REGISTERED NUMBER: 08180760 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
For The Year Ended 31st December 2022 |
for |
Gillman Electrical Group limited |
REGISTERED NUMBER: 08180760 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
For The Year Ended 31st December 2022 |
for |
Gillman Electrical Group limited |
Gillman Electrical Group limited (Registered number: 08180760) |
Contents of the Consolidated Financial Statements |
For The Year Ended 31st December 2022 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
Gillman Electrical Group limited |
Company Information |
For The Year Ended 31st December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Kings Buildings |
Lydney |
Gloucestershire |
GL15 5HE |
Gillman Electrical Group limited (Registered number: 08180760) |
Group Strategic Report |
For The Year Ended 31st December 2022 |
The directors present their strategic report of the company and the group for the year ended 31st December 2022. |
REVIEW OF BUSINESS |
The principle activities of the group in the year under review was that of retail and wholesale distributors of electrical goods and repairs and servicing of electrical appliances.Four subsidiary companies were sold during the year and the group then concentrated on it's service and retail operations. |
The key financial highlights were as follows:- |
Year to | Year to |
31.12.2022 | 31.12.2021 |
Gross profit margin | 22.73% | 19.57% |
Profits/(Loss) before tax | £1.450K | £3,330K |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group supplies both budget and premium goods, as well as providing a comprehensive service and repair facility. The directors are aware that although the group provides a superior service, it is trading in a price sensitive sector of the economy. The group continues to closely monitor its cost level to ensure that adequate returns are maintained. |
ENVIRONMENTAL MATTERS |
The group is fully compliant with the Waste Electrical and Electronic Equipment Regulations 2006. |
ON BEHALF OF THE BOARD: |
Gillman Electrical Group limited (Registered number: 08180760) |
Report of the Directors |
For The Year Ended 31st December 2022 |
The directors present their report with the financial statements of the company and the group for the year ended 31st December 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of electrical retailers and wholesaler distributors, and service and repair of appliances. |
DIVIDENDS |
No dividends will be distributed for the year ended 31st December 2022. |
RESEARCH AND DEVELOPMENT |
The group does carry out some Research & Development work. |
FUTURE DEVELOPMENTS |
The group is committed to a programme of continually enhancing its product range and developing its customer base. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st January 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
FINANCIAL INSTRUMENTS |
The group's principle financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds for the group's operations and to finance the group's operations. |
Due to the nature of the financial instruments used by the group, there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below. |
In respect of bank balances, overdraft facilities are in place, and security has been given, to ensure that there is little liquidity risk. The group makes use of the money market facilities where funds are available. |
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. |
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
PURCHASE OF OWN SHARES |
During the year, following the sale of four of the subsidiary companies including the wholesale division, the company purchased back the shares held by A Gillman, and he ceased to be a director of the company at that time. |
Gillman Electrical Group limited (Registered number: 08180760) |
Report of the Directors |
For The Year Ended 31st December 2022 |
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
Stakeholders - Our key stakeholders are our shareholders who are at the heart of our purpose and work in service of our customers. We are focused on responding to the needs of, and building long-term relationships with, our customers. Other key stakeholders are the producers and suppliers who we purchase goods and services from, and the communities in which we operate. |
Long-term sustainability - We aim to make sufficient profit to sustain the Groups commercial vitality. This is balanced against the needs of our customers and other stakeholders and the community to ensure we are conducting all our business relationships with integrity. The long-term sustainability of the Company is at the forefront of decision-making, particularly in response to the challenging conditions in retail and, since the year-end, the Coronavirus pandemic. |
