IRIS Accounts Production v24.2.0.383 08180760 Board of Directors 31.12.23 1.1.23 31.12.23 31.12.23 true true false true true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh081807602022-12-31081807602023-12-31081807602023-01-012023-12-31081807602021-12-31081807602022-01-012022-12-31081807602022-12-3108180760ns15:EnglandWales2023-01-012023-12-3108180760ns14:PoundSterling2023-01-012023-12-3108180760ns10:Director12023-01-012023-12-3108180760ns10:Director22023-01-012023-12-3108180760ns10:Consolidated2023-12-3108180760ns10:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3108180760ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3108180760ns10:Consolidatedns10:FRS1022023-01-012023-12-3108180760ns10:Consolidatedns10:Audited2023-01-012023-12-3108180760ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3108180760ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3108180760ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3108180760ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-01-012023-12-3108180760ns10:FullAccounts2023-01-012023-12-3108180760ns10:OrdinaryShareClass12023-01-012023-12-3108180760ns10:Consolidated2023-01-012023-12-3108180760ns10:Director32023-01-012023-12-3108180760ns10:CompanySecretary12023-01-012023-12-3108180760ns10:RegisteredOffice2023-01-012023-12-3108180760ns5:ContinuingOperationsns10:Consolidated2023-01-012023-12-3108180760ns5:DiscontinuedOperationsns10:Consolidated2023-01-012023-12-3108180760ns5:ContinuingOperationsns10:Consolidated2022-01-012022-12-3108180760ns5:DiscontinuedOperationsns10:Consolidated2022-01-012022-12-3108180760ns10:Consolidated2022-01-012022-12-3108180760ns5:CurrentFinancialInstruments2023-12-3108180760ns5:CurrentFinancialInstruments2022-12-3108180760ns5:ShareCapital2023-12-3108180760ns5:ShareCapital2022-12-3108180760ns5:RetainedEarningsAccumulatedLosses2023-12-3108180760ns5:RetainedEarningsAccumulatedLosses2022-12-3108180760ns5:ShareCapital2021-12-3108180760ns5:RetainedEarningsAccumulatedLosses2021-12-3108180760ns5:ShareCapital2022-01-012022-12-3108180760ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3108180760ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-310818076012023-01-012023-12-3108180760ns5:NetGoodwill2023-01-012023-12-3108180760ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3108180760ns5:LeaseholdImprovements2023-01-012023-12-3108180760ns5:PlantMachinery2023-01-012023-12-3108180760ns5:FurnitureFittings2023-01-012023-12-3108180760ns5:MotorVehicles2023-01-012023-12-3108180760ns5:ComputerEquipment2023-01-012023-12-3108180760ns5:CostValuation2022-12-3108180760ns5:AdditionsToInvestments2023-12-3108180760ns5:CostValuation2023-12-3108180760ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3108180760ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3108180760ns5:Non-currentFinancialInstruments2023-12-3108180760ns5:Non-currentFinancialInstruments2022-12-3108180760ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 08180760 (England and Wales)














Gillman Electrical Group limited

Group Strategic Report,

Report of the Directors and

Audited

Consolidated Financial Statements

For The Year Ended 31st December 2023






Gillman Electrical Group limited (Registered number: 08180760)






Contents of the Consolidated Financial Statements
For The Year Ended 31st December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


Gillman Electrical Group limited

Company Information
For The Year Ended 31st December 2023







DIRECTORS: R J Gillman
Miss A J Gillman





SECRETARY: Miss A J Gillman





REGISTERED OFFICE: Mercia Road
St Oswalds Road
Gloucester
Gloucestershire
GL1 2SG





REGISTERED NUMBER: 08180760 (England and Wales)





AUDITORS: Wildin (Auditors) Limited
Kings Buildings
Lydney
Gloucestershire
GL15 5HE

Gillman Electrical Group limited (Registered number: 08180760)

Group Strategic Report
For The Year Ended 31st December 2023

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

The results for the year and the financial position of the Company are as shown in the annexed financial statements.

