IRIS Accounts Production v24.1.9.2 09846541 Board of Directors Board of Directors 30.11.23 1.12.22 30.11.23 30.11.23 true true true false true true false false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh098465412022-11-30098465412023-11-30098465412022-12-012023-11-30098465412021-11-30098465412021-12-012022-11-30098465412022-11-3009846541ns15:EnglandWales2022-12-012023-11-3009846541ns14:PoundSterling2022-12-012023-11-3009846541ns10:Director12022-12-012023-11-3009846541ns10:Director22022-12-012023-11-3009846541ns10:Consolidated2023-11-3009846541ns10:ConsolidatedGroupCompanyAccounts2022-12-012023-11-3009846541ns10:PrivateLimitedCompanyLtd2022-12-012023-11-3009846541ns10:Consolidatedns10:FRS1022022-12-012023-11-3009846541ns10:Consolidatedns10:Audited2022-12-012023-11-3009846541ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-12-012023-11-3009846541ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-12-012023-11-3009846541ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-12-012023-11-3009846541ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2022-12-012023-11-3009846541ns10:FullAccounts2022-12-012023-11-3009846541ns5:Subsidiary12022-12-012023-11-3009846541ns5:Subsidiary22022-12-012023-11-3009846541ns10:OrdinaryShareClass12022-12-012023-11-3009846541ns10:Consolidated2022-12-012023-11-3009846541ns10:RegisteredOffice2022-12-012023-11-3009846541ns10:Consolidated2021-12-012022-11-3009846541ns5:CurrentFinancialInstruments2023-11-3009846541ns5:CurrentFinancialInstruments2022-11-3009846541ns5:ShareCapital2023-11-3009846541ns5:ShareCapital2022-11-3009846541ns5:ShareCapital2021-11-3009846541ns5:RetainedEarningsAccumulatedLosses2021-11-3009846541ns5:RetainedEarningsAccumulatedLosses2021-12-012022-11-3009846541ns5:RetainedEarningsAccumulatedLosses2022-11-3009846541ns5:RetainedEarningsAccumulatedLosses2022-12-012023-11-3009846541ns5:RetainedEarningsAccumulatedLosses2023-11-3009846541ns5:OwnedOrFreeholdAssetsns5:LandBuildings2022-12-012023-11-3009846541ns5:LongLeaseholdAssetsns5:LandBuildings2022-12-012023-11-3009846541ns5:PlantMachinery2022-12-012023-11-3009846541ns5:FurnitureFittings2022-12-012023-11-3009846541ns5:MotorVehicles2022-12-012023-11-3009846541ns5:ComputerEquipment2022-12-012023-11-3009846541ns5:CostValuation2022-11-3009846541ns5:Subsidiary112022-12-012023-11-3009846541ns5:Subsidiary12023-11-3009846541ns5:Subsidiary12022-11-3009846541ns5:Subsidiary12021-12-012022-11-30098465413ns5:Subsidiary22022-12-012023-11-3009846541ns5:Subsidiary22023-11-3009846541ns5:Subsidiary22022-11-3009846541ns5:Subsidiary22021-12-012022-11-3009846541ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-3009846541ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-3009846541ns10:OrdinaryShareClass12023-11-30
REGISTERED NUMBER: 09846541 (England and Wales)















G. J. HANDY (HOLDINGS) LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 NOVEMBER 2023






G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 8

Consolidated Statement of Comprehensive
Income

9


Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash
Flows

15


Notes to the Consolidated Financial Statements 16 to 27


G. J. HANDY (HOLDINGS) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: Mr S A Belcher
Mr D L Belcher





REGISTERED OFFICE: Handy Distribution
Murdock Road
Dorcan
SWINDON
Wiltshire
SN3 5HY





REGISTERED NUMBER: 09846541 (England and Wales)





AUDITORS: Morris Owen
Statutory Auditors
43-45 Devizes Road
SWINDON
Wiltshire
SN1 4BG

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023


The directors have pleasure in presenting their strategic report for the year ended 30 November 2023.

REVIEW OF BUSINESS
The sector in which the group trades is seasonal and is dependent to some degree on the weather at key times.

The 2023 key selling season was much stronger than 2022 seeing an increase in both turnover and profit and also the high stock levels carried over from the previous year were normalised which in turn put the business in a far stronger cash position.

