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REGISTERED NUMBER: 14123383 (England and Wales)












Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

GFE Holdings Ltd

GFE Holdings Ltd (Registered number: 14123383)

Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


GFE Holdings Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs M D Green
Mr F E Green



REGISTERED OFFICE: 69 High Street
Bideford
Devon
EX39 2AT



REGISTERED NUMBER: 14123383 (England and Wales)



AUDITORS: Sumer Auditco Ltd
Statutory Auditors and Chartered Accountants
69 High Street
Bideford
Devon
EX39 2AT



BUSINESS ADDRESS: Neet Way
Holsworthy Industrial Estate
Holsworthy
Devon
EX22 6ES

GFE Holdings Ltd (Registered number: 14123383)

Group Strategic Report
for the Year Ended 31 December 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.

The principal activity of the group is the manufacture and fabrication of sheet metal components.

The registered office is 69 The High Street, Bideford, EX39 2AT.

Greenfield Engineering (Sheet Metal) Ltd is a subsidiary of GFE Holdings Ltd.

The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced.

REVIEW OF BUSINESS
The key financial performance indicators are those that communicate the financial performance and strength of the group as a whole. These being turnover and gross margin.

Turnover has decreased from £8,146,186 in 2022 to £5,905,852 in 2023. The decrease was due to a general reduction in customer spend across the board.

The gross profit percentage has decreased marginally from 34.6% in 2022 to 31.8% in 2023.

The directors have been seeking to maintain margin, contain operating costs, increase the number of customers and improved product quality to achieve the business targets. Greenfield engineering continues to invest in new machinery and production processes in order to enhance the quality and on time delivery of customer products, whilst controlling costs. To this end fixed assets have increased to a total of £3,386,000.

It has always been the business strategy to retain skill and develop staff. The business has a strong apprenticeship program, which is a key moving forwards.

Both management and executive board meetings are held monthly where performance is compared to forecast budgets and any variance is investigated, if required strategic action is taken.

With the risks and uncertainties of the current economic climate, the directors are aware that any plans for the future development of the business may be subject to unforeseen future events outside of their control.

Shareholders funds as at 31st of December 2023 amounted to £2,816,697.


GFE Holdings Ltd (Registered number: 14123383)

Group Strategic Report
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The market conditions in which the group operates are still extremely challenging due to the global economic climate and the competitive pressures within the industry.

Financial risk

The group's operations expose it to a variety of financial risks that include the effect of changes in credit liquidity and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt financed and the related finance costs. The group does not use derivative financial instruments to manage interest rate costs and as such no hedge accounting is applied.

Credit risk

The group has implemented policies that require appropriate credit checks on customers before sales are made in addition to this the company ensures the recoverability of all commercial sales through an outside credit agency.

Liquidity risk

The directors believe that the group has sufficient funds available to support its activities in the future.

DIRECTORS STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE GROUP
The directors believe in building long term, strong and sustainable relationships with our customers and suppliers. This approach has enabled us to win long term contracts of supply with our customers. The group actually plays a part within the local community as it aims to employ local people and utilise the services of local companies as far as is possible. The directors are committed to employees' health, well-being and training engaging with specialists for external training and providing in-house sessions where required.

FUTURE DEVELOPMENTS
The parent company has purchased the second of the two sites from which the group trades in order to secure the long term sustainability and future of the business.

SIGNED ON BEHALF OF THE BOARD:





Mr F E Green - Director


12 September 2024

GFE Holdings Ltd (Registered number: 14123383)

Report of the Directors
for the Year Ended 31 December 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £ 4,000 .

RESEARCH AND DEVELOPMENT
The subsidiary company undertakes extensive research and development activities, including on advancing security and durability in flat-pack storage units and EV chargers, tooling development and adaptation of existing machinery for advanced HVAC systems and network rail applications, and design and fabrication of visually optimised residential air source heat pump units. The charge to the income statement for the year was £502,264.

