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REGISTERED NUMBER: 00686373 (England and Wales)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 October 2023

for

G.W.MARTIN & CO. LIMITED

G.W.MARTIN & CO. LIMITED (Registered number: 00686373)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Report of the Directors 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


G.W.MARTIN & CO. LIMITED

Company Information
for the Year Ended 31 October 2023







DIRECTORS: G P P Martin FCA
Mrs B A Yalden
S M Yalden





REGISTERED OFFICE: Ashleigh
Lakewood Close
Chandlers Ford
Eastleigh
Hampshire
SO53 1EY





REGISTERED NUMBER: 00686373 (England and Wales)





ACCOUNTANTS: GMandCo Trading Limited
Ashleigh,
3 Lakewood Close
Chandlers Ford
Hampshire
SO53 1EY

G.W.MARTIN & CO. LIMITED (Registered number: 00686373)

Report of the Directors
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the company for the year ended 31 October 2023.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

G P P Martin FCA
Mrs B A Yalden
S M Yalden

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





G P P Martin FCA - Director


29 October 2024

G.W.MARTIN & CO. LIMITED (Registered number: 00686373)

Income Statement
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   

TURNOVER 4,828,958 5,776,280

Cost of sales 2,399,203 3,327,725
GROSS PROFIT 2,429,755 2,448,555

Distribution costs 20,450 24,014
Administrative expenses 2,526,981 2,660,152
2,547,431 2,684,166
OPERATING LOSS 4 (117,676 ) (235,611 )


Interest payable and similar
expenses

126,487

107,192
LOSS BEFORE TAXATION (244,163 ) (342,803 )

Tax on loss 5 47,641 (62,775 )
LOSS FOR THE FINANCIAL YEAR (291,804 ) (280,028 )

G.W.MARTIN & CO. LIMITED (Registered number: 00686373)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 5,926,695 6,556,706
Investments 7 2,457,827 2,755,688
8,384,522 9,312,394

CURRENT ASSETS
Stocks 965,410 914,257
Debtors 8 1,027,281 1,002,628
Cash at bank and in hand 2,601 2,657
1,995,292 1,919,542
CREDITORS
Amounts falling due within one year 9 1,327,956 2,212,637
NET CURRENT ASSETS/(LIABILITIES) 667,336 (293,095 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,051,858

9,019,299

CREDITORS
Amounts falling due after more than
one year

10

(1,525,386

)

(1,194,576

)

PROVISIONS FOR LIABILITIES (673,475 ) (647,922 )
NET ASSETS 6,852,997 7,176,801

G.W.MARTIN & CO. LIMITED (Registered number: 00686373)

Balance Sheet - continued
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 807,275 807,275
Share premium 150 150
Revaluation reserve 11 1,852,489 1,852,489
Capital redemption reserve 2,025 2,025
Retained earnings 4,191,058 4,514,862
SHAREHOLDERS' FUNDS 6,852,997 7,176,801

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:





G P P Martin FCA - Director


G.W.MARTIN & CO. LIMITED (Registered number: 00686373)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

G.W.MARTIN & CO. 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 as modified by the revaluation of certain assets.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Plant and machinery - 10% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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 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.


G.W.MARTIN & CO. LIMITED (Registered number: 00686373)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2022 - 47 ) .

4. OPERATING LOSS

The operating loss is stated after charging:

31.10.23 31.10.22
£    £   
Depreciation - owned assets 294,808 191,693

5. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the loss for the year was as follows:
31.10.23 31.10.22
£    £   
Current tax:
UK corporation tax 22,088 -

Deferred tax 25,553 (62,775 )
Tax on loss 47,641 (62,775 )

UK corporation tax has been charged at 23.52% .

G.W.MARTIN & CO. LIMITED (Registered number: 00686373)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. TAXATION - continued

There is high accounts charge to Corporation Tax on the loss when one would expect a negative charge as we had on last years loss. . This is due partly to the large fixed asset disposal of £360,000 on an asset that was fully written off for tax purposes, coupled with the increase in the deferred taxation reserve from 18% to 25%.

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 November 2022 4,175,000 6,960,619 11,135,619
Additions 120,359 87,079 207,438
Disposals - (625,000 ) (625,000 )
At 31 October 2023 4,295,359 6,422,698 10,718,057
DEPRECIATION
At 1 November 2022 - 4,578,913 4,578,913
Charge for year - 365,227 365,227
Eliminated on disposal - (152,778 ) (152,778 )
At 31 October 2023 - 4,791,362 4,791,362
NET BOOK VALUE
At 31 October 2023 4,295,359 1,631,336 5,926,695
At 31 October 2022 4,175,000 2,381,706 6,556,706

Cost or valuation at 31 October 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2016 2,076,798 - 2,076,798
Cost 2,218,561 6,422,698 8,641,259
4,295,359 6,422,698 10,718,057

G.W.MARTIN & CO. LIMITED (Registered number: 00686373)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