Customers feedback is essential in ensuring we are targeting the market efficiently. We work closely with our supply chain to ensure all standards are met and the products supplied comply with electrical standards and the approved codes of practice. We are focused on ensuring our operations have minimal carbon footprint and we support a range of local charitable and community activities. |
STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS |
Decision-making at the Board - All matters which under the Company's governance arrangements are reserved for decision by the Directors are presented at Board meetings. Directors are briefed on any potential impacts and risks for our customers and other stakeholders including our suppliers, the community and environment and how they are to be managed. The Directors take these factors into account before making a final decision which together they believe is in the best interests of the Company. |
STREAMLINED ENERGY AND CARBON REPORTING |
In the year we took the following energy efficiency actions: |
Changed some of our fleet cars to all electric, and installed electric points at office for charging |
Bulked together as many orders as we could to reduce the time trucks are on the road |
Arranged our delivery system by area |
Worked with haulage firms to bulk delivery our stock in fewer delivery days. |
Made sure all lights and computers each evening where switched off at night and not left on standby |
2022 | 2021 |
UK energy use KWH | 116000 | 348000 |
Fuel consumption litres average pa | 168000 | 504000 |
Associated greenhouse gas emissions |
22490 |
67470 |
Uk energy use covers all company activities across the head office Gloucester |
Lorries are more difficult to replace currently with electric due to the demands on the vehicle usage. However we are now pursuing a policy of reducing our fleets to the maximum extent and using more subcontract hauliers instead. |
The company continues to look at ways of reducing their carbon footprint by using less energy in switching off computers when not in use and possible solar panels. |
Gillman Electrical Group limited (Registered number: 08180760) |
Report of the Directors |
For The Year Ended 31st December 2022 |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Wildin (Auditors) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Gillman Electrical Group limited |
Opinion |
We have audited the financial statements of Gillman Electrical Group limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2022 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Gillman Electrical Group limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Gillman Electrical Group limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
-enquiry of management, those charged with governance around instances of actual and potential litigation and claims. |
-enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations by way of data submission report, and whether they are aware of any instances of non-compliance. |
-detecting and responding to the risks of fraud and whether they have knowledge of actual, suspected or alleged fraud, |
-reviewed financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations in direct relation to the company. |
- performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
-assessment of the nature of the industry and sector, control environment and business performance including the design of the company bonus levels. |
-the matters discussed among the audit engagement team, including tax, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential of fraud in the following areas: timing of recognition of income to despatch, posting of unusual journals and complex transactions and manipulation of company profits to meet bonus targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, pension legislation and tax legislation. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Kings Buildings |
Lydney |
Gloucestershire |
GL15 5HE |
Gillman Electrical Group limited (Registered number: 08180760) |
Consolidated |
Income Statement |
For The Year Ended 31st December 2022 |
31.12.22 | 31.12.22 | 31.12.22 |
Continuing | Discontinued | Total |
Notes | £ | £ | £ |
TURNOVER | 8,883,426 | 24,609,011 | 33,492,437 |
Cost of sales | (5,631,831 | ) | (20,247,753 | ) | (25,879,584 | ) |
GROSS PROFIT | 3,251,595 | 4,361,258 | 7,612,853 |
Administrative expenses | (3,415,154 | ) | (4,829,347 | ) | (8,244,501 | ) |
(163,559 | ) | (468,089 | ) | (631,648 | ) |