EVENTS SINCE THE END OF THE YEAR
Since the balance sheet date the parent company has purchased one of the two sites from which the group trades from its directors for £1,960,000. The other site was already owned by the company.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mrs M D Green
Mr F E Green

DISCLOSURE IN THE STRATEGIC REPORT
Particulars of the financial risk management objectives and policies of the company and future developments are set out in the strategic report.

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). 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

GFE Holdings Ltd (Registered number: 14123383)

Report of the Directors
for the Year Ended 31 December 2023


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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

SIGNED ON BEHALF OF THE BOARD:





Mr F E Green - Director


12 September 2024

Report of the Independent Auditors to the Members of
GFE Holdings Ltd


Qualified opinion
We have audited the financial statements of GFE Holdings Ltd (the 'parent company') and its subsidiary (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and 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, except for the possible effects of the matters described in the Basis for Qualified Opinion section of our report, the accompanying financial statements:

- give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2023 and of the group's loss for the period 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 qualified 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. We were not appointed as auditor of the group until after 31 December 2022 and thus did not observe the counting of physical inventories at the beginning of the period. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2021 and 31 December 2022, which are included in the balance sheet at £564,531 and £493,252 respectively, by using other audit procedures. Consequently we were unable to determine whether any adjustment to these amounts were necessary or whether there was any consequential effect on the cost of sales for the year ended 31 December 2023 and also for the year ended 31 December 2022. Our audit opinion on the group financial statements for the year ended 31 December 2023 has been modified accordingly.

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 and parent company 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 qualified 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.

Corresponding figures
The corresponding figures for the year ended 31 December 2022 are unaudited.

Key audit matters
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

Report of the Independent Auditors to the Members of
GFE Holdings Ltd


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.

As described in the basis for qualified opinion of our report, we were unable to satisfy ourselves concerning the inventory quantities held at 31st December 2021 and 31st December 2022, which are included in the balance sheet at £564,531 and £493,252 respectively. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006
We were not appointed as auditor of the group until after 31 December 2022 and thus did not observe the counting of physical inventories at the beginning of the period. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2021 and 31 December 2022, which are included in the balance sheet at £564,531 and £493,252 respectively, by using other audit procedures.

Consequently we were unable to determine whether any adjustment to these amounts were necessary or whether there was any consequential effect on the cost of sales for the year ended 31 December 2023 and also for the year ended 31 December 2022.

Except for the possible effects of the matters described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
- the information given in the the Group Strategic Report and Report of the Directors for the financial period 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.

Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the group and the parent company and their 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.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept by the parent company.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- returns adequate for our audit have not been received by 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.

Report of the Independent Auditors to the Members of
GFE Holdings Ltd


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, 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:

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. In common with all audits under UK ISAs we are also required to perform specific procedures to respond to the threat of management override. This work included testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We gained an understanding of the legal and regulatory framework applicable to the parent company and the group and the industry in which they operate, and considered the risk of acts by the parent company and the group that were contrary to these laws and regulations, including fraud.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Health and Safety Act, UK Companies Act and UK tax legislation.

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;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the Group's legal advisors.

We did not identify any key audit matters relating to irregularities, including fraud.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

Report of the Independent Auditors to the Members of
GFE Holdings Ltd


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.




Edward Meardon FCA (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Ltd
Statutory Auditors and Chartered Accountants
69 High Street
Bideford
Devon
EX39 2AT

23 September 2024

GFE Holdings Ltd (Registered number: 14123383)

Consolidated Statement of Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 4 5,905,852 8,146,186

Cost of sales 4,026,020 5,331,381
GROSS PROFIT 1,879,832 2,814,805

Administrative expenses 2,131,211 1,911,067
(251,379 ) 903,738

Other operating income 14,209 33,277
OPERATING (LOSS)/PROFIT 7 (237,170 ) 937,015

Interest receivable and similar income 24,939 3,235
(212,231 ) 940,250
Gain/loss on revaluation of investment
property

