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Registered number: 12510447
Galmark Electrical Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2025
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12510447
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 41,897 8,674
41,897 8,674
CURRENT ASSETS
Work in progress 5 62,242 16,000
Debtors 6 137,937 111,862
Cash at bank and in hand 48,173 32,525
248,352 160,387
Creditors: Amounts Falling Due Within One Year 7 (137,425 ) (117,944 )
NET CURRENT ASSETS (LIABILITIES) 110,927 42,443
TOTAL ASSETS LESS CURRENT LIABILITIES 152,824 51,117
PROVISIONS FOR LIABILITIES
Deferred Taxation (10,474 ) (1,648 )
NET ASSETS 142,350 49,469
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 142,250 49,369
SHAREHOLDERS' FUNDS 142,350 49,469
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For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Oliver Spicer
Director
23/12/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Galmark Electrical Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12510447 . The registered office is 4 Barn End Lane, Wilmington, Kent, DA2 7PP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 15% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
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.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2024: 7)
11 7
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2024 8,745 - 2,488 11,233
Additions 45,071 534 1,086 46,691
As at 31 March 2025 53,816 534 3,574 57,924
Depreciation
As at 1 April 2024 2,186 - 373 2,559
Provided during the period 12,908 80 480 13,468
As at 31 March 2025 15,094 80 853 16,027
Net Book Value
As at 31 March 2025 38,722 454 2,721 41,897
As at 1 April 2024 6,559 - 2,115 8,674
5. Work in progress
2025 2024
£ £
Work in progress 62,242 16,000
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6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 119,312 103,491
Other debtors 18,625 8,371
137,937 111,862
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 49,928 25,082
Amounts owed to participating interests 42,300 -
Other creditors 4,516 82,140
Taxation and social security 40,681 10,722
137,425 117,944
9. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
Included in the Other Debtors is an amount owed from the company directors totalling £13,668 (2024 - £82,140 Creditor), no interest is to be charged.
Included in the Other Creditors is an amount owed to Trade House Cars Ltd totalling £42,300 (2024 - £0), for which Mr J Spicer is a director. No interest is to be charged and no repayment terms have been agreed.
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