Other operating income | 401,167 | - | 401,167 |
OPERATING PROFIT/(LOSS) | 4 | 237,608 | (468,089 | ) | (230,481 | ) |
Profit/loss on sale of operatn | 5 | - | (1,783,623 | ) | (1,783,623 | ) |
Profit/loss on sale of tang fa | 5 | - | 3,533,072 | 3,533,072 |
237,608 | 1,281,360 | 1,518,968 |
Gain/loss on revaluation of assets | - | - | - |
Interest payable and similar expenses | 6 | - | (68,846 | ) | (68,846 | ) |
PROFIT BEFORE TAXATION | 237,608 | 1,212,514 | 1,450,122 |
Tax on profit | 7 | (45,146 | ) | (291,872 | ) | (337,018 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,113,104 |
Gillman Electrical Group limited (Registered number: 08180760) |
Consolidated |
Income Statement |
For The Year Ended 31st December 2022 |
31.12.21 | 31.12.21 | 31.12.21 |
Continuing | Discontinued | Total |
Notes | £ | £ | £ |
TURNOVER | 77,275,938 | - | 77,275,938 |
Cost of sales | (62,147,855 | ) | - | (62,147,855 | ) |
GROSS PROFIT | 15,128,083 | - | 15,128,083 |
Administrative expenses | (13,342,785 | ) | - | (13,342,785 | ) |
1,785,298 | - | 1,785,298 |
Other operating income | 1,647,681 | - | 1,647,681 |
OPERATING PROFIT | 4 | 3,432,979 | - | 3,432,979 |
Gain/loss on revaluation of assets | - | - | - |
Interest payable and similar expenses | 6 | (102,631 | ) | - | (102,631 | ) |
PROFIT BEFORE TAXATION | 3,330,348 | - | 3,330,348 |
Tax on profit | 7 | (625,124 | ) | - | (625,124 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 2,705,224 |
Gillman Electrical Group limited (Registered number: 08180760) |
Consolidated |
Other Comprehensive Income |
For The Year Ended 31st December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,113,104 | 2,705,224 |
OTHER COMPREHENSIVE INCOME |
purchase of own shares | (8,999,900 | ) | - |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(8,999,900 |
) |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(7,886,796 |
) |
2,705,224 |
Total comprehensive income attributable to: |
Owners of the parent | (7,886,796 | ) | 2,705,224 |
Gillman Electrical Group limited (Registered number: 08180760) |
Consolidated Balance Sheet |
31st December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | - | 175,000 |
Tangible assets | 10 | 3,632,437 | 8,884,513 |
Investments | 11 | - | - |
Investment property | 12 | 1,260,890 | 1,259,528 |
4,893,327 | 10,319,041 |
CURRENT ASSETS |
Stocks | 13 | 2,214,090 | 9,973,607 |
Debtors | 14 | 5,504,307 | 11,401,584 |
Cash at bank and in hand | 3,917,796 | 2,679,244 |
11,636,193 | 24,054,435 |
CREDITORS |
Amounts falling due within one year | 15 | 1,602,212 | 11,590,556 |
NET CURRENT ASSETS | 10,033,981 | 12,463,879 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
14,927,308 |
22,782,920 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(112,801 |
) |
(77,230 |
) |
PROVISIONS FOR LIABILITIES | 20 | (95,622 | ) | (99,909 | ) |
NET ASSETS | 14,718,885 | 22,605,781 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 200 | 300 |
Retained earnings | 22 | 14,718,685 | 22,605,481 |
SHAREHOLDERS' FUNDS | 14,718,885 | 22,605,781 |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 23rd October 2023 and were signed on its behalf by: |
Miss A J Gillman - Director |
Gillman Electrical Group limited (Registered number: 08180760) |
Company Balance Sheet |
31st December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 20 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit/(loss) for the financial year | 20,207,163 | (49,166 | ) |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
Gillman Electrical Group limited (Registered number: 08180760) |
Consolidated Statement of Changes in Equity |
For The Year Ended 31st December 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st January 2021 | 300 | 19,900,257 | 19,900,557 |
Changes in equity |
Total comprehensive income | - | 2,705,224 | 2,705,224 |
Balance at 31st December 2021 | 300 | 22,605,481 | 22,605,781 |
Changes in equity |
Issue of share capital | (100 | ) | - | (100 | ) |
Total comprehensive income | - | (7,886,796 | ) | (7,886,796 | ) |
Balance at 31st December 2022 | 200 | 14,718,685 | 14,718,885 |
Gillman Electrical Group limited (Registered number: 08180760) |
Company Statement of Changes in Equity |
For The Year Ended 31st December 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st January 2021 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31st December 2021 |
Changes in equity |
Issue of share capital | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31st December 2022 |
Gillman Electrical Group limited (Registered number: 08180760) |
Consolidated Cash Flow Statement |
For The Year Ended 31st December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,375,826 | (2,188,934 | ) |
