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Company No: 02757304 (England and Wales)

THE ELECTRIC GATE COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

THE ELECTRIC GATE COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

THE ELECTRIC GATE COMPANY LIMITED

BALANCE SHEET

As at 29 February 2024
THE ELECTRIC GATE COMPANY LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 367,420 330,409
367,420 330,409
Current assets
Stocks 5 8,228 8,990
Debtors 6 335,859 359,055
Cash at bank and in hand 756 807
344,843 368,852
Creditors: amounts falling due within one year 7 ( 518,806) ( 467,501)
Net current liabilities (173,963) (98,649)
Total assets less current liabilities 193,457 231,760
Creditors: amounts falling due after more than one year 8 ( 185,543) ( 199,386)
Provision for liabilities ( 14,887) ( 21,603)
Net (liabilities)/assets ( 6,973) 10,771
Capital and reserves
Called-up share capital 9 200 200
Profit and loss account ( 7,173 ) 10,571
Total shareholders' (deficit)/funds ( 6,973) 10,771

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of The Electric Gate Company Limited (registered number: 02757304) were approved and authorised for issue by the Director on 03 March 2025. They were signed on its behalf by:

Mr R Hooper
Director
THE ELECTRIC GATE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
THE ELECTRIC GATE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Electric Gate Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Blackbrook Gate 1, Blackbrook Business Park, Taunton, Somerset, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Land and buildings 25 years straight line
Leasehold improvements 10 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

An allotment of Ordinary B shares was made on 17 March 2022, which was not reflected in the prior year accounts.

As previously reported Adjustment As restated
Year ended 28 February 2023 £ £ £
Ordinary shares 100 100 200
Other debtors 170,955 50 171,005
Amounts owed by director 83,365 50 83,415

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 7 9

4. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £ £
Cost
At 01 March 2023 265,639 0 62,845 123,173 20,033 471,690
Additions 0 27,016 1,346 43,919 0 72,281
Disposals 0 0 ( 15,992) ( 16,662) 0 ( 32,654)
At 29 February 2024 265,639 27,016 48,199 150,430 20,033 511,317
Accumulated depreciation
At 01 March 2023 21,600 0 51,697 51,758 16,226 141,281
Charge for the financial year 3,600 225 3,095 25,024 1,547 33,491
Disposals 0 0 ( 15,707) ( 15,168) 0 ( 30,875)
At 29 February 2024 25,200 225 39,085 61,614 17,773 143,897
Net book value
At 29 February 2024 240,439 26,791 9,114 88,816 2,260 367,420
At 28 February 2023 244,039 0 11,148 71,415 3,807 330,409

5. Stocks

2024 2023
£ £
Stocks 8,228 8,990

6. Debtors

2024 2023
£ £
Trade debtors 65,347 103,718
Amounts owed by director 86,610 83,415
Prepayments 76 917
Other debtors 183,826 171,005
335,859 359,055

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured) 42,728 22,433
Trade creditors 69,202 39,700
Other loans 35,675 15,900
Accruals 4,183 6,504
Taxation and social security 288,598 310,636
Obligations under finance leases and hire purchase contracts (secured) 26,306 20,018
Other creditors 52,114 52,310
518,806 467,501

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 128,345 145,889
Other loans 27,104 26,250
Obligations under finance leases and hire purchase contracts (secured) 30,094 27,247
185,543 199,386

The bank loans are secured on freehold properties of the Company and floating charges over all other assets.

The hire purchase contracts are secured against the assets to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (repayable by instalments) 31,791 51,919

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary A shares of £ 1.00 each 100 100
100 Ordinary B shares of £ 1.00 each 100 100
200 200

10. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Balance b/fwd 83,415 79,678
Advances including interest at HMRC official rate 46,966 63,753
Repayments (43,771) (60,016)
Balance c/fwd 86,610 83,415