Company registration number 08159191 (England and Wales)
G B ELECTRICAL ENGINEERING MIDLANDS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
G B ELECTRICAL ENGINEERING MIDLANDS LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
G B ELECTRICAL ENGINEERING MIDLANDS LTD
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
220,577
211,309
Current assets
Stocks
11,956
11,644
Debtors
5
108,350
125,821
Cash at bank and in hand
103,711
66,127
224,017
203,592
Creditors: amounts falling due within one year
6
(136,756)
(152,331)
Net current assets
87,261
51,261
Total assets less current liabilities
307,838
262,570
Creditors: amounts falling due after more than one year
7
(2,834)
(4,056)
Provisions for liabilities
(8,989)
(5,644)
Net assets
296,015
252,870
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
295,915
252,770
Total equity
296,015
252,870
G B ELECTRICAL ENGINEERING MIDLANDS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2024
31 July 2024
- 2 -

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 24 February 2025 and are signed on its behalf by:
..............................................
Mr R A Grange
Director
Company registration number 08159191 (England and Wales)
G B ELECTRICAL ENGINEERING MIDLANDS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
100
242,186
242,286
Year ended 31 July 2023:
Profit and total comprehensive income
-
85,584
85,584
Dividends
-
(75,000)
(75,000)
Balance at 31 July 2023
100
252,770
252,870
Year ended 31 July 2024:
Profit and total comprehensive income
-
118,145
118,145
Dividends
-
(75,000)
(75,000)
Balance at 31 July 2024
100
295,915
296,015
G B ELECTRICAL ENGINEERING MIDLANDS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information

G B Electrical Engineering Midlands Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Spring Lane Industrial Estate, Spring Lane, Willenhall, West Midlands, WV12 4HW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover from the provision of services is recognised when that service is provided. If provision of the service has commenced, but is not completed by the company's reporting period end then an appropriate sales provision, based on the stage of completion reached at the period end is recognised.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2.33% on cost (Land - nil)
Plant and equipment
15% on reducing balance
Fixtures and fittings
10% on cost
Computers
33% staight line
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock is recognised as an expense in the period in which the related revenue is recognised.

G B ELECTRICAL ENGINEERING MIDLANDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as cash, trade and other accounts receivable and payable and loans from banks and other third parties, including related parties.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end 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.

1.8
Retirement benefits

The company makes payments into personal pension schemes on behalf of the directors of the company. Contributions are charged in the income statement in the period in which they are paid. The company also makes employers contributions into an auto-enrolment pension scheme on behalf of its employees. Contributions are recognised in the income statement in the period in which they arise.

1.9
Leases

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

 

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

 

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

 

G B ELECTRICAL ENGINEERING MIDLANDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
7
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 August 2023
195,942
25,746
14,172
1,979
28,145
265,984
Additions
-
0
-
0
-
0
-
0
22,908
22,908
At 31 July 2024
195,942
25,746
14,172
1,979
51,053
288,892
Depreciation and impairment
At 1 August 2023
10,203
11,329
6,068
1,113
25,962
54,675
Depreciation charged in the year
3,401
2,163
1,369
434
6,273
13,640
At 31 July 2024
13,604
13,492
7,437
1,547
32,235
68,315
Carrying amount
At 31 July 2024
182,338
12,254
6,735
432
18,818
220,577
At 31 July 2023
185,739
14,417
8,104
866
2,183
211,309

Included in cost of land and buildings is freehold land of £50,000 (2023 - £50,000) which is not depreciated.

The directors are of the opinion that no adjustment is required to the carrying value of the company's freehold property at 31st July 2024.

.

G B ELECTRICAL ENGINEERING MIDLANDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
99,427
118,322
Other debtors
8,923
7,499
108,350
125,821
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
32,076
52,321
Corporation tax
35,182
23,470
Other taxation and social security
19,378
19,422
Other creditors
50,120
57,118
136,756
152,331
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
2,834
4,056
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
4,055
5,163
9
Directors' transactions

Dividends totalling £67,500 (2023 - £67,500) were paid in the year in respect of shares held by the company's directors.

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