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REGISTERED NUMBER: 04552128 (England and Wales)






















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

P W GATES DISTRIBUTION LIMITED

P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


P W GATES DISTRIBUTION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: P W Gates
Mrs M J Gates
C Lynch





REGISTERED OFFICE: 3 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW





REGISTERED NUMBER: 04552128 (England and Wales)





AUDITORS: GKP (Ampthill) Limited
Statutory Auditor
3 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW

P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report for the year ended 31 March 2024.

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

REVIEW OF BUSINESS
The activities of the company consist of the following elements:
General Haulage of Palletised Goods, Storage and Fulfilment, Pallet Track Membership and Operation of the Southern Regional Hub and Maintenance and Repair of Light and Heavy Commercial Vehicles.

The company has continued to invest into new, low polluting, more fuel efficient vehicles, and the company invested into new larger and more efficient warehouse space at both the Bedford and Welwyn locations. The investment into new space and fleet has impacted the results for the year and it is expected that the benefits of this will continue. This continuous investment ensures the commitment to remain at the forefront of the logistics industry.

PRINCIPAL RISKS AND UNCERTAINTIES
The board of directors and management continually monitor the key risks facing the company together with assessing the controls used for managing these risks.

The principle risks and uncertainties facing the company are as follows:

Economic conditions
Government policy changes

KEY PERFORMANCE INDICATORS
The directors consider the key financial performance indicators to be those that communicate the financial performance and strength of the company as follows:

2024 2023
Turnover £21,360,013 £20,382,920
Gross Profit £8,435,082 £7,896,902
Gross Profit % 39.49% 38.74%
Adjusted EBITDA £2,676,098 £2,462,483

The financial position of the company remains strong and the company is well placed to take advantage of business opportunities as they arise. The directors look forward to the future with confidence.

ON BEHALF OF THE BOARD:





P W Gates - Director


17 October 2024

P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of haulage and distribution.

DIVIDENDS
Interim dividends per share were paid during the year as follows:
Ordinary A £1 - £124.00 - 6 April 2023
Ordinary B £1 - £124.00 - 6 April 2023
Ordinary C £1 - £236.67 - 6 April 2023
Ordinary E £1 - £250.00 - 6 April 2023
Ordinary Y £1 - £160.00 - 6 April 2023
Ordinary Z £1 - £248.00 - 6 April 2023

The total distribution of dividends for the year ended 31 March 2024 will be £ 347,000 .

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

P W Gates
Mrs M J Gates
C Lynch


P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

FINANCIAL INSTRUMENTS
The company holds or issues financial instruments in order to achieve three main objectives, being:

a) to finance its operations;
b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance;
c) for trading purposes

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations.

Transactions in financial instruments result in the company assuming or transferring to another party one or more of the financial risks described below.

Interest rate risk
The company's financial instruments exposure to interest rate risk is very small due to the fact that most of the instruments are on a fixed term repayment basis.

Credit Risk
The company monitors credit risk closely and considers that its current policies of credit checks meets its objectives of managing exposure to credit risk.

The company has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event of other parties failing to perform their obligations under financial instruments.

Liquidity risk
The company's policy in terms of its liquidity risk is to have good banking relations with its bankers and to move stock items quickly.

Currency risk
The company's exposure to currency risk is minimal in comparison to its turnover.

Fair values of financial assets and liabilities
The financial values of the company's assets and liabilities as contained in the balance sheet fairly represents the open market value.

Hedging activities
The company does not have a general hedging policy.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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.


P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





P W Gates - Director


17 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
P W GATES DISTRIBUTION LIMITED


Opinion
We have audited the financial statements of P W Gates Distribution Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 March 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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 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 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 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 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
P W GATES DISTRIBUTION LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 Statement of Directors' Responsibilities set out on pages four and five, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- A part of the audit planning process was to look at each area of the financial statements and ascertain
the level of risk for each applicable audit assertion. Where an increased risk was identified, specific
audit work was designed to ensure those risks were at the forefront of the audit work carried out.
- During the audit planning process, important laws and regulations applying to the company were
identified by making enquiries of management in addition to our own checks of the laws and
regulations applying to a business of this nature.
- The audit process has documented the systems and internal controls adopted by the company and
considered their adequacy. Our audit work included testing journal entries due to an inherent risk of
management override of controls.
- An audit team planning meeting was held which communicated areas of identified risks and
considered possible opportunities for fraud within the company.
- The engagement partner assessed the experience and abilities of the engagement team to ensure
they were collectively competent to identify irregularities.
- All risks identified at the planning stage and the related audit work were reviewed and results
considered to confirm that no irregularities had been identified.
- Our audit has included a review of the disclosures in the financial statements and comparison of those
disclosures with the results of our audit work to identify any disparities.
- Analytical review of the financial statements has been undertaken at both the planning and completion
stages of the audit to identify risks of irregularities and the results of the audit work carried out on those
areas of risks.
- The judgements made in making accounting estimates have been assessed as to whether they
indicate potential bias.
- Enquiries have been made of management regarding known instances of fraud, litigation or claims in
progress.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
P W GATES DISTRIBUTION LIMITED


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.