The turnover for the trading company within the group for the year was £15,671,609, which was up on 2022 by £1,018,166.

Profit increased in 2023 due to growth in online sales and more stable costs throughout the year

Our UK distribution partnership with Greenworks Tools and The Webb, The Handy and Q Garden brands continue to grow at a strong pace which complement the other big brand names we represent.

Our strategy remains unchanged with the aim to deliver the best distribution infrastructure in our industry coupled with a highly skilled and knowledgeable team of staff means we can continue to grow our business and strive to lead in our sector.

POSITION AT THE END OF THE YEAR

The year end position of the group showed normal stock levels and this put the business in a strong cash position which was in contrast to the previous year where we end the year overstocked by circa £3m.

Having normalised stock levels and costs having stabilised the business is in a strong place for the coming year.

PRINCIPAL RISKS AND UNCERTAINTIES
We are never complacent about further uncertainties especially after the past few years of unprecedented worldwide situations outside of our control. However, we are well placed to continue to drive forward both financially and infostructure wise.

Currency swings are always a risk that we continue to manage carefully and successfully.

Weather is and always has been the biggest uncertainty we cannot control. We have been dealing with this challenge as a business for over 80 years and the experience in our team allows us to keep these risks to a minimum by managing stock and range offerings.

KEY PERFORMANCE INDICATORS
The directors have identified that the key performance indicators when looking at the trading business are the monitoring of turnover on a monthly basis compared to the seasonalised budget, margin levels (2023 19.2%, 2022 15.3%, 2021 17.8%), stock turn (2023 3.0, 2022 1.65, 2021 2.1), control of overheads compared to budget and cash flow.


G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

FUTURE DEVELOPMENTS
We have commissioned a brand-new warehouse racking system to improve efficiency and to increase the amount of pallets we can hold. This has meant for now we do not need to extend the building further.

We are also currently exploring a complete external refit to the front of the building and offices to ensure we keep investing in our site for the good of our long-term future.

We have commissioned a study on solar power and power storage. This is to reduce our carbon footprint and care for the environment in addition it will help us manage the cost of powering the business in the future.

We continue to be partnered by the leading brands as well as our own brand offerings making us the one stop wholesaler in our industry.

ON BEHALF OF THE BOARD:





Mr S A Belcher - Director


22 August 2024

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2023


The directors present their report with the financial statements of the company and the group for the year ended 30 November 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of retail sale of garden machinery.

DIVIDENDS
Interim dividends totalling £39.17 per share were paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30th November 2023 will be £321,500.

All necessary waivers were in place.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

Mr S A Belcher
Mr D L Belcher

STATEMENT OF DIRECTORS' RESPONSIBILITIES
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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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;
- 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2023


AUDITORS
The auditors, Morris Owen, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr S A Belcher - Director


22 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G. J. HANDY (HOLDINGS) LTD


Opinion
We have audited the financial statements of G. J. Handy (Holdings) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 30 November 2023 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
G. J. HANDY (HOLDINGS) LTD


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 Statement of Directors' Responsibilities set out on page four, 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.

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate
competence, capabilities and skills to identify or recognise non-compliance with applicable laws
and regulations through the audit planning process;
- we identified the laws and regulations applicable to the group through discussions with directors
and other management, and from our commercial knowledge and experience of the group's
industry;
- we focused on specific laws and regulations which we considered may have a direct material effect
on the financial statements or the operations of the group, including the Companies Act, taxation
legislation, general data protection regulations (GDPR), employment, and health and safety
legislation;
- we assessed the extent of compliance with the laws and regulations identified above through
making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team
remained alert to instances of non-compliance throughout the audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G. J. HANDY (HOLDINGS) LTD


We assessed this susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
- making enquiries of management as to where they considered there was susceptibility to fraud,
their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws
and regulations.

As a result of a small management and finance team we identified a risk of fraud through management bias and ability to override of controls, including lack of segregation of duties, which could lead to a misappropriation of cash and other assets. To address this we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- carried out walk through testing of both sales and purchases to understand payment and
authorisation processes;
reviewing reasons behind sales credit notes raised;
- assessed whether judgements and assumptions made in determining the accounting estimates set
out in note two were indicative of potential bias; and
- investigated the rationale behind significant or unusual transaction.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring with solicitors for any instances in the year;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HM Revenue & Customs (HMRC) and any legal correspondence.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.




