Company No:
Contents
The directors present their annual report and the unaudited financial statements of the Company for the financial period ended 31 March 2024.
PRINCIPAL ACTIVITIES
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:
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(Appointed 04 May 2023) |
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(Appointed 04 May 2023) |
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(Resigned 04 May 2023) |
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(Resigned 04 May 2023) |
Approved by the Board of Directors and signed on its behalf by:
N E Palmer
Director |
Note | 31.03.2024 | 30.04.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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25,856 | 46,795 | |||
Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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570,253 | 430,213 | |||
Creditors: amounts falling due within one year | 5 | (
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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 | (
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Provision for liabilities |
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Gerrymet Limited (registered number:
N E Palmer
Director |
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.
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 £.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
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.
Land and buildings | depreciated over the life of the lease |
Plant and machinery |
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Vehicles |
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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.
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.
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.
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.
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.
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.
Period from 01.05.2023 to 31.03.2024 |
Year ended 30.04.2023 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
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Land and buildings | Plant and machinery | Vehicles | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 May 2023 |
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Additions |
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Disposals |
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At 31 March 2024 |
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Accumulated depreciation | |||||||
At 01 May 2023 |
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Charge for the financial period |
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Disposals |
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At 31 March 2024 |
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Net book value | |||||||
At 31 March 2024 |
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At 30 April 2023 |
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31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Other debtors |
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31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Trade creditors |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts (secured) |
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Other creditors |
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31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts (secured) |
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Other financial commitments
The total amount of financial commitments not included in the balance sheet is £87,075 (2023 - £111,375).