REGISTERED NUMBER: 02784896 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Bondgate Electrical Distribution Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J P Stanley

M M Stanley

J P R Stanley

SECRETARY:

J C Stanley

REGISTERED OFFICE:

Old Tudhoe Hall

Tudhoe Village

Spennymoor

County Durham

DL16 6LH

REGISTERED NUMBER:

02784896 (England and Wales)

ACCOUNTANTS:

TTR Barnes

Chartered Accountants

3-5 Grange Terrace

Stockton Road

Sunderland

Tyne & Wear

SR2 7DG

BANKERS:

National Westminster Bank PLC

12 Market Place

Durham

Co. Durham

DH1 3NG

FIXED ASSETS

Tangible assets

4

54,831

60,273

CURRENT ASSETS

Stocks

674,073

674,365

Debtors

5

885,084

782,425

Cash in hand

1,012

1,012

1,560,169

1,457,802

CREDITORS

Amounts falling due within one year

6

1,046,508

949,050

NET CURRENT ASSETS

513,661

508,752

TOTAL ASSETS LESS CURRENT LIABILITIES

568,492

569,025

CREDITORS

Amounts falling due after more than one year

7

(16,651

)

(40,167

)

PROVISIONS FOR LIABILITIES

(5,291

)

(5,097

)

NET ASSETS

546,550

523,761

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

546,450

523,661

SHAREHOLDERS' FUNDS

546,550

523,761

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 29 September 2025 and were signed on its behalf by:

J P R Stanley - Director

1.	STATUTORY INFORMATION

Bondgate Electrical Distribution Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

The accounts have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future, which the directors consider appropriate.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

Straight line over 5 years

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% Straight line

Stocks

Stock is valued at the lower of costs and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments

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

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 or other future taxable profits.

Hire purchase and leasing commitments

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2024

4,501

60,065

39,861

Additions

-

-

2,800

Disposals

-

-

-

At 31 December 2024

4,501

60,065

42,661

DEPRECIATION

At 1 January 2024

4,501

47,223

36,806

Charge for year

-

1,926

669

Eliminated on disposal

-

-

-

At 31 December 2024

4,501

49,149

37,475

NET BOOK VALUE

At 31 December 2024

-

10,916

5,186

At 31 December 2023

-

12,842

3,055

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

116,894

13,286

234,607

Additions

6,300

-

9,100

Disposals

(10,282

)

-

(10,282

)

At 31 December 2024

112,912

13,286

233,425

DEPRECIATION

At 1 January 2024

76,892

8,912

174,334

Charge for year

10,134

1,780

14,509

Eliminated on disposal

(10,249

)

-

(10,249

)

At 31 December 2024

76,777

10,692

178,594

NET BOOK VALUE

At 31 December 2024

36,135

2,594

54,831

At 31 December 2023

40,002

4,374

60,273

The net book value of tangible fixed assets includes £ 25,159 (2023 - £ 33,545 ) in respect of assets held under hire purchase contracts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

884,368

781,691

Other debtors

716

734

885,084

782,425

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

127,327

233,494

Hire purchase contracts (see note 8)

13,292

12,604

Trade creditors

773,853

612,482

Taxation and social security

26,989

36,748

Other creditors

105,047

53,722

1,046,508

949,050

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

5,709

15,934

Hire purchase contracts (see note 8)

10,942

24,233

16,651

40,167

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

13,292

12,604

Between one and five years

10,942

24,233

24,234

36,837

Non-cancellable

operating leases

2024

2023

£

£

Within one year

6,150

3,846

Between one and five years

14,350

31,981

20,500

35,827

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdrafts

117,327

223,694

Bank loans

15,709

25,734

Hire purchase contracts

24,234

36,837

157,270

286,265

The bank borrowings are secured by a mortgage debenture incorporating a fixed and floating charge over all current and future assets of the company.

Hire purchase liabilities are secured on the assets to which they relate.

10.	CONTROLLING PARTY

The company was under the control of it's Directors'.