IRIS Accounts Production v23.3.0.418 08180760 Board of Directors 31.12.22 1.1.22 31.12.22 31.12.22 true true false true true false false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh081807602021-12-31081807602022-12-31081807602022-01-012022-12-31081807602020-12-31081807602021-01-012021-12-31081807602021-12-3108180760ns10:Originalns15:EnglandWales2022-01-012022-12-3108180760ns14:PoundSterlingns10:Original2022-01-012022-12-3108180760ns10:Originalns10:Director12022-01-012022-12-3108180760ns10:Original2022-01-012022-12-3108180760ns10:Originalns10:Director22022-01-012022-12-3108180760ns10:Originalns10:Consolidated2022-12-3108180760ns10:Original2022-12-3108180760ns10:Originalns10:ConsolidatedGroupCompanyAccounts2022-01-012022-12-3108180760ns10:Originalns10:PrivateLimitedCompanyLtd2022-01-012022-12-3108180760ns10:Originalns10:Consolidatedns10:FRS1022022-01-012022-12-3108180760ns10:Originalns10:Consolidatedns10:Audited2022-01-012022-12-3108180760ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-01-012022-12-3108180760ns10:SmallCompaniesRegimeForAccountsns10:Original2022-01-012022-12-3108180760ns10:Originalns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-01-012022-12-3108180760ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Originalns10:Consolidated2022-01-012022-12-3108180760ns10:Originalns10:FullAccounts2022-01-012022-12-3108180760ns10:Original12022-01-012022-12-3108180760ns10:Originalns10:OrdinaryShareClass12022-01-012022-12-3108180760ns10:Originalns10:Consolidated2022-01-012022-12-3108180760ns10:Originalns10:Director32022-01-012022-12-3108180760ns10:CompanySecretary1ns10:Original2022-01-012022-12-3108180760ns10:Originalns10:RegisteredOffice2022-01-012022-12-3108180760ns5:ContinuingOperationsns10:Originalns10:Consolidated2022-01-012022-12-3108180760ns10:Originalns5:DiscontinuedOperationsns10:Consolidated2022-01-012022-12-3108180760ns5:ContinuingOperationsns10:Originalns10:Consolidated2021-01-012021-12-3108180760ns10:Originalns5:DiscontinuedOperationsns10:Consolidated2021-01-012021-12-3108180760ns10:Originalns10:Consolidated2021-01-012021-12-3108180760ns10:Original2021-12-3108180760ns10:Originalns5:CurrentFinancialInstruments2022-12-3108180760ns10:Originalns5:CurrentFinancialInstruments2021-12-3108180760ns5:ShareCapitalns10:Original2022-12-3108180760ns5:ShareCapitalns10:Original2021-12-3108180760ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-12-3108180760ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-12-3108180760ns5:ShareCapitalns10:Original2020-12-3108180760ns10:Originalns5:RetainedEarningsAccumulatedLosses2020-12-3108180760ns10:Original2020-12-3108180760ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-01-012021-12-3108180760ns10:Original2021-01-012021-12-3108180760ns5:ShareCapitalns10:Original2022-01-012022-12-3108180760ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3108180760ns10:Originalns5:NetGoodwill2022-01-012022-12-3108180760ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-01-012022-12-3108180760ns10:Originalns5:LeaseholdImprovements2022-01-012022-12-3108180760ns10:Originalns5:PlantMachinery2022-01-012022-12-3108180760ns10:Originalns5:FurnitureFittings2022-01-012022-12-3108180760ns10:Originalns5:MotorVehicles2022-01-012022-12-3108180760ns10:Originalns5:ComputerEquipment2022-01-012022-12-3108180760ns10:Originalns5:CostValuation2021-12-3108180760ns10:Originalns5:AdditionsToInvestments2022-12-3108180760ns10:Originalns5:DisposalsRepaymentsInvestments2022-12-3108180760ns10:Originalns5:CostValuation2022-12-3108180760ns10:Original2021-12-3108180760ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3108180760ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2021-12-3108180760ns10:Originalns5:Non-currentFinancialInstruments2022-12-3108180760ns10:Originalns5:Non-currentFinancialInstruments2021-12-3108180760ns10:Originalns5:DeferredTaxation2021-12-3108180760ns10:Originalns5:DeferredTaxation2022-12-3108180760ns10:Originalns10:OrdinaryShareClass12022-12-31
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: R J Gillman
Miss A J Gillman





