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REGISTERED NUMBER: 10164478 (England and Wales)















MINI GEARS GROUP HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


MINI GEARS GROUP HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: A P Darwent
P S Durkin
N Walker
D Jobe
P R Darwent





SECRETARY: T Horsley





REGISTERED OFFICE: Top Gear House
Bletchley Road
Heaton Mersey Ind Estate
Stockport
Cheshire
SK4 3ED





REGISTERED NUMBER: 10164478 (England and Wales)





AUDITORS: Clarke Nicklin LLP
Chartered Accountants and
Statutory Auditors
Clarke Nicklin House
Brooks Drive
Cheadle Royal Business Park
Cheadle
Cheshire
SK8 3TD

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their strategic report of the company and the group for the year ended 30 April 2024.

Mini Gears is a specialised UK subcontracting group that manufactures a wide range of precision machined components and gear transmission products.

REVIEW OF BUSINESS
As forecast, the 2023/2024 trading period saw turnover reach £10.2 million. We have seen customer demand increase with a steady order intake over the year. Our Aerospace customer demand has increased more than expected in the last quarter. We are seeing the Aerospace sectors increase by a further 100% on forecasts.

We have exhibited in two major events, domestic and international, which has resulted in 15 new customers. The team are working with these customers to increase their accounts.

We have also continued with our investment program. In the year Mini Gears invested over £1.1 million in innovative technology. Over the next 12 months we intend to invest a further £1 million.

We are also investing in apprenticeships throughout the business, we have five at present with an additional two adults training to increase the skill set.

For 2024/2025, we see sales growing with our new customers and expect to finish the year with a turnover of £11.7 million. The company remains in an extraordinarily strong position and continues to look at investment in machinery and people to remain a major supplier in our business sector.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and sectors served are subject to a number of risks but the directors are confident that the current quality management system that the company adopts is adequate to identify and manage any arising issues.

FINANCIAL RISK MANAGEMENT
The group is exposed to a number of financial risks including the effect of interest rate changes, exchange rate movements and credit risk.

The group is exposed to currency exchange movement, particularly in its international sourcing division and, to a lesser degree, on multiple currency sales. This is managed by the way of derivative instruments.

The group's credit risk is primarily attributable to its trade debtors, credit risk is managed by way of credit insurance on all debtors and a regular review of credit limits.

LIQUIDITY RISK
The group regularly forecast cash flow to ensure that sufficient funds are available for operational requirements. This is supplemented with appropriate banking facilities.


MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

FINANCIAL KEY PERFORMANCE INDICATORS
2024 2023
£    £   

Revenue 10,179 9,396
Gross Profit 2,875 2,690
Administrative expenses 2,524 2,344
Profit before tax 293 291
Stock 1,292 1,269

Gross profit margin 28.2% 28.1%

DEVELOPMENT AND PERFORMANCE
For 2024/2025, we see sales growing with our new customers and expect to finish the year with a turnover of £11.7 million. The company remains in an extraordinarily strong position and continues to look at investment in machinery and people to remain a major supplier in our business sector.

ON BEHALF OF THE BOARD:





P S Durkin - Director


7 January 2025

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the subcontract manufacture of machined parts and gear transmission products including gear racks.

DIVIDENDS
The directors recommend that no final dividend be paid.

The total distribution of dividends for the period ended 30 April 2024 was £211,710 (2023: £186,007).

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

A P Darwent
P S Durkin
N Walker
D Jobe
P R Darwent

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


AUDITORS
The auditors, Clarke Nicklin LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P S Durkin - Director


7 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MINI GEARS GROUP HOLDINGS LIMITED


Opinion
We have audited the financial statements of Mini Gears Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MINI GEARS GROUP HOLDINGS LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MINI GEARS GROUP HOLDINGS LIMITED


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

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

Procedures to identify risks:
- enquiring of management concerning the group's procedures relating to: identifying, evaluating and
complying with laws and regulations and whether they were aware of any instances of noncompliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected
or alleged fraud;
- discussing among the engagement team regarding how and where fraud might occur in the financial
statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud
in the following areas: timing of recognition of sales and purchases and their related stock movements,
posting of unusual journals; and
- obtaining an understanding of the legal and regulatory frameworks that the group operates in, focusing on
those laws and regulations that had a direct effect on the financial statements or that had a fundamental
effect on the operations of the group. The key laws and regulations we considered in this context included
UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

