Bondgate Electrical Distribution Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02784896 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2022

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

72,959

58,377

CURRENT ASSETS

Stocks

659,316

654,000

Debtors

5

823,419

559,664

Cash in hand

1,012

889

1,483,747

1,214,553

CREDITORS

Amounts falling due within one year

6

979,753

747,905

NET CURRENT ASSETS

503,994

466,648

TOTAL ASSETS LESS CURRENT LIABILITIES

576,953

525,025

CREDITORS

Amounts falling due after more than one year

7

(62,897

)

(52,727

)

PROVISIONS FOR LIABILITIES

(7,155

)

(10,534

)

NET ASSETS

506,901

461,764

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

506,801

461,664

SHAREHOLDERS' FUNDS

506,901

461,764

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 27 September 2023 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 12 (2021 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2022

4,501

60,065

39,861

Additions

-

-

-

Disposals

-

-

-

At 31 December 2022

4,501

60,065

39,861

DEPRECIATION

At 1 January 2022

4,501

42,290

35,632

Charge for year

-

2,666

634

Eliminated on disposal

-

-

-

At 31 December 2022

4,501

44,956

36,266

NET BOOK VALUE

At 31 December 2022

-

15,109

3,595

At 31 December 2021

-

17,775

4,229

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2022

100,414

9,245

214,086

Additions

34,995

-

34,995

Disposals

(18,515

)

-

(18,515

)

At 31 December 2022

116,894

9,245

230,566

DEPRECIATION

At 1 January 2022

65,431

7,855

155,709

Charge for year

15,338

472

19,110

Eliminated on disposal

(17,212

)

-

(17,212

)

At 31 December 2022

63,557

8,327

157,607

NET BOOK VALUE

At 31 December 2022

53,337

918

72,959

At 31 December 2021

34,983

1,390

58,377

The net book value of tangible fixed assets includes £ 44,727 (2021 - £ 36,523 ) in respect of assets held under hire purchase contracts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

822,108

548,961

Corporation tax

-

9,750

Prepayments

1,311

953

823,419

559,664

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

254,679

154,576

Hire purchase contracts (see note 8)

11,916

8,240

Trade creditors

609,086

487,173

Taxation

20,941

16,989

Social security and other taxes

21,418

13,513

Directors' loan accounts

42,442

55,293

Accrued expenses

19,271

12,121

979,753

747,905

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans - 2-5 years

26,060

35,638

Hire purchase contracts (see note 8)

36,837

17,089

62,897

52,727

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2022

2021

£

£

Net obligations repayable:

Within one year

11,916

8,240

Between one and five years

36,837

17,089

48,753

25,329

Non-cancellable operating

leases

2022

2021

£

£

Within one year

6,277

-

Between one and five years

3,846

18,482

10,123

18,482

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank overdrafts

245,104

145,001

Bank loans

35,635

45,213

Hire purchase contracts

48,753

25,329

329,492

215,543

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'.