Mr Alan John Barlow (Senior Statutory Auditor)
for and on behalf of Morris Owen
Statutory Auditors
43-45 Devizes Road
SWINDON
Wiltshire
SN1 4BG

27 August 2024

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023 2022
Notes £    £   

REVENUE 3 15,671,611 14,653,441

Cost of sales 12,659,340 12,402,589
GROSS PROFIT 3,012,271 2,250,852

Administrative expenses 2,296,788 1,830,654
715,483 420,198

Other operating income 4 107,762 105,861
OPERATING PROFIT 6 823,245 526,059


Interest payable and similar expenses 7 65,826 68,153
PROFIT BEFORE TAXATION 757,419 457,906

Tax on profit 8 229,771 67,302
PROFIT FOR THE FINANCIAL YEAR 527,648 390,604

OTHER COMPREHENSIVE INCOME
Revaluation reserve 573,130 43,740
Income tax relating to other
comprehensive income

(178,633

)

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

394,497

43,740
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

922,145

434,344

Profit attributable to:
Owners of the parent 527,648 390,604

Total comprehensive income attributable to:
Owners of the parent 922,145 434,344

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 11 4,178,628 3,650,819
Investments 12 - -
4,178,628 3,650,819

CURRENT ASSETS
Inventories 13 3,664,114 6,719,118
Debtors 14 3,133,243 3,035,513
Cash at bank and in hand 1,569,146 25,200
8,366,503 9,779,831
CREDITORS
Amounts falling due within one year 15 2,794,320 4,486,865
NET CURRENT ASSETS 5,572,183 5,292,966
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,750,811

8,943,785

CREDITORS
Amounts falling due after more than
one year

16

(38,350

)

(58,707

)

PROVISIONS FOR LIABILITIES 20 (411,075 ) (184,337 )
NET ASSETS 9,301,386 8,700,741

CAPITAL AND RESERVES
Called up share capital 21 17,170 17,170
Revaluation reserve 22 1,516,217 1,121,720
Retained earnings 22 7,767,999 7,561,851
SHAREHOLDERS' FUNDS 9,301,386 8,700,741

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





Mr S A Belcher - Director


G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

COMPANY STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 11 - -
Investments 12 17,100 17,100
17,100 17,100

CURRENT ASSETS
Debtors 14 184 184

CREDITORS
Amounts falling due within one year 15 114 114
NET CURRENT ASSETS 70 70
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,170

17,170

CAPITAL AND RESERVES
Called up share capital 21 17,170 17,170
SHAREHOLDERS' FUNDS 17,170 17,170

Company's profit for the financial year 321,500 361,332

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:




Mr D L Belcher - Director



Mr S A Belcher - Director


G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2021 17,170 7,532,579 1,077,980 8,627,729

Changes in equity
Dividends - (361,332 ) - (361,332 )
Total comprehensive income - 390,604 43,740 434,344
Balance at 30 November 2022 17,170 7,561,851 1,121,720 8,700,741

Changes in equity
Dividends - (321,500 ) - (321,500 )
Total comprehensive income - 527,648 394,497 922,145
Balance at 30 November 2023 17,170 7,767,999 1,516,217 9,301,386

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 17,170 - 17,170

Changes in equity
Dividends - (361,332 ) (361,332 )
Total comprehensive income - 361,332 361,332
Balance at 30 November 2022 17,170 - 17,170

Changes in equity
Dividends - (321,500 ) (321,500 )
Total comprehensive income - 321,500 321,500
Balance at 30 November 2023 17,170 - 17,170

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,133,613 (1,239,425 )
Interest paid (58,785 ) (59,117 )
Interest element of hire purchase
payments paid

(7,041

)

(9,036

)
Tax paid (71,709 ) (255,165 )
Net cash from operating activities 3,996,078 (1,562,743 )

Cash flows from investing activities
Purchase of tangible fixed assets (70,357 ) (39,392 )
Sale of tangible fixed assets 26,517 249,908
Net cash from investing activities (43,840 ) 210,516

Cash flows from financing activities
Capital repayments in year (80,133 ) (79,624 )
Amount introduced by directors 1,167 -
Amount withdrawn by directors - (17,984 )
Equity dividends paid (321,500 ) (354,942 )
Net cash from financing activities (400,466 ) (452,550 )

