GB Electronics (UK) Limited
Unaudited financial statements
For the year ended 31 March 2024
06210991 (England and Wales)
Pages for filing with registrar
GB Electronics (UK) Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
GB Electronics (UK) Limited
Balance sheet
As at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
60,000
75,044
Tangible assets
4
468,921
317,406
Investments
5
415,101
415,101
944,022
807,551
Current assets
Stocks
1,643,360
1,506,502
Debtors
6
2,059,542
1,973,344
Cash at bank and in hand
923,623
864,205
4,626,525
4,344,051
Creditors: amounts falling due within one year
7
(1,780,899)
(1,467,183)
Net current assets
2,845,626
2,876,868
Total assets less current liabilities
3,789,648
3,684,419
Creditors: amounts falling due after more than one year
8
(110,026)
(131,831)
Provisions for liabilities
9
(116,230)
(60,307)
Net assets
3,563,392
3,492,281
Capital and reserves
Called up share capital
10
10,200
10,200
Profit and loss reserves
3,553,192
3,482,081
Total equity
3,563,392
3,492,281

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

GB Electronics (UK) Limited
Balance sheet (continued)
As at 31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 October 2024 and are signed on its behalf by:
Mr M S Bullen
Director
Company Registration No. 06210991
GB Electronics (UK) Limited
Notes to the financial statements
For the year ended 31 March 2024
- 3 -
1
Accounting policies
Company information

GB Electronics (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ascot House, Mulberry Close, Woods Way, Goring-by-Sea, Worthing, West Sussex, BN12 4QY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 - 20 years.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents
7 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

GB Electronics (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% Reducing balance
Fixtures, fittings & equipment
25% Reducing balance
Computer equipment
25% Reducing balance
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

GB Electronics (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(continued)
- 5 -
1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

GB Electronics (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(continued)
- 6 -
1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

GB Electronics (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(continued)
- 7 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
57
52
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
345,000
22,299
367,299
Amortisation and impairment
At 1 April 2023
270,000
22,255
292,255
Amortisation charged for the year
15,000
44
15,044
At 31 March 2024
285,000
22,299
307,299
Carrying amount
At 31 March 2024
60,000
-
0
60,000
At 31 March 2023
75,000
44
75,044
GB Electronics (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 8 -
4
Tangible fixed assets
Plant and equipment
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
435,298
14,787
53,893
14,500
518,478
Additions
212,298
32,520
30,074
-
0
274,892
Disposals
(10,054)
-
0
-
0
-
0
(10,054)
At 31 March 2024
637,542
47,307
83,967
14,500
783,316
Depreciation and impairment
At 1 April 2023
163,175
13,322
20,950
3,625
201,072
Depreciation charged in the year
96,875
3,901
12,553
2,719
116,048
Eliminated in respect of disposals
(2,725)
-
0
-
0
-
0
(2,725)
At 31 March 2024
257,325
17,223
33,503
6,344
314,395
Carrying amount
At 31 March 2024
380,217
30,084
50,464
8,156
468,921
At 31 March 2023
272,123
1,465
32,943
10,875
317,406
5
Fixed asset investments
2024
2023
£
£
Investments
415,101
415,101
Fixed asset investments revalued

The investment in the subsidiary, Wildtrax (UK) Limited, has been written down to reflect its true value as determined by the directors of GB Electronics (UK) Limited. The historical cost of the investment was £678,850, written down to £375,000.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,917,644
1,898,816
Corporation tax recoverable
947
-
0
Amounts owed by group undertakings and undertakings in which the company has a participating interest
14,899
14,899
Other debtors
126,052
59,629
2,059,542
1,973,344
GB Electronics (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 9 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,183
9,932
Trade creditors
713,196
466,577
Amounts due to group undertakings
603,418
602,265
Corporation tax
-
0
66,112
Other taxation and social security
203,685
102,484
Other creditors
250,417
219,813
1,780,899
1,467,183
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,087
23,274
Other creditors
96,939
108,557
110,026
131,831
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
116,230
60,307
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100,000 'A' Ordinary shares of 10p each
10,000
10,000
50 'B' Ordinary shares of £1 each
50
50
150 'C' Ordinary shares of £1 each
150
150
10,200
10,200
GB Electronics (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 10 -
11
Operating lease commitments
Lessee

Lease of motor vehicle

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
9,255
-
0
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