Tara Aldwin ACA (Senior Statutory Auditor)
for and on behalf of GKP (Ampthill) Limited
Statutory Auditor
3 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW

17 October 2024

P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 21,360,013 20,382,920

Cost of sales 12,924,931 12,486,018
GROSS PROFIT 8,435,082 7,896,902

Administrative expenses 7,068,829 6,456,845
OPERATING PROFIT 5 1,366,253 1,440,057

Income from fixed asset investments 10,510 8,731
Interest receivable and similar income 2,512 1,290
13,022 10,021
1,379,275 1,450,078

Interest payable and similar expenses 6 371,432 321,482
PROFIT BEFORE TAXATION 1,007,843 1,128,596

Tax on profit 7 267,620 236,676
PROFIT FOR THE FINANCIAL YEAR 740,223 891,920

P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 740,223 891,920


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

740,223

891,920

P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 5,095,758 5,028,890
Investments 11 6,250 6,250
5,102,008 5,035,140

CURRENT ASSETS
Stocks 12 92,450 95,729
Debtors 13 4,395,705 4,291,643
Cash at bank and in hand 565 5,109
4,488,720 4,392,481
CREDITORS
Amounts falling due within one year 14 4,930,220 4,946,215
NET CURRENT LIABILITIES (441,500 ) (553,734 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,660,508

4,481,406

CREDITORS
Amounts falling due after more than one
year

15

(2,326,655

)

(2,808,396

)

PROVISIONS FOR LIABILITIES 19 (980,588 ) (712,968 )
NET ASSETS 1,353,265 960,042

CAPITAL AND RESERVES
Called up share capital 20 2,000 2,000
Capital redemption reserve 21 500 500
Retained earnings 21 1,350,765 957,542
SHAREHOLDERS' FUNDS 1,353,265 960,042

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2024 and were signed on its behalf by:





P W Gates - Director


P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 2,000 416,622 500 419,122

Changes in equity
Dividends - (351,000 ) - (351,000 )
Total comprehensive income - 891,920 - 891,920
Balance at 31 March 2023 2,000 957,542 500 960,042

Changes in equity
Dividends - (347,000 ) - (347,000 )
Total comprehensive income - 740,223 - 740,223
Balance at 31 March 2024 2,000 1,350,765 500 1,353,265

P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,797,504 2,172,036
Interest paid (6,464 ) (62,507 )
Interest element of hire purchase
payments paid

(364,968

)

(258,975

)
Tax paid (245 ) (2,591 )
Taxation refund 98,991 -
Net cash from operating activities 2,524,818 1,847,963

Cash flows from investing activities
Purchase of tangible fixed assets (558,132 ) (220,593 )
Sale of tangible fixed assets 83,629 246,240
Interest received 2,512 1,290
Dividends received 10,510 8,731
Net cash from investing activities (461,481 ) 35,668

Cash flows from financing activities
Capital repayments in year (1,362,240 ) (1,316,629 )
Amount introduced by directors - 97,188
Amount withdrawn by directors (372,273 ) (990 )
Equity dividends paid (347,000 ) (351,000 )
Net cash from financing activities (2,081,513 ) (1,571,431 )

(Decrease)/increase in cash and cash equivalents (18,176 ) 312,200
Cash and cash equivalents at
beginning of year

2

5,109

(307,091

)

Cash and cash equivalents at end of
year

2

(13,067

)

5,109

P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 1,007,843 1,128,596
Depreciation charges 1,303,336 1,069,760
Profit on disposal of fixed assets (12,555 ) (69,370 )
Finance costs 371,432 321,482
Finance income (13,022 ) (10,021 )
2,657,034 2,440,447
Decrease/(increase) in stocks 3,279 (9,273 )
Increase in trade and other debtors (113,871 ) (281,334 )
Increase in trade and other creditors 251,062 22,196
Cash generated from operations 2,797,504 2,172,036