6. TANGIBLE FIXED ASSETS - continued

The freehold site and land occupied by the Company was valued by Patrick Warwick-Smith MRICS of Warwick Martel on 25th November 2016. The valuation was made on a current use basis and took no account of the significant development value of the site. The valuation of the 22,000 square feet factory site, and approximately 2 acres of land that it occupies amounted to £2,000,000. The company owns a further 11 acres of land behind the factory site and the directors have decided to attribute a further £175,000 to this to value the whole site at a conservative £2,175,000. We receive many letters every year looking to purchase the combined land for development

On the 16th March 2015, a new freehold site of two properties were acquired at a cost of £1,699,832. These properties were occupied by our commercial printing subsidiary company and were also valued by Patrick Warwick-Smith MRICS in November 2016. There are two buildings, and they have a floor space of 16,760 square feet with adequate car parking and support land. These buildings were, by coincidence, also valued at £2,000,000 based on current use basis.

On the10th August 2022, the March 2015 properties were valued by Vail Williams in connection with the Alicca Bank loan. This valuation has come in at £2,300,000. These buildings were used by the printing subsidiary that ceased to trade on 31st July 2023. The buildings were placed on the market and were sold on 14th June 2024 for £2,350,000. The Alicca Bank mortgage was repaid in full on sale.

Barclays bank now only hold a fixed charges against the Bishopstoke Road freehold property but not the land. This allows them to grant the overdraft facility. Barclays are therefore well secured with the GW Martin commissioned 25th November 2016 valuation of £2m against a maximum potential borrowing of £275,000 being the overdraft facility. At the date of this report, we are not using this facility and have substantial funds on deposit account after the property sale.

G.W.MARTIN & CO. LIMITED (Registered number: 00686373)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
At 1 November 2022 2,472,103
Transfer to ownership (1,767,914 )
At 31 October 2023 704,189
DEPRECIATION
At 1 November 2022 670,637
Charge for year 70,419
Transfer to ownership (529,799 )
At 31 October 2023 211,257
NET BOOK VALUE
At 31 October 2023 492,932
At 31 October 2022 1,801,466

7. FIXED ASSET INVESTMENTS

31.10.23 31.10.22
£    £   
Shares in group undertakings 536,631 536,631
Loans to group undertakings 1,921,196 2,219,057
2,457,827 2,755,688

Additional information is as follows:
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 536,631
NET BOOK VALUE
At 31 October 2023 536,631
At 31 October 2022 536,631

G.W.MARTIN & CO. LIMITED (Registered number: 00686373)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. FIXED ASSET INVESTMENTS - continued
Loans to
group
undertakings
£   
At 1 November 2022 2,219,057
Repayment in year (297,861 )
At 31 October 2023 1,921,196

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 632,357 702,301
Other debtors 394,924 300,327
1,027,281 1,002,628

We ceased to use CID for the first time in January 2021, however as part of our reorganization of our funding we returned to Lloyds just over a year later on 1st March 2022 but again cease to use CID in August 2024 after the cash injection from the sale of the buildings.. This method of funding, whilst expensive has proved to be very flexible and whilst it looks unlikely at the moment, we do not rule out returning to it again if we need to build work in progress and stocks..

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 285,207 1,019,576
Hire purchase contracts 129,145 407,996
Trade creditors 615,806 386,411
Taxation and social security 190,052 183,063
Other creditors 107,746 215,591
1,327,956 2,212,637

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans 1,109,382 258,952
Hire purchase contracts 141,004 410,624
Other creditors 275,000 525,000
1,525,386 1,194,576

G.W.MARTIN & CO. LIMITED (Registered number: 00686373)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

11. RESERVES
Revaluation
reserve
£   
At 1 November 2022
and 31 October 2023 1,852,489

12. POST BALANCE SHEET EVENTS

As mentioned in last year's report, our printing subsidiary lost its major customer worth over 50% of its annual turnover in April 2023, and that meant the closure of this subsidiary. At the time of this report, all their assets have been realised, and all the creditors, other than the holding company have been paid in full. There are a couple of issues still to resolve but we are now a matter of weeks away from starting the process to have the company struck off Companies house register.

As their holding company we will suffer the loss of the investment of £500,000 in the share capital, and we will write off the remaining part of our loan account, but these will be mitigated by the profit on the sale of the properties. Had the buildings been sold at the agents first estimate, there would have been no net loss to GW Martin.

The year to 31st October 2024, will not be a financial success, due to shortage of work, and the sorting out of the printing subsidiary, together with repairs. There has been a lot of activity that will serve us well in the future. We have used some of the funds raised from the property sales to repair the building which was showing its sixty-year age. At the time of writing, we have invested £250,000 in two new machines and are considering a third. With funds on deposit, we have been able to buy these with out the use of finance. We will finish the year with £500,000 on deposit and a £4m order book. Most of the orders are for delivery in 2025, and when you add the other orders that come in monthly, we can forecast a minimum of £5m in turnover, which with our low overhead base and next to no interest, we forecast we will return to a good profit in 2025.