Caseware UK (AP4) 2023.0.135 2023.0.135 No description of principal activity2023-04-01false22falsetrue 04361368 2023-04-01 2023-12-31 04361368 2022-04-01 2023-03-31 04361368 2023-12-31 04361368 2023-03-31 04361368 c:Director1 2023-04-01 2023-12-31 04361368 c:Director1 2023-12-31 04361368 c:Director2 2023-04-01 2023-12-31 04361368 c:Director2 2023-12-31 04361368 c:Director5 2023-04-01 2023-12-31 04361368 c:Director5 2023-12-31 04361368 c:RegisteredOffice 2023-04-01 2023-12-31 04361368 d:CurrentFinancialInstruments 2023-12-31 04361368 d:CurrentFinancialInstruments 2023-03-31 04361368 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04361368 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04361368 d:ShareCapital 2023-12-31 04361368 d:ShareCapital 2023-03-31 04361368 d:RetainedEarningsAccumulatedLosses 2023-12-31 04361368 d:RetainedEarningsAccumulatedLosses 2023-03-31 04361368 c:FRS102 2023-04-01 2023-12-31 04361368 c:Audited 2023-04-01 2023-12-31 04361368 c:FullAccounts 2023-04-01 2023-12-31 04361368 c:PrivateLimitedCompanyLtd 2023-04-01 2023-12-31 04361368 c:SmallCompaniesRegimeForAccounts 2023-04-01 2023-12-31 04361368 4 2023-04-01 2023-12-31 04361368 e:PoundSterling 2023-04-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 04361368









G Corner Electrical Systems Limited









Financial statements

For the Period Ended 31 December 2023

 
G Corner Electrical Systems Limited
 
 
Company Information


Directors
L G Hall (appointed 31 August 2023)
R P Calvin (appointed 9 January 2025)
M Patel (appointed 31 August 2023)




Registered number
04361368



Registered office
c/o MSS Products Ltd
Bankfield Road

Tyldesley

Manchester

M29 8QH




Independent auditors
Hurst Accountants Limited
Statutory Auditors & Chartered Accountants

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG





 
G Corner Electrical Systems Limited
 

Contents



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 8


 
G Corner Electrical Systems Limited
Registered number: 04361368

Balance Sheet
As at 31 December 2023

31 December
Unaudited
31 March
2023
2023
Note
£
£

  

Current assets
  

Stocks
 5 
2,263,902
2,791,367

Debtors: amounts falling due within one year
 6 
1,430,538
1,308,973

Cash at bank and in hand
 7 
4,737,315
2,580,977

  
8,431,755
6,681,317

Creditors: amounts falling due within one year
 8 
(8,203,015)
(5,540,922)

Net current assets
  
 
 
228,740
 
 
1,140,395

Total assets less current liabilities
  
228,740
1,140,395

  

Net assets
  
228,740
1,140,395


Capital and reserves
  

Called up share capital 
  
201
201

Profit and loss account
  
228,539
1,140,194

  
228,740
1,140,395


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

L G Hall
Director

Date: 6 March 2025

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
G Corner Electrical Systems Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

1.


General information

G. Corner Electrical Systems Limited is a private limited company by shares, registered in England and Wales (registered number: 04361368).  The address of the registered office and the principal place of business is c/o MSS Products Ltd, Bankfield Road, Tyldesley, Manchester, M29 8QH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The reporting period is the 9 months ended 31 December 2023 so that the reporting date is aligned with the wider group's accounting reference date. As the previous reporting period was the year ended 31 March 2023, the comparative amounts presented in the financial statements are not entirely comparable.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'administrative expenses'.

Page 2

 
G Corner Electrical Systems Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Research and development

Research and development expenditure is recognised as an expense in the year in which it is incurred.

 
2.5

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 3

 
G Corner Electrical Systems Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. 
Project stock represents costs recognised as an asset that relate to future activity on a contract, if it is probable that the costs will be recovered.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.10

Creditors

Short-term creditors are measured at the transaction price. 

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
 

Page 4

 
G Corner Electrical Systems Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 

Basic financial liabilities, which include trade and other payables, are initially measured at their transaction price after transaction costs. 

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the period was 2 (2023 - 2).


4.


Exceptional items

9 months ended
31 December
Year ended
31 March
2023
2023
£
£


Exceptional cost of sales
1,713,827
-

During the period, an exceptional loss totalling £1,713,827 arose on a specific contract.

Page 5

 
G Corner Electrical Systems Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

5.


Stocks

31 December
Unaudited
31 March
2023
2023
£
£

Project stock
2,263,902
2,791,367



6.


Debtors

31 December
Unaudited
31 March
2023
2023
£
£


Trade debtors
329,949
561,516

Amounts owed by group undertakings
1,094,526
745,848

Other debtors
5,804
1,350

Deferred taxation
259
259

1,430,538
1,308,973



7.


Cash and cash equivalents

31 December
Unaudited
31 March
2023
2023
£
£

Cash at bank and in hand
4,737,315
2,580,977


Page 6

 
G Corner Electrical Systems Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

8.


Creditors: Amounts falling due within one year

31 December
Unaudited
31 March
2023
2023
£
£

Payments received on account
4,788,899
4,980,072

Trade creditors
52,384
1,553

Amounts owed to group undertakings
3,316,014
543,938

Corporation tax
13,720
13,720

Accruals and deferred income
31,998
1,639

8,203,015
5,540,922



9.


Contingent liabilities

The Lloyds Bank Plc bank account is secured by way of a debenture in favour of the bank, containing a fixed charge and a floating charge. The floating charge covers all the property and assets of the Company. 
An omnibus guarantee agreement dated 16 March 2016, and an omnibus guarantee and set-off agreement dated 4 April 2014, have been given to Lloyds Bank Plc in relation to the Company together with the Company's parent undertaking and fellow subsidiary undertakings. In addition, an omnibus set-off agreement dated 8 August 2014 has been given to Lloyds Bank Plc in relation to the Company and a fellow subsidiary undertaking. As at 31 December 2023, the net overdraft so guaranteed was £nil (31 March 2023: £nil). 
The Company occasionally issues bonds and guarantees to specific customers.  As at 31 December 2023, the value of bonds and guarantees outstanding totalled £284,795 (31 March 2023: £459,143). 


10.


Controlling party

At the beginning of the period, the Company's immediate and ultimate parent undertaking was Bryden Capital Limited (now 'Chambertin Capital Limited'), which is the parent company of the smallest group for which consolidated financial statements have been drawn for the period. Chambertin Capital Limited has company number 05617608. The registered office of Chambertin Capital Limited is c/o MSS Products Ltd, Bankfield Road, Tyldesley, Manchester, M29 8QH. The consolidated financial statements are available from Companies House.
On 31 May 2023, Bryden Capital Limited (now Chambertin Capital Limited) was acquired by Bamboo Bidco Limited, a company registered in Jersey. The ultimate controlling party is now Stellex Capital Holdings II Luxembourg SARL, a company incorporated in Luxembourg.

Page 7

 
G Corner Electrical Systems Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

11.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

Other matters
The figures presented in the accounts for the year ended 31 March 2023 were unaudited. As required by auditing
standards, we obtained sufficient appropriate audit evidence to conclude that the opening balances do not contain
misstatements that materially affect the current period's financial statements.


The audit report was signed on 6 March 2025 by Helen Besant-Roberts (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.

 
Page 8