GASKELL HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Company Registration No. 13589501 (England and Wales)
GASKELL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr J B Cushing
Mr J D Gaskell
Company number
13589501
Registered office
17-21 Foster Street
Bootle
Merseyside
L20 8EX
Auditor
DSG Audit
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
Business address
17-21 Foster Street
Bootle
Merseyside
L20 8EX
GASKELL HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group profit and loss account
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 32
GASKELL HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Fair review of the business

The results for the group show a profit before taxation of £480,763 compared to £1,379,752 in 2023.

 

During the year the group continued to expand with the acquisition of new contracts and continued investment in plant and equipment to improve operational productivity, to increase the range of waste management solutions provided and to expand the geographical area covered.

 

The business remains committed to continuous improvement and it recognises that running new vehicles reduces maintenance, downtime and fuel costs and so has continued to expand its vehicle fleet in the period in line with the company's growth strategy.

 

The group strives to make improvements in service delivery for the collections division investing in vehicle monitoring / routing software which offers greater efficiencies. 

 

The employees are key to the success of the group and they are all lead by an excellent management team.  The company continually invests in its workforce by way of training and professional development.

Principal risks and uncertainties

The group operates within the waste management industry which is subject to strict environmental and health and safety legislation.  The group's management develop systems and policies to ensure compliance with all relevant regulations and to continue to meet these standards which are subject to continuous revision.

 

The group's management recognise the liquidity risk to the company and utilises short and long term cash flow projections to review this. The directors are confident that they have sufficient banking and financing facilities in place to meet the company's working capital requirement and sufficient funds are available for existing operations and future plans.

 

The group strives to make improvements in service delivery for the collections division investing in vehicle monitoring / routing software which offers greater efficiencies. 

 

Our people are key to the success of the group and they are all headed by an excellent management team.  We continually invest in our people by way of training and professional development.

Key performance indicators

The directors consider the key performance indicators to be: -

1. Turnover and gross profit margin

The group’s turnover for the year was £12,849,529 compared to £13,200,500 in the previous year. Sales increased on the back of a really strong performance in the prior year. The group’s gross profit margin saw a decrease in the year to 25.82 % (2023: 26.8%).

2. Profit before tax

The group maintains strong controls over fixed costs and other overheads. The business continues to invest in more economical trucks and plant and machinery to enable it to achieve its profitability targets. Profit before tax decreased to £480,763 compared to £1,379,752 in 2023.

3. Cash and liquidity

The cash balance at the year end was £298,807 (2023: £309,329). The company has sufficient banking and financing facilities in place to meet its working capital requirements for the foreseeable future.

GASKELL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Other performance indicators

4. Shareholder equity

Shareholders’ equity increased to £3,517,385 from £3,420,351. Dividends of £235,000 (2023: £191,000) were paid in the year.

5. Employees

Average headcount for 2024 was 91 (2023: 87). The group continues to invest in its strategies for the training, development and retention of employees.

On behalf of the board

Mr J D Gaskell
Director
26 November 2024
GASKELL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of a holding company.

 

The principal activities of the group are that of the collection and recycling of waste.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £235,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J B Cushing
Mr J D Gaskell
Financial instruments
Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.

Credit risk

Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

DSG resigned as auditor on 11 September 2024. DSG Audit were appointed as auditor to the company on 11 September 2024 and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. true

 

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

GASKELL HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr J D Gaskell
Director
26 November 2024
GASKELL HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

GASKELL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GASKELL HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Gaskell Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

GASKELL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GASKELL HOLDINGS LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

GASKELL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GASKELL HOLDINGS LIMITED
- 8 -
Capability of the audit in detecting irregularities, including fraud

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity:

 

 

