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REGISTERED NUMBER: 09169548 (England and Wales)










Unaudited Financial Statements for the Year Ended 31 March 2024

for

G M G Electrical Engineering Ltd

G M G Electrical Engineering Ltd (Registered number: 09169548)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G M G Electrical Engineering Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Gerard Mcgarvey





REGISTERED OFFICE: 4 Capricorn Centre
Cranes Farm Road
Basildon
Essex
SS14 3JJ





REGISTERED NUMBER: 09169548 (England and Wales)





ACCOUNTANTS: Robert Lewis Accountants
4 Capricorn Centre
Cranes Farm Road
Basildon
Essex
SS14 3JJ

G M G Electrical Engineering Ltd (Registered number: 09169548)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 65,973 22,438

CURRENT ASSETS
Stocks 485,964 19,072
Debtors 5 478,226 419,380
Cash at bank and in hand 231,869 327,605
1,196,059 766,057
CREDITORS
Amounts falling due within one year 6 669,774 428,833
NET CURRENT ASSETS 526,285 337,224
TOTAL ASSETS LESS CURRENT
LIABILITIES

592,258

359,662

CREDITORS
Amounts falling due after more than one year 7 (377,348 ) (24,413 )

PROVISIONS FOR LIABILITIES (12,535 ) (4,263 )
NET ASSETS 202,375 330,986

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 202,365 330,976
SHAREHOLDERS' FUNDS 202,375 330,986

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

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

The director acknowledges his 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.

G M G Electrical Engineering Ltd (Registered number: 09169548)

Balance Sheet - continued
31 March 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 director and authorised for issue on 19 December 2024 and were signed by:





Gerard Mcgarvey - Director


G M G Electrical Engineering Ltd (Registered number: 09169548)

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

1. STATUTORY INFORMATION

G M G Electrical Engineering Ltd 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 1 ) .

G M G Electrical Engineering Ltd (Registered number: 09169548)

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 37,562
Additions 55,178
At 31 March 2024 92,740
DEPRECIATION
At 1 April 2023 15,124
Charge for year 11,643
At 31 March 2024 26,767
NET BOOK VALUE
At 31 March 2024 65,973
At 31 March 2023 22,438

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Amounts owed by group undertakings 7,500 -
Other debtors 470,726 419,380
478,226 419,380

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 80,883 11,159
Hire purchase contracts 7,050 -
Trade creditors 46,819 52,398
Taxation and social security 494,289 362,137
Other creditors 40,733 3,139
669,774 428,833

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 366,773 24,413
Hire purchase contracts 10,575 -
377,348 24,413

8. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr Gerard Mcgarvey by virtue of a major shareholding.