BrightAccountsProduction v1.0.0 v1.0.0 2023-02-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts is to carry on the business of electrical contractors. 25 October 2024 4 4 NI062870 2024-01-31 NI062870 2023-01-31 NI062870 2022-01-31 NI062870 2023-02-01 2024-01-31 NI062870 2022-02-01 2023-01-31 NI062870 uk-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI062870 uk-curr:PoundSterling 2023-02-01 2024-01-31 NI062870 uk-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 NI062870 uk-bus:FullAccounts 2023-02-01 2024-01-31 NI062870 uk-bus:Director1 2023-02-01 2024-01-31 NI062870 uk-bus:CompanySecretary1 2023-02-01 2024-01-31 NI062870 uk-bus:Agent1 2023-02-01 2024-01-31 NI062870 uk-core:ShareCapital 2024-01-31 NI062870 uk-core:ShareCapital 2023-01-31 NI062870 uk-core:RetainedEarningsAccumulatedLosses 2024-01-31 NI062870 uk-core:RetainedEarningsAccumulatedLosses 2023-01-31 NI062870 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-01-31 NI062870 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-01-31 NI062870 uk-core:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 NI062870 uk-bus:FRS102 2023-02-01 2024-01-31 NI062870 uk-core:Goodwill 2023-02-01 2024-01-31 NI062870 uk-core:LandBuildings 2023-02-01 2024-01-31 NI062870 uk-core:Goodwill 2023-01-31 NI062870 uk-core:Goodwill 2024-01-31 NI062870 uk-core:CurrentFinancialInstruments 2024-01-31 NI062870 uk-core:CurrentFinancialInstruments 2023-01-31 NI062870 uk-core:WithinOneYear 2024-01-31 NI062870 uk-core:WithinOneYear 2023-01-31 NI062870 uk-core:WithinOneYear 2024-01-31 NI062870 uk-core:WithinOneYear 2023-01-31 NI062870 uk-core:WithinOneYear 2024-01-31 NI062870 uk-core:WithinOneYear 2023-01-31 NI062870 uk-core:AfterOneYear 2024-01-31 NI062870 uk-core:AfterOneYear 2023-01-31 NI062870 uk-core:AfterOneYear 2024-01-31 NI062870 uk-core:AfterOneYear 2023-01-31 NI062870 uk-core:BetweenOneTwoYears 2024-01-31 NI062870 uk-core:BetweenOneTwoYears 2023-01-31 NI062870 uk-core:BetweenOneFiveYears 2024-01-31 NI062870 uk-core:BetweenOneFiveYears 2023-01-31 NI062870 uk-core:OtherMiscellaneousReserve 2023-01-31 NI062870 uk-core:OtherMiscellaneousReserve 2023-02-01 2024-01-31 NI062870 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-01-31 NI062870 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-01-31 NI062870 uk-core:OtherDeferredTax 2024-01-31 NI062870 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-01-31 NI062870 uk-core:OtherMiscellaneousReserve 2024-01-31 NI062870 2023-02-01 2024-01-31 NI062870 uk-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
Gortfad Electrical Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 January 2024
Gortfad Electrical Limited
DIRECTOR AND OTHER INFORMATION

 
Director Conrad Leadon
 
 
Company Secretary Jane Leadon
 
 
Company Registration Number NI062870
 
 
Business Address 40 Gortfad Road
Garvagh
Derry
BT51 5BG
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
 
Bankers Santander
  25-29 Royal Avenue
  Belfast
  BT1 1FB
  Nothern Ireland



Gortfad Electrical Limited
Company Registration Number: NI062870
STATEMENT OF FINANCIAL POSITION
as at 31 January 2024

2024 2023
Notes £ £
 
Non-Current Assets
Property, plant and equipment 5 208,711 167,586
───────── ─────────
 
Current Assets
Inventories 6 46,020 86,820
Receivables 7 183,521 117,263
Cash and cash equivalents 154,870 139,548
───────── ─────────
384,411 343,631
───────── ─────────
Payables: amounts falling due within one year 8 (45,486) (53,107)
───────── ─────────
Net Current Assets 338,925 290,524
───────── ─────────
Total Assets less Current Liabilities 547,636 458,110
 
Payables:
amounts falling due after more than one year 9 (14,167) (25,250)
 
Provisions for liabilities 11 (19,435) (11,020)
───────── ─────────
Net Assets 514,034 421,840
═════════ ═════════
 
Equity
Called up share capital 2 2
Retained earnings 514,032 421,838
───────── ─────────
Equity attributable to owners of the company 514,034 421,840
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Director's Report.
           
