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Registered number: 04361368
G Corner Electrical Systems Limited
Financial statements
For the Year Ended 31 December 2024
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G Corner Electrical Systems Limited
Company Information
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R Calvin (appointed 9 January 2025)
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Hurst Accountants Limited
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Statutory Auditors & Chartered Accountants
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G Corner Electrical Systems Limited
Contents
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Notes to the Financial Statements
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G Corner Electrical Systems Limited
Registered number: 04361368
Balance Sheet
As at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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:
The notes on pages 2 to 8 form part of these financial statements.
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G Corner Electrical Systems Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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
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Basis of preparation of financial statements
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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 year ended 31 December 2024, after the reporting date was aligned with the wider group's accounting reference date in the prior period. As the previous reporting period was the 9 months ended 31 December 2023, the comparative amounts presented in the financial statements are not entirely comparable.
The following principal accounting policies have been applied:
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Foreign currency translation
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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'.
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G Corner Electrical Systems Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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.
Longer-term projects
When the outcome of longer-term projects can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively to the stage of completion at the end of the reporting period.
Reliable estimation of the outcome of longer-term projects requires reliable assessment of the stage of completion, future costs and collectability of billings, to be made by management.
When the outcome of a long-term project cannot be reliably measured, costs are expensed as incurred, and revenue is recognised only to the extent that it is probable that costs will be recoverable.
When it is probable that the total contract costs will exceed total contract revenue on a longer-term contract, the expected loss shall be recognised as an expense immediately, with a corresponding provision for an onerous contract.
Research and development expenditure is recognised as an expense in the year in which it is incurred.
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G Corner Electrical Systems Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year 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.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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.
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.
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G Corner Electrical Systems Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price.
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.
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.
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G Corner Electrical Systems Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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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.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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9 months ended
31 December
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Exceptional cost of sales
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During the prior period, an exceptional loss totalling £1,713,827 arose on a specific contract.
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G Corner Electrical Systems Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Payments received on account
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Amounts owed to group undertakings
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Accruals and deferred income
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G Corner Electrical Systems Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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. As at 31 December 2024, the net overdraft so guaranteed was £nil (2023: £nil).
The Company occasionally issues bonds and guarantees to specific customers. As at 31 December 2024, the value of bonds and guarantees outstanding totalled £1,171,810 (2023: £284,795).
The Company's immediate parent undertaking is Chambertin Capital Limited, which is the parent company of the smallest group for which consolidated financial statements have been drawn for the year. 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.
The ultimate controlling party is Stellex Capital Holdings II Luxembourg SARL, a company incorporated in Luxembourg.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 25 September 2025 by Helen Besant-Roberts (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.
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