The procedures to respond to risks identified included:
- reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with relevant laws and regulations discussed above;
- enquiring of management, concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate
risks of material misstatement due to fraud;
- reviewing correspondence with HMRC;
- testing the timing and matching of income and expense transactions relating to stock movements either
side of the year end; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of
journal entries and other adjustments; assessing whether the judgements made in making accounting
estimates are indicative of a potential bias; and evaluating the business rationale of any significant
transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MINI GEARS GROUP HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew Baggott ACA CTA (Senior Statutory Auditor)
for and on behalf of Clarke Nicklin LLP
Chartered Accountants and
Statutory Auditors
Clarke Nicklin House
Brooks Drive
Cheadle Royal Business Park
Cheadle
Cheshire
SK8 3TD

7 January 2025

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 3 10,179,178 9,396,071

Cost of sales 7,304,600 6,705,842
GROSS PROFIT 2,874,578 2,690,229

Administrative expenses 2,524,308 2,343,741
350,270 346,488

Other operating income 42,456 34,054
OPERATING PROFIT 5 392,726 380,542


Interest payable and similar expenses 6 99,538 88,930
PROFIT BEFORE TAXATION 293,188 291,612

Tax on profit 7 147,695 146,717
PROFIT FOR THE FINANCIAL YEAR 145,493 144,895
Profit attributable to:
Owners of the parent 145,493 144,895

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 145,493 144,895


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

145,493

144,895

Total comprehensive income attributable to:
Owners of the parent 145,493 144,895

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

CONSOLIDATED BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 961,132 1,403,271
Tangible assets 11 1,803,265 1,549,920
Investments 12 - -
Investment property 13 1,084,049 1,208,868
3,848,446 4,162,059

CURRENT ASSETS
Stocks 14 1,291,840 1,268,532
Debtors 15 1,771,959 1,600,700
Cash at bank and in hand 92,775 54,899
3,156,574 2,924,131
CREDITORS
Amounts falling due within one year 16 2,386,018 2,502,553
NET CURRENT ASSETS 770,556 421,578
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,619,002

4,583,637

CREDITORS
Amounts falling due after more than one
year

17

(850,234

)

(887,533

)

PROVISIONS FOR LIABILITIES 21 (517,232 ) (378,351 )
NET ASSETS 3,251,536 3,317,753

CAPITAL AND RESERVES
Called up share capital 22 950 950
Share premium 23 3,489,326 3,489,326
Capital redemption reserve 23 50 50
Retained earnings 23 (238,790 ) (172,573 )
SHAREHOLDERS' FUNDS 3,251,536 3,317,753

The financial statements were approved by the Board of Directors and authorised for issue on 7 January 2025 and were signed on its behalf by:





P S Durkin - Director


MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

COMPANY BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 6,836,442 6,836,442
Investment property 13 - -
6,836,442 6,836,442

CURRENT ASSETS
Debtors 15 3,279,143 3,279,143

CREDITORS
Amounts falling due within one year 16 1,804,997 2,153,381
NET CURRENT ASSETS 1,474,146 1,125,762
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,310,588

7,962,204

CAPITAL AND RESERVES
Called up share capital 22 950 950
Share premium 23 3,489,326 3,489,326
Capital redemption reserve 23 50 50
Retained earnings 23 4,820,262 4,471,878
SHAREHOLDERS' FUNDS 8,310,588 7,962,204

Company's profit for the financial year 560,094 366,007

The financial statements were approved by the Board of Directors and authorised for issue on 7 January 2025 and were signed on its behalf by:





P S Durkin - Director


MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 May 2022 950 (131,461 ) 3,489,326 50 3,358,865

Changes in equity
Dividends - (186,007 ) - - (186,007 )
Total comprehensive income - 144,895 - - 144,895
Balance at 30 April 2023 950 (172,573 ) 3,489,326 50 3,317,753

Changes in equity
Dividends - (211,710 ) - - (211,710 )
Total comprehensive income - 145,493 - - 145,493
Balance at 30 April 2024 950 (238,790 ) 3,489,326 50 3,251,536

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 May 2022 950 4,291,878 3,489,326 50 7,782,204