REVIEW OF BUSINESS
Gillman Electrical Group Limited's sales have fallen in the year by 59% (2023 - £13.5m; 2022- £33.4m) due to a discontinued operations from the sales of the DAD. However under the remaining branch of Gillman Electrical ( previously John Gillman & sons Limited) the launch of new ranges attracted many budget customers who were liked the value for money options and gave quality of product. The company continued to operate all retail shops and expanded with new store openings in Exeter expanding their share in the market place.

Sales on the retail side increased by 40% when comparing the current branch to prior years ( 2023- £4.1M; 2022 £2.9M) resulting in profits up by £141K, this was due to expansion and the launch of the Gillco range.

Web sales continued to improve as people turned to online shopping and the increased advertising showing increase profits of 44% up on last year ( 2023 £848K; 2022 £588K). This side of the business is growing steadily as the website is improved for better customer experience.

Trade sales did increase but not in the same proportions as other branches of the business, which profits only increasing by 21% in the period ( 2023- £1.9; 2022 - £1.6M). This is expected to increase further in the coming year with the launch of the Gill pro range targeting larger business such as care homes, schools and hotels.
Servicing of the business increased by 62% in the period as people looked to repair rather than buy new. This branch of the business made a profit in the period rather than a lost in prior periods.

The overall net profit before tax for the period was £686K (2022- £1.4m including the discontinued branch for a period). At the end of the year the company had net assets of £15.3M (2022 -£14.9). The directors have forecast that there are sufficient resources in the company to continue with its current strategy and that the company is set to continue its growth within the sector over the next 12 months as new product innovations take off.

PRINCIPAL RISKS AND UNCERTAINTIES
The group supplies both budget and premium goods, as well as providing a comprehensive service and repair facility. The directors are aware that although the group provides a superior service, it is trading in a price sensitive sector of the economy. The group continues to closely monitor its cost level to ensure that adequate returns are maintained.

Competition is a significant risk to the company. While footfall has increased due to the increase in retail sales for the period. There is a increasing number of global competitors online however with the web sales improving the directors feel the company is in a strong position within the market. The directors focus is to provide consistently good quality products to retain existing customers, as well as attract new one through positive customer reviews. During the year, the company changed some suppliers and implemented new control processes to ensure the quality of products - these changed have had a positive impact and the number of orders from repeat customers has increased as well as new customers through the Gillco range.


Gillman Electrical Group limited (Registered number: 08180760)

Group Strategic Report
For The Year Ended 31st December 2023

KEY PERFORMANCE INDICATORS
During the year, the company reviewed all business through their KPIs. The directors use the following KPIs;


2023 2022






Gross Profit






37.48%






22.73%
This was as expected due
to the slight increase in
sales prices, but also to
cover increase in purchase
prices from suppliers.
Ratio of sales to prior
years was the same.






Net profit before tax






5.05%






4.33%
This was slightly higher
than expected as the
general overheads were
cut to reduce carbon
footprint and allow for
resourcefulness in usage of
items.



Liquidity Ratio



680.19%



726.26%
This increased as the
spending was made on
assets and bank balances
increased
Trading Ratio 23.26% 8.56%


The Directors appreciate the operation of business and the environment in which it trades. This is key to understanding the likely consequences of any long term decisions. There is a clear strategy which ensures the Group continues to sell and deliver quality products in a timely manner, satisfying customer and shareholder needs, amongst other stakeholders. Continually improving efficiencies , operating methods and focusing on sustainability are integral and fundamental parts of the business strategy. This strategy is key to ensuring the Group and the Directors are delivering on their duty of care for the benefit of future generations.

In setting the strategic direction of the Group, Directors also take into account the principal risks facing the business.

The Group have invested a lot in new marketing strategies and the launch of new ranges to ensure they remain ahead of the game in the a competitive market, offering good quality products and service to the local community, while maintaining their reputation as a reliable family business.

