Gateway Electronic Components Limited 03982796 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is Wholesale of Intermediate Goods Digita Accounts Production Advanced 6.30.9574.0 true 03982796 2023-08-01 2024-07-31 03982796 2024-07-31 03982796 core:RetainedEarningsAccumulatedLosses 2024-07-31 03982796 core:ShareCapital 2024-07-31 03982796 core:SharePremium 2024-07-31 03982796 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-07-31 03982796 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-07-31 03982796 core:CurrentFinancialInstruments 2024-07-31 03982796 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 03982796 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 03982796 core:FurnitureFittingsToolsEquipment 2024-07-31 03982796 core:MotorVehicles 2024-07-31 03982796 core:OtherPropertyPlantEquipment 2024-07-31 03982796 bus:SmallEntities 2023-08-01 2024-07-31 03982796 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 03982796 bus:FullAccounts 2023-08-01 2024-07-31 03982796 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 03982796 bus:RegisteredOffice 2023-08-01 2024-07-31 03982796 bus:Director6 2023-08-01 2024-07-31 03982796 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 03982796 core:CommunicationNetworkEquipment 2023-08-01 2024-07-31 03982796 core:ComputerEquipment 2023-08-01 2024-07-31 03982796 core:FurnitureFittings 2023-08-01 2024-07-31 03982796 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 03982796 core:MotorVehicles 2023-08-01 2024-07-31 03982796 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 03982796 core:PlantMachinery 2023-08-01 2024-07-31 03982796 countries:EnglandWales 2023-08-01 2024-07-31 03982796 2023-07-31 03982796 core:FurnitureFittingsToolsEquipment 2023-07-31 03982796 core:MotorVehicles 2023-07-31 03982796 core:OtherPropertyPlantEquipment 2023-07-31 03982796 2022-08-01 2023-07-31 03982796 2023-07-31 03982796 core:RetainedEarningsAccumulatedLosses 2023-07-31 03982796 core:ShareCapital 2023-07-31 03982796 core:SharePremium 2023-07-31 03982796 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-07-31 03982796 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-07-31 03982796 core:CurrentFinancialInstruments 2023-07-31 03982796 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 03982796 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 03982796 core:FurnitureFittingsToolsEquipment 2023-07-31 03982796 core:MotorVehicles 2023-07-31 03982796 core:OtherPropertyPlantEquipment 2023-07-31 iso4217:GBP xbrli:pure

Registration number: 03982796

Gateway Electronic Components Limited

Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Gateway Electronic Components Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Gateway Electronic Components Limited

(Registration number: 03982796)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

327,887

331,298

Current assets

 

Stocks

690,537

660,133

Debtors

5

690,931

923,962

Cash at bank and in hand

 

606,266

337,137

 

1,987,734

1,921,232

Creditors: Amounts falling due within one year

6

(511,114)

(543,666)

Net current assets

 

1,476,620

1,377,566

Total assets less current liabilities

 

1,804,507

1,708,864

Creditors: Amounts falling due after more than one year

6

(64,790)

(100,956)

Provisions for liabilities

(121,972)

(122,825)

Net assets

 

1,617,745

1,485,083

Capital and reserves

 

Called up share capital

10,000

26,500

Share premium reserve

32,500

32,500

Retained earnings

1,575,245

1,426,083

Shareholders' funds

 

1,617,745

1,485,083

 

Gateway Electronic Components Limited

(Registration number: 03982796)
Balance Sheet as at 31 July 2024

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 4 September 2024 and signed on its behalf by:
 

.........................................
Mr M P W Ford
Director

 

Gateway Electronic Components Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Innovation House
Beam Heath Way
Nantwich
Cheshire
CW5 6PQ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Gateway Electronic Components Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Software

33% on reducing balance

Plant and machinery

15% on reducing balance

Fixtures and fittings

15% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

33% on reducing balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2023 - 25).

 

Gateway Electronic Components Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

74,795

104,865

320,393

500,053

Additions

6,032

339

59,430

65,801

Disposals

(75)

(826)

(2,795)

(3,696)

At 31 July 2024

80,752

104,378

377,028

562,158

Depreciation

At 1 August 2023

44,040

18,164

106,780

168,984

Charge for the year

8,456

21,581

36,992

67,029

Eliminated on disposal

(27)

(176)

(1,539)

(1,742)

At 31 July 2024

52,469

39,569

142,233

234,271

Carrying amount

At 31 July 2024

28,283

64,809

234,795

327,887

At 31 July 2023

30,808

86,877

213,613

331,298

5

Debtors

Current

2024
£

2023
£

Trade debtors

482,454

531,213

Other debtors

208,477

392,749

 

690,931

923,962

 

Gateway Electronic Components Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

30,666

30,666

Trade creditors

 

272,967

347,351

Taxation and social security

 

185,009

112,172

Other creditors

 

22,472

53,477

 

511,114

543,666

2024
£

2023
£

Current loans and borrowings

HP and finance lease liabilities

30,666

30,666

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

64,790

100,956

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

64,790

100,956

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

30,666

30,666