REGISTERED NUMBER: 04524986 (England and Wales)

Financial Statements for the Year Ended 30 September 2024

for

Paul Gowan Electrical Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P Gowan

SECRETARY:

Casered Ltd

REGISTERED OFFICE:

Suites 5 & 6 The Printworks

Hey Road

Barrow

Clitheroe

Lancashire

BB7 9WB

REGISTERED NUMBER:

04524986 (England and Wales)

ACCOUNTANTS:

Bennett Kirkhope Smith

Chartered Certified Accountants

Suites 5 & 6 The Printworks

Hey Road

Barrow

Clitheroe

Lancashire

BB7 9WB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

216,258

67,169

216,258

67,169

CURRENT ASSETS

Stocks

2,000

2,000

Debtors

6

225,397

138,337

Cash at bank

5,313

252,414

232,710

392,751

CREDITORS

Amounts falling due within one year

7

121,955

147,190

NET CURRENT ASSETS

110,755

245,561

TOTAL ASSETS LESS CURRENT LIABILITIES

327,013

312,730

PROVISIONS FOR LIABILITIES

9

10,774

16,792

NET ASSETS

316,239

295,938

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

316,139

295,838

SHAREHOLDERS' FUNDS

316,239

295,938

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 30 September 2025 and were signed by:

P Gowan - Director

1.	STATUTORY INFORMATION

Paul Gowan Electrical Ltd 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.

Turnover

Turnover 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 2002, is being amortised evenly over its estimated useful life of ten 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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 2 (2023 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2023

and 30 September 2024

30,000

AMORTISATION

At 1 October 2023

and 30 September 2024

30,000

NET BOOK VALUE

At 30 September 2024

-

At 30 September 2023

-

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2023

-

14,568

87,780

1,561

103,909

Additions

173,162

-

-

-

173,162

Disposals

-

-

(12,720

)

-

(12,720

)

At 30 September 2024

173,162

14,568

75,060

1,561

264,351

DEPRECIATION

At 1 October 2023

-

8,813

26,366

1,561

36,740

Charge for year

-

865

13,826

-

14,691

Eliminated on disposal

-

-

(3,338

)

-

(3,338

)

At 30 September 2024

-

9,678

36,854

1,561

48,093

NET BOOK VALUE

At 30 September 2024

173,162

4,890

38,206

-

216,258

At 30 September 2023

-

5,755

61,414

-

67,169

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

£

Trade debtors

32,792

71,252

Other debtors

26,015

6,000

Directors' current accounts

128,935

37,362

Tax

31,933

15,045

Social security and other tax

-

4,670

Prepayments and accrued income

5,722

4,008

225,397

138,337

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

£

Bank loans and overdrafts

30,280

-

Trade creditors

26,452

22,890

Corporation tax

47,843

86,410

Social security and other taxes

2,173

-

VAT

5,527

28,906

Credit card

3,247

3,184

Accruals and deferred income

6,433

5,800

121,955

147,190

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.24

30.9.23

£

£

The hire purchase obligations are secured on the assets to which they relate.

9.	PROVISIONS FOR LIABILITIES

30.9.24

30.9.23

£

£

Deferred tax

10,774

16,792

Deferred

tax

£

Balance at 1 October 2023

16,792

Credit to Statement of Income and Retained Earnings during year

(6,018

)

Balance at 30 September 2024

10,774

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.24

30.9.23

value:

£

£

100

Ordinary

£1

100

100

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

30.9.24

30.9.23

£

£

P Gowan

Balance outstanding at start of year

37,362

10,474

Amounts advanced

168,136

67,963

Amounts repaid

(46,563

)

(41,075

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

158,935

37,362