Interest paid | (65,220 | ) | (102,547 | ) |
Interest element of hire purchase payments paid |
(3,626 |
) |
(84 |
) |
Share buy back | (9,000,000 | ) | - |
Tax paid | (344,508 | ) | (606,151 | ) |
Net cash from operating activities | (7,037,528 | ) | (2,897,716 | ) |
Cash flows from investing activities |
Transfer of Ownership | (748,026 | ) | - |
Purchase of tangible fixed assets | (706,044 | ) | (400,504 | ) |
Sale of intangible fixed assets | 175,000 | - |
Sale of tangible fixed assets | 10,030,206 | 7,487 |
Purchase | of investment property | (1,362 | ) | - |
Finance Loans | 112,801 | - |
Net cash from investing activities | 8,862,575 | (393,017 | ) |
Cash flows from financing activities |
Capital repayments in year | (77,230 | ) | - |
Amount withdrawn by directors | - | (225,509 | ) |
Share issue | (100 | ) | - |
Net cash from financing activities | (77,330 | ) | (225,509 | ) |
Increase/(decrease) in cash and cash equivalents | 1,747,717 | (3,516,242 | ) |
Cash and cash equivalents at beginning of year |
2 |
2,170,079 |
5,686,321 |
Cash and cash equivalents at end of year | 2 | 3,917,796 | 2,170,079 |
Gillman Electrical Group limited (Registered number: 08180760) |
Notes to the Consolidated Cash Flow Statement |
For The Year Ended 31st December 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.22 | 31.12.21 |
£ | £ |
Profit before taxation | 1,450,122 | 3,330,348 |
Depreciation charges | 209,012 | 372,959 |
(Profit)/loss on disposal of fixed assets | (3,533,072 | ) | 1,190 |
Government grants | - | (6,742 | ) |
Finance costs | 68,846 | 102,631 |
(1,805,092 | ) | 3,800,386 |
Decrease/(increase) in stocks | 7,759,517 | (3,146,748 | ) |
Decrease/(increase) in trade and other debtors | 5,897,277 | (4,148,740 | ) |
(Decrease)/increase in trade and other creditors | (9,475,876 | ) | 1,306,168 |
Cash generated from operations | 2,375,826 | (2,188,934 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 3,917,796 | 2,679,244 |
Bank overdrafts | - | (509,165 | ) |
3,917,796 | 2,170,079 |
Year ended 31st December 2021 |
31.12.21 | 1.1.21 |
£ | £ |
Cash and cash equivalents | 2,679,244 | 6,244,586 |
Bank overdrafts | (509,165 | ) | (558,265 | ) |
2,170,079 | 5,686,321 |
Gillman Electrical Group limited (Registered number: 08180760) |
Notes to the Consolidated Cash Flow Statement |
For The Year Ended 31st December 2022 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.22 | Cash flow | At 31.12.22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,679,244 | 1,238,552 | 3,917,796 |
Bank overdrafts | (509,165 | ) | 509,165 | - |
2,170,079 | 1,747,717 | 3,917,796 |
Debt |
Finance leases | - | (112,801 | ) | (112,801 | ) |
Debts falling due after 1 year | (77,230 | ) | 77,230 | - |
(77,230 | ) | (35,571 | ) | (112,801 | ) |
Total | 2,092,849 | 1,712,146 | 3,804,995 |
Gillman Electrical Group limited (Registered number: 08180760) |
Notes to the Consolidated Financial Statements |
For The Year Ended 31st December 2022 |
1. | STATUTORY INFORMATION |
Gillman Electrical Group limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable for goods and services invoiced to customers falling within the group's ordinary activities, excluding discounts, rebates, value added tax and other sales taxes and arises substantially in the United Kingdom. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Assets on Lease | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
No depreciation is provided on freehold buildings used within the business in the directors opinion, the real ( inflation adjustment) estimated residual value is not less than the carrying value in the accounts. On a new subsidiary depreciation of 2% on cost has been provided. |
Investments in associates |
Investments in subsidiary and associate undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Gillman Electrical Group limited (Registered number: 08180760) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31st December 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of it financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legal enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the date of transaction. Outstanding balances at the balance sheet date are held at the transaction conversion rate. Differences between the transaction rate and that prevailing at the date of payments are taken to the profit and loss account as foreign exchange losses. |
Gillman Electrical Group limited (Registered number: 08180760) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31st December 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over the 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. |
