G-Tech Electrical Contractors Limited 03293941 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is electrical contractors Digita Accounts Production Advanced 6.30.9574.0 true 03293941 2023-09-01 2024-08-31 03293941 2024-08-31 03293941 core:RetainedEarningsAccumulatedLosses 2024-08-31 03293941 core:ShareCapital 2024-08-31 03293941 core:CurrentFinancialInstruments 2024-08-31 03293941 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 03293941 core:Non-currentFinancialInstruments 2024-08-31 03293941 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 03293941 core:MotorVehicles 2024-08-31 03293941 core:OfficeEquipment 2024-08-31 03293941 core:PlantMachinery 2024-08-31 03293941 bus:SmallEntities 2023-09-01 2024-08-31 03293941 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 03293941 bus:FilletedAccounts 2023-09-01 2024-08-31 03293941 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 03293941 bus:RegisteredOffice 2023-09-01 2024-08-31 03293941 bus:Director2 2023-09-01 2024-08-31 03293941 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 03293941 core:Buildings 2023-09-01 2024-08-31 03293941 core:MotorCars 2023-09-01 2024-08-31 03293941 core:MotorVehicles 2023-09-01 2024-08-31 03293941 core:OfficeEquipment 2023-09-01 2024-08-31 03293941 core:PlantMachinery 2023-09-01 2024-08-31 03293941 1 2023-09-01 2024-08-31 03293941 countries:England 2023-09-01 2024-08-31 03293941 2023-08-31 03293941 core:MotorVehicles 2023-08-31 03293941 core:OfficeEquipment 2023-08-31 03293941 core:PlantMachinery 2023-08-31 03293941 2022-09-01 2023-08-31 03293941 2023-08-31 03293941 core:RetainedEarningsAccumulatedLosses 2023-08-31 03293941 core:ShareCapital 2023-08-31 03293941 core:CurrentFinancialInstruments 2023-08-31 03293941 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 03293941 core:Non-currentFinancialInstruments 2023-08-31 03293941 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 03293941 core:MotorVehicles 2023-08-31 03293941 core:OfficeEquipment 2023-08-31 03293941 core:PlantMachinery 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 03293941

G-Tech Electrical Contractors Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

G-Tech Electrical Contractors Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

G-Tech Electrical Contractors Limited

(Registration number: 03293941)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

82,936

98,117

Current assets

 

Stocks

5

312,766

300,000

Debtors

6

1,554,948

1,308,055

Cash at bank and in hand

 

110,611

17,426

 

1,978,325

1,625,481

Creditors: Amounts falling due within one year

7

(1,611,833)

(1,146,379)

Net current assets

 

366,492

479,102

Total assets less current liabilities

 

449,428

577,219

Creditors: Amounts falling due after more than one year

7

(146,760)

(291,495)

Provisions for liabilities

(20,735)

(24,530)

Net assets

 

281,933

261,194

Capital and reserves

 

Called up share capital

302

302

Retained earnings

281,631

260,892

Shareholders' funds

 

281,933

261,194

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 January 2025 and signed on its behalf by:
 

.........................................
G Wakefield
Director

 

G-Tech Electrical Contractors Limited

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

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit C1 Goldbank Business Park,
Wilton Road,
Grimsby
North East Lincolnshire
DN36 4AW
England

These financial statements were authorised for issue by the Board on 15 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements cover the individual entity, G-Tech Electrical Contractors Limited.

The financial statements are presented in sterling and are rounded to the nearest pound

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

G-Tech Electrical Contractors Limited

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

15% Reducing Balance

Office Equipment

15% Reducing Balance

Motor Vehicles

25% Reducing Balance

Freehold Property

50 Years Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

 

G-Tech Electrical Contractors Limited

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 30 (2023 - 35).

 

G-Tech Electrical Contractors Limited

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

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

68,254

48,363

124,566

241,183

Additions

-

2,680

7,000

9,680

Disposals

(8,359)

(8,877)

(11,345)

(28,581)

At 31 August 2024

59,895

42,166

120,221

222,282

Depreciation

At 1 September 2023

40,014

28,882

74,170

143,066

Charge for the year

4,938

3,967

15,183

24,088

Eliminated on disposal

(8,359)

(8,877)

(10,572)

(27,808)

At 31 August 2024

36,593

23,972

78,781

139,346

Carrying amount

At 31 August 2024

23,302

18,194

41,440

82,936

At 31 August 2023

28,240

19,481

50,396

98,117

5

Stocks

2024
£

2023
£

Work in progress

282,766

250,000

Other inventories

30,000

50,000

312,766

300,000

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,156,779

1,041,149

Amounts owed by related parties

333,746

198,180

Prepayments

 

2,525

52,257

Other debtors

 

61,898

16,469

   

1,554,948

1,308,055

 

G-Tech Electrical Contractors Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

125,603

89,683

Trade creditors

 

1,178,464

720,363

Taxation and social security

 

199,893

207,765

Accruals and deferred income

 

29,707

25,676

Other creditors

 

78,166

102,892

 

1,611,833

1,146,379


Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £125,602 (2023: £89,307).

The details of the bounce back loan, included within this balance, can be found in note 9.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

146,760

291,495

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £146,760 (2023: £291,494).

The aggregate amount of secured liablities at the Balance Sheet date is £272,362 (2023: £380,801)

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

146,760

291,495

2024
£

2023
£

Current loans and borrowings

Bank borrowings

125,603

89,683

Bank borrowings

Included within bank borrowings is an amount of £81,488 (2023: £133,560) advanced by the company’s bankers in respect of the Coronavirus Business Interruption Loan. This loan is repayable in equal instalments over 60 months and commenced May 2021, and interest is payable on the loan at a rate of 3.16% over base rate.