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Company No: 01447410 (England and Wales)

GERRYMET LIMITED

Annual Report and Unaudited Financial Statements
For the financial period from 01 May 2023 to 31 March 2024
Pages for filing with the registrar

GERRYMET LIMITED

Annual Report and Unaudited Financial Statements

For the financial period from 01 May 2023 to 31 March 2024

Contents

GERRYMET LIMITED

DIRECTORS' REPORT

For the financial period from 01 May 2023 to 31 March 2024
GERRYMET LIMITED

DIRECTORS' REPORT (continued)

For the financial period from 01 May 2023 to 31 March 2024

The directors present their annual report and the unaudited financial statements of the Company for the financial period ended 31 March 2024.

PRINCIPAL ACTIVITIES

The principle activity of the company in the year under review was that of the supply and service of saw equipment and garden furniture.

For the financial year 2023/24 we have elected to only report 11 months of trading, through to March 31 2024. This initiative will allow us to align the company's trading period with our parent company EPS Services & Tooling Limited.

Since the acquisition by EPS Services & Tooling Limited in May 2024, we have stabilised the trading position and begun the process of integrating the company within the EPS Group. We have invested in upgraded technology while consolidating back office costs, including our insurances and utility costs, to make additional savings.

We have also invested in a number of health and safety related areas of the business to ensure the company’s on-going compliance, while replacing the vehicle fleet of collection and delivery vehicles. We have also received a grant from Walsall Council to support further capital investment in 2024/25.

After 12 months of ownership, we are pleased to advise that no productive staff have left the company (thus retaining our skillsets) however, we have made savings in back office staff as we centralised the finance controls of the business. During this time period we have also seen an improvement in gross margins as our monthly revenues have grown with a number of new customers in the UK looking to the company to provide them with sharpening and supply services.

We believe the company is now well placed to benefit from the dynamic market conditions that have now been presented to us in 2024/25.

DIRECTORS

The directors, who served during the financial period and to the date of this report except as noted, were as follows:

S M Goodlad (Appointed 04 May 2023)
N E Palmer (Appointed 04 May 2023)
T Willis (Resigned 04 May 2023)
S Wood (Resigned 04 May 2023)

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved by the Board of Directors and signed on its behalf by:

N E Palmer
Director

13 September 2024

GERRYMET LIMITED

BALANCE SHEET

As at 31 March 2024
GERRYMET LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 30.04.2023
£ £
Fixed assets
Tangible assets 3 25,856 46,795
25,856 46,795
Current assets
Stocks 35,997 70,045
Debtors 4 251,757 216,103
Cash at bank and in hand 282,499 144,065
570,253 430,213
Creditors: amounts falling due within one year 5 ( 209,601) ( 102,624)
Net current assets 360,652 327,589
Total assets less current liabilities 386,508 374,384
Creditors: amounts falling due after more than one year 6 ( 2,970) ( 8,869)
Provision for liabilities 0 ( 3,381)
Net assets 383,538 362,134
Capital and reserves
Called-up share capital 300 300
Profit and loss account 383,238 361,834
Total shareholder's funds 383,538 362,134

For the financial period ending 31 March 2024 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 Gerrymet Limited (registered number: 01447410) were approved and authorised for issue by the Board of Directors on 13 September 2024. They were signed on its behalf by:

N E Palmer
Director
GERRYMET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 May 2023 to 31 March 2024
GERRYMET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 May 2023 to 31 March 2024
1. Accounting policies

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

General information and basis of accounting

Gerrymet 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 Unit 2 Sandys Moor, Wiveliscombe, Taunton, TA4 2TU, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Reporting period length

The reporting period length has been shortened to 11 months to align the year end of Gerrymet Limited with EPS Services & Tooling the parent company.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 period. Differences between contributions payable in the financial period 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.

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:

Land and buildings depreciated over the life of the lease
Plant and machinery 6.67 years straight line
Vehicles 25 % reducing balance

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

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

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

Period from
01.05.2023 to
31.03.2024
Year ended
30.04.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 12 13

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 May 2023 40,155 395,568 75,817 511,540
Additions 0 2,664 0 2,664
Disposals 0 ( 7,734) ( 60,217) ( 67,951)
At 31 March 2024 40,155 390,498 15,600 446,253
Accumulated depreciation
At 01 May 2023 40,155 379,648 44,942 464,745
Charge for the financial period 0 6,775 4,895 11,670
Disposals 0 ( 10,980) ( 45,038) ( 56,018)
At 31 March 2024 40,155 375,443 4,799 420,397
Net book value
At 31 March 2024 0 15,055 10,801 25,856
At 30 April 2023 0 15,920 30,875 46,795

4. Debtors

31.03.2024 30.04.2023
£ £
Trade debtors 177,024 198,410
Amounts owed by Group undertakings 50,000 0
Other debtors 24,733 17,693
251,757 216,103

5. Creditors: amounts falling due within one year

31.03.2024 30.04.2023
£ £
Trade creditors 100,297 46,614
Taxation and social security 26,738 46,386
Obligations under finance leases and hire purchase contracts (secured) 3,966 3,966
Other creditors 78,600 5,658
209,601 102,624

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

31.03.2024 30.04.2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 2,970 8,869

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

7. Financial commitments

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £87,075 (2023 - £111,375).