ON BEHALF OF THE BOARD:





Miss A J Gillman - Director


23rd September 2024

Gillman Electrical Group limited (Registered number: 08180760)

Report of the Directors
For The Year Ended 31st December 2023

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of Electrical retailers and wholesaler distributors, and service and repair of appliances.

DIVIDENDS
The total distribution of dividends for the year ended 31st December 2023 will be £ 146,000 .

RESEARCH AND DEVELOPMENT
The group does carry out some Research & Development work.

FUTURE DEVELOPMENTS
The group is committed to a programme of continually enhancing its product range and developing its customer base.

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

R J Gillman
Miss A J Gillman

FINANCIAL INSTRUMENTS
The group's principle financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds for the group's operations and to finance the group's operations.
Due to the nature of the financial instruments used by the group, there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances, overdraft facilities are in place, and security has been given, to ensure that there is little liquidity risk. The group makes use of the money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

DIRECTORS' RESPONSIBILITIES STATEMENT
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.

Gillman Electrical Group limited (Registered number: 08180760)

Report of the Directors
For The Year Ended 31st 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.

AUDITORS
The auditors, Wildin (Auditors) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Miss A J Gillman - Director


23rd September 2024

Report of the Independent Auditors to the Members of
Gillman Electrical Group limited

Opinion
We have audited the financial statements of Gillman Electrical Group limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2023 which comprise the Consolidated Income Statement, Consolidated Other 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 Consolidated Cash Flow Statement, 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 31st December 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
Gillman Electrical Group limited


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 Directors' Responsibilities Statement 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.

Report of the Independent Auditors to the Members of
Gillman Electrical Group limited


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:

-enquiry of management, those charged with governance around instances of actual and potential litigation and claims.
-enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations by way of data submission report, and whether they are aware of any instances of non-compliance.
-detecting and responding to the risks of fraud and whether they have knowledge of actual, suspected or alleged fraud,
-reviewed financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations in direct relation to the company.
- performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
-assessment of the nature of the industry and sector, control environment and business performance including the design of the company bonus levels.
-the matters discussed among the audit engagement team, including tax, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential of fraud in the following areas: timing of recognition of income to despatch, posting of unusual journals and complex transactions and manipulation of company profits to meet bonus targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, pension legislation and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty.

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.




Graham Michael Wildin (Senior Statutory Auditor)
for and on behalf of Wildin (Auditors) Limited
Kings Buildings
Lydney
Gloucestershire
GL15 5HE

23rd September 2024

Gillman Electrical Group limited (Registered number: 08180760)

Consolidated
Income Statement
For The Year Ended 31st December 2023

31.12.23 31.12.23 31.12.23
Continuing Discontinued Total
Notes £    £    £   

TURNOVER 13,587,914 - 13,587,914
Cost of sales (8,495,715 ) - (8,495,715 )
GROSS PROFIT 5,092,199 - 5,092,199

Administrative expenses (4,862,582 ) - (4,862,582 )
229,617 - 229,617

Other operating income 462,456 - 462,456


OPERATING PROFIT 4 692,073 - 692,073

Interest payable and similar expenses 6 (5,207 ) - (5,207 )
PROFIT BEFORE TAXATION 686,866 - 686,866
Tax on profit 7 (192,872 ) - (192,872 )
PROFIT FOR THE FINANCIAL YEAR 493,994 - 493,994
Profit attributable to:
Owners of the parent 493,994

Gillman Electrical Group limited (Registered number: 08180760)

Consolidated
Income Statement
For The Year Ended 31st December 2023

31.12.22 31.12.22 31.12.22
Continuing Discontinued Total
Notes £    £    £   

TURNOVER 8,883,426 24,609,011 33,492,437
Cost of sales (5,631,831 ) (20,247,753 ) (25,879,584 )
GROSS PROFIT 3,251,595 4,361,258 7,612,853