300,611

-
88,380 940,250

Interest payable and similar expenses 9 135,257 47,684
(LOSS)/PROFIT BEFORE TAXATION (46,877 ) 892,566

Tax on (loss)/profit 10 3,811 60,500
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(50,688

)

832,066

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(50,688

)

832,066

(Loss)/profit attributable to:
Owners of the parent (50,688 ) 832,066

Total comprehensive income attributable to:
Owners of the parent (50,688 ) 832,066

GFE Holdings Ltd (Registered number: 14123383)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 14 2,319,632 2,096,772
Investments 15 - -
Investment property 16 1,066,368 712,874
3,386,000 2,809,646

CURRENT ASSETS
Stocks 17 542,022 493,252
Debtors 18 896,336 1,464,158
Cash at bank 1,287,692 1,525,028
2,726,050 3,482,438
CREDITORS
Amounts falling due within one year 19 1,508,436 1,850,373
NET CURRENT ASSETS 1,217,614 1,632,065
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,603,614

4,441,711

CREDITORS
Amounts falling due after more than one
year

20

(1,482,352

)

(1,374,439

)

PROVISIONS FOR LIABILITIES 24 (304,565 ) (195,887 )
NET ASSETS 2,816,697 2,871,385

CAPITAL AND RESERVES
Called up share capital 25 100 100
Retained earnings 26 2,816,597 2,871,285
SHAREHOLDERS' FUNDS 2,816,697 2,871,385

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:




Mr F E Green - Director



Mrs M D Green - Director


GFE Holdings Ltd (Registered number: 14123383)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 14 989,475 988,971
Investments 15 100 100
Investment property 16 1,066,368 712,874
2,055,943 1,701,945

CURRENT ASSETS
Debtors 18 35,128 51,023
Cash at bank 876,205 305,669
911,333 356,692
CREDITORS
Amounts falling due within one year 19 428,497 382,344
NET CURRENT ASSETS/(LIABILITIES) 482,836 (25,652 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,538,779

1,676,293

CREDITORS
Amounts falling due after more than one
year

20

(1,000,226

)

(1,046,536

)

PROVISIONS FOR LIABILITIES 24 (45,016 ) (2,931 )
NET ASSETS 1,493,537 626,826

CAPITAL AND RESERVES
Called up share capital 25 100 100
Retained earnings 26 1,493,437 626,726
SHAREHOLDERS' FUNDS 1,493,537 626,826

Company's profit for the financial year 870,711 634,726

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:




Mrs M D Green - Director



Mr F E Green - Director


GFE Holdings Ltd (Registered number: 14123383)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 2,047,219 2,047,319

Changes in equity
Dividends - (8,000 ) (8,000 )
Total comprehensive income - 832,066 832,066
Balance at 31 December 2022 100 2,871,285 2,871,385

Changes in equity
Dividends - (4,000 ) (4,000 )
Total comprehensive income - (50,688 ) (50,688 )
Balance at 31 December 2023 100 2,816,597 2,816,697

GFE Holdings Ltd (Registered number: 14123383)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 100 - 100
Dividends - (8,000 ) (8,000 )
Total comprehensive income - 634,726 634,726
Balance at 31 December 2022 100 626,726 626,826

Changes in equity
Dividends - (4,000 ) (4,000 )
Total comprehensive income - 870,711 870,711
Balance at 31 December 2023 100 1,493,437 1,493,537

GFE Holdings Ltd (Registered number: 14123383)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 33 200,608 1,511,518
Interest paid (73,686 ) (10,996 )
Interest element of hire purchase payments
paid

(27,930

)

(29,869

)
Taxation refund 24,613 149,415
Net cash from operating activities 123,605 1,620,068

Cash flows from investing activities
Purchase of tangible fixed assets (28,503 ) (1,157,304 )
Purchase of investment property (52,883 ) (712,874 )
Sale of tangible fixed assets - 500
Interest received 24,939 3,235
Net cash from investing activities (56,447 ) (1,866,443 )