SECRETARY: Miss A J Gillman





REGISTERED OFFICE: Mercia Road
St Oswalds Road
Gloucester
Gloucestershire
GL1 2SG





REGISTERED NUMBER: 08180760 (England and Wales)





AUDITORS: Wildin (Auditors) Limited
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:





Miss A J Gillman - Director


23rd October 2023

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.

R J Gillman
Miss A J Gillman

Other changes in directors holding office are as follows:

A Gillman - resigned 16th June 2022

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:





Miss A J Gillman - Director


23rd October 2023

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.




Graham Michael Wildin (Senior Statutory Auditor)
for and on behalf of Wildin (Auditors) Limited
Kings Buildings
Lydney
Gloucestershire
GL15 5HE

23rd October 2023

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 192,462 920,642 1,113,104
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 2,705,224 - 2,705,224
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 11 100 375,100
Investment property 12 3,648,269 8,728,669
3,648,369 9,103,769

CURRENT ASSETS
Debtors 14 8,432,777 358,142
Cash at bank 2,691,616 -
11,124,393 358,142
CREDITORS
Amounts falling due within one year 15 424,183 6,222,486
NET CURRENT ASSETS/(LIABILITIES) 10,700,210 (5,864,344 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,348,579

3,239,425

PROVISIONS FOR LIABILITIES 20 - 98,009
NET ASSETS 14,348,579 3,141,416

CAPITAL AND RESERVES
Called up share capital 21 200 300
Retained earnings 14,348,379 3,141,116
SHAREHOLDERS' FUNDS 14,348,579 3,141,416

Company's profit/(loss) for the financial year 20,207,163 (49,166 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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:





A Gillman - Director


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 300 3,190,282 3,190,582

Changes in equity
Total comprehensive income - (49,166 ) (49,166 )
Balance at 31st December 2021 300 3,141,116 3,141,416

Changes in equity
Issue of share capital (100 ) - (100 )
Total comprehensive income - 11,207,263 11,207,263
Balance at 31st December 2022 200 14,348,379 14,348,579

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Assets on Lease - 33% on cost and 20% on cost
Plant and machinery - 33% on cost and 33% on reducing balance
Fixtures and fittings - 33% on cost and 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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
112 201

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 - 100
Disposals - (375,100 ) (375,100 )
At 31st December 2022 100 - 100
NET BOOK VALUE
At 31st December 2022 100 - 100
At 31st December 2021 - 375,100 375,100

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 8,728,669
Disposals (5,080,400 )
At 31st December 2022 3,648,269
NET BOOK VALUE
At 31st December 2022 3,648,269
At 31st December 2021 8,728,669

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 - - 4,435,290 -
Other debtors 1 1,188,560 - -
Prepayments 214,325 567,922 78,000 358,142
1,584,820 11,401,584 4,513,290 358,142

Amounts falling due after more than one year:
Other debtors 3,919,487 - 3,919,487 -

Aggregate amounts 5,504,307 11,401,584 8,432,777 358,142

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 - - - 6,204,068
Tax 339,405 344,508 339,405 -
Social security and other taxes 83,377 163,146 8,395 10,695
VAT 163,713 157,455 - 7,723
Other creditors - 3,695 - -
Accrued expenses 154,394 985,707 76,383 -
1,602,212 11,590,556 424,183 6,222,486

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 98,009
Balance at 31st December 2022 98,009

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 31.12.21
value: £    £   
200 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.