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Registration number: 01180533

B.G.I. (Electrical) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

B.G.I. (Electrical) Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

B.G.I. (Electrical) Limited

Company Information

Director

NA Brown

Registered office

Salatin House
19 Cedar Road
Sutton
England
SM2 5DA

Accountants

Shaw Gibbs Limited Salatin House
19 Cedar Road
Sutton
SM2 5DA

 

B.G.I. (Electrical) Limited

(Registration number: 01180533)
Statement of Financial Position as at 31 August 2024

Note

2024
£

2023
£

Non-current assets

 

Property, plant and equipment

4

65,006

17,594

Current assets

 

Inventories

5

2,500

5,000

Receivables

6

135,304

242,898

Cash at bank and in hand

 

56,602

135,792

 

194,406

383,690

Payables: Amounts falling due within one year

7

(42,935)

(114,226)

Net current assets

 

151,471

269,464

Total assets less current liabilities

 

216,477

287,058

Payables: Amounts falling due after more than one year

7

(20,764)

(27,981)

Provisions for liabilities

(16,252)

(4,399)

Net assets

 

179,461

254,678

Equity

 

Called up share capital

10

200

200

Capital redemption reserve

600

600

Retained earnings

178,661

253,878

Shareholders' funds

 

179,461

254,678

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income statement.

The financial statements of B.G.I. (Electrical) Limited were approved and authorised for issue by the director on 27 August 2025
 

 

B.G.I. (Electrical) Limited

(Registration number: 01180533)
Statement of Financial Position as at 31 August 2024 (continued)

.........................................

NA Brown
Director

 

B.G.I. (Electrical) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024

1

General information

B.G.I. (Electrical) Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Going concern

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

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

 

B.G.I. (Electrical) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

33% - straight line

Fixtures, fittings & equipment

33% - straight line

Motor vehicles

20% - reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Receivables

Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

B.G.I. (Electrical) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell.The cost of finished goods and work in progress comprises direct materials and, where applicable,direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

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, inventories are assessed for impairment. If inventories are 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.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

B.G.I. (Electrical) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 5).

 

B.G.I. (Electrical) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024 (continued)

4

Property, plant and equipment

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

26,317

49,007

75,324

Additions

-

67,749

67,749

Disposals

-

(16,595)

(16,595)

At 31 August 2024

26,317

100,161

126,478

Depreciation

At 1 September 2023

21,604

36,126

57,730

Charge for the year

1,588

15,471

17,059

Eliminated on disposal

-

(13,317)

(13,317)

At 31 August 2024

23,192

38,280

61,472

Carrying amount

At 31 August 2024

3,125

61,881

65,006

At 31 August 2023

4,713

12,881

17,594

5

Inventories

2024
£

2023
£

Other inventories

2,500

5,000

6

Receivables

2024
£

2023
£

Trade receivables

78,664

220,519

Other receivables

22,014

18,514

Prepayments

11,752

642

Accrued income

22,874

3,223

135,304

242,898

 

B.G.I. (Electrical) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024 (continued)

7

Payables

Payables: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

14,508

20,145

Trade payables

 

21,895

65,931

Social security and other taxes

 

1,268

2,334

Outstanding defined contribution pension costs

 

266

472

Other payables

 

1,501

4,381

Accruals

 

3,497

3,330

Income tax liability

-

17,633

 

42,935

114,226

Due after one year

 

Loans and borrowings

9

20,764

27,981

8

Provisions for liabilities

Deferred tax
£

Total
£

At 1 September 2023

4,399

4,399

Increase (decrease) in existing provisions

11,853

11,853

At 31 August 2024

16,252

16,252

 

B.G.I. (Electrical) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024 (continued)

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

12,500

22,500

Hire purchase contracts

8,264

5,481

20,764

27,981

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

17,161

Hire purchase contracts

4,508

2,984

14,508

20,145

 

B.G.I. (Electrical) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024 (continued)

10

Share capital and reserves

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

       

The company has one class of share capital which carries no right to fixed income.

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.