Changes in equity
Dividends - (186,007 ) - - (186,007 )
Total comprehensive income - 366,007 - - 366,007
Balance at 30 April 2023 950 4,471,878 3,489,326 50 7,962,204

Changes in equity
Dividends - (211,710 ) - - (211,710 )
Total comprehensive income - 560,094 - - 560,094
Balance at 30 April 2024 950 4,820,262 3,489,326 50 8,310,588

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 27 356,922 692,403
Interest paid (58,522 ) (50,319 )
Interest element of hire purchase
payments paid

(41,016

)

(38,611

)
Tax paid - (9,162 )
Net cash from operating activities 257,384 594,311

Cash flows from investing activities
Purchase of tangible fixed assets (213,743 ) (787,786 )
Sale of tangible fixed assets 5,000 6,237
Sale of investment property 130,000 -
Net cash from investing activities (78,743 ) (781,549 )

Cash flows from financing activities
Loan repayments in year (174,961 ) (176,068 )
Hire purchase capital repayments in year (94,367 ) 489,044
Equity dividends paid (211,710 ) (186,007 )
Net cash from financing activities (481,038 ) 126,969

Decrease in cash and cash equivalents (302,397 ) (60,269 )
Cash and cash equivalents at
beginning of year

28

54,899

115,168

Cash and cash equivalents at end of
year

28

(247,498

)

54,899

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Mini Gears Group Holdings 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 General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in Sterling (£).

Going concern
The directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the group, any potential risk that might impact the group's ability to meet its required solvency levels, and the position with regard to bank borrowing. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Basis of consolidation
The consolidated profit and loss account and balance sheet include the financial statements of the company and its subsidiary undertakings. The results of subsidiaries acquired or sold during the period are included in the consolidated profit and loss account from, or up to, the date control passes. Intra-group transactions are eliminated fully on consolidation.

On acquisition of a subsidiary, the subsidiary's assets and liabilities that exist at the date of acquisition are recorded at their fair values reflecting their condition at that date. All changes to those assets and liabilities, and the resulting gains and losses that arise after the group has gained control of the subsidiary are charged to the post acquisition profit and loss account.

Related party exemption
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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
In the application of the Group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future period.

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents amounts recognised by the group in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of the sale of manufactured or machined parts and gear transmission products, including gear racks. Turnover is recognised as goods are dispatched.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance, 15% on reducing balance and 4% on cost
Motor vehicles - 25% on reducing balance

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in income statement in the period in which they arise.

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.

Financial instruments
Where facilities are available, the group uses derivative instruments to reduce exposure to foreign exchange risk. The group does not hold or issue derivative financial instruments for speculative purposes.

Derivative financial instruments are initially recognised at cost when contracts are entered in to. At the end of each reporting period they are measured at fair value, with changes in fair value transferred to the profit and loss account.

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

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets that are held by the group under leases which transfer to the group substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the group are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the group at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statements of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability, finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the group's policy on borrowing costs. Contingent rentals are recognised as expenses in the periods in which they are incurred.

Operating lease payments are recognised as an expense on straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

The obligations for contributions to defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the group in an independent administered fund.

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the trade debtors and other debtors are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

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

2024 2023
£    £   
Manufactured Products 10,179,178 9,396,071
10,179,178 9,396,071

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 7,101,412 6,658,222
Europe 2,089,896 1,880,661
United States of America 895,484 797,623
Rest of the World 92,386 59,565
10,179,178 9,396,071

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,405,573 2,247,056
Social security costs 240,402 218,491
Other pension costs 89,885 78,297
2,735,860 2,543,844

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. EMPLOYEES AND DIRECTORS - continued

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

Office and management 16 16
Production 62 60
78 76

2024 2023
£    £   
Directors' remuneration 130,939 124,821
Directors' pension contributions to money purchase schemes 29,435 26,503

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

Money purchase schemes 4 4

5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 13,658 15,376
Other operating leases 138,022 138,000
Depreciation - owned assets 145,788 202,164
Depreciation - assets on hire purchase contracts 88,085 27,113
Profit on disposal of fixed assets (8,738 ) (4,229 )
Goodwill amortisation 442,139 443,139
Auditors' remuneration 19,774 14,095
Foreign exchange differences (28,148 ) (72,694 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 58,522 50,319
Hire purchase interest 41,016 38,611
99,538 88,930

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 8,814 -
Corporation tax prior years - 409
Total current tax 8,814 409

Deferred tax 138,881 146,308
Tax on profit 147,695 146,717

UK corporation tax has been charged at 19 % (2023 - 25 %).