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; reviewing post year end payments for evidence of claims pay outs and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Jean Ellis BA FCA CTA (Senior Statutory Auditor)
For and on behalf of DSG Audit, Statutory Auditor
Chartered Accountants
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
26 November 2024
GASKELL HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
12,849,529
13,200,500
Cost of sales
(9,530,944)
(9,660,187)
Gross profit
3,318,585
3,540,313
Administrative expenses
(2,691,622)
(2,075,000)
Operating profit
4
626,963
1,465,313
Interest receivable and similar income
8
-
0
370
Interest payable and similar expenses
9
(146,200)
(85,931)
Profit before taxation
480,763
1,379,752
Tax on profit
10
(148,729)
(147,260)
Profit for the financial year
332,034
1,232,492
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
GASKELL HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
6,154,521
5,702,806
Investments
14
17,443
17,443
6,171,964
5,720,249
Current assets
Stocks
16
30,497
22,243
Debtors
17
3,871,465
4,165,107
Cash at bank and in hand
298,807
309,329
4,200,769
4,496,679
Creditors: amounts falling due within one year
18
(4,161,421)
(4,021,462)
Net current assets
39,348
475,217
Total assets less current liabilities
6,211,312
6,195,466
Creditors: amounts falling due after more than one year
19
(1,572,312)
(1,710,839)
Provisions for liabilities
Provisions
22
311,237
407,324
Deferred tax liability
23
810,378
656,952
(1,121,615)
(1,064,276)
Net assets
3,517,385
3,420,351
Capital and reserves
Called up share capital
25
1,000
1,000
Share premium account
499,750
499,750
Revaluation reserve
410,076
410,076
Profit and loss reserves
2,606,559
2,509,525
Total equity
3,517,385
3,420,351

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
26 November 2024
Mr J D Gaskell
Director
Company registration number 13589501 (England and Wales)
GASKELL HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
1,000
1,000
Capital and reserves
Called up share capital
25
1,000
1,000

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £235,000 (2023 - £191,000 profit).

These 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 26 November 2024 and are signed on its behalf by:
26 November 2024
Mr J D Gaskell
Director
Company registration number 13589501 (England and Wales)
GASKELL HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
1,000
499,750
410,076
1,468,033
2,378,859
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
1,232,492
1,232,492
Dividends
11
-
-
-
(191,000)
(191,000)
Balance at 31 March 2023
1,000
499,750
410,076
2,509,525
3,420,351
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
332,034
332,034
Dividends
11
-
-
-
(235,000)
(235,000)
Balance at 31 March 2024
1,000
499,750
410,076
2,606,559
3,517,385
GASKELL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
1,000
-
0
1,000
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
191,000
191,000
Dividends
11
-
(191,000)
(191,000)
Balance at 31 March 2023
1,000
-
0
1,000
Year ended 31 March 2024:
Profit and total comprehensive income
-
235,000
235,000
Dividends
11
-
(235,000)
(235,000)
Balance at 31 March 2024
1,000
-
0
1,000
GASKELL HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
1,446,896
90,992
Interest paid
(146,200)
(85,931)
Income taxes paid
(155,446)
(256,310)
Net cash inflow/(outflow) from operating activities
1,145,250
(251,249)
Investing activities
Purchase of tangible fixed assets
(1,288,921)
(979,071)
Proceeds from disposal of tangible fixed assets
143,874
800,429
Proceeds from disposal of investments
-
(17,443)
Repayment of loans
7,594
(38,873)
Interest received
-
0
370
Net cash used in investing activities
(1,137,453)
(234,588)
Financing activities
Repayment of borrowings
(186,326)
(157,438)
Repayment of bank loans
(124,934)
(94,384)
Payment of finance leases obligations
527,941
410,470
Dividends paid to equity shareholders
(235,000)
(191,000)
Net cash used in financing activities
(18,319)
(32,352)
Net decrease in cash and cash equivalents
(10,522)
(518,189)
Cash and cash equivalents at beginning of year
309,329
827,518
Cash and cash equivalents at end of year
298,807
309,329
GASKELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

Gaskell Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 17-21 Foster Street, Bootle, Merseyside, L20 8EX.

 

The group consists of Gaskell Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

GASKELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Gaskell Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer or the service has been completed, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, has been amortised evenly over its estimated useful life of 10 years.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

 

The company has taken advantage of FRS102 transition exemptions to value freehold land at its fair value at the transition date and use that fair value as its deemed cost. The directors are of the opinion that the fair value at the transition date was not materially different from its most recent valuation carried out in 2009 of £800,000. This value is therefore the deemed cost.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2% straight line
Improvements to property
16.5% straight line
Plant and equipment
2% to 50% straight line
Computers
33% straight line
Motor vehicles
14.29%, 25% & 33% straight line
GASKELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -

Freehold land is not depreciated.

