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Registration number: 07605939

Gorrel Equipment Solutions Limited

Annual Report and Financial Statements

for the Year Ended 28 February 2023

 

Gorrel Equipment Solutions Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 8

 

Gorrel Equipment Solutions Limited

Company Information

Directors

Mr M E R Llewellyn

Mrs S C Llewellyn

Mr P H Richards

Registered office

Hirwaun House 13th Avenue
Hirwaun Industrial Estate
Aberdare
Rhondda Cynon Taf
CF44 9UL

Auditors

Xeinadin Audit Limited
Chartered Accountants and Statutory Auditors
Highdale House
7 Centre Court
Main Avenue
Pontypridd
CF37 5YR

 

Gorrel Equipment Solutions Limited

(Registration number: 07605939)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

14,975,675

15,065,571

Current assets

 

Debtors

6

1,981,742

1,856,003

Cash at bank and in hand

 

1,685,969

2,236,642

 

3,667,711

4,092,645

Creditors: Amounts falling due within one year

7

(1,785,105)

(795,374)

Net current assets

 

1,882,606

3,297,271

Total assets less current liabilities

 

16,858,281

18,362,842

Creditors: Amounts falling due after more than one year

7

(1,500,000)

(4,047,253)

Provisions for liabilities

(664,400)

(635,439)

Net assets

 

14,693,881

13,680,150

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

14,692,881

13,679,150

Shareholders' funds

 

14,693,881

13,680,150

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 6 October 2023 and signed on its behalf by:
 

.........................................
Mr M E R Llewellyn
Director

 

Gorrel Equipment Solutions Limited

Statement of Changes in Equity for the Year Ended 28 February 2023

Share capital
£

Retained earnings
£

Total
£

At 1 March 2022

1,000

13,679,150

13,680,150

Profit for the year

-

1,013,731

1,013,731

At 28 February 2023

1,000

14,692,881

14,693,881

Share capital
£

Retained earnings
£

Total
£

At 1 March 2021

1,000

12,773,074

12,774,074

Profit for the year

-

906,076

906,076

At 28 February 2022

1,000

13,679,150

13,680,150

 

Gorrel Equipment Solutions Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
Hirwaun House 13th Avenue
Hirwaun Industrial Estate
Aberdare
Rhondda Cynon Taf
CF44 9UL

The principal place of business is:
Rockingham House
Rockingham South
Smoke Lane
Avonmouth
Bristol
BS11 0YA

These financial statements were authorised for issue by the Board on 6 October 2023.

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.

The financial statements are prepared in sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Summary of disclosure exemptions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group.

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.

 

Gorrel Equipment Solutions Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

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.

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.

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

Vehicles, plant and machinery

20% on cost less residual value

Computer equipment

33.33% on cost

Furniture and fittings

10% on cost

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 Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the period of the lease.

 

Gorrel Equipment Solutions Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Disclosure under Section 444(5b) of the Companies Act 2006

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 6 October 2023 was Lewis Van Emden, who signed for and on behalf of Xeinadin Audit Limited.

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2022 - 21).

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost

At 1 March 2022

40,088

436,514

26,178,998

26,655,600

Additions

-

125,736

3,856,479

3,982,215

Disposals

-

(46,208)

(1,306,899)

(1,353,107)

At 28 February 2023

40,088

516,042

28,728,578

29,284,708

Depreciation

At 1 March 2022

14,554

197,101

11,378,374

11,590,029

Charge for the year

5,620

71,467

3,667,263

3,744,350

Eliminated on disposal

-

(38,635)

(986,711)

(1,025,346)

At 28 February 2023

20,174

229,933

14,058,926

14,309,033

Carrying amount

At 28 February 2023

19,914

286,109

14,669,652

14,975,675

At 28 February 2022

25,534

239,413

14,800,624

15,065,571

£14,618,583 of the net book value of plant and equipment assets are leased out under operating leases.

At the balance sheet date there were no fixed assets held under hire purchase contracts (2022: the net book value of assets under hire purchase contracts was £95,655). Depreciation on assets held under hire purchase contracts during the year was £21,420 (2022: £125,602).

 

Gorrel Equipment Solutions Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,962,491

1,816,295

Amounts owed by related parties

1,200

8,808

Prepayments

 

18,051

11,962

Other debtors

 

-

18,938

   

1,981,742

1,856,003

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

33,600

Trade creditors

 

729,127

409,591

Amounts owed to group undertakings and undertakings in which the company has a participating interest

731,694

53,638

Taxation and social security

 

211,034

241,269

Accruals and deferred income

 

106,203

51,489

Other creditors

 

7,047

5,787

 

1,785,105

795,374

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £nil (2022: £33,600).

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

1,500,000

4,047,253

Creditors include net obligations under finance lease and hire purchase contracts which are secured of nil (2022: nil).

 

Gorrel Equipment Solutions Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Later than one year and not later than five years

37,800

19,500

The amount of non-cancellable operating lease payments recognised as an expense during the year was £21,300 (2022 - £18,000).

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

-

33,600

Hire purchase liabilities are secured on the assets to which they relate.

10

Parent and ultimate parent undertaking

The company's immediate parent is Walters Plant Hire Limited, incorporated in England and Wales.

 The ultimate parent is G. Walters (Holdings) Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is G. Walters (Holdings) Limited. These financial statements are available upon request from the registered office of Gorrel Equipment Solutions Limited.

 The ultimate controlling party is the Trustees: Mr G Walters, Mrs S Llewellyn, Mr R Walters and Mr P Hurn, of the G Walters Discretionary Settlement, the major shareholder of G. Walters (Holdings) Limited.