Silverfin false 31/03/2023 01/04/2022 31/03/2023 A J Gartell 15/04/2014 A P Gartell 15/04/2014 C A Gartell 15/04/2014 A Tribe 15/04/2014 08 November 2023 The principal activity of the Company during the financial year was that of specialised construction activities. 08998958 2023-03-31 08998958 bus:Director1 2023-03-31 08998958 bus:Director2 2023-03-31 08998958 bus:Director3 2023-03-31 08998958 bus:Director4 2023-03-31 08998958 2022-03-31 08998958 core:CurrentFinancialInstruments 2023-03-31 08998958 core:CurrentFinancialInstruments 2022-03-31 08998958 core:Non-currentFinancialInstruments 2023-03-31 08998958 core:Non-currentFinancialInstruments 2022-03-31 08998958 core:ShareCapital 2023-03-31 08998958 core:ShareCapital 2022-03-31 08998958 core:RetainedEarningsAccumulatedLosses 2023-03-31 08998958 core:RetainedEarningsAccumulatedLosses 2022-03-31 08998958 core:Goodwill 2022-03-31 08998958 core:Goodwill 2023-03-31 08998958 core:LeaseholdImprovements 2022-03-31 08998958 core:PlantMachinery 2022-03-31 08998958 core:Vehicles 2022-03-31 08998958 core:OfficeEquipment 2022-03-31 08998958 core:LeaseholdImprovements 2023-03-31 08998958 core:PlantMachinery 2023-03-31 08998958 core:Vehicles 2023-03-31 08998958 core:OfficeEquipment 2023-03-31 08998958 core:CurrentFinancialInstruments core:Secured 2023-03-31 08998958 core:Non-currentFinancialInstruments core:Secured 2023-03-31 08998958 2022-04-01 2023-03-31 08998958 bus:FullAccounts 2022-04-01 2023-03-31 08998958 bus:SmallEntities 2022-04-01 2023-03-31 08998958 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 08998958 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08998958 bus:Director1 2022-04-01 2023-03-31 08998958 bus:Director2 2022-04-01 2023-03-31 08998958 bus:Director3 2022-04-01 2023-03-31 08998958 bus:Director4 2022-04-01 2023-03-31 08998958 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 08998958 core:Goodwill 2022-04-01 2023-03-31 08998958 core:LeaseholdImprovements core:TopRangeValue 2022-04-01 2023-03-31 08998958 core:PlantMachinery core:BottomRangeValue 2022-04-01 2023-03-31 08998958 core:PlantMachinery core:TopRangeValue 2022-04-01 2023-03-31 08998958 core:Vehicles core:TopRangeValue 2022-04-01 2023-03-31 08998958 core:OfficeEquipment core:TopRangeValue 2022-04-01 2023-03-31 08998958 2021-04-01 2022-03-31 08998958 core:LeaseholdImprovements 2022-04-01 2023-03-31 08998958 core:PlantMachinery 2022-04-01 2023-03-31 08998958 core:Vehicles 2022-04-01 2023-03-31 08998958 core:OfficeEquipment 2022-04-01 2023-03-31 08998958 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 08998958 (England and Wales)

GARTELL & SON LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

GARTELL & SON LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

GARTELL & SON LIMITED

BALANCE SHEET

As at 31 March 2023
GARTELL & SON LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 26,000 52,000
Tangible assets 4 1,838,110 1,852,453
1,864,110 1,904,453
Current assets
Stocks 5 726,277 547,561
Debtors 6 1,287,564 1,974,196
Cash at bank and in hand 246,751 188,399
2,260,592 2,710,156
Creditors: amounts falling due within one year 7 ( 1,798,566) ( 2,612,987)
Net current assets 462,026 97,169
Total assets less current liabilities 2,326,136 2,001,622
Creditors: amounts falling due after more than one year 8 ( 826,945) ( 888,172)
Provision for liabilities 9 ( 420,814) ( 326,610)
Net assets 1,078,377 786,840
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 1,077,377 785,840
Total shareholders' funds 1,078,377 786,840