Increase/(decrease) in cash and cash equivalents 3,551,772 (1,804,777 )
Cash and cash equivalents at
beginning of year

2

(1,982,626

)

(177,849

)

Cash and cash equivalents at end
of year

2

1,569,146

(1,982,626

)

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 757,419 457,906
Depreciation charges 160,875 170,920
Profit on disposal of fixed assets (21,243 ) (200,440 )
Increase/(Decrease) in provision 12,505 (12,505 )
Finance costs 65,826 68,153
975,382 484,034
Decrease/(increase) in inventories 3,055,004 (1,181,215 )
(Increase)/decrease in trade and other debtors (97,727 ) 232,788
Increase/(decrease) in trade and other creditors 200,954 (775,032 )
Cash generated from operations 4,133,613 (1,239,425 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 1,569,146 25,200
Bank overdrafts - (2,007,826 )
1,569,146 (1,982,626 )
Year ended 30 November 2022
30.11.22 1.12.21
£    £   
Cash and cash equivalents 25,200 60,896
Bank overdrafts (2,007,826 ) (238,745 )
(1,982,626 ) (177,849 )


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.12.22 Cash flow At 30.11.23
£    £    £   
Net cash
Cash at bank and in hand 25,200 1,543,946 1,569,146
Bank overdrafts (2,007,826 ) 2,007,826 -
(1,982,626 ) 3,551,772 1,569,146
Debt
Finance leases (141,519 ) 29,662 (111,857 )
(141,519 ) 29,662 (111,857 )
Total (2,124,145 ) 3,581,434 1,457,289

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

GJ Handy (Holdings) Limited is private company, limited by shares, registered in England and Wales.

The registered office address is Murdock Road, Dorcan, Swindon, Wiltshire, SN3 5HY.

These financial statements are presented in British Pounds (GBP), which is the company's functional and presentational currency.

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.

Significant judgements and estimates
The directors have calculated an annual stock provision for any slow moving or obsolete third party stock. The directors believe the most accurate way to calculate this provision is to review each stock line held at the year end and compare this to sales post year end. All stock lines that have had less than 20% sales are deemed to be slow moving and/or obsolete. Of this total of slow moving and/or obsolete stock, the directors believe that a portion of this should be provided for. Stock lines, which show less than 20% sales post year end are subject to a 25% provision. The period for post year end review is considered to capture the seasonality of the business. The provision has been calculated at £124,558 (2022: £180,706).

The directors also have determined an appropriate provision for bad and doubtful debts by assessing the recoverability of all balances on a balance by balance basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of vat, discounts, and rebates. Turnover is recognised when goods are despatched or made available for collection. Turnover in foreign currencies is translated into sterling at the rates published by HMRC

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on buildings/not provided on land
Property improvements - 10% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 40% on reducing balance
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after make due allowance for obsolete and slow moving items. The cost of inventories is measured using the first-in first-out basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date.


G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Transactions in all other foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date.

The company enters into a forward agreements to minimise against the risk of fluctuations in the US dollar.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Financial instruments
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method. The only advanced instruments recognised by the company are derivatives (being forward foreign exchange contracts). Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in arriving at profit before tax. Derivative assets are included in other debtors and derivative liabilities are included included in other creditors.

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the group.

4. OTHER OPERATING INCOME
2023 2022
£    £   
Other income 107,762 105,861

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,325,625 1,238,961
Social security costs 130,581 155,827
Other pension costs 33,037 28,643
1,489,243 1,423,431

The average number of employees during the year was as follows:
2023 2022

Management staff 5 5
Administration staff 21 12
Sales, distribution & workshop staff 16 27
42 44

2023 2022
£    £   
Directors' remuneration 202,092 232,967
Directors' pension contributions to money purchase schemes 9,064 6,507

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 96,833 125,645
Pension contributions to money purchase schemes 5,654 3,254

Directors' remuneration and pension disclosures include the total amount payable to directors' across all companies within the G. J. Handy (Holdings) Limited Group.

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 11,169 12,447
Depreciation - owned assets 93,567 91,785
Depreciation - assets on hire purchase contracts 67,308 79,134
Profit on disposal of fixed assets (21,243 ) (200,440 )
Auditors' remuneration 19,750 20,009
Foreign exchange difference (164,397 ) (100,526 )

Last year the company disposed of several motor vehicles which resulted in a large profit on disposal. This is not expected to reoccur.

