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REGISTERED NUMBER: 01507063 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

GIRO ENGINEERING LIMITED

GIRO ENGINEERING LIMITED (REGISTERED NUMBER: 01507063)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


GIRO ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M E Congdon
M A Gromer
J S Stent
J P Tarleton



REGISTERED OFFICE: Talisman Business Centre
Duncan Road
Park Gate
Southampton
Hampshire
SO31 7GA



REGISTERED NUMBER: 01507063 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr Trevor Cook FCA



AUDITORS: Baines Jewitt Limited
Statutory Auditors
Spitfire House
19 Falcon Court
Preston Farm Industrial Estate
Stockton-on-Tees
TS18 3TU

GIRO ENGINEERING LIMITED (REGISTERED NUMBER: 01507063)

ABRIDGED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 289,767 346,779
Investments 5 - -
289,767 346,779

CURRENT ASSETS
Stocks 497,813 439,185
Debtors 6 2,761,819 2,673,194
Cash at bank 1,116,339 829,308
4,375,971 3,941,687
CREDITORS
Amounts falling due within one year 273,444 415,092
NET CURRENT ASSETS 4,102,527 3,526,595
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,392,294

3,873,374

CREDITORS
Amounts falling due after more than one
year

(72,393

)

(122,593

)

PROVISIONS FOR LIABILITIES (69,963 ) (84,804 )
NET ASSETS 4,249,938 3,665,977

CAPITAL AND RESERVES
Called up share capital 1,735 1,735
Share premium 83,772 83,772
Capital redemption reserve 1,280 1,280
Retained earnings 4,163,151 3,579,190
4,249,938 3,665,977

GIRO ENGINEERING LIMITED (REGISTERED NUMBER: 01507063)

ABRIDGED BALANCE SHEET - continued
31 DECEMBER 2023


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

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:




J S Stent - Director J P Tarleton - Director




M A Gromer - Director


GIRO ENGINEERING LIMITED (REGISTERED NUMBER: 01507063)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Giro Engineering 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost, 25% on reducing balance and 15% on reducing balance

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

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

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

GIRO ENGINEERING LIMITED (REGISTERED NUMBER: 01507063)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 32 ) .

4. TANGIBLE FIXED ASSETS
Totals
£
COST
At 1 January 2023 1,422,289
Disposals (32,565 )
At 31 December 2023 1,389,724
DEPRECIATION
At 1 January 2023 1,075,510
Charge for year 53,230
Eliminated on disposal (28,783 )
At 31 December 2023 1,099,957
NET BOOK VALUE
At 31 December 2023 289,767
At 31 December 2022 346,779

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£
COST
At 1 January 2023
and 31 December 2023 50,000
PROVISIONS
At 1 January 2023
and 31 December 2023 50,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

GIRO ENGINEERING LIMITED (REGISTERED NUMBER: 01507063)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Amounts owed by group undertakings 2,130,582 2,130,582

7. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
2023 2022
£ £
Net obligations repayable:
Within one year 41,391 41,391
Between one and five years 55,188 96,579
96,579 137,970

Operating lease commitments at the year end amounted to £127,500 (2022: £212,500).

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Hire purchase contracts 96,579 137,970

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Trevor Cook FCA (Senior Statutory Auditor)
for and on behalf of Baines Jewitt Limited

10. CAPITAL COMMITMENTS
2023 2022
£ £
Contracted but not provided for in the
financial statements 28,875 -

11. ULTIMATE PARENT COMPANY

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.

The company's ultimate parent company which draws up consolidated financial statements is Heinzmann Holding GmbH. This company is incorporated in Germany and the registered office is Am Haselbach, 79677 Schönau, Germany.