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 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 565 5,109
Bank overdrafts (13,632 ) -
(13,067 ) 5,109
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 5,109 282
Bank overdrafts - (307,373 )
5,109 (307,091 )


P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.4.23 Cash flow changes At 31.3.24
£    £    £    £   
Net cash
Cash at bank
and in hand 5,109 (4,544 ) 565
Bank overdrafts - (13,632 ) (13,632 )
5,109 (18,176 ) (13,067 )
Debt
Finance leases (2,567,609 ) 1,362,240 (883,145 ) (2,088,514 )
Debts falling due
within 1 year (1,246,768 ) - (412,707 ) (1,659,475 )
(3,814,377 ) 1,362,240 (1,295,852 ) (3,747,989 )
Total (3,809,268 ) 1,344,064 (1,295,852 ) (3,761,056 )

P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

P W Gates Distribution 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" 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 consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the transportation of goods is recognised when the goods are physically delivered to the customer.

Revenue from the on-site storage of customer pallets is recognised on a time basis.

Revenue from the vehicle repairs is recognised once the work on the vehicle is completed.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2003 and 2009, is being amortised evenly over its estimated useful life of 6 years since 1 April 2015.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - over the term of the lease
Fixtures and fittings - 25% on reducing balance and 10% on cost
Motor vehicles - 30% on reducing balance, 25% on reducing balance, 25% on cost, 20% on reducing balance, 20% on cost, 12.5% on reducing balance and 7.5% on cost
Computer equipment - 33% on cost, 33% on reducing balance and 10% on cost

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

P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, which include debtors 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, 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 a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Rent free period incentives are recognised and accrued over the total lease term.

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.

P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Grant income
Grant income is recognised on the accruals model. Where there are no future performance related conditions, income is recognised when the grants are received.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

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

2024 2023
£    £   
Transport 16,130,528 15,491,639
Warehouse 4,667,454 4,457,308
Workshop 562,031 433,973
21,360,013 20,382,920

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 21,360,013 20,382,920
21,360,013 20,382,920

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 6,460,880 6,055,027
Social security costs 650,074 641,180
Other pension costs 140,856 133,745
7,251,810 6,829,952

The average number of employees during the year was as follows:
2024 2023

Driving and distribution 63 59
Administration 47 43
Workshop operatives 5 5
Warehouse operatives 74 68
189 175

2024 2023
£    £   
Directors' remuneration 49,575 49,575
Directors' pension contributions to money purchase schemes 376 839

P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. EMPLOYEES AND DIRECTORS - continued

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

Money purchase schemes 3 3

5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 13,980 8,196
Depreciation - owned assets 532,426 349,949
Depreciation - assets on hire purchase contracts 770,909 719,811
Profit on disposal of fixed assets (12,555 ) (69,370 )
Auditors' remuneration 10,000 10,000
Operating leases 2,701,818 2,975,954

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 6,464 24,516
Interest payable on directors loan account - 37,991
Hire purchase interest 204,782 148,394
Factoring interest and charges 160,186 110,581
371,432 321,482

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 245

Deferred tax 267,620 236,431
Tax on profit 267,620 236,676

P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,007,843 1,128,596
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

251,961

214,433

Effects of:
Expenses not deductible for tax purposes 2,159 283
Income not taxable for tax purposes (2,628 ) (1,659 )
Capital allowances in excess of depreciation - (109,611 )
Depreciation in excess of capital allowances 53,615 -
Trading loss (305,107 ) (103,201 )
Deferred tax 267,620 236,431


Total tax charge 267,620 236,676

8. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim 62,000 57,500
Ordinary B shares of £1 each
Interim 62,000 57,500
Ordinary C shares of £1 each
Interim 71,000 71,000
Ordinary E shares of £1 each
Interim 50,000 50,000
Ordinary Y shares of £1 each
Interim 40,000 57,500
Ordinary Z shares of £1 each
Interim 62,000 57,500
347,000 351,000

P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 373,710
AMORTISATION
At 1 April 2023
and 31 March 2024 373,710
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

10. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 1,026,726 1,498,515 4,841,121 523,137 7,889,499
Additions 157,401 9,870 1,065,903 208,103 1,441,277
Disposals - (67,549 ) (245,277 ) (61,036 ) (373,862 )
At 31 March 2024 1,184,127 1,440,836 5,661,747 670,204 8,956,914
DEPRECIATION
At 1 April 2023 387,840 311,946 1,813,120 347,703 2,860,609
Charge for year 112,267 111,641 962,383 117,044 1,303,335
Eliminated on disposal - (58,312 ) (186,399 ) (58,077 ) (302,788 )
At 31 March 2024 500,107 365,275 2,589,104 406,670 3,861,156
NET BOOK VALUE
At 31 March 2024 684,020 1,075,561 3,072,643 263,534 5,095,758
At 31 March 2023 638,886 1,186,569 3,028,001 175,434 5,028,890