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Gartell & Son Limited (registered number: 08998958) were approved and authorised for issue by the Director on 08 November 2023. They were signed on its behalf by:

A J Gartell
Director
GARTELL & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
GARTELL & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gartell & Son Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Common Lane, Yenston, Templecombe, BA8 0NB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 20 years straight line
Plant and machinery 6 - 10 years straight line
Vehicles 4 years straight line
Office equipment 2 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 41 41

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 260,000 260,000
At 31 March 2023 260,000 260,000
Accumulated amortisation
At 01 April 2022 208,000 208,000
Charge for the financial year 26,000 26,000
At 31 March 2023 234,000 234,000
Net book value
At 31 March 2023 26,000 26,000
At 31 March 2022 52,000 52,000

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 April 2022 141,094 2,416,753 413,442 60,360 3,031,649
Additions 42,327 351,300 0 4,714 398,341
Disposals 0 ( 233,500) ( 70,910) 0 ( 304,410)
At 31 March 2023 183,421 2,534,553 342,532 65,074 3,125,580
Accumulated depreciation
At 01 April 2022 5,467 973,800 146,262 53,667 1,179,196
Charge for the financial year 7,627 202,054 85,703 7,235 302,619
Disposals 0 ( 144,400) ( 49,945) 0 ( 194,345)
At 31 March 2023 13,094 1,031,454 182,020 60,902 1,287,470
Net book value
At 31 March 2023 170,327 1,503,099 160,512 4,172 1,838,110
At 31 March 2022 135,627 1,442,953 267,180 6,693 1,852,453

5. Stocks

2023 2022
£ £
Stocks 652,194 527,470
Work in progress 74,083 20,091
726,277 547,561

6. Debtors

2023 2022
£ £
Trade debtors 875,711 1,537,811
Corporation tax 0 34,217
Other debtors 411,853 402,168
1,287,564 1,974,196

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured £ 9,580) 19,512 100,734
Trade creditors 1,149,098 2,049,551
Taxation and social security 169,862 38,255
Obligations under finance leases and hire purchase contracts (secured) 342,042 289,095
Other creditors 118,052 135,352
1,798,566 2,612,987

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured £ 3,808) 27,069 46,454
Obligations under finance leases and hire purchase contracts (secured) 399,876 491,718
Other creditors 400,000 350,000
826,945 888,172

The secured bank borrowings are secured by a free and floating charge over the assets of the company.
The unsecured bank borrowings is a balance of £33,193 relating to the outstanding amount due from a Coronavirus Bounce back loan. The total loan is fully guaranteed by the UK government.

Obligations under finance leases and hire purchase contracts are secured against the assets concerned, which are included within tangible fixed assets. At the balance sheet date the assets concerned had a combined net book value of £1,230,235 (2021 - £886,670).

The sum of £400,000 has been loaned to the business by the Directors on a long term basis.

9. Provision for liabilities

2023 2022
£ £
Deferred tax 420,814 326,610

10. Related party transactions

Transactions with the entity's directors

Advances

The Director's loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 each at the official HMRC rates.

_A P Gartell_

At 1 April 2022, the balance owed by the director was £53,446. During the year, £80,763 was advanced to the director, and £58,832 was repaid by the director. At 31 March 2023, the balance owed by the director was £75,377.

At 1 April 2021, the balance owed by the director was £60,494. During the year, £63,784 was advanced to the director, and £70,832 was repaid by the director. At 31 March 2022, the balance owed by the director was £53,446.

_A Tribe_

At 1 April 2022, the balance owed by the director was £23,836. During the year, £63,208 was advanced to the director, and £31,478 was repaid by the director. At 31 March 2023, the balance owed by the director was £55,566.

At 1 April 2021, the balance owed to the director was £11,315. During the year, £45,480 was advanced to the director, and £10,329 was repaid by the director. At 31 March 2022, the balance owed by the director was £23,836.