Company registration number 09735314 (England and Wales)
GAVEL HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
GAVEL HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
GAVEL HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,465,845
803,868
Investments
4
300
300
1,466,145
804,168
Current assets
Debtors
5
12,496
24
Cash at bank and in hand
232,673
146,469
245,169
146,493
Creditors: amounts falling due within one year
7
(1,038,663)
(858,174)
Net current liabilities
(793,494)
(711,681)
Total assets less current liabilities
672,651
92,487
Provisions for liabilities
(234,720)
(90,502)
Net assets
437,931
1,985
Capital and reserves
Called up share capital
8
800
800
Revaluation reserve
9
416,140
Profit and loss reserves
20,991
1,185
Total equity
437,931
1,985
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 November 2023 and are signed on its behalf by:
Mr G Cole
Director
Company Registration No. 09735314
GAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Gavel Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wernddu Court, Van Road, Caerphilly, CF83 3SG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
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.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
- not depreciated
Plant and equipment
- 20% written down value
Computers
- 20% written down value
Motor vehicles
- 20% written down value
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
GAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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 legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and recoverable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
GAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
577,135
136,123
11,449
160,798
885,505
Additions
68,012
57,988
56,093
182,093
Disposals
(25,000)
(11,063)
(36,063)
Revaluation
554,853
554,853
At 31 March 2023
1,200,000
169,111
11,449
205,828
1,586,388
Depreciation and impairment
At 1 April 2022
38,816
2,767
40,054
81,637
Depreciation charged in the year
17,655
1,734
26,851
46,240
Eliminated in respect of disposals
(7,334)
(7,334)
At 31 March 2023
49,137
4,501
66,905
120,543
Carrying amount
At 31 March 2023
1,200,000
119,974
6,948
138,923
1,465,845
At 31 March 2022
577,135
97,307
8,682
120,744
803,868
Freehold Property was valued at 31st March 2023 by the directors. The valuation was made on the open market value basis by reference to market evidence of transaction prices for similar properties.
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
300
300
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
12,496
24
GAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
6
Subsidiaries
Details of the company's subsidiaries at 31 March 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Gavel Auctioneers Limited
Wernddu Court, Van Road, Caerphilly, Wales, CF83 3SG
Ordinary
100.00
GT Plant Hire Ltd
6a Cwmtillery Industrial Estate, Cwmtillery, Abertillery, Wales, NP13 1LZ
Ordinary
100.00
Vintage Bespoke Joinery Ltd
6a Cwmtillery Industrial Estate, Cwmtillery, Abertillery, Wales, NP13 1LZ
Ordinary
100.00
During the year GT Plant Hire Ltd was dissolved.
7
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
969,513
741,568
Other creditors
69,150
116,606
1,038,663
858,174
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
800
800
800
800
9
Revaluation reserve
2023
2022
£
£
At the beginning of the year
Revaluation surplus arising in the year
554,853
Transfer to retained earnings
(138,713)
At the end of the year
416,140
-
GAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
10
Directors' transactions
Dividends totalling £49,000 (2022 - £67,730) were paid in the year in respect of shares held by the company's directors.
The directors operate a current loan account with the company, which is debited with payments made by the company on behalf of the directors and credited with funds introduced and undrawn directors fees. At the period end, the total amount outstanding to the directors was £67,215 (2022 - £114,806), this amount being included in creditors: amounts falling due within one year.