At 31 March 2023 2,250
  ═════════
             
6. Tangible assets
  Tennants Plant and Fixtures, Motor Total
  Improve machinery fittings and vehicles  
  ments   equipment    
  £ £ £ £ £
Cost
At 1 April 2023 7,022 114,736 32,055 238,729 392,542
Additions 43,695 - 1,012 84,206 128,913
Disposals - - - (90,815) (90,815)
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 50,717 114,736 33,067 232,120 430,640
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 April 2023 - 68,616 23,612 104,392 196,620
Charge for the financial year 291 4,612 1,486 44,094 50,483
On disposals - - - (63,796) (63,796)
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 291 73,228 25,098 84,690 183,307
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 March 2024 50,426 41,508 7,969 147,430 247,333
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 March 2023 7,022 46,120 8,443 134,337 195,922
  ═════════ ═════════ ═════════ ═════════ ═════════
       
7. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 2,000 2,000
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
8. Debtors 2024 2023
  £ £
 
Trade debtors 101,215 155,100
Other debtors 975 2,642
Directors' current accounts (Note 14) 9,467 4,185
Prepayments and accrued income 19,225 17,488
  ───────── ─────────
  130,882 179,415
  ═════════ ═════════
 
Trade debtors includes amounts due under contracts not yet billed amounting to £6,650 (2023 £6,500).
       
9. Creditors 2024 2023
Amounts falling due within one year £ £
 
Trade creditors 53,881 63,906
Taxation  (Note 10) 38,197 33,945
Directors' current accounts 21,053 2,699
Accruals 3,661 4,058
  ───────── ─────────
  116,792 104,608
  ═════════ ═════════
       
10. Taxation 2024 2023
  £ £
 
Creditors:
VAT 19,876 16,719
Corporation tax 17,657 9,913
PAYE / NI 664 7,313
  ───────── ─────────
  38,197 33,945
  ═════════ ═════════
       
11. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total
  allowances  
     
  2024 2023
  £ £
 
At financial year start 35,892 30,488
Charged to profit and loss 16,641 5,404
  ───────── ─────────
At financial year end 52,533 35,892
  ═════════ ═════════
   
12. Pension costs - defined contribution
 
The company operates a defined contribution pension scheme.  The assets of the scheme are held separately from those of the company in an independently administered fund.  Pension costs amounted to £6,513 (2023 - £6,324).
           
13. Related party transactions
 
The company rents premises from the director Mr G Sides at an annual charge of £9,600.

During the year dividends amounting to £52,000 were voted to the directors, Mr G L Sides £39,000 and Mrs M Sides £13,000.
   
14. Directors' advances, credits and guarantees
 
At the year end Mrs M Sides owed the company £9,467, this is included in debtors and will be repaid by 30th September 2024.
   
15. Controlling interest
 
The company is under the control of Mr G Sides, a director and the major shareholder.