Gulley Electrical Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07179558 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Gulley Electrical Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr N Gulley

Mrs C Gulley

REGISTERED OFFICE:

Barnwood Point

Corinium Avenue

Barnwood

Gloucester

Gloucestershire

GL4 3HX

REGISTERED NUMBER:

07179558 (England and Wales)

ACCOUNTANTS:

Stanbridge Accountancy Services Limited

9 Wheatstone Court

Waterwells Business Park

Davy Way

Gloucester

Gloucestershire

GL2 2AQ

FIXED ASSETS

Tangible assets

4

60,167

26,027

CURRENT ASSETS

Stocks

5

1,948

2,647

Debtors

6

836,775

891,213

Cash at bank

315,438

180,263

1,154,161

1,074,123

CREDITORS

Amounts falling due within one year

7

477,097

461,901

NET CURRENT ASSETS

677,064

612,222

TOTAL ASSETS LESS CURRENT LIABILITIES

737,231

638,249

CREDITORS

Amounts falling due after more than one year

8

(17,312

)

-

PROVISIONS FOR LIABILITIES

9

(4,441

)

-

NET ASSETS

715,478

638,249

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

715,476

638,247

SHAREHOLDERS' FUNDS

715,478

638,249

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2023 and were signed on its behalf by:

Mrs C Gulley - Director

Mr N Gulley - Director

1.	STATUTORY INFORMATION

Gulley 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.

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

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% 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 Income Statement, 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

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 37 (2022 - 29 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2022

23,408

7,467

284,153

19,192

334,220

Additions

4,554

1,677

50,290

8,332

64,853

Disposals

(4,119

)

(1,122

)

-

(1,980

)

(7,221

)

At 31 March 2023

23,843

8,022

334,443

25,544

391,852

DEPRECIATION

At 1 April 2022

15,730

7,467

270,102

14,894

308,193

Charge for year

4,789

420

20,873

4,631

30,713

Eliminated on disposal

(4,119

)

(1,122

)

-

(1,980

)

(7,221

)

At 31 March 2023

16,400

6,765

290,975

17,545

331,685

NET BOOK VALUE

At 31 March 2023

7,443

1,257

43,468

7,999

60,167

At 31 March 2022

7,678

-

14,051

4,298

26,027

5.

STOCKS

31.3.23

31.3.22

£

£

Stocks

1,948

2,647

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

653,804

518,217

Directors' current accounts

88,473

279,041

Tax

90,688

90,688

Deferred tax asset

-

3,267

Prepayments

3,810

-

836,775

891,213

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

37,220

47,166

Hire purchase contracts

24,150

-

Trade creditors

280,374

272,196

Tax

17,212

75,743

Social security and other taxes

33,441

21,945

Pension liability

-

1,983

VAT

82,296

39,767

Accrued expenses

2,404

3,101

477,097

461,901

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Hire purchase contracts

17,312

-

9.	PROVISIONS FOR LIABILITIES

31.3.23

£

Deferred tax

4,441

Deferred

tax

£

Balance at 1 April 2022

(3,267

)

Provided during year

7,708

Balance at 31 March 2023

4,441

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

2

Ordinary

£1

2

2

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23

31.3.22

£

£

Mr N Gulley and Mrs C Gulley

Balance outstanding at start of year

279,041

121,721

Amounts advanced

112,705

241,854

Amounts repaid

(303,272

)

(84,534

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

88,474

279,041

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr N Gulley.

The ultimate controlling party is Mr N Gulley.