Administrative expenses (3,415,154 ) (4,829,347 ) (8,244,501 )
(163,559 ) (468,089 ) (631,648 )

Other operating income 401,167 - 401,167


OPERATING PROFIT/(LOSS) 4 237,608 (468,089 ) (230,481 )

Profit/loss on sale of operatn 5 - (1,783,623 ) (1,783,623 )
Profit/loss on sale of tang fa 5 - 3,533,072 3,533,072
237,608 1,281,360 1,518,968

Interest payable and similar expenses 6 - (68,846 ) (68,846 )
PROFIT BEFORE TAXATION 237,608 1,212,514 1,450,122
Tax on profit 7 (45,146 ) (291,872 ) (337,018 )
PROFIT FOR THE FINANCIAL YEAR 192,462 920,642 1,113,104
Profit attributable to:
Owners of the parent 1,113,104

Gillman Electrical Group limited (Registered number: 08180760)

Consolidated
Other Comprehensive Income
For The Year Ended 31st December 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 493,994 1,113,104


OTHER COMPREHENSIVE INCOME
- (8,999,900 )
Income tax relating to other comprehensive
income

-

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

-

(8,999,900

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

493,994

(7,886,796

)

Total comprehensive income attributable to:
Owners of the parent 493,994 (7,886,796 )

Gillman Electrical Group limited (Registered number: 08180760)

Consolidated Balance Sheet
31st December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 3,619,110 3,632,437
Investments 11 86,649 -
Investment property 12 1,260,890 1,260,890
4,966,649 4,893,327

CURRENT ASSETS
Stocks 13 1,976,158 2,214,090
Debtors 14 5,825,526 5,504,307
Cash at bank 4,414,397 3,917,796
12,216,081 11,636,193
CREDITORS
Amounts falling due within one year 15 1,795,972 1,602,212
NET CURRENT ASSETS 10,420,109 10,033,981
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,386,758

14,927,308

CREDITORS
Amounts falling due after more than one
year

16

(183,528

)

(112,801

)

PROVISIONS FOR LIABILITIES 18 (136,351 ) (95,622 )
NET ASSETS 15,066,879 14,718,885

CAPITAL AND RESERVES
Called up share capital 19 200 200
Retained earnings 20 15,066,679 14,718,685
SHAREHOLDERS' FUNDS 15,066,879 14,718,885

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 23rd September 2024 and were signed on its behalf by:





Miss A J Gillman - Director


Gillman Electrical Group limited (Registered number: 08180760)

Company Balance Sheet
31st December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 - -
Investments 11 200,100 100
Investment property 12 3,648,269 3,648,269
3,848,369 3,648,369

CURRENT ASSETS
Debtors 14 8,497,994 8,432,777
Cash at bank 2,691,616 2,691,616
11,189,610 11,124,393
CREDITORS
Amounts falling due within one year 15 1,040,994 424,183
NET CURRENT ASSETS 10,148,616 10,700,210
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,996,985

14,348,579

CAPITAL AND RESERVES
Called up share capital 19 200 200
Retained earnings 13,996,785 14,348,379
SHAREHOLDERS' FUNDS 13,996,985 14,348,579

Company's (loss)/profit for the financial year (205,594 ) 20,207,163

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 23rd September 2024 and were signed on its behalf by:





A Gillman - Director


Gillman Electrical Group limited (Registered number: 08180760)

Consolidated Statement of Changes in Equity
For The Year Ended 31st December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 300 22,605,481 22,605,781

Changes in equity
Issue of share capital (100 ) - (100 )
Total comprehensive income - (7,886,796 ) (7,886,796 )
Balance at 31st December 2022 200 14,718,685 14,718,885

Changes in equity
Dividends - (146,000 ) (146,000 )
Total comprehensive income - 493,994 493,994
Balance at 31st December 2023 200 15,066,679 15,066,879

Gillman Electrical Group limited (Registered number: 08180760)