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 25 October 2024
           
           
________________________________          
Conrad Leadon          
Director          
           



Gortfad Electrical Limited
STATEMENT OF CHANGES IN EQUITY
as at 31 January 2024

Called up Retained Total
share earnings
capital
£ £ £
 
At 1 February 2022 2 422,626 422,628
───────── ───────── ─────────
Profit for the financial year - 1,212 1,212
───────── ───────── ─────────
Payment of dividends - (2,000) (2,000)
  ───────── ───────── ─────────
At 31 January 2023 2 421,838 421,840
  ───────── ───────── ─────────
Profit for the financial year - 96,482 96,482
  ───────── ───────── ─────────
Payment of dividends - (4,288) (4,288)
  ───────── ───────── ─────────
At 31 January 2024 2 514,032 514,034
  ═════════ ═════════ ═════════



Gortfad Electrical Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 January 2024

   
1. General Information
 
Gortfad Electrical Limited is a company limited by shares incorporated in Northern Ireland. 40 Gortfad Road, Garvagh, Derry, BT51 5BG, United Kingdom is the registered office, which is also the principal place
of business of the company. The nature of the company’s operations and its principal activities are set out in
the Directors' Report. The financial statements have been presented in Pound Sterling (£) which is also the
functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 January 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 2% Straight line
  Plant and machinery - 20% Reducing Balance
  Fixtures, fittings and equipment - 20% Reducing Balance
  Motor vehicles - 20% Reducing Balance
  Store Materials - 4% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.
 
Inventories
Inventoriess are valued at the lower of cost and net realisable value. Inventoriess are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a stakeholder pension scheme.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 4, (2023 - 4).
 
  2024 2023
  Number Number
 
All 4 4
  ═════════ ═════════
     
4. Intangible assets
   
  Goodwill
  £
Cost
At 1 February 2023 35,000
  ─────────
 
At 31 January 2024 35,000
  ─────────
Amortisation
 
At 31 January 2024 35,000
  ─────────
Carrying amount
At 31 January 2024 -
  ═════════

               
5. Property, plant and equipment
  Land and Plant and Fixtures, Motor Store Total
  buildings machinery fittings and vehicles Materials  
  freehold   equipment      
  £ £ £ £ £ £
Cost or Valuation
At 1 February 2023 95,941 90,787 23,634 81,025 10,806 302,193
Additions - 61,850 - 18,000 - 79,850
Disposals - (25,000) - (16,000) - (41,000)
  ───────── ───────── ───────── ───────── ───────── ─────────
At 31 January 2024 95,941 127,637 23,634 83,025 10,806 341,043
  ───────── ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 February 2023 7,108 60,020 17,366 45,729 4,384 134,607
Charge for the financial year 1,919 7,129 1,254 7,985 432 18,719
On disposals - (11,111) - (9,883) - (20,994)
  ───────── ───────── ───────── ───────── ───────── ─────────
At 31 January 2024 9,027 56,038 18,620 43,831 4,816 132,332
  ───────── ───────── ───────── ───────── ───────── ─────────
Carrying amount
At 31 January 2024 86,914 71,599 5,014 39,194 5,990 208,711
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════
At 31 January 2023 88,833 30,767 6,268 35,296 6,422 167,586
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════

           
5.1. Property, plant and equipment continued
 
Included above are assets held under finance leases or hire purchase contracts as follows:
 
  2024   2023  
  Carrying Depreciation Carrying Depreciation
  amount charge amount charge
  £ £ £ £
 
Motor vehicles 5,547 1,387 6,933 1,733
  ═════════ ═════════ ═════════ ═════════
       
6. Inventories 2024 2023
  £ £
 
Raw materials 1,500 1,500
Work in progress 44,520 85,320
  ───────── ─────────
  46,020 86,820
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Receivables 2024 2023
  £ £
 
Trade receivables 165,720 104,582
Taxation  (Note 10) 16,120 11,426
Prepayments and accrued income 1,681 1,255
  ───────── ─────────
  183,521 117,263
  ═════════ ═════════
       
8. Payables 2024 2023
Amounts falling due within one year £ £
 
Bank loan 10,000 10,000
Net obligations under finance leases
and hire purchase contracts 1,083 3,250
Trade payables 10,943 26,869
Taxation  (Note 10) 18,483 6,516
Director's current account - 1,698
Accruals 4,977 4,774
  ───────── ─────────
  45,486 53,107
  ═════════ ═════════
       
9. Payables 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 14,167 24,167
Finance leases and hire purchase contracts - 1,083
  ───────── ─────────
  14,167 25,250
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 8) 10,000 10,000
Repayable between one and two years 14,167 24,167
  ───────── ─────────
  24,167 34,167
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 1,083 3,250
Repayable between one and five years - 1,083
  ───────── ─────────
  1,083 4,333
  ═════════ ═════════
       
10. Taxation 2024 2023
  £ £
 
Receivables:
VAT 16,120 11,426
  ═════════ ═════════
Payables:
Corporation tax 16,967 5,639
PAYE / NI 1,516 877
  ───────── ─────────
  18,483 6,516
  ═════════ ═════════
         
11. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 11,020 11,020 15,925
Charged to profit and loss 8,415 8,415 (4,905)
  ───────── ───────── ─────────
At financial year end 19,435 19,435 11,020
  ═════════ ═════════ ═════════
       
12. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 January 2024.