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REGISTERED NUMBER: 03729512 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 April 2024

for

GILBEY ELECTRICAL WHOLESALERS LIMITED

GILBEY ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 03729512

Contents of the Financial Statements
for the Year Ended 30 April 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GILBEY ELECTRICAL WHOLESALERS LIMITED

Company Information
for the Year Ended 30 April 2024







Directors: T Kelly
A Kelly





Registered office: 55/59 Spear Street
Manchester
M1 1DF





Registered number: 03729512 (England and Wales)





Accountants: Evelyn Partners (Manchester) Limited
Accountants
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

GILBEY ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 03729512

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 5 71,250 67,695

Current assets
Stocks 85,491 84,151
Debtors 6 111,420 152,796
Cash at bank 117,429 117,591
314,340 354,538
Creditors
Amounts falling due within one year 7 159,102 195,034
Net current assets 155,238 159,504
Total assets less current liabilities 226,488 227,199

Creditors
Amounts falling due after more than one
year

8

(25,175

)

(22,698

)

Provisions for liabilities (12,051 ) (10,794 )
Net assets 189,262 193,707

Capital and reserves
Called up share capital 9 100 100
Retained earnings 189,162 193,607
Shareholders' funds 189,262 193,707

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

GILBEY ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 03729512

Balance Sheet - continued
30 April 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 January 2025 and were signed on its behalf by:





A Kelly - Director


GILBEY ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 03729512

Notes to the Financial Statements
for the Year Ended 30 April 2024


1. Statutory information

Gilbey Electrical Wholesalers 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.

The presentation currency of the financial statements is the Pound Sterling (£) and the amounts in the financial statements have been rounded to the nearest £1.

2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
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.
Fixtures and fittings - 25% on reducing balance and 20% straight line
Motor vehicles - 25% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

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
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


GILBEY ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 03729512

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


3. 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.

4. Employees and directors

The average number of employees during the year was 8 (2023 - 8 ) .

5. Tangible fixed assets
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Cost
At 1 May 2023 21,239 102,567 123,806
Additions - 26,669 26,669
Disposals - (17,330 ) (17,330 )
At 30 April 2024 21,239 111,906 133,145
Depreciation
At 1 May 2023 19,437 36,674 56,111
Charge for year 450 15,150 15,600
Eliminated on disposal - (9,816 ) (9,816 )
At 30 April 2024 19,887 42,008 61,895
Net book value
At 30 April 2024 1,352 69,898 71,250
At 30 April 2023 1,802 65,893 67,695

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 109,801 143,719
Other debtors 1,619 9,077
111,420 152,796

GILBEY ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 03729512

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


6. Debtors: amounts falling due within one year - continued

Included within other debtors is an amount owed from the director of nil. (2023 - £5,009), this amount is interest free with no repayments terms.

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts - 985
Hire purchase contracts 13,150 7,941
Trade creditors 83,991 101,894
Taxation and social security 48,084 55,633
Other creditors 13,877 28,581
159,102 195,034

Included within other creditors is an amount owed to the director of £4,443 (2023 - £19,995), this amount is interest free with no repayments terms.

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Hire purchase contracts 25,175 22,698

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
20 A Ordinary £1 20 20
20 B Ordinary £1 20 20
40 C Ordinary £1 40 40
10 D Ordinary £1 10 10
10 E Ordinary £1 10 10
100 100

10. Related party disclosures

The company is controlled by the directors by virtue of their shareholding.