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REGISTERED NUMBER: NI623581 (Northern Ireland)













PGS Electrical Ltd

Unaudited Financial Statements

for the Year Ended 31 July 2024






PGS Electrical Ltd (Registered number: NI623581)

Contents of the Financial Statements
for the Year Ended 31 July 2024










Page

Company information 1

Statement of financial position 2

Notes to the financial statements 3 to 6


PGS Electrical Ltd

Company Information
for the Year Ended 31 July 2024







Directors: Mr Paul Segon
Mrs Lisa Segon





Registered office: 6 Velton Lawns
Laurelvale
Tandragee
Co Armagh
BT62 2PB





Registered number: NI623581 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

PGS Electrical Ltd (Registered number: NI623581)

Statement of Financial Position
31 July 2024

2024 2023
Notes £ £
Fixed assets
Intangible assets 4 - -
Property, plant and equipment 5 22,412 27,429
22,412 27,429

Current assets
Inventories 6 2,000 23,503
Receivables 7 31,200 -
Cash at bank 8 275,896 162,597
309,096 186,100
Payables
Amounts falling due within one year 9 (223,754 ) (70,896 )
Net current assets 85,342 115,204
Total assets less current liabilities 107,754 142,633

Provisions for liabilities 10 (5,603 ) (6,827 )
Net assets 102,151 135,806

Capital and reserves
Called up share capital 11 1 1
Retained earnings 102,150 135,805
Shareholders' funds 102,151 135,806

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 April 2025 and were signed on its behalf by:



Mr Paul Segon - Director


PGS Electrical Ltd (Registered number: NI623581)

Notes to the Financial Statements
for the Year Ended 31 July 2024


1. Statutory information

PGS Electrical Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Motor vehicles - 20% on reducing balance

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

PGS Electrical Ltd (Registered number: NI623581)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


2. Accounting policies - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Receivables
Short term receivables 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.

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

3. Employees and directors

The average number of employees during the year was 3 (2023 - 3 ) .

4. Intangible fixed assets
Goodwill
£
Cost
At 1 August 2023
and 31 July 2024 65,000
Amortisation
At 1 August 2023
and 31 July 2024 65,000
Net book value
At 31 July 2024 -
At 31 July 2023 -

PGS Electrical Ltd (Registered number: NI623581)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


5. Property, plant and equipment
Plant and Motor
machinery vehicles Totals
£ £ £
Cost
At 1 August 2023 20,456 25,655 46,111
Additions 1,132 - 1,132
Disposals (708 ) - (708 )
At 31 July 2024 20,880 25,655 46,535
Depreciation
At 1 August 2023 8,941 9,741 18,682
Charge for year 2,364 3,183 5,547
Eliminated on disposal (106 ) - (106 )
At 31 July 2024 11,199 12,924 24,123
Net book value
At 31 July 2024 9,681 12,731 22,412
At 31 July 2023 11,515 15,914 27,429

6. Inventories
2024 2023
£ £
Raw materials 2,000 23,503

7. Receivables: amounts falling due within one year
2024 2023
£ £
Trade receivables 31,200 -

8. Cash at bank
2024 2023
£ £
Cash at bank and in hand 275,896 162,597

9. Payables: amounts falling due within one year
2024 2023
£ £
Trade payables 17,438 53
Taxation and social security 146,883 38,328
Other payables 59,433 32,515
223,754 70,896

10. Provisions for liabilities
2024 2023
£ £
Deferred tax 5,603 6,827

PGS Electrical Ltd (Registered number: NI623581)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


10. Provisions for liabilities - continued

Deferred tax
£
Balance at 1 August 2023 6,827
Credit to Statement of income and retained earnings during year (1,224 )
Balance at 31 July 2024 5,603

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
1 Ordinary 1 1 1

12. Directors' advances, credits and guarantees

The following loan to the company from a director subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£ £
Mr Paul Segon
Balance outstanding at start of year 24,258 28,983
Amounts advanced 44,306 2,915
Amounts repaid (15,131 ) (7,640 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 53,433 24,258