Company Statement of Changes in Equity
For The Year Ended 31st December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 300 3,141,116 3,141,416

Changes in equity
Issue of share capital (100 ) - (100 )
Total comprehensive income - 11,207,263 11,207,263
Balance at 31st December 2022 200 14,348,379 14,348,579

Changes in equity
Dividends - (146,000 ) (146,000 )
Total comprehensive income - (205,594 ) (205,594 )
Balance at 31st December 2023 200 13,996,785 13,996,985

Gillman Electrical Group limited (Registered number: 08180760)

Consolidated Cash Flow Statement
For The Year Ended 31st December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,304,586 2,375,826
Interest paid - (65,220 )
Interest element of hire purchase payments
paid

(5,207

)

(3,626

)
Share buy back - (9,000,000 )
Tax paid (311,274 ) (344,508 )
Net cash from operating activities 988,105 (7,037,528 )

Cash flows from investing activities
Transfer of Ownership - (748,026 )
Purchase of tangible fixed assets (399,072 ) (706,044 )
Purchase of fixed asset investments (86,649 ) -
Sale of intangible fixed assets - 175,000
Sale of tangible fixed assets 26,490 10,030,206
Purchase of investment property - (1,362 )
Finance Loans - 112,801
Net cash from investing activities (459,231 ) 8,862,575

Cash flows from financing activities
Capital repayments in year 70,727 (77,230 )
Amount withdrawn by directors 43,000 -
Share issue - (100 )
Equity dividends paid (146,000 ) -
Net cash from financing activities (32,273 ) (77,330 )

Increase in cash and cash equivalents 496,601 1,747,717
Cash and cash equivalents at beginning of
year

2

3,917,796

2,170,079

Cash and cash equivalents at end of year 2 4,414,397 3,917,796

Gillman Electrical Group limited (Registered number: 08180760)

Notes to the Consolidated Cash Flow Statement
For The Year Ended 31st December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 686,866 1,450,122
Depreciation charges 401,587 209,012
Profit on disposal of fixed assets (15,678 ) (3,533,072 )
Finance costs 5,207 68,846
1,077,982 (1,805,092 )
Decrease in stocks 237,932 7,759,517
(Increase)/decrease in trade and other debtors (321,219 ) 5,897,277
Increase/(decrease) in trade and other creditors 309,891 (9,475,876 )
Cash generated from operations 1,304,586 2,375,826

2. 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 31st December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 4,414,397 3,917,796
Year ended 31st December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 3,917,796 2,679,244
Bank overdrafts - (509,165 )
3,917,796 2,170,079


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 3,917,796 496,601 4,414,397
3,917,796 496,601 4,414,397
Debt
Finance leases (112,801 ) (70,727 ) (183,528 )
(112,801 ) (70,727 ) (183,528 )
Total 3,804,995 425,874 4,230,869

Gillman Electrical Group limited (Registered number: 08180760)

Notes to the Consolidated Financial Statements
For The Year Ended 31st December 2023

1. STATUTORY INFORMATION

Gillman Electrical Group limited 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.

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

Basis of consolidation
All subsidiaries are held 100% by the parent Gillman Electrical Group and as such have been included fully within the consolidation excluding all inter company trade, charges, dividends and balances.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
Preparation of the financial statements requires the Directors to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgement had a significant effect on the amounts recognised in the
financial statements:

Depreciation of tangible fixed assets
Tangible fixed assets are depreciated over their useful lives considering residual values were appropriate. The actual lives of the assets may vary depending on many factors. The Directors exercise judgement when completing an annual assessment of the validity of asset residual values.

Warranty Provisions
The Company completes warranty work upon completed installations. At the financial year end, an estimate of the future liability is calculated using historic performance and Directors judgement.

Impairment of financial assets
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, the Directors consider factors including the current credit rating of the debtor, ageing profile of the debtors and historical experience.

