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REGISTERED NUMBER: NI622213 (Northern Ireland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Glackin Electrics Limited

Glackin Electrics Limited (Registered number: NI622213)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Glackin Electrics Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr K Glackin
Mrs J Glackin





REGISTERED OFFICE: 99a Mullaghboy Road
BELLAGHY
BT45 8JH





REGISTERED NUMBER: NI622213 (Northern Ireland)





ACCOUNTANTS: Gildernew & Co Ltd
Six Northland Row
DUNGANNON
Co. Tyrone
BT71 6AW

Glackin Electrics Limited (Registered number: NI622213)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 154,523 112,701
154,523 112,701

CURRENT ASSETS
Stocks 6 1,182,112 1,562,430
Debtors 7 1,143,179 640,561
Cash at bank 1,009,077 829,058
3,334,368 3,032,049
CREDITORS
Amounts falling due within one year 8 722,335 599,848
NET CURRENT ASSETS 2,612,033 2,432,201
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,766,556

2,544,902

CREDITORS
Amounts falling due after more than one
year

9

(16,990

)

(32,284

)

PROVISIONS FOR LIABILITIES (31,388 ) (19,744 )
NET ASSETS 2,718,178 2,492,874

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 2,718,176 2,492,872
2,718,178 2,492,874

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

Glackin Electrics Limited (Registered number: NI622213)

Balance Sheet - continued
31 December 2023


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 26 November 2024 and were signed on its behalf by:





Mr K Glackin - Director


Glackin Electrics Limited (Registered number: NI622213)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Glackin Electrics Limited is a private company, limited by shares , registered in Northern Ireland. 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill is being amortised evenly over its estimated useful life of 5 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost
Plant and machinery - 20% reducing balance
Fixtures and fittings - 20% reducing balance
Motor vehicles - 25% reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


Glackin Electrics Limited (Registered number: NI622213)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 25 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 10,000
AMORTISATION
At 1 January 2023
and 31 December 2023 10,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Glackin Electrics Limited (Registered number: NI622213)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 30,080 202,912 232,992
Additions 36,474 39,368 75,842
Disposals - (10,333 ) (10,333 )
At 31 December 2023 66,554 231,947 298,501
DEPRECIATION
At 1 January 2023 4,813 115,478 120,291
Charge for year 2,662 27,901 30,563
Eliminated on disposal - (6,876 ) (6,876 )
At 31 December 2023 7,475 136,503 143,978
NET BOOK VALUE
At 31 December 2023 59,079 95,444 154,523
At 31 December 2022 25,267 87,434 112,701

6. STOCKS
31.12.23 31.12.22
£    £   
Stocks 15,000 10,000
Work-in-progress 1,167,112 1,552,430
1,182,112 1,562,430

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 639,297 280,212
Other debtors 233,685 284,450
VAT 263,963 74,287
Prepayments 6,234 1,612
1,143,179 640,561

Glackin Electrics Limited (Registered number: NI622213)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,652 10,652
Hire purchase contracts 5,400 7,978
CIS 24,701 15,132
Trade creditors 542,450 446,046
Tax 48,519 77,514
Social security and other taxes 15,958 16,844
Other creditors 8,297 6,963
Directors' current accounts 9,854 13,497
Accrued expenses 56,504 5,222
722,335 599,848

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 15,190 25,084
Hire purchase contracts 1,800 7,200
16,990 32,284