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

2024 2023
£    £   
Profit before tax 293,188 291,612
Profit multiplied by the standard rate of corporation tax in the UK of 19
% (2023 - 25 %)

55,706

72,903

Effects of:
Expenses not deductible for tax purposes - 115
Income not taxable for tax purposes (1,585 ) -
Capital allowances in excess of depreciation - (55,145 )
Adjustments to tax charge in respect of previous periods - 409
Research and development enhancement (24,510 ) (67,975 )
Amortisation on goodwill 84,006 110,873
Effect of rate change 33,331 5,820
Assessed loss carried forward - 79,717
Gain on investment property 747 -
Total tax charge 147,695 146,717

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 211,710 186,007

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 4,431,387
AMORTISATION
At 1 May 2023 3,028,116
Amortisation for year 442,139
At 30 April 2024 3,470,255
NET BOOK VALUE
At 30 April 2024 961,132
At 30 April 2023 1,403,271

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


11. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 May 2023 5,706,558 470,783 25,649 6,202,990
Additions 484,684 3,976 - 488,660
Disposals (200,978 ) - - (200,978 )
At 30 April 2024 5,990,264 474,759 25,649 6,490,672
DEPRECIATION
At 1 May 2023 4,310,303 339,945 2,821 4,653,069
Charge for year 201,705 23,703 8,465 233,873
Eliminated on disposal (199,535 ) - - (199,535 )
At 30 April 2024 4,312,473 363,648 11,286 4,687,407
NET BOOK VALUE
At 30 April 2024 1,677,791 111,111 14,363 1,803,265
At 30 April 2023 1,396,255 130,838 22,828 1,549,921

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 May 2023 316,682
Additions 274,917
Transfer to ownership (142,560 )
At 30 April 2024 449,039
DEPRECIATION
At 1 May 2023 187,965
Charge for year 88,085
Transfer to ownership (78,890 )
At 30 April 2024 197,160
NET BOOK VALUE
At 30 April 2024 251,879
At 30 April 2023 128,717

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 May 2023
and 30 April 2024 6,836,442
NET BOOK VALUE
At 30 April 2024 6,836,442
At 30 April 2023 6,836,442

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Mini-Gears(Stockport)Limited
Registered office: Top Gear House Bletchley Road, Heaton Mersey Industrial Estate, Stockport, United Kingdom, SK4 3ED
Nature of business: Component manufacturer
%
Class of shares: holding
Ordinary 100.00

This company is a subsidiary of Mini-Gears Holdings Limited.

Components Worldwide Limited
Registered office: Top Gear House Bletchley Road, Heaton Mersey Industrial Estate, Stockport, United Kingdom, SK4 3ED
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

This company is a subsidiary of Mini-Gears(Stockport)Limited.

Mini-Gears Holdings Limited
Registered office: Top Gear House Bletchley Road, Heaton Mersey Industrial Estate, Stockport, United Kingdom, SK4 3ED
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00


MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 May 2023 1,208,868
Disposals (124,819 )
At 30 April 2024 1,084,049
NET BOOK VALUE
At 30 April 2024 1,084,049
At 30 April 2023 1,208,868

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2024 1,084,049

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 729,358 854,175

Investment property was valued on an open market basis on 30 April 2024 by Roberts and Roberts, and also Cluttons .

14. STOCKS

Group
2024 2023
£    £   
Raw materials 718,988 800,572
Work-in-progress 445,224 334,420
Finished goods 127,628 133,540
1,291,840 1,268,532

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,546,307 1,427,653 - -
Amounts owed by group undertakings - - 3,278,940 3,278,940
Other debtors 1,629 279 203 203
Prepayments 224,023 172,768 - -
1,771,959 1,600,700 3,279,143 3,279,143