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GASKELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

GASKELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GASKELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

GASKELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
126,454
236,852
Rendering of services
11,486,251
12,098,151
Labour recharges
1,236,824
865,497
12,849,529
13,200,500
2024
2023
£
£
Other revenue
Interest income
-
370
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
105
-
Fees payable to the group's auditor for the audit of the group's financial statements
2,890
2,500
Depreciation of owned tangible fixed assets
759,878
714,592
Profit on disposal of tangible fixed assets
(66,546)
(710,021)
Operating lease charges
1,154,476
1,552,956
GASKELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production staff
60
55
-
-
Non production staff
31
32
-
-
Total
91
87
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,415,517
3,109,489
-
0
-
0
Social security costs
382,570
364,485
-
-
Pension costs
81,449
74,622
-
0
-
0
3,879,536
3,548,596
-
0
-
0
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,558
1,460
7
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,890
2,500
Audit of the financial statements of the company's subsidiaries
19,000
18,000
21,890
20,500
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
-
0
370
GASKELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
612
Other interest on financial liabilities
50,483
44,024
Interest on finance leases and hire purchase contracts
47,368
-
Other interest
48,349
41,295
Total finance costs
146,200
85,931
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
25,611
Adjustments in respect of prior periods
(4,697)
1,093
Total current tax
(4,697)
26,704
Deferred tax
Origination and reversal of timing differences
153,426
120,556
Total tax charge
148,729
147,260

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
480,763
1,379,752
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
120,191
262,153
Tax effect of expenses that are not deductible in determining taxable profit
4,560
3,032
Permanent capital allowances in excess of depreciation
(108,114)
(104,671)
Under/(over) provided in prior years
(4,697)
1,093
Deferred Tax
153,426
120,556
Profit/ Loss on disposal of fixed assets
(16,637)
(134,903)
Taxation charge
148,729
147,260
GASKELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
235,000
191,000
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
130,981
Amortisation and impairment
At 1 April 2023 and 31 March 2024
130,981
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
13
Tangible fixed assets
Group
Freehold buildings
Improvements to property
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
2,864,378
128,045
6,736,197
464,961
2,746,074
12,939,655
Additions
-
0
-
0
687,435
-
0
601,486
1,288,921
Disposals
-
0
-
0
(167,028)
-
0
(70,209)
(237,237)
At 31 March 2024
2,864,378
128,045
7,256,604
464,961
3,277,351
13,991,339
Depreciation and impairment
At 1 April 2023
735,727
120,821
4,044,800
324,210
2,011,291
7,236,849
Depreciation charged in the year
65,340
-
0
312,199
46,083
336,256
759,878
Eliminated in respect of disposals
-
0
-
0
(89,700)
-
0
(70,209)
(159,909)
At 31 March 2024
801,067
120,821
4,267,299
370,293
2,277,338
7,836,818
Carrying amount
At 31 March 2024
2,063,311
7,224
2,989,305
94,668
1,000,013
6,154,521
At 31 March 2023
2,128,651
7,224
2,691,397
140,751
734,783
5,702,806
GASKELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Tangible fixed assets
(Continued)
- 25 -
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
1,075,486
621,612
-
0
-
0
Motor vehicles
782,304
564,082
-
0
-
0
1,857,790
1,185,694
-
-

Freehold land included above was recognised using a previous valuation as a deemed cost on transition to FRS 102. The assets had a valuation of £800,000. The historic cost equivalent of these assets is £335,356 (2023: £335,356).

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,000
1,000
Other investments
17,443
17,443
-
0
-
0
17,443
17,443
1,000
1,000
Movements in fixed asset investments
Group
Other
£
Cost or valuation
At 1 April 2023 and 31 March 2024
17,443
Carrying amount
At 31 March 2024
17,443
At 31 March 2023
17,443
GASKELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
1,000
Carrying amount
At 31 March 2024
1,000
At 31 March 2023
1,000
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Gaskells (North West) Limited
17-21 Foster Street, Liverpool, Merseyside, L20 8EX
Collection and recycling of waste
Ordinary
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
30,497
22,243
-
-
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,965,503
2,246,704
-
0
-
0
Corporation tax recoverable
2,161
2,161
-
0
-
0
Other debtors
313,451
250,797
-
0
-
0
Prepayments and accrued income
632,587
711,682
-
0
-
0
2,913,702
3,211,344
-
-
Amounts falling due after more than one year:
Other debtors
957,763
953,763
-
0
-
0
Total debtors
3,871,465
4,165,107
-
-
GASKELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17
Debtors
(Continued)
- 27 -

An impairment loss of £78,807 (2023:£57,948) has been recognised against trade debtors.