Cash flows from financing activities
New loans in year - 1,100,000
Loan repayments in year (43,577 ) (7,326 )
Capital repayments in year (228,439 ) (273,703 )
Amount introduced by directors 64,790 750,964
Amount withdrawn by directors (93,268 ) (441,571 )
Equity dividends paid (4,000 ) (8,000 )
Net cash from financing activities (304,494 ) 1,120,364

(Decrease)/increase in cash and cash equivalents (237,336 ) 873,989
Cash and cash equivalents at beginning of
year

34

1,525,028

651,039

Cash and cash equivalents at end of year 34 1,287,692 1,525,028

GFE Holdings Ltd (Registered number: 14123383)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

GFE Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous period, and also have been consistently applied within the same accounts.

Basis of consolidation
The consolidated accounts have been prepared under the merger basis of accounting. The consolidated financial statements incorporate the financial statements of the company and its subsidiary undertaking. As a consolidated group profit and loss account is published, a separate profit and loss account for the parent is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

GFE Holdings Ltd (Registered number: 14123383)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


3. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. As a result of the judgements made actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Estimated useful lives
In determining the estimated useful life the company considers the expected usage (capacity or physical output) of the asset, expected physical wear and tear of the asset and expected technical advancements in the industry that could lead to obsolescence of the asset. Each year the company reviews the above to establish if there is any change is expected useful life of tangible assets.The depreciation charge for the year ended 31 December 2023 was £317,633 (2022 - £336,930).

Stock provision
Where estimated selling price less costs to complete and sell is lower than cost, a stock provision will be recorded. The estimated selling price is determined with reference to market values.There were no stock provisions at 31 December 2023 (2022 - £nil).

Provision for doubtful debts
Where estimated amounts receivable is less than the value of the debt included in the accounts, a provision for doubtful debts will be recorded. There were no provision for bad debts at 31 December 2023 (2022 - £nil).

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - nil on land and Straight line over 100 years
Short leasehold - Over period of the lease
Improvements to property - Straight line over 10 years
Plant and machinery - Straight line between 3 and 10 years and Straight line over 20 years
Fixtures and fittings - Straight line over 5 years and Straight line over 3 years
Motor vehicles - Straight line over 4 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.

GFE Holdings Ltd (Registered number: 14123383)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


3. ACCOUNTING POLICIES - continued

Stocks
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Basic financial instruments with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in 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.

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 under operating leases are charged to the profit and loss account as they fall due.

GFE Holdings Ltd (Registered number: 14123383)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
Having regard to the group's anticipated future revenues and costs including repayment of debt where appropriate, together with the expected availability of working capital, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

Group reconstruction
On 20 July 2022 the company acquired the entire share capital of Greenfield Engineering (Sheet Metal) Ltd via a share for share exchange. This has been accounted for under the merger method of accounting.

Investments in subsidiaries
Investments in subsidiaries are valued at cost less impairment.

4. TURNOVER

The turnover and loss (2022 - profit) before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Manufacturing 5,806,652 8,130,989
Property letting 99,200 15,197
5,905,852 8,146,186

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 5,905,240 8,090,367
Other 612 55,819
5,905,852 8,146,186

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,956,847 2,059,421
Social security costs 181,333 200,802
Other pension costs 137,272 106,623
2,275,452 2,366,846

GFE Holdings Ltd (Registered number: 14123383)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


5. EMPLOYEES AND DIRECTORS - continued

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

Management 6 7
Production 54 55
Sales 2 1
Administration 1 1
63 64

The average number of employees by undertakings that were proportionately consolidated during the year was 63 (2022 - 64 ) .

6. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration 18,200 18,026
Directors' pension contributions to money purchase schemes 85,000 53,679

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

Money purchase schemes 2 2

7. OPERATING PROFIT

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

2023 2022
£    £   
Operating lease income (99,200 ) (15,197 )
Depreciation - owned assets 66,398 61,067
Depreciation - assets on hire purchase contracts 251,235 275,863
Profit on disposal of fixed assets - (500 )
Foreign exchange differences (2,790 ) (97 )
Operating lease payments 304,983 347,734

8. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

25,000

-

This amount is the aggregate fee for the audit of group and the audit of the subsidiary.