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 515,396 175,814 - -
Hire purchase contracts (see note 19) 165,615 122,036 - -
Trade creditors 1,276,931 1,380,236 - -
Amounts owed to group undertakings - - 1,697,959 1,697,959
Corporation tax 8,814 - - -
Social security and other taxes 58,755 52,926 - -
VAT 82,918 137,534 - -
Other creditors 154,934 497,142 107,038 455,422
Accrued expenses 122,655 136,865 - -
2,386,018 2,502,553 1,804,997 2,153,381

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Bank loans (see note 18) 207,265 381,535
Hire purchase contracts (see note 19) 642,969 505,998
850,234 887,533

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


18. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 340,273 -
Bank loans 175,123 175,814
515,396 175,814
Amounts falling due between one and two years:
Bank loans - 1-2 years 175,123 175,814
Amounts falling due between two and five years:
Bank loans - 2-5 years 32,142 205,721

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 165,615 122,036
Between one and five years 540,602 505,998
In more than five years 102,367 -
808,584 628,034

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 151,746 150,363
Between one and five years 586,900 557,785
In more than five years 310,500 448,500
1,049,146 1,156,648

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 382,388 557,349
Hire purchase contracts 808,584 628,034
1,190,972 1,185,383

National Westminster Bank PLC holds a mortgage debenture, dated 8 January 1992, creating a fixed and floating charge over the group's property and assets, and fixed charges, dated 11 July 2016 and 27 October 2017, over 2 of the 6 investment properties.

Assets purchased under finance lease or hire purchase are secured on the assets to which they relate.

21. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 440,255 373,458
Tax losses carried forward (6,461 ) (79,805 )
Other timing differences 83,438 84,698
517,232 378,351

Group
Deferred
tax
£   
Balance at 1 May 2023 378,351
Charge to Income Statement during year 138,881
Balance at 30 April 2024 517,232

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
950 Ordinary £1 950 950

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


23. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 May 2023 (172,573 ) 3,489,326 50 3,316,803
Profit for the year 145,493 145,493
Dividends (211,710 ) (211,710 )
At 30 April 2024 (238,790 ) 3,489,326 50 3,250,586

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 May 2023 4,471,878 3,489,326 50 7,961,254
Profit for the year 560,094 560,094
Dividends (211,710 ) (211,710 )
At 30 April 2024 4,820,262 3,489,326 50 8,309,638


24. PENSION COMMITMENTS

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

The pension cost charge represents contributions payable by the company to the fund and amounted to £89,599 (2023: £75,590). Contributions outstanding to the fund at the balance sheet date totalled £17,809 (2023: £15,895).

25. OTHER FINANCIAL COMMITMENTS

At the year end the company was committed to purchasing 7,525,374 CNY (2023: 1,420,000 CNY), selling 471,466 USD (2023: 378,194 USD) and purchasing 1,762,918 Euros (2023: 588,342 Euros) by way of foreign currency commitments.

26. RELATED PARTY DISCLOSURES

During the year the group paid rent of £138,022 to Mr P Darwent, a director (2023: £138,000). Additionally, an investment property was sold to Mr. P Darwent for £130,000, resulting in a profit on sale of £5,181.

MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


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

2024 2023
£    £   
Profit before taxation 293,188 291,612
Depreciation charges 676,011 669,593
Profit on disposal of fixed assets (8,738 ) (4,229 )
Gain on revaluation of fixed assets - (39,050 )
Finance costs 99,538 88,930
1,059,999 1,006,856
Increase in stocks (23,308 ) (193,030 )
Increase in trade and other debtors (171,259 ) (163,447 )
(Decrease)/increase in trade and other creditors (508,510 ) 42,024
Cash generated from operations 356,922 692,403

28. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 92,775 54,899
Bank overdrafts (340,273 ) -
(247,498 ) 54,899
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 54,899 115,168


MINI GEARS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10164478)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


29. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.5.23 Cash flow changes At 30.4.24
£    £    £    £   
Net cash
Cash at bank
and in hand 54,899 37,876 92,775
Bank overdrafts - (340,273 ) (340,273 )
54,899 (302,397 ) (247,498 )
Debt
Finance leases (628,034 ) 94,367 - (808,584 )
Debts falling due
within 1 year (175,814 ) 691 - (175,123 )
Debts falling due
after 1 year (381,535 ) 174,270 - (207,265 )
(1,185,383 ) 269,328 - (1,190,972 )
Total (1,130,484 ) (33,069 ) - (1,438,470 )