18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
130,102
117,160
-
0
-
0
Obligations under finance leases
21
969,276
584,233
-
0
-
0
Other borrowings
20
110,000
152,777
-
0
-
0
Trade creditors
1,951,606
1,902,662
-
0
-
0
Corporation tax payable
-
0
160,143
-
0
-
0
Other taxation and social security
413,601
609,691
-
-
Other creditors
430,957
342,722
-
0
-
0
Accruals and deferred income
155,879
152,074
-
0
-
0
4,161,421
4,021,462
-
0
-
0
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
232,760
370,636
-
0
-
0
Obligations under finance leases
21
565,875
422,977
-
0
-
0
Other borrowings
20
773,677
917,226
-
0
-
0
1,572,312
1,710,839
-
-
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
362,862
487,796
-
0
-
0
Other loans
883,677
1,070,003
-
0
-
0
1,246,539
1,557,799
-
-
Payable within one year
240,102
269,937
-
0
-
0
Payable after one year
1,006,437
1,287,862
-
0
-
0

The bank overdraft and bank loans are secured by:

GASKELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
20
Loans and overdrafts
(Continued)
- 28 -

An all Monies Debenture dated 28 February 2005 over the whole assets of the Company.

 

A Legal Charge dated 11 March 2005 over the land to the south of Costain Street, Bootle, Liverpool, L20 8QJ.

 

A Legal Charge dated 11 March 2005 over the land to the north of Foster Street, Bootle, Liverpool, L20 8QJ.

 

A Legal Charge dated 17 June 2016 over 1 and 8 Studholme Street, Bootle, Liverpool, L20 8ET.

 

A Legal Charge dated 5 April 2018 over 2 and 4 Studholme Street, Bootle, Liverpool, L20 8ET.

 

A Fixed & Floating Charge dated 29 August 2013 over the property and undertaking of the Company by Lloyds TSB Commercial Finance Limited.

 

Assignation of Keyman Policy over the life of Jonathan Gaskell, dated 06/08/2004, sum assured £300,000.

 

Other Loan liabilities are secured on the assets to which they relate.

 

Hire Purchase liabilities are secured on the assets to which they relate.

 

21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
969,276
584,233
-
0
-
0
In two to five years
565,875
422,977
-
0
-
0
1,535,151
1,007,210
-
-

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
311,237
407,324
-
-
Movements on provisions:
Group
£
At 1 April 2023 and 31 March 2024
311,237
GASKELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
22
Provisions for liabilities
(Continued)
- 29 -

The provision relates to a fine regarding a Health and Safety matter. The fine is payable in monthly instalments of £15,621. £187,452 will be payable within 12 months of these accounts with the remaining balance to be paid between 2-5 years.

23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
751,441
598,015
Revaluations
58,937
58,937
810,378
656,952
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
656,952
-
Charge to profit or loss
153,426
-
Liability at 31 March 2024
810,378
-
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
81,449
74,622

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

GASKELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
250
250
250
250
Ordinary B shares of £1 each
750
750
750
750
1,000
1,000
1,000
1,000
26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
72,960
93,774
-
-
Between two and five years
25,041
42,131
-
-
98,001
135,905
-
-
27
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
1,558
1,460
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Entities with common control
2,303,988
2,111,341
125,773
251,472
GASKELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
27
Related party transactions
(Continued)
- 31 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Entities with common control
9,802
2,276
Other related parties
555,511
605,559

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Entities with common control
291,208
484,172
Key management personnel
233,369
157,463
28
Directors' transactions

Dividends totalling £235,000 (2023 - £191,000) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr J D Gaskell -
-
157,463
210,906
(218,500)
149,869
157,463
210,906
(218,500)
149,869
29
Controlling party

J D Gaskell is the controlling party by virtue of his majority shareholding, voting rights and day to day control of the company in his position as director.

GASKELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
30
Cash generated from group operations
2024
2023
£
£
Profit after taxation
332,034
1,232,492
Adjustments for:
Taxation charged
148,729
147,260
Finance costs
146,200
85,931
Investment income
-
0
(370)
Gain on disposal of tangible fixed assets
(66,546)
(710,021)
Depreciation and impairment of tangible fixed assets
759,878
714,592
Decrease in provisions
(96,087)
(200,000)
Movements in working capital:
Increase in stocks
(8,254)
-
Decrease/(increase) in debtors
286,048
(1,637,394)
(Decrease)/increase in creditors
(55,106)
458,502
Cash generated from operations
1,446,896
90,992
31
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
309,329
(10,522)
298,807
Borrowings excluding overdrafts
(1,557,799)
311,260
(1,246,539)
Obligations under finance leases
(1,007,210)
(527,941)
(1,535,151)
(2,255,680)
(227,203)
(2,482,883)
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