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 56,375 52,782
Mortgage - 6,335
Corporation tax interest payable 2,410 -
Hire purchase 7,041 9,036
65,826 68,153

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 194,171 71,710

Deferred tax 35,600 (4,408 )
Tax on profit 229,771 67,302

UK corporation tax has been charged at 25 % .

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:

2023 2022
£    £   
Profit before tax 757,419 457,906
Profit multiplied by the standard rate of corporation tax in the UK
of 25 % (2022 - 19 %)

189,355

87,002

Effects of:
Expenses not deductible for tax purposes 209 2,641
Capital allowances in excess of depreciation - (22,329 )
Depreciation in excess of capital allowances 21,391 -
short term timing differences - (12 )
Deferred tax 35,600 -
Change in tax rate (16,784 ) -

Total tax charge 229,771 67,302

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Revaluation reserve 573,130 (178,633 ) 394,497


G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


8. TAXATION - continued
2022
Gross Tax Net
£    £    £   
Revaluation reserve 43,740 - 43,740

There was no tax for either of years relating to the deferred tax in respect of temporary timing differences on the revaluation during the year.

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2023 2022
£    £   
Interim 321,500 361,332

11. PROPERTY, PLANT AND EQUIPMENT

Group
Freehold Property Plant and
property improvements machinery
£    £    £   
COST OR VALUATION
At 1 December 2022 3,450,000 8,760 136,934
Additions 21,031 - -
Disposals - - (1,204 )
Revaluations 528,969 - -
At 30 November 2023 4,000,000 8,760 135,730
DEPRECIATION
At 1 December 2022 - 5,682 119,444
Charge for year 44,161 876 5,891
Eliminated on disposal - - (1,204 )
Revaluation adjustments (44,161 ) - -
At 30 November 2023 - 6,558 124,131
NET BOOK VALUE
At 30 November 2023 4,000,000 2,202 11,599
At 30 November 2022 3,450,000 3,078 17,490

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


11. PROPERTY, PLANT AND EQUIPMENT - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 December 2022 41,118 475,270 43,474 4,155,556
Additions - 96,441 3,355 120,827
Disposals - (114,208 ) (6,894 ) (122,306 )
Revaluations - - - 528,969
At 30 November 2023 41,118 457,503 39,935 4,683,046
DEPRECIATION
At 1 December 2022 20,693 327,873 31,044 504,736
Charge for year 6,808 96,673 6,466 160,875
Eliminated on disposal - (109,009 ) (6,819 ) (117,032 )
Revaluation adjustments - - - (44,161 )
At 30 November 2023 27,501 315,537 30,691 504,418
NET BOOK VALUE
At 30 November 2023 13,617 141,966 9,244 4,178,628
At 30 November 2022 20,425 147,397 12,430 3,650,820

Included in cost or valuation of land and buildings is freehold land of £1,263,000 (2022 - £1,263,000) which is not depreciated.

Cost or valuation at 30 November 2023 is represented by:

Freehold Property Plant and
property improvements machinery
£    £    £   
Valuation in 2019 600,000 - -
Valuation in 2021 487,587 - -
Valuation in 2023 528,969 - -
Cost 2,383,444 8,760 135,730
4,000,000 8,760 135,730

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2019 - - - 600,000
Valuation in 2021 - - - 487,587
Valuation in 2023 - - - 528,969
Cost 41,118 457,503 39,935 3,066,490
41,118 457,503 39,935 4,683,046

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


11. PROPERTY, PLANT AND EQUIPMENT - continued

Group

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,383,444 2,362,413
Aggregate depreciation 117,652 95,243

Value of land in freehold land and buildings 1,263,000 1,263,000

Freehold land and buildings were valued on an open market basis on 17 July 2024 by Lovedays .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 December 2022 15,038 255,323 270,361
Additions - 56,079 56,079
Transfer to ownership (15,038 ) (20,996 ) (36,034 )
At 30 November 2023 - 290,406 290,406
DEPRECIATION
At 1 December 2022 12,031 143,132 155,163
Charge for year - 67,308 67,308
Transfer to ownership (12,031 ) (18,275 ) (30,306 )
At 30 November 2023 - 192,165 192,165
NET BOOK VALUE
At 30 November 2023 - 98,241 98,241
At 30 November 2022 3,007 112,191 115,198