GFE Holdings Ltd (Registered number: 14123383)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


9. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 73,686 10,985
Other interest payable 33,641 6,830
Hire purchase interest 27,930 29,869
135,257 47,684

10. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax (104,867 ) (12,153 )

Deferred tax 108,678 72,653
Tax on (loss)/profit 3,811 60,500

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
£    £   
(Loss)/profit before tax (46,877 ) 892,566
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25 % (2022 - 19 %)

(11,719

)

169,588

Effects of:
Expenses not deductible for tax purposes 4,992 1,103
Adjustments to tax charge in respect of previous periods - (12,153 )
Effect of super deductions (10 ) (22,193 )
Impact of change in tax rate on deferred tax - 47,013
Effect of enhanced allowance on research and development (120,568 ) (122,858 )
Effect of research and development tax credit 131,116 -
Total tax charge 3,811 60,500

11. 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.


GFE Holdings Ltd (Registered number: 14123383)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


12. DIVIDENDS
2023 2022
£    £   
Ordinary A shares of £1 each
Interim 1,000 2,000
Ordinary B shares of £1 each
Interim 1,000 2,000
Ordinary C share of £1
Interim 1,000 2,000
Ordinary D share of £1
Interim 1,000 2,000
4,000 8,000

13. RESEARCH AND DEVELOPMENT

The group's expenditure on qualifying research activities for the year ended 31 December 2023 was £502,264 (2022 - £497,399).

14. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold Short to
property leasehold property
£    £    £   
COST
At 1 January 2023 988,971 - 262,640
Additions - 16,946 10,234
At 31 December 2023 988,971 16,946 272,874
DEPRECIATION
At 1 January 2023 - - 254,566
Charge for year 7,870 1,130 2,438
At 31 December 2023 7,870 1,130 257,004
NET BOOK VALUE
At 31 December 2023 981,101 15,816 15,870
At 31 December 2022 988,971 - 8,074

GFE Holdings Ltd (Registered number: 14123383)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


14. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 5,208,072 103,130 19,850 6,582,663
Additions 500,820 12,493 - 540,493
At 31 December 2023 5,708,892 115,623 19,850 7,123,156
DEPRECIATION
At 1 January 2023 4,131,696 79,779 19,850 4,485,891
Charge for year 289,440 16,755 - 317,633
At 31 December 2023 4,421,136 96,534 19,850 4,803,524
NET BOOK VALUE
At 31 December 2023 1,287,756 19,089 - 2,319,632
At 31 December 2022 1,076,376 23,351 - 2,096,772

Included in cost of land and buildings is freehold land of £202,009 (2022 - £202,009) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 January 2023 3,439,706
Additions 495,986
At 31 December 2023 3,935,692
DEPRECIATION
At 1 January 2023 2,493,759
Charge for year 251,235
At 31 December 2023 2,744,994
NET BOOK VALUE
At 31 December 2023 1,190,698
At 31 December 2022 945,947

GFE Holdings Ltd (Registered number: 14123383)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


14. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST
At 1 January 2023 988,971 - 988,971
Additions - 10,468 10,468
At 31 December 2023 988,971 10,468 999,439
DEPRECIATION
Charge for year 7,870 2,094 9,964
At 31 December 2023 7,870 2,094 9,964
NET BOOK VALUE
At 31 December 2023 981,101 8,374 989,475
At 31 December 2022 988,971 - 988,971

Included in cost of land and buildings is freehold land of £ 202,009 (2022 - £ 202,009 ) which is not depreciated.

15. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100
At 31 December 2022 100

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Greenfield Engineering (Sheet Metal) Ltd
Registered office: United Kingdom
Nature of business: Manufacture and fabrication
%
Class of shares: holding
A, B, C and D Ordinary £1 100.00


GFE Holdings Ltd (Registered number: 14123383)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


16. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2023 712,874
Additions 52,883
Revaluations 300,611
At 31 December 2023 1,066,368
NET BOOK VALUE
At 31 December 2023 1,066,368
At 31 December 2022 712,874

The investment property is accounted for at fair value on an on-going basis.

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 300,611
Cost 765,757
1,066,368

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 765,757 712,874

Company
Total
£   
FAIR VALUE
At 1 January 2023 712,874
Additions 52,883
Revaluations 300,611
At 31 December 2023 1,066,368
NET BOOK VALUE
At 31 December 2023 1,066,368
At 31 December 2022 712,874

GFE Holdings Ltd (Registered number: 14123383)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


16. INVESTMENT PROPERTY - continued

Company

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 300,611
Cost 765,757
1,066,368

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 765,757 712,874

The investment property is accounted for at fair value on an on-going basis.

17. STOCKS

Group
2023 2022
£    £   
Stocks 264,954 354,694
Work-in-progress 277,068 138,558
542,022 493,252

18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 674,683 1,250,836 17,118 12,356
Other debtors 45,944 92,998 - -
Corporation tax 138,748 58,494 - -
VAT - - 2,238 -
Prepayments and accrued income 36,961 61,830 15,772 38,667
896,336 1,464,158 35,128 51,023

GFE Holdings Ltd (Registered number: 14123383)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 21) 48,871 46,138 48,871 46,138
Hire purchase contracts (see note 22) 312,526 193,943 - -
Trade creditors 493,768 759,567 34,815 19,242
Amounts owed to group undertakings - - 1,000 1,000
Social security and other taxes 47,547 47,949 - -
VAT 23,798 247,274 - 1,087
Other creditors 157,961 122,044 1,328 -
Directors' current accounts 281,968 310,446 280,498 280,186
Accrued expenses 141,997 123,012 61,985 34,691
1,508,436 1,850,373 428,497 382,344

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

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 21) 1,000,226 1,046,536 1,000,226 1,046,536
Hire purchase contracts (see note 22) 462,337 297,369 - -
Accruals and deferred income 19,789 30,534 - -
1,482,352 1,374,439 1,000,226 1,046,536

21. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 48,871 46,138 48,871 46,138
Amounts falling due between one and two years:
Bank loans - 1-2 years 51,926 49,021 51,926 49,021
Amounts falling due between two and five years:
Bank loans - 2-5 years 176,083 166,224 176,083 166,224
Amounts falling due in more than five years:
Repayable by instalments
Bank loans due after 5 years 772,217 831,291 772,217 831,291

GFE Holdings Ltd (Registered number: 14123383)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


21. LOANS - continued

The company had two bank loans during the year which were repayable by monthly instalments. The loans incur interest at a rates of 2.5% and 1.3% over base rate and is due for final repayment on 27 October 2037. The loans are due for review in November 2024.

22. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 312,526 193,943
Between one and five years 462,337 297,369
774,863 491,312

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 72,949 44,947
Between one and five years 76,323 36,654
149,272 81,601

23. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans 1,049,097 1,092,674 1,049,097 1,092,674
Hire purchase contracts 774,863 491,312 - -
1,823,960 1,583,986 1,049,097 1,092,674

Bank loans are secured by fixed and floating charges over the group's assets.

The hire purchase contracts are secured over the assets to which they relate.

GFE Holdings Ltd (Registered number: 14123383)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


24. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 304,565 195,887 45,016 2,931

Group
Deferred
tax
£   
Balance at 1 January 2023 195,887
Charge to Statement of Comprehensive Income during year 108,678
Balance at 31 December 2023 304,565

Company
Deferred
tax
£   
Balance at 1 January 2023 2,931
Charge to Statement of Comprehensive Income during year 42,085
Balance at 31 December 2023 45,016

Deferred tax is in respect of accelerated capital allowances and on the unrealised gain on the value of investment property. It is not expected to change significantly in the year to 31 December 2024.

25. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
49 Ordinary A £1 49 49
49 Ordinary B £1 49 49
1 Ordinary C £1 1 1
1 Ordinary D £1 1 1
100 100

Shares rank equally for voting purposes. On a show of hands each member shall have one vote and on a poll each member shall have one vote per share held. The voting rights are more particularly described in the Articles of Association.

There are no rights, preferences or restrictions including restrictions on the payment of dividends and the repayment of capital on Ordinary shares.

GFE Holdings Ltd (Registered number: 14123383)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


26. RESERVES

Group
Retained
earnings
£   

At 1 January 2023 2,871,285
Deficit for the year (50,688 )
Dividends (4,000 )
At 31 December 2023 2,816,597

Company
Retained
earnings
£   

At 1 January 2023 626,726
Profit for the year 870,711
Dividends (4,000 )
At 31 December 2023 1,493,437

Included in retained earnings is £225,458 (2022 - £nil) of profits which are not available for distribution as they are unrealised.

27. PENSION COMMITMENTS

The group provides a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost and charge represents contributions payable by the group to the fund and amounted to £137,272 (2022 - £106,623). At 31 December 2023 contributions amounting to £8,171 (2022 - £8,641) were payable to the fund and were included in creditors.

28. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 340,000

GFE Holdings Ltd (Registered number: 14123383)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


29. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mr F E Green and Mrs M D Green
Balance outstanding at start of year - -
Amounts advanced 56,743 98,274
Amounts repaid (56,743 ) (98,274 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The maximum overdrawn balance during the year was £45,261.

Interest was charged on the loan at the official interest rate.

30. RELATED PARTY DISCLOSURES

During the year, total dividends of £4,000 (2022 - £8,000) were paid to the directors and their close family members.

During the year, rent of £209,784 (2022 - £209,784) was paid to the directors.

The total compensation payable for the year to those individuals whom the directors consider to be key management personnel was £552,082 (2022 - £600,765).

31. POST BALANCE SHEET EVENTS

Since the balance sheet date the parent company has purchased one of the two sites from which the group trades from its directors for £1,960,000. The other site was already owned by the company.

32. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr F E and Mrs M D Green, the directors and majority shareholders.

GFE Holdings Ltd (Registered number: 14123383)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


33. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
(Loss)/profit before taxation (46,877 ) 892,566
Depreciation charges 317,633 336,930
Profit on disposal of fixed assets - (500 )
Gain on revaluation of fixed assets (300,611 ) -
Finance costs 135,257 47,684
Finance income (24,939 ) (3,235 )
80,463 1,273,445
(Increase)/decrease in stocks (48,770 ) 71,279
Decrease in trade and other debtors 648,076 22,271
(Decrease)/increase in trade and other creditors (479,161 ) 144,523
Cash generated from operations 200,608 1,511,518

34. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,287,692 1,525,028
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,525,028 651,039


GFE Holdings Ltd (Registered number: 14123383)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


35. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.1.23 Cash flow changes At 31.12.23
£    £    £    £   
Net cash
Cash at bank 1,525,028 (237,336 ) 1,287,692
1,525,028 (237,336 ) 1,287,692
Debt
Finance leases (491,312 ) 228,439 - (774,863 )
Debts falling due
within 1 year (46,138 ) (2,733 ) - (48,871 )
Debts falling due
after 1 year (1,046,536 ) 46,310 - (1,000,226 )
(1,583,986 ) 272,016 - (1,823,960 )
Total (58,958 ) 34,680 - (536,268 )

36. CORRESPONDING AMOUNTS

These financial statements cover the year ended 31 December 2023. GFE Holdings Ltd was incorporated on 23 May 2022. The comparative figures cover the period 23 May 2022 to 31 December 2022 for this company and for the year ended 31 December 2022 for the subsidiary company. Accordingly, the corresponding amounts may not be comparable as required by the provisions of FRS 102.