Gillman Electrical Group limited (Registered number: 08180760)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

2. ACCOUNTING POLICIES - continued

Revenue
Revenue is recognised to the extent that it is possible that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of good is recognised when all of the following conditions are satisfied:

* the Company has transferred the significant risk and rewards of ownership to the buyer;
* the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the transaction; and
* the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the contract;
* the stage of completion of the contract at the end of the reporting period can be measured reliably; and
* the costs incurred and the cost to complete the contract can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised in the current year.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Gillman Electrical Group limited (Registered number: 08180760)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Assets on Lease - 33% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Tangible fixed assets are measured using the cost model. These assets are stated at historical cost less depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-lie method as follows:

Rental Equipment33% on cost
Fixtures & Fittings33% on cost
Motor vehicles25% on cost
Computer equipment33% on cost

Assets held under finance leases are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership, in which case the depreciation period is the useful life.

The residual values, useful lives and depreciation methods of tangible fixed assets are reviewed annually and revised if necessary. The effect of any revisions is accounted for prospectively. There were no material revisions in the periods covered by these financial statements.

Gains and losses on disposals are determined by comparing the proceed with the carrying amount and are recognised in profit and loss.


No depreciation is provided on freehold buildings used within the business in the directors opinion, the real ( inflation adjustment) estimated residual value is not less than the carrying value in the accounts. On a subsidiary depreciation of 2% on cost has been provided.

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost.

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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and net realisable value, being the estimated selling prices less costs to complete and sell. Cost is based on the cost of last purchase price less any adjustments for obsolete stock. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amounts is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.

Gillman Electrical Group limited (Registered number: 08180760)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The Group enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest.Subsequent measurement is at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between carrying amount and the present value of estimated cash flows discounted at the original effective interest rate. If the financial instrument has a variable interest rate the currently effective rate under the contract is used.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset, and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. At present, the Company has not
offset any items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.


Gillman Electrical Group limited (Registered number: 08180760)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies transactions
Functional and presentation currency
The Company's functional and presentation currency is British Pound Sterling (£)

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

All foreign exchange gains and losses are recognised in the Income statement within administrative expenses.

Pension costs and other post-retirement benefits
Defined contribution pension plan
The Company operates a number of defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity and has no further payment obligations.

The contributions are recognised as an expense in profit or loss in the period as employees provide service. Amounts due but unpaid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Other Financial Assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Impairment of financial assets
Financial assets, other than those held at fair value through profit & loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit & loss.

Gillman Electrical Group limited (Registered number: 08180760)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

2. ACCOUNTING POLICIES - continued

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of contractual arrangements entered into. An entity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at the market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective rate of interest.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment, if due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the profit or loss in finance costs or finance income as appropriate, unless they are included in a hedging arrangement.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is a contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.

Warranty provisions
Retail and commercial customers are offered the option to purchase a warranty over the goods supplied which extends beyond the suppliers' guarantees. Income arising as a result of the sale of these warranties is held on the balance sheet as deferred income until the suppliers' guarantees have been extinguished, and they are credited to turnover over the period of the extended warranty on a straight line basis.

3. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 2,768,867 4,178,796
Social security costs 272,599 212,160
Other pension costs 54,243 36,814
3,095,709 4,427,770

The average number of employees during the year was as follows:
31.12.23 31.12.22

Directors 2 2
Administration & Distribution 81 110
83 112

Gillman Electrical Group limited (Registered number: 08180760)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

3. EMPLOYEES AND DIRECTORS - continued

31.12.23 31.12.22
£    £   
Directors' remuneration 231,087 264,178

Information regarding the highest paid director is as follows:
31.12.23 31.12.22
£    £   
Emoluments etc 119,816 109,858

4. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Depreciation - owned assets 401,587 209,012
Profit on disposal of fixed assets (15,678 ) -
Auditors' remuneration 11,500 20,000
Auditors' remuneration for non audit work 16,252 20,000

