Registration number:
Gorrel Equipment Solutions Limited
for the Year Ended 29 February 2024
Gorrel Equipment Solutions Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Gorrel Equipment Solutions Limited
Company Information
Directors |
Mr M E R Llewellyn Mrs S C Llewellyn Mr P H Richards |
Registered office |
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Auditors |
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Gorrel Equipment Solutions Limited
(Registration number: 07605939)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Retained earnings |
16,224,329 |
14,692,881 |
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Shareholders' funds |
16,225,329 |
14,693,881 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.
Approved and authorised by the
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Gorrel Equipment Solutions Limited
Statement of Changes in Equity for the Year Ended 29 February 2024
Share capital |
Retained earnings |
Total |
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At 1 March 2023 |
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Profit for the year |
- |
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At 29 February 2024 |
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Share capital |
Retained earnings |
Total |
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At 1 March 2022 |
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Profit for the year |
- |
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At 28 February 2023 |
1,000 |
14,692,881 |
14,693,881 |
Gorrel Equipment Solutions Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Rockingham House
Rockingham South
Smoke Lane
Avonmouth
Bristol
BS11 0YA
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Summary of disclosure exemptions
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.
Going concern
The financial statements have been prepared on a going concern basis.
Gorrel Equipment Solutions Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Vehicles, plant and machinery |
20% on cost less residual value |
Computer equipment |
33.33% on cost |
Furniture and fittings |
10% on cost |
Gorrel Equipment Solutions Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Gorrel Equipment Solutions Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Disclosure under Section 444(5b) of the Companies Act 2006 |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost |
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At 1 March 2023 |
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Additions |
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Disposals |
- |
( |
( |
( |
At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
( |
At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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£14,121,794 of the net book value of plant and equipment assets are leased out under operating leases (2023: £14,618,583).
At the balance sheet date there were no fixed assets held under hire purchase contracts (2023: nil). Depreciation on assets held under hire purchase contracts during the year was nil (2023: £21,420).
Gorrel Equipment Solutions Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
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Amounts owed by related parties |
- |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
2024 |
2023 |
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Due after one year |
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Other non-current financial liabilities |
- |
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Gorrel Equipment Solutions Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is