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Registration number: 13068950

South West Electric Gates Ltd
Annual Report and Unaudited Financial Statements
for the Year Ended 31 December 2025

South West Electric Gates Ltd

Contents

Balance Sheet | 1
Notes to the Unaudited Financial Statements | 2 to 6

South West Electric Gates Ltd

(Registration number: 13068950)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 25,884 | 10,681
Current assets |  |  |
Debtors | 5 | 21,904 | 10,050
Cash at bank and in hand |  | 191,446 | 123,977
|  | 213,350 | 134,027
Creditors: Amounts falling due within one year | 6 | (145,922) | (114,803)
Net current assets |  | 67,428 | 19,224
Total assets less current liabilities |  | 93,312 | 29,905
Creditors: Amounts falling due after more than one year | 6 | - | (2,100)
Provisions for liabilities |  | (6,471) | (2,670)
Net assets |  | 86,841 | 25,135
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Retained earnings |  | 86,741 | 25,035
Shareholders' funds |  | 86,841 | 25,135

For the financial year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 April 2026 and signed on its behalf by:

......................................... M C Nicholls Director

South West Electric Gates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
7a King Street
Frome
Somerset
BA11 1BH

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover 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. Turnover 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.

Tax

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.

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.

South West Electric Gates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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
Tools and equipment | 25% reducing balance
Motor vehicles | 25% 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.

Trade debtors

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

Trade creditors

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

South West Electric Gates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

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 profit and loss account 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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2024 - 4).

South West Electric Gates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

4 | Tangible assets

| Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 January 2025 | 2,971 | 24,829 | 27,800
Additions | 6,899 | 20,700 | 27,599
Disposals | - | (12,634) | (12,634)
At 31 December 2025 | 9,870 | 32,895 | 42,765
Depreciation
At 1 January 2025 | 1,432 | 15,687 | 17,119
Charge for the year | 1,938 | 6,461 | 8,399
Eliminated on disposal | - | (8,637) | (8,637)
At 31 December 2025 | 3,370 | 13,511 | 16,881
Net book value
At 31 December 2025 | 6,500 | 19,384 | 25,884
At 31 December 2024 | 1,539 | 9,142 | 10,681

5 | Debtors

| 2025 £ | 2024 £
Trade debtors | 21,904 | 10,050
| 21,904 | 10,050

6 | Creditors

Amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 7 | 1,859 | 4,801
Trade creditors |  | 21,120 | 12,935
Taxation and social security |  | 47,384 | 32,313
Accruals and deferred income |  | 1,945 | 1,935
Other creditors |  | 1,929 | 1,695
Loan from directors |  | 71,685 | 61,124
|  | 145,922 | 114,803

South West Electric Gates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 7 | - | 2,100

7 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | - | 240
Hire purchase contracts | - | 1,860
| - | 2,100

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | - | 2,820
Hire purchase contracts | 1,859 | 1,981
| 1,859 | 4,801