Assets that are held by the Group under leases which transfer to the Group substantially all the risks and rewards of ownership at the end of the term are classified as being held under finance leases. Leases which do not transfer substantially all the risk and rewards of ownership at the end of the term to the Group are classified as operating leases. |
Assets held under finance leases are initially recognised as assets of the Group at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. the corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit and loss, unless they are directly attributable to qualifying assets, in which case they are capitalised. Contingent rentals are recognised as expenses in the period in which they are incurred. |
Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred. |
In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Gillman Electrical Group limited (Registered number: 08180760) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31st December 2022 |
2. | ACCOUNTING POLICIES - continued |
Basic financial assets |
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Other Financial Assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. |
Interest is recognised by applying the effective rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition. |
Impairment fo financial assets |
Financial assets, other than those held at fair value through profit & loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit & loss. |
Gillman Electrical Group limited (Registered number: 08180760) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31st December 2022 |
2. | ACCOUNTING POLICIES - continued |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of contractual arrangements entered into. An entity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at the market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective rate of interest. |
Trade payables 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 payment, if due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the profit or loss in finance costs or finance income as appropriate, unless they are included in a hedging arrangement. |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is a contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire. |
Warranty provisions |
Retail and commercial customers are offered the option to purchase a warranty over the goods supplied which extends beyond the suppliers' guarantees. Income arising as a result of the sale of these warranties is held on the balance sheet as deferred income until the suppliers' guarantees have been extinguished, and they are credited to turnover over the period of the extended warranty on a straight line basis. |
3. | EMPLOYEES AND DIRECTORS |
31.12.22 | 31.12.21 |
£ | £ |
Wages and salaries | 4,178,796 | 5,730,371 |
Social security costs | 212,160 | 528,264 |
Other pension costs | 36,814 | 115,774 |
4,427,770 | 6,374,409 |
The average number of employees during the year was as follows: |
31.12.22 | 31.12.21 |
Directors | 2 | 3 |
Administration & Distribution | 110 | 198 |
Gillman Electrical Group limited (Registered number: 08180760) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31st December 2022 |
3. | EMPLOYEES AND DIRECTORS - continued |
31.12.22 | 31.12.21 |
£ | £ |
Directors' remuneration | 264,178 | 309,140 |
Information regarding the highest paid director is as follows: |
31.12.22 | 31.12.21 |
£ | £ |
Emoluments etc | 109,858 | 109,620 |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2021 - operating profit) is stated after charging/(crediting): |
31.12.22 | 31.12.21 |
£ | £ |
Hire of plant and machinery | - | 196,442 |
Depreciation - owned assets | 209,012 | 347,959 |
Loss on disposal of fixed assets | - | 1,190 |
Goodwill amortisation | - | 25,000 |
Auditors' remuneration | 20,000 | 27,000 |
Auditors' remuneration for non audit work | 20,000 | 13,135 |
Foreign Exchange differences | - | (123,370 | ) |
5. | EXCEPTIONAL ITEMS |
31.12.22 | 31.12.21 |
£ | £ |
Profit/loss on sale of operatn | (1,783,623 | ) | - |
Profit/loss on sale of tang fa | 3,533,072 | - |
1,749,449 | - |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.22 | 31.12.21 |
£ | £ |
Bank Charges | 65,220 | 101,860 |
Interest payable | - | 687 |
Hire purchase | 3,626 | 84 |
68,846 | 102,631 |
Gillman Electrical Group limited (Registered number: 08180760) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31st December 2022 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.22 | 31.12.21 |
£ | £ |
Current tax: |
UK corporation tax | 339,405 | 544,148 |
Deferred tax | (2,387 | ) | 80,976 |