5. EXCEPTIONAL ITEMS
31.12.23 31.12.22
£    £   
Profit/loss on sale of operatn - (1,783,623 )
Profit/loss on sale of tang fa - 3,533,072
- 1,749,449

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank Charges - 65,220
Hire purchase 5,207 3,626
5,207 68,846

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 157,336 339,405
Prior Years & Interest 2,083 -
Total current tax 159,419 339,405

Deferred tax 33,453 (2,387 )
Tax on profit 192,872 337,018

Gillman Electrical Group limited (Registered number: 08180760)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is the same as the standard rate of corporation tax in the UK.

31.12.23 31.12.22
£    £   
Profit before tax 686,866 1,450,122
Profit multiplied by the standard rate of corporation tax in the UK of
28.080 % (2022 - 19 %)

192,872

275,523

Effects of:
Capital allowances in excess of depreciation - (103,800 )
Arising upon sale of businesses - 165,295
Total tax charge 192,872 337,018

Tax effects relating to effects of other comprehensive income

31.12.22
Gross Tax Net
£    £    £   
purchase of own shares (8,999,900 ) - (8,999,900 )

8. INDIVIDUAL INCOME STATEMENT

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


9. DIVIDENDS
31.12.23 31.12.22
£    £   
Final 146,000 -

Gillman Electrical Group limited (Registered number: 08180760)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

10. TANGIBLE FIXED ASSETS

Group
Freehold Assets on Plant and
property Lease machinery
£    £    £   
COST
At 1st January 2023 2,387,382 2,022,316 -
Additions - 177,787 -
Disposals - (8,853 ) (15,250 )
At 31st December 2023 2,387,382 2,191,250 (15,250 )
DEPRECIATION
At 1st January 2023 - 1,364,809 -
Charge for year - 164,287 7,608
Eliminated on disposal - (6,947 ) (6,344 )
At 31st December 2023 - 1,522,149 1,264
NET BOOK VALUE
At 31st December 2023 2,387,382 669,101 (16,514 )
At 31st December 2022 2,387,382 657,507 -

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st January 2023 688,808 727,795 422,486 6,248,787
Additions 98,518 121,341 1,426 399,072
Disposals - (54,100 ) - (78,203 )
At 31st December 2023 787,326 795,036 423,912 6,569,656
DEPRECIATION
At 1st January 2023 503,017 413,808 334,716 2,616,350
Charge for year 84,083 104,875 40,734 401,587
Eliminated on disposal - (54,100 ) - (67,391 )
At 31st December 2023 587,100 464,583 375,450 2,950,546
NET BOOK VALUE
At 31st December 2023 200,226 330,453 48,462 3,619,110
At 31st December 2022 185,791 313,987 87,770 3,632,437

Gillman Electrical Group limited (Registered number: 08180760)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

11. FIXED ASSET INVESTMENTS

Group
Shares in Interest
group in Unlisted
undertakings associate investments Totals
£    £    £    £   
COST
At 1st January 2023 - 146,928 172,179 319,107
Additions 86,649 - - 86,649
Disposals - - (172,179 ) (172,179 )
At 31st December 2023 86,649 146,928 - 233,577
PROVISIONS
At 1st January 2023 - 146,928 172,179 319,107

Eliminated on disposal - - (172,179 ) (172,179 )
At 31st December 2023 - 146,928 - 146,928
NET BOOK VALUE
At 31st December 2023 86,649 - - 86,649
At 31st December 2022 - - - -
Company
Shares in
group
undertakings
£   
COST
At 1st January 2023 100
Additions 200,000
At 31st December 2023 200,100
NET BOOK VALUE
At 31st December 2023 200,100
At 31st December 2022 100

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

Subsidiaries

Gillmans Electrical Limited
Registered office: Mercia Road, St Oswalds, Gloucester GL1 2SG
Nature of business: Distributors of Electrical Goods
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 991,654 370,406
Profit for the year 852,662 465,928

