Company registration number SC344289 (Scotland)
AC GOLD ELECTRICAL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
AC GOLD ELECTRICAL SERVICES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
AC GOLD ELECTRICAL SERVICES LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr R J Campbell
Company number
SC344289
Registered office
Unit 11
Back O'Hill Industrial Estate
Stirling
Stirlingshire
Scotland
FK8 1SH
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
AC GOLD ELECTRICAL SERVICES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
263,490
212,992
Current assets
Stocks
181,842
169,757
Debtors
4
1,218,582
2,057,650
Cash at bank and in hand
1,229,027
426,753
2,629,451
2,654,160
Creditors: amounts falling due within one year
5
(1,728,746)
(1,716,624)
Net current assets
900,705
937,536
Total assets less current liabilities
1,164,195
1,150,528
Creditors: amounts falling due after more than one year
6
(41,783)
(88,743)
Provisions for liabilities
8
(64,809)
(52,116)
Net assets
1,057,603
1,009,669
Capital and reserves
Called up share capital
9
102
102
Profit and loss reserves
1,057,501
1,009,567
Total equity
1,057,603
1,009,669

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

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

AC GOLD ELECTRICAL SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 26 March 2025
Mr R J Campbell
Director
Company Registration No. SC344289
AC GOLD ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information

AC Gold Electrical Services Limited is a private company limited by shares incorporated in Scotland. The company's registered number is SC344289. The registered office is Unit 11, Back O'Hill Industrial Estate, Stirling, Stirlingshire, Scotland, FK8 1SH.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable during the year, which includes a valuation of amounts recoverable on contracts, net of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer.

 

Valuation of amounts recoverable on contracts is determined by reference to the stage of completion of each contract.

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:

Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% 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 the profit and loss account.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

AC GOLD ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises the purchase price of direct materials.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

AC GOLD ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Hire purchase

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.

 

Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2024
2023
Total
82
60
AC GOLD ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
69,749
8,888
27,546
296,551
402,734
Additions
-
0
20,975
13,455
91,690
126,120
At 30 June 2024
69,749
29,863
41,001
388,241
528,854
Depreciation and impairment
At 1 July 2023
43,816
7,787
16,908
121,231
189,742
Depreciation charged in the year
6,483
4,784
4,249
60,106
75,622
At 30 June 2024
50,299
12,571
21,157
181,337
265,364
Carrying amount
At 30 June 2024
19,450
17,292
19,844
206,904
263,490
At 30 June 2023
25,933
1,101
10,638
175,320
212,992
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
796,740
2,017,677
Amounts owed by group undertakings
339,028
-
0
Other debtors
82,814
39,973
1,218,582
2,057,650
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
158,333
Trade creditors
433,608
302,398
Amounts owed to group undertakings
-
0
503,405
Taxation and social security
1,177,021
624,492
Other creditors
118,117
127,996
1,728,746
1,716,624

Bank loans are secured by a bond and floating charge over the assets of the company.

 

Included within other creditors are amounts totalling £46,960 (2023 - £46,960) relating to hire purchase contracts which are secured over the assets to which they relate.

AC GOLD ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
41,783
88,743

Bank loans are secured by a bond and floating charge over the assets of the company.

 

Included within other creditors are amounts totalling £41,783 (2023 - £88,743) relating to hire purchase contracts which are secured over the assets to which they relate.

7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
8
64,809
52,116
8
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2024
2023
Balances:
£
£
Accelerated capital allowances
64,809
52,116
2024
Movements in the year:
£
Liability at 1 July 2023
52,116
Charge to profit or loss
12,693
Liability at 30 June 2024
64,809
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 A Ordinary shares of £1
100
100
2 B Ordinary shares of £1
2
2
102
102
AC GOLD ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
10
Operating lease commitments
Lessee

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

2024
2023
£
£
150
150
11
Related party transactions

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.

 

Rock Solid Investments Limited is a company with common shareholders to parent company, AC Gold Holdings Limited. As at 30 June 2024, amounts totalling £9,280 (2023 - £2,777) were due from Rock Solid Investments Limited.

 

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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