Tax on profit | 337,018 | 625,124 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.22 | 31.12.21 |
£ | £ |
Profit before tax | 1,450,122 | 3,330,348 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
275,523 |
632,766 |
Effects of: |
Expenses not deductible for tax purposes | - | 909 |
Capital allowances in excess of depreciation | (103,800 | ) | (8,551 | ) |
Arising upon sale of businesses | 165,295 | - |
Total tax charge | 337,018 | 625,124 |
Tax effects relating to effects of other comprehensive income |
31.12.22 |
Gross | Tax | Net |
£ | £ | £ |
purchase of own shares | (8,999,900 | ) | - | (8,999,900 | ) |
31.12.21 |
Gross | Tax | Net |
£ | £ | £ |
Integration of Subsidiary |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
Gillman Electrical Group limited (Registered number: 08180760) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31st December 2022 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1st January 2022 | 250,000 |
Disposals | (250,000 | ) |
At 31st December 2022 | - |
AMORTISATION |
At 1st January 2022 | 75,000 |
Eliminated on disposal | (75,000 | ) |
At 31st December 2022 | - |
NET BOOK VALUE |
At 31st December 2022 | - |
At 31st December 2021 | 175,000 |
10. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Assets on | Plant and |
property | Lease | machinery |
£ | £ | £ |
COST |
At 1st January 2022 | 8,269,141 | 1,616,780 | 344,594 |
Additions | - | 213,765 | - |
Disposals | (5,881,759 | ) | (1,616,780 | ) | (344,594 | ) |
Transfer to ownership | - | 1,808,551 | - |
At 31st December 2022 | 2,387,382 | 2,022,316 | - |
DEPRECIATION |
At 1st January 2022 | 48,000 | 1,268,438 | 313,909 |
Charge for year | - | 94,789 | - |
Eliminated on disposal | (48,000 | ) | (1,268,438 | ) | (313,909 | ) |
Transfer to ownership | - | 1,270,020 | - |
At 31st December 2022 | - | 1,364,809 | - |
NET BOOK VALUE |
At 31st December 2022 | 2,387,382 | 657,507 | - |
At 31st December 2021 | 8,221,141 | 348,342 | 30,685 |
Gillman Electrical Group limited (Registered number: 08180760) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31st December 2022 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st January 2022 | 1,046,007 | 1,303,081 | 720,492 | 13,300,095 |
Additions | 189,729 | 210,516 | 92,034 | 706,044 |
Disposals | (1,073,163 | ) | (1,303,082 | ) | (720,492 | ) | (10,939,870 | ) |
Transfer to ownership | 526,235 | 517,280 | 330,452 | 3,182,518 |
At 31st December 2022 | 688,808 | 727,795 | 422,486 | 6,248,787 |
DEPRECIATION |
At 1st January 2022 | 1,028,782 | 1,110,998 | 645,455 | 4,415,582 |
Charge for year | 34,345 | 55,710 | 24,168 | 209,012 |
Eliminated on disposal | (1,055,935 | ) | (1,110,998 | ) | (645,456 | ) | (4,442,736 | ) |
Transfer to ownership | 495,825 | 358,098 | 310,549 | 2,434,492 |
At 31st December 2022 | 503,017 | 413,808 | 334,716 | 2,616,350 |
NET BOOK VALUE |
At 31st December 2022 | 185,791 | 313,987 | 87,770 | 3,632,437 |
At 31st December 2021 | 17,225 | 192,083 | 75,037 | 8,884,513 |
11. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in | Unlisted |
associate | investments | Totals |
£ | £ | £ |
COST |
At 1st January 2022 |
and 31st December 2022 | 146,928 | 172,179 | 319,107 |
PROVISIONS |
At 1st January 2022 |
and 31st December 2022 | 146,928 | 172,179 | 319,107 |
NET BOOK VALUE |
At 31st December 2022 | - | - | - |
At 31st December 2021 | - | - | - |
Gillman Electrical Group limited (Registered number: 08180760) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31st December 2022 |
11. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1st January 2022 | 375,100 | 375,100 |
Additions | 100 |
Disposals | ( |
) | (375,100 | ) |
At 31st December 2022 | 100 |
NET BOOK VALUE |
At 31st December 2022 | 100 |
At 31st December 2021 | 375,100 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Gillmans Electrical Limited |
Registered office: Mercia Road, St Oswalds, Gloucester GL1 2SG |
Nature of business: Distributors of Electrical Goods |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31.12.22 |
£ |
Aggregate capital and reserves | 370,406 |
Profit for the year | 465,928 |
Danube U K Limited |
Registered office: Henry John House, Northway Trading Estate, Northway Lane, Tewkesbury, Glos GL20 8JH |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31.12.22 | 31.12.21 |
£ | £ |
Aggregate capital and reserves | - | 1 |
Bira (UK) Limited |
Registered office: Henry John House Northway Trading Estate, Northway Lane, Tewkesbury, Gloucestershire, England, GL20 8JH |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31.12.22 | 31.12.21 |
£ | £ |
Aggregate capital and reserves | - | 1 |
