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Registration number: 05131460

2G Electrical Projects Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 30 April 2024

 

2G Electrical Projects Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

2G Electrical Projects Limited

(Registration number: 05131460)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

5,277

16,674

Current assets

 

Stocks

5

300

300

Debtors

6

13,250

73,883

Cash at bank and in hand

 

36,816

32,206

 

50,366

106,389

Creditors: Amounts falling due within one year

7

(61,074)

(96,253)

Net current (liabilities)/assets

 

(10,708)

10,136

Total assets less current liabilities

 

(5,431)

26,810

Creditors: Amounts falling due after more than one year

7

(12,209)

(22,433)

Provisions for liabilities

(1,055)

(3,335)

Net (liabilities)/assets

 

(18,695)

1,042

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(18,795)

942

Shareholders' (deficit)/funds

 

(18,695)

1,042

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 director has not delivered to the registrar a copy of the Income Statement.

 

2G Electrical Projects Limited

(Registration number: 05131460)
Statement of Financial Position as at 30 April 2024

Approved and authorised by the director on 18 October 2024
 

.........................................
G Gray
Director

 

2G Electrical Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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: Marravale, Beldam Bridge Road, West End, Woking, Surrey, GU24 9LP.

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 prepared in sterling, which is the functional currency of the entity.

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 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.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure. This includes the Government Coronavirus Job Retention Scheme and Bounce Back Loan Scheme. The Company has not directly benefited from any other forms of government assistance.

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.

 

2G Electrical Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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 statement of financial position 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

Plant and machinery

25% reducing balance

Fittings fixtures and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

 

2G Electrical Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

 

2G Electrical Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

11,480

4,442

58,575

74,497

Disposals

(11,031)

(2,684)

(28,658)

(42,373)

At 30 April 2024

449

1,758

29,917

32,124

Depreciation

At 1 May 2023

8,543

3,882

45,398

57,823

Charge for the year

15

44

1,701

1,760

Eliminated on disposal

(8,153)

(2,300)

(22,283)

(32,736)

At 30 April 2024

405

1,626

24,816

26,847

Carrying amount

At 30 April 2024

44

132

5,101

5,277

At 30 April 2023

2,937

560

13,177

16,674

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

300

300

6

Debtors

2024
£

2023
£

Trade debtors

36

25,751

Other debtors

12,299

15,724

Prepayments

915

7,408

Gross amount due from customers for contract work

-

25,000

13,250

73,883

 

2G Electrical Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

10,252

9,953

Trade creditors

 

25,178

24,234

Taxation and social security

 

175

9,718

Accruals and deferred income

 

2,038

2,988

Other creditors

 

23,431

49,360

 

61,074

96,253

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

12,209

22,433

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,209

22,433

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,204

9,953

Bank overdrafts

48

-

10,252

9,953

9

Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of the Company's directors.