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COMPANY REGISTRATION NUMBER: 03948973
G.F. Gordon (Plant Hire) Ltd
Filleted Unaudited Financial Statements
31 January 2024
G.F. Gordon (Plant Hire) Ltd
Financial Statements
Year ended 31 January 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
G.F. Gordon (Plant Hire) Ltd
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
5,096,360
3,632,725
Current assets
Stocks
10,500
27,272
Debtors
6
3,461,144
3,244,897
Cash at bank and in hand
8,047
4,808
------------
------------
3,479,691
3,276,977
Creditors: amounts falling due within one year
7
2,752,004
2,575,696
------------
------------
Net current assets
727,687
701,281
------------
------------
Total assets less current liabilities
5,824,047
4,334,006
Creditors: amounts falling due after more than one year
8
2,318,665
1,215,036
Provisions
523,710
413,600
------------
------------
Net assets
2,981,672
2,705,370
------------
------------
Capital and reserves
Called up share capital
9
100
100
Revaluation reserve
662,126
689,126
Profit and loss account
2,319,446
2,016,144
------------
------------
Shareholders funds
2,981,672
2,705,370
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
G.F. Gordon (Plant Hire) Ltd
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
Mr A J S Gordon
Director
Company registration number: 03948973
G.F. Gordon (Plant Hire) Ltd
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 19 Juliet Way, Purfleet, South Ockendon, RM15 4YD, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
33% straight line
Motor vehicles
-
Over the expected period of ownership of each vehicle with residual value
Equipment
-
33 % straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost or valuation
At 1 Feb 2023
1,800,000
48,948
29,024
2,727,512
5,542
4,611,026
Additions
2,651,989
5,587
2,657,576
Disposals
( 1,598,747)
( 1,598,747)
------------
--------
--------
------------
--------
------------
At 31 Jan 2024
1,800,000
48,948
29,024
3,780,754
11,129
5,669,855
------------
--------
--------
------------
--------
------------
Depreciation
At 1 Feb 2023
72,000
9,788
23,957
868,066
4,490
978,301
Charge for the year
36,000
9,790
3,605
528,437
1,670
579,502
Disposals
( 984,308)
( 984,308)
------------
--------
--------
------------
--------
------------
At 31 Jan 2024
108,000
19,578
27,562
412,195
6,160
573,495
------------
--------
--------
------------
--------
------------
Carrying amount
At 31 Jan 2024
1,692,000
29,370
1,462
3,368,559
4,969
5,096,360
------------
--------
--------
------------
--------
------------
At 31 Jan 2023
1,728,000
39,160
5,067
1,859,446
1,052
3,632,725
------------
--------
--------
------------
--------
------------
Tangible assets held at valuation
Freehold Property was adjusted to fair value by the directors at the 2021 year end. The valuation was based on an independent valuation from a RICS Chartered Surveyor. The historical cost of the freehold property is £667,175.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 January 2024
3,362,832
------------
At 31 January 2023
2,153,490
------------
6. Debtors
2024
2023
£
£
Trade debtors
1,857,892
1,719,012
Amounts owed by group undertakings
1,315,775
1,212,816
Amounts owed by related undertakings
171,074
146,574
Other debtors
116,403
166,495
------------
------------
3,461,144
3,244,897
------------
------------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Amounts owed by related undertakings
171,074
146,574
---------
---------
The Directors have agreed to support G.F. Gordon (Homes) Ltd and G.F. Gordon (Waste Management) Ltd by deferring repayment of the amounts due for at least 12 months. Included within loans due after more than one year is an amount of £171,074 (2023: £146,574) owed by a related company.
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
78,411
84,136
Trade creditors
777,942
1,209,863
Accruals and deferred income
31,039
Obligations under finance leases and hire purchase contracts
584,139
390,674
Other creditors
1,311,512
859,984
------------
------------
2,752,004
2,575,696
------------
------------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
395,396
467,039
Obligations under finance leases and hire purchase contracts
1,923,269
747,997
------------
------------
2,318,665
1,215,036
------------
------------
Barclays Bank Plc holds a debenture over the assets of the company as part of the loan agreement. Barclays holds a cross guarantee and debenture between G.F. Gordon (Waste Management) Limited, Gordon Group Limited, G.F. Gordon (Plant Hire) Limited and Burnt Orange Construction Limited. At the year end, the company owed Barclays Bank PLC £1,769,862 (2023: £1,377,239) by way of loans and factoring advances. This is secured on the assets of the company. None of this balance is due more than 5 years.
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Other related parties
490,284
948,411
235,810
527,433
---------
---------
---------
---------
The company is a wholly owned subsidiary of Gordon Group Ltd Limited and has taken advantage of the exemption granted under FRS 102 section 33.1A not to disclose transactions with Gordon Group Ltd or other wholly owned subsidiaries within the group.
11. Controlling party
The ultimate parent undertaking is Gordon Group Ltd, a company incorporated in England and Wales. Gordon Group Ltd owns 100% of the issued share capital in the company.