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REGISTERED NUMBER: 01846591 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Gainsborough Industrial Controls Limited

Gainsborough Industrial Controls Limited (Registered number: 01846591)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Gainsborough Industrial Controls Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: L Murphy
A M Beal





SECRETARY: L Murphy





REGISTERED OFFICE: Alpha Works
Sandars Road
Heapham Road Ind Estate
Gainsborough
Lincolnshire
DN21 1RZ





REGISTERED NUMBER: 01846591 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
Office 1
Engine House
Marshalls Yard
Gainsborough
Lincolnshire
DN21 2NA

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Gainsborough Industrial Controls Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gainsborough Industrial Controls Limited for the year ended 31 August 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Gainsborough Industrial Controls Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gainsborough Industrial Controls Limited and state those matters that we have agreed to state to the Board of Directors of Gainsborough Industrial Controls Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gainsborough Industrial Controls Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Gainsborough Industrial Controls Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gainsborough Industrial Controls Limited. You consider that Gainsborough Industrial Controls Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Gainsborough Industrial Controls Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Wright Vigar Limited
Chartered Accountants & Business Advisers
Office 1
Engine House
Marshalls Yard
Gainsborough
Lincolnshire
DN21 2NA


18 November 2024

Gainsborough Industrial Controls Limited (Registered number: 01846591)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 874,247 867,243
Investments 5 372,599 351,805
1,246,846 1,219,048

CURRENT ASSETS
Stocks 1,787,354 1,809,462
Debtors 6 1,965,690 2,072,260
Cash at bank and in hand 1,886,337 1,212,334
5,639,381 5,094,056
CREDITORS
Amounts falling due within one year 7 2,022,190 1,981,682
NET CURRENT ASSETS 3,617,191 3,112,374
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,864,037

4,331,422

PROVISIONS FOR LIABILITIES 66,962 66,052
NET ASSETS 4,797,075 4,265,370

CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair value reserve 10 72,599 51,805
Retained earnings 4,724,376 4,213,465
SHAREHOLDERS' FUNDS 4,797,075 4,265,370

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

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

The directors acknowledge their 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.

Gainsborough Industrial Controls Limited (Registered number: 01846591)

Balance Sheet - continued
31 August 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 Board of Directors and authorised for issue on 14 November 2024 and were signed on its behalf by:




L Murphy - Director



A M Beal - Director


Gainsborough Industrial Controls Limited (Registered number: 01846591)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Gainsborough Industrial Controls 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.

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 represents net invoiced sales of goods and work done, excluding value added tax.


Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and Buildings - 10% on cost and 2% on cost
Plant and machinery - 33% on cost, 25% on cost, 25% on reducing balance, 20% on cost, 10% on cost and Straight line over 20 years
Fixtures and fittings - 25% on cost, 25% on reducing balance and 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance and 20% on cost

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

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the profit or loss account.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the profit or loss account.

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.

Gainsborough Industrial Controls Limited (Registered number: 01846591)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts are capitalised in the balance sheet and are depreciated over their estimated useful lives.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to income as incurred.

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.

Investments
Investments are initially recorded at cost and thereafter at fair value with changes recognised in the profit or loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 26 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Land and Plant and and
Buildings machinery fittings
£    £    £   
COST
At 1 September 2023 515,709 228,617 59,509
Additions - 15,611 2,602
Disposals - (8,838 ) -
At 31 August 2024 515,709 235,390 62,111
DEPRECIATION
At 1 September 2023 17,938 58,472 44,585
Charge for year 14,042 26,266 3,902
Eliminated on disposal - (8,697 ) -
At 31 August 2024 31,980 76,041 48,487
NET BOOK VALUE
At 31 August 2024 483,729 159,349 13,624
At 31 August 2023 497,771 170,145 14,924

Gainsborough Industrial Controls Limited (Registered number: 01846591)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 September 2023 307,031 76,796 1,187,662
Additions 114,332 1,954 134,499
Disposals (76,417 ) (21,391 ) (106,646 )
At 31 August 2024 344,946 57,359 1,215,515
DEPRECIATION
At 1 September 2023 143,445 55,979 320,419
Charge for year 50,683 5,032 99,925
Eliminated on disposal (49,684 ) (20,695 ) (79,076 )
At 31 August 2024 144,444 40,316 341,268
NET BOOK VALUE
At 31 August 2024 200,502 17,043 874,247
At 31 August 2023 163,586 20,817 867,243

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Fair value brought forward 351,805 359,471
Fair value adjustments 20,794 (7,666 )
372,599 351,805

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 574,724 701,242
Amounts owed by group undertakings 1,199,152 1,199,152
Other debtors 191,814 171,866
1,965,690 2,072,260

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts - 294
Trade creditors 632,176 590,517
Taxation and social security 350,828 275,722
Other creditors 1,039,186 1,115,149
2,022,190 1,981,682

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts - 294

Gainsborough Industrial Controls Limited (Registered number: 01846591)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

10. FAIR VALUE RESERVE
Fair
value
reserve
£   
At 1 September 2023 51,805
Fair value investment 20,794

At 31 August 2024 72,599