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 December 2022
and 30 November 2023 17,100
NET BOOK VALUE
At 30 November 2023 17,100
At 30 November 2022 17,100

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

G. J. Handy (Property) Limited
Registered office: Murdock Road, Dorcan, Swindon, Wiltshire, SN3 5HY.
Nature of business: Property rental
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 3,283,694 3,000,208
Profit for the year 283,486 171,079

G. J. Handy (Trading) Limited
Registered office: Murdock Road, Dorcan, Swindon, Wiltshire, SN3 5HY.
Nature of business: Retail and distribution of garden machinery
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 5,783,098 5,700,486
Profit/(loss) for the year 82,630 (98,067 )


13. STOCKS

Group
2023 2022
£    £   
Spares stock 461,823 554,830
Machinery stock 3,202,291 6,164,288
3,664,114 6,719,118

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,051,619 991,138 - -
Amounts owed by group undertakings - - 184 184
Amounts owed by participating interests 1,756,824 1,756,824 - -
Other debtors 66,697 79,592 - -
Prepayments and accrued income 258,103 207,959 - -
3,133,243 3,035,513 184 184

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17)
-

2,007,826

-

-
Hire purchase contracts (see note 18) 73,507 82,812 - -
Trade creditors 1,967,509 1,724,022 - -
Amounts owed to group undertakings - - 100 100
Corporation tax 194,171 71,709 - -
Social security and other taxes 29,898 28,738 - -
VAT 147,545 124,158 - -
Other creditors 72,422 103,243 - -
Directors' current accounts 8,191 7,024 - -
Accruals and deferred income 301,077 337,333 14 14
2,794,320 4,486,865 114 114

Included in other creditors is an amount of £5,312 (2022: £5,285) in relation to pension contributions owing.

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Hire purchase contracts (see note 18) 38,350 58,707

The terms of the hire purchase agreements for the above balance have repayments in equal instalments ending between December 2024 and August 2026, at interest rates that vary between 2.50% and 3.30%.

17. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 2,007,826

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 73,507 82,812
Between one and five years 38,350 58,707
111,857 141,519

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank overdraft - 2,007,826
Hire purchase contracts 111,857 141,519
111,857 2,149,345

The Group's secured debts include bank loans and bank overdraft. These are secured over the following:

- A debenture dated 16th June 2009 over all assets of G. J. Handy (Trading) Ltd.
- A unlimited inter-company guarantee dated 19th November 2015 across all companies within the Group.
- A debenture dated 19th November 2015 over all assets of G. J. Handy (Properties) Ltd.
- A legal charge dated 1 February 2016 over the freehold property of Murdock Road, Swindon.

Obligations under hire purchase are secured on the assets concerned.

20. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 63,402 27,802
Property revaluations 325,538 146,905
388,940 174,707
Other provisions
Warranty provision 22,135 9,630

Aggregate amounts 411,075 184,337

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


20. PROVISIONS FOR LIABILITIES - continued

Group
Deferred Other
tax provisions
£    £   
Balance at 1 December 2022 174,707 9,630
Provided during year 214,233 12,505
Balance at 30 November 2023 388,940 22,135

The other provision relates to warranty costs on certain product lines, expected within the next 12 months.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
17,170 Ordinary £1 17,170 17,170

Ordinary shares have full voting rights.

22. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 December 2022 7,561,851 1,121,720 8,683,571
Profit for the year 527,648 527,648
Dividends (321,500 ) (321,500 )
Revaluation - 573,130 573,130
Reversal of revaluation on
disposal - (178,633 ) (178,633 )
At 30 November 2023 7,767,999 1,516,217 9,284,216

Company
Retained
earnings
£   

Profit for the year 321,500
Dividends (321,500 )
At 30 November 2023 -


23. RELATED PARTY DISCLOSURES

Other related parties - entities controlled or jointly controlled by key management personnel
2023 2022
£    £   
Amount due from participating interests 1,756,824 1,756,824

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


23. RELATED PARTY DISCLOSURES - continued

During the year, the key management personnel are considered to be the directors' only.

24. ULTIMATE CONTROLLING PARTY

The ultimate controlling party at the yearend is considered to be Mr S A Belcher, being the majority shareholder.