Gillman Electrical Group limited (Registered number: 08180760)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

11. FIXED ASSET INVESTMENTS - continued

Danube U K Limited
Registered office: Mercia Road, St Oswald's, Gloucester GL1 2SG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Bira (UK) Limited
Registered office: Mercia Road, St Oswald's, Gloucester GL1 2SG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

1st Call Commercial Laundry Limited
Registered office: Mercia Road, St Oswolds, Gloucester GL1 2SG
Nature of business: Commercial Sales & Servicing
%
Class of shares: holding
"A" Ordinary 100.00
"B" Ordinary 100.00
31.12.23
£   
Aggregate capital and reserves 136,467
Profit for the year 28,989


12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1st January 2023
and 31st December 2023 1,260,890
NET BOOK VALUE
At 31st December 2023 1,260,890
At 31st December 2022 1,260,890

Fair value at 31st December 2023 is represented by:
£   
Valuation in 2018 8,789
Cost 1,252,101
1,260,890

Gillman Electrical Group limited (Registered number: 08180760)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

12. INVESTMENT PROPERTY - continued

Company
Total
£   
FAIR VALUE
At 1st January 2023
and 31st December 2023 3,648,269
NET BOOK VALUE
At 31st December 2023 3,648,269
At 31st December 2022 3,648,269

13. STOCKS

Group
31.12.23 31.12.22
£    £   
Stocks 1,976,158 2,214,090

14. DEBTORS

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,446,056 1,370,494 - -
Amounts owed by group undertakings - - 4,435,290 4,435,290
Other debtors - 1 - -
Tax - - 65,217 -
Prepayments 459,983 214,325 78,000 78,000
1,906,039 1,584,820 4,578,507 4,513,290

Amounts falling due after more than one year:
Other debtors 3,919,487 3,919,487 3,919,487 3,919,487

Aggregate amounts 5,825,526 5,504,307 8,497,994 8,432,777

Gillman Electrical Group limited (Registered number: 08180760)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Trade creditors 1,034,733 861,323 - -
Amounts owed to group undertakings - - 875,944 -
Tax 187,550 339,405 - 339,405
Social security and other taxes 117,475 83,377 8,550 8,395
VAT 300,995 163,713 - -
Directors' current accounts 43,000 - 146,000 -
Accrued expenses 112,219 154,394 10,500 76,383
1,795,972 1,602,212 1,040,994 424,183

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

Group
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 17) 183,528 112,801

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Between one and five years 183,528 112,801

18. PROVISIONS FOR LIABILITIES

Group
31.12.23 31.12.22
£    £   
Deferred tax 136,351 95,622

Group
Deferred
tax
£   
Balance at 1st January 2023 95,622
Charge to Income Statement during year 40,729
Balance at 31st December 2023 136,351

Gillman Electrical Group limited (Registered number: 08180760)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
200 Ordinary £1 200 200

20. RESERVES

Group
Retained
earnings
£   

At 1st January 2023 14,718,685
Profit for the year 493,994
Dividends (146,000 )
At 31st December 2023 15,066,679


21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31.12.23 31.12.22
£    £   
R J Gillman
Balance outstanding at start of year 48,000 -
Amounts advanced 25,000 48,000
Amounts repaid (73,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 48,000

Miss A J Gillman
Balance outstanding at start of year 30,000 -
Amounts advanced - 30,000
Amounts repaid (30,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 30,000

22. RELATED PARTY DISCLOSURES

During the year, total dividends of £146,000 were paid to the directors .

There was £3,919,487 (2022 £3,829,487) owing from Montpellier Domestic Appliances Limited at the year end, a company controlled by the directors of this company.

R and A J Gillman both received a dividend of £73,000 (2022 £NIL)

Gillman Electrical Group limited (Registered number: 08180760)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st December 2023

23. ULTIMATE CONTROLLING PARTY

The directors are considered to be the ultimate controlling parties of the company.