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Registration number: 00982287

Gough Electrical and Mechanical Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Gough Electrical and Mechanical Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Gough Electrical and Mechanical Limited

Company Information

Directors

P R Gough

S J Homer

Registered office

11 Campbell Close
Rugeley
Staffordshire
WS15 2PP

Bankers

Barclays Bank plc
Leicester
Leicestershire
LE87 2BB

Accountants

Paul M Tremayne
Chartered Accountant
23 Vicarage Lane,
Water Orton,
Birmingham,
Warwickshire
B46 1RY.

 

Gough Electrical and Mechanical Limited

(Registration number: 00982287)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

114

Investment properties

5

904,945

904,945

 

904,945

905,059

Current assets

 

Debtors

6

33,393

11,985

Cash at bank and in hand

 

105,545

96,552

 

138,938

108,537

Creditors: Amounts falling due within one year

7

(621,910)

(630,496)

Net current liabilities

 

(482,972)

(521,959)

Total assets less current liabilities

 

421,973

383,100

Provisions for liabilities

(45,339)

(45,361)

Net assets

 

376,634

337,739

Capital and reserves

 

Called up share capital

8

5,000

5,000

Revaluation reserve

250,255

250,255

Profit and loss account

121,379

82,484

Total equity

 

376,634

337,739

For the financial year ending 31 December 2023 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 September 2024 and signed on its behalf by:
 

.........................................
S J Homer
Director

 

Gough Electrical and Mechanical Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales. The company's registration number is 00982287.

The address of its registered office is:
11 Campbell Close
Rugeley
Staffordshire
WS15 2PP

These financial statements were authorised for issue by the Board on 16 September 2024.

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Gough Electrical and Mechanical Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred 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 income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Fixtures, fittings and equipment

25% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate reviewed annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from tenants for rents due or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Gough Electrical and Mechanical Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year,
was 2 (2022 - 2).

 

Gough Electrical and Mechanical Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2023

507

507

At 31 December 2023

507

507

Depreciation

At 1 January 2023

393

393

Charge for the year

114

114

At 31 December 2023

507

507

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

114

114

5

Investment properties

2023
£

At 1 January 2023

904,945

At 31 December 2023

904,945



Investment properties include both commercial and residential properties. The freehold commercial investment properties were valued by Messrs Burley Browne, Chartered Surveyors on 27th July 2020. The residential property was purchased on 20th May 2022. The directors believe that this represents the open market value of the properties at the year end.

6

Debtors

Current

2023
£

2022
£

Trade debtors

32,147

10,952

Prepayments

1,246

1,033

 

33,393

11,985

 

Gough Electrical and Mechanical Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

4

3

Loans and borrowings

82,124

80,132

Taxation and social security

8,204

4,646

Other creditors

491,077

521,307

Accrued expenses

29,948

18,823

Corporation tax

10,553

5,585

621,910

630,496

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share of £1 each

5,000

5,000

5,000

5,000

       

9

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £0.94 (2022 - £1.88) per each Ordinary share

4,700

9,400

 

 

10

Related party transactions

Transactions with directors

Dividends paid to directors

2023
£

2022
£

P R Gough

Interim dividend

996

1,993

 

 

S J Homer

Interim dividend

996

1,993