P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 219,219 958,400 3,743,639 52,485 4,973,743
Additions - - 981,272 - 981,272
Transfer to ownership - (340,000 ) (567,852 ) (52,485 ) (960,337 )
At 31 March 2024 219,219 618,400 4,157,059 - 4,994,678
DEPRECIATION
At 1 April 2023 22,866 110,026 1,216,451 30,680 1,380,023
Charge for year 15,255 43,288 712,366 - 770,909
Transfer to ownership - (47,600 ) (322,164 ) (30,680 ) (400,444 )
At 31 March 2024 38,121 105,714 1,606,653 - 1,750,488
NET BOOK VALUE
At 31 March 2024 181,098 512,686 2,550,406 - 3,244,190
At 31 March 2023 196,353 848,374 2,527,188 21,805 3,593,720

11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 April 2023
and 31 March 2024 6,250
NET BOOK VALUE
At 31 March 2024 6,250
At 31 March 2023 6,250

12. STOCKS
2024 2023
£    £   
Stocks 92,450 95,729

P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,901,683 2,737,525
Other debtors 839,420 867,777
Directors' current accounts 89,182 -
Tax - 98,991
Accrued income 8,300 91,353
Prepayments 557,120 495,997
4,395,705 4,291,643

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 13,632 -
Hire purchase contracts (see note 17) 1,080,911 1,200,082
Trade creditors 865,658 857,660
Tax - 245
Social security and other taxes 147,805 155,991
VAT 550,991 536,045
Factoring account 1,659,475 1,246,768
Directors' current accounts 223,496 506,587
Accrued expenses 388,252 442,837
4,930,220 4,946,215

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 17) 1,007,603 1,367,527
Accruals 1,319,052 1,440,869
2,326,655 2,808,396

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 13,632 -

P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 1,080,911 1,200,082
Between one and five years 1,007,603 1,367,527
2,088,514 2,567,609

Non-cancellable operating leases
2024 2023
£    £   
Within one year 1,959,048 2,512,889
Between one and five years 6,486,692 6,676,406
In more than five years 11,102,925 12,737,788
19,548,665 21,927,083

18. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 13,632 -
Factoring account 1,659,475 1,246,768
Hire purchase & finance leases 2,088,515 2,567,609
3,761,622 3,814,377

The factoring account and overdraft are secured by a debenture giving a fixed and floating charge over the undertaking and all property and assets present and future, including Goodwill, Book debts, Uncalled capital, Fixtures, Fixed plant and machinery.

Hire purchase and finance lease liabilities are secured on the assets acquired.

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 980,588 712,968

P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


19. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 712,968
Provided during year 267,620
Balance at 31 March 2024 980,588

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500 Ordinary A £1 500 500
500 Ordinary B £1 500 500
300 Ordinary C £1 300 300
200 Ordinary E £1 200 200
250 Ordinary Y £1 250 250
250 Ordinary Z £1 250 250
2,000 2,000

Voting rights for Ordinary A, B, C and E shares
The A, B, C, and E ordinary shares have the rights to receive notice of and to be present and or speak at and to vote either in person or by proxy and the holders of A ordinary shares, B ordinary, C ordinary shares and E ordinary shares shall have the right for one vote of each A, B, C, and E ordinary shares held as appropriate at all general meetings of the company or by way of written resolution.

Voting rights for Ordinary Y and Z shares
The Y and Z ordinary shares have no rights to receive notice of, to be present and or speak at and to vote either in person or by proxy at any general meeting of the Company or by way of written resolution.

21. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 957,542 500 958,042
Profit for the year 740,223 740,223
Dividends (347,000 ) (347,000 )
At 31 March 2024 1,350,765 500 1,351,265

P W GATES DISTRIBUTION LIMITED (REGISTERED NUMBER: 04552128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
C Lynch
Balance outstanding at start of year - 7,972
Amounts advanced 89,182 -
Amounts repaid - (7,972 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 89,182 -

Where directors loan balances are overdrawn interest is charged at 2.5% until loan repaid.

23. RELATED PARTY DISCLOSURES

During the year the company paid £Nil (2023 £26,287) for services provided by P-Bros Limited, a company jointly controlled by a close family member of Mr & Mrs Gates.