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REGISTERED NUMBER: 04458273 (England and Wales)



















GLOVER ELECTRICAL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






GLOVER ELECTRICAL LIMITED (REGISTERED NUMBER: 04458273)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


GLOVER ELECTRICAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: Mr P A Glover





REGISTERED OFFICE: 81 Burton Road
Derby
Derbyshire
DE1 1TJ





REGISTERED NUMBER: 04458273 (England and Wales)





ACCOUNTANTS: Johnson Tidsall Limited
Chartered Accountants
81 Burton Road
Derby
Derbyshire
DE1 1TJ

GLOVER ELECTRICAL LIMITED (REGISTERED NUMBER: 04458273)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 840,650 116,366

CURRENT ASSETS
Stocks 20,998 20,998
Debtors 5 193,384 496,820
Cash at bank 445,603 330,248
659,985 848,066
CREDITORS
Amounts falling due within one year 6 290,604 414,439
NET CURRENT ASSETS 369,381 433,627
TOTAL ASSETS LESS CURRENT LIABILITIES 1,210,031 549,993

CREDITORS
Amounts falling due after more than one year 7 (338,480 ) (45,856 )

PROVISIONS FOR LIABILITIES (34,761 ) (3,264 )
NET ASSETS 836,790 500,873

CAPITAL AND RESERVES
Called up share capital 49 49
Capital redemption reserve 51 51
Retained earnings 836,690 500,773
836,790 500,873

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

GLOVER ELECTRICAL LIMITED (REGISTERED NUMBER: 04458273)

BALANCE SHEET - continued
31 MAY 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 October 2024 and were signed by:





Mr P A Glover - Director


GLOVER ELECTRICAL LIMITED (REGISTERED NUMBER: 04458273)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Glover Electrical 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.

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.

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.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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

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.

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.

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.

GLOVER ELECTRICAL LIMITED (REGISTERED NUMBER: 04458273)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 - 10,195 36,195 121,275 167,665
Additions 612,620 115 1,232 154,810 768,777
At 31 May 2024 612,620 10,310 37,427 276,085 936,442
DEPRECIATION
At 1 June 2023 - 10,195 25,308 15,796 51,299
Charge for year - 23 1,818 42,652 44,493
At 31 May 2024 - 10,218 27,126 58,448 95,792
NET BOOK VALUE
At 31 May 2024 612,620 92 10,301 217,637 840,650
At 31 May 2023 - - 10,887 105,479 116,366

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 186,104 428,412
Other debtors 5,400 66,548
Prepayments and accrued income 1,880 1,860
193,384 496,820

GLOVER ELECTRICAL LIMITED (REGISTERED NUMBER: 04458273)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 39,200 9,992
Hire purchase contracts 24,753 9,559
Trade creditors 61,941 219,744
Corporation tax 85,019 48,858
Social security and other taxes 23,812 16,453
VAT 47,119 90,708
Other creditors 699 7,064
Directors' current accounts - 4,000
Accruals and deferred income 8,061 8,061
290,604 414,439

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 39,957 11,000
Bank loans - 2-5 years 87,600 9,756
Bank loans >5 yr (instalments) 146,000 -
Hire purchase contracts 64,923 25,100
338,480 45,856

Amounts falling due in more than five years:

Repayable by instalments
Bank loans >5 yr (instalments) 146,000 -