Gillman Electrical Group limited (Registered number: 08180760) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31st December 2022 |
11. | FIXED ASSET INVESTMENTS - continued |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1st January 2022 | 1,259,528 |
Disposals | 1,362 |
At 31st December 2022 | 1,260,890 |
NET BOOK VALUE |
At 31st December 2022 | 1,260,890 |
At 31st December 2021 | 1,259,528 |
Fair value at 31st December 2022 is represented by: |
£ |
Valuation in 2018 | 8,789 |
Cost | 1,252,101 |
1,260,890 |
Company |
Total |
£ |
FAIR VALUE |
At 1st January 2022 |
Disposals | ( |
) |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
13. | STOCKS |
Group |
31.12.22 | 31.12.21 |
£ | £ |
Stocks | 2,214,090 | 9,973,607 |
Gillman Electrical Group limited (Registered number: 08180760) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31st December 2022 |
14. | DEBTORS |
Group | Company |
31.12.22 | 31.12.21 | 31.12.22 | 31.12.21 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 1,370,494 | 9,645,102 |
Amounts owed by group undertakings | - | - |
Other debtors | 1 | 1,188,560 |
Prepayments | 214,325 | 567,922 |
1,584,820 | 11,401,584 |
Amounts falling due after more than one | year: |
Other debtors | 3,919,487 | - |
Aggregate amounts | 5,504,307 | 11,401,584 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.12.22 | 31.12.21 | 31.12.22 | 31.12.21 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | - | 509,165 |
Trade creditors | 861,323 | 9,426,880 |
Amounts owed to group undertakings | - | - |
Tax | 339,405 | 344,508 |
Social security and other taxes | 83,377 | 163,146 |
VAT | 163,713 | 157,455 | - | 7,723 |
Other creditors | - | 3,695 |
Accrued expenses | 154,394 | 985,707 |
1,602,212 | 11,590,556 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans (see note 17) | - | 44,167 |
Other loans (see note 17) | - | 33,063 |
Hire purchase contracts (see note 18) | 112,801 | - |
112,801 | 77,230 |
Gillman Electrical Group limited (Registered number: 08180760) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31st December 2022 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
31.12.22 | 31.12.21 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | - | 509,165 |
Amounts falling due between one and two | years: |
Other loans - 1-2 years | - | 33,063 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | - | 44,167 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31.12.22 | 31.12.21 |
£ | £ |
Net obligations repayable: |
Between one and five years | 112,801 | - |
Group |
Non-cancellable operating | leases |
31.12.22 | 31.12.21 |
£ | £ |
Within one year | - | 711,244 |
Between one and five years | - | 2,977,479 |
In more than five years | - | 74,956 |
- | 3,763,679 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
31.12.22 | 31.12.21 |
£ | £ |
Bank overdraft | - | 509,165 |
Lloyds Bank plc have fixed and floating charges over certain of the assets of the group. |
Gillman Electrical Group limited (Registered number: 08180760) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31st December 2022 |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.12.22 | 31.12.21 | 31.12.22 | 31.12.21 |
£ | £ | £ | £ |
Deferred tax | 95,622 | 99,909 | - | 98,009 |
Group |
Deferred |
tax |
£ |
Balance at 1st January 2022 | 99,909 |
Credit to Income Statement during year | (4,287 | ) |
Balance at 31st December 2022 | 95,622 |
Company |
Deferred |
tax |
£ |
Balance at 1st January 2022 |
Balance at 31st December 2022 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
Ordinary | £1 | 200 | 300 |
(31.12.21 - 300 ) |
22. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1st January 2022 | 22,605,481 |
Profit for the year | 1,113,104 |
Purchase of own shares | (8,999,900 | ) |
At 31st December 2022 | 14,718,685 |
Gillman Electrical Group limited (Registered number: 08180760) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31st December 2022 |
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31st December 2022 and 31st December 2021: |
31.12.22 | 31.12.21 |
£ | £ |
R J Gillman |
Balance outstanding at start of year | - | - |
Amounts advanced | 48,000 | - |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 48,000 | - |
Miss A J Gillman |
Balance outstanding at start of year | - | - |
Amounts advanced | 30,000 | - |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 30,000 | - |
24. | RELATED PARTY DISCLOSURES |
There was £3,829,487 owing from Montpellier Domestic Appliances Limited at the year end, a company controlled by the directors of this company. |
25. | ULTIMATE CONTROLLING PARTY |
The directors are considered to be the ultimate controlling parties of the company. |