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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Kings Buildings |
Lydney |
Gloucestershire |
GL15 5HE |
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 |
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 |
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 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year | (205,594 | ) | 20,207,163 |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Issue of share capital | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31st December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31st December 2023 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Assets on Lease | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 Equipment | 33% on cost |
Fixtures & Fittings | 33% on cost |
Motor vehicles | 25% on cost |
Computer equipment | 33% 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 |
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 |
Additions |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
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 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
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 | - | - |
Other debtors | - | 1 |
Tax | - | - |
Prepayments | 459,983 | 214,325 |
1,906,039 | 1,584,820 |
Amounts falling due after more than one | year: |
Other debtors | 3,919,487 | 3,919,487 |
Aggregate amounts | 5,825,526 | 5,504,307 |
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 | - | - |
Tax | 187,550 | 339,405 |
Social security and other taxes | 117,475 | 83,377 |
VAT | 300,995 | 163,713 | - | - |
Directors' current accounts | 43,000 | - | 146,000 | - |
Accrued expenses | 112,219 | 154,394 |
1,795,972 | 1,602,212 |
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: | £ | £ |
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. |