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Registration number: 04972475

Gerald Hallett Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Gerald Hallett Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Gerald Hallett Limited

(Registration number: 04972475)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

57,528

67,789

Investments

6

66

66

 

57,594

67,855

Current assets

 

Stocks

7

476,598

369,317

Debtors

8

227,759

337,709

Cash at bank and in hand

 

1,232

1,827

 

705,589

708,853

Creditors: Amounts falling due within one year

9

(348,109)

(352,371)

Net current assets

 

357,480

356,482

Total assets less current liabilities

 

415,074

424,337

Creditors: Amounts falling due after more than one year

9

(15,661)

(25,780)

Net assets

 

399,413

398,557

Capital and reserves

 

Called up share capital

120

120

Retained earnings

399,293

398,437

Shareholders' funds

 

399,413

398,557

 

Gerald Hallett Limited

(Registration number: 04972475)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

D W Hallett
Director

L C Hallett
Director

 
     
 

Gerald Hallett Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Longacre Workshop
Halstock
Yeovil
Somerset
BA22 9SY

These financial statements were authorised for issue by the Board on 30 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The accounts are prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Gerald Hallett Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

Straight line over the life of the lease

Plant and machinery

25% reducing balance

Fixtures, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Business combinations

These financial statements contain information about the company only and do not contain consolidated financial information as the parent of a group. The subsidiary, Hallett Properties Limited, is excluded as the company was entitled to exemption from preparing group accounts under Companies Act 2006 and FRS 102 1A.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Has been fully amortised

 

Gerald Hallett Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Gerald Hallett Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 9 (2023 - 9).

 

Gerald Hallett Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

60,000

60,000

At 30 April 2024

60,000

60,000

Amortisation

At 1 May 2023

60,000

60,000

At 30 April 2024

60,000

60,000

Carrying amount

At 30 April 2024

-

-

5

Tangible assets

Property Improvements
£

Fixtures, fittings and equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

86,507

27,885

47,423

45,617

207,432

Additions

-

3,852

245

-

4,097

At 30 April 2024

86,507

31,737

47,668

45,617

211,529

Depreciation

At 1 May 2023

54,767

25,237

38,450

21,189

139,643

Charge for the year

4,321

1,625

2,305

6,107

14,358

At 30 April 2024

59,088

26,862

40,755

27,296

154,001

Carrying amount

At 30 April 2024

27,419

4,875

6,913

18,321

57,528

At 30 April 2023

31,740

2,648

8,973

24,428

67,789

 

Gerald Hallett Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

66

66

Subsidiaries

£

Cost or valuation

At 1 May 2023

66

At 30 April 2024

66

Carrying amount

At 30 April 2024

66

At 30 April 2023

66

7

Stocks

2024
£

2023
£

Raw materials and consumables

70,500

67,142

Finished goods and goods for resale

406,098

302,175

476,598

369,317

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

41,539

96,761

Amounts owed by related parties

11

146,007

184,407

Other debtors

 

16,548

41,112

Prepayments

 

19,346

12,083

Deferred tax assets

4,319

3,346

 

227,759

337,709

 

Gerald Hallett Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

10

138,695

35,161

Trade creditors

 

78,081

130,911

Social security and other taxes

 

18,010

29,825

Other creditors

 

95,772

126,595

Accruals

 

10,360

12,244

Corporation tax liability

7,191

17,635

 

348,109

352,371

Due after one year

 

Loans and borrowings

10

15,661

25,780

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

15,661

25,780

Current loans and borrowings

2024
£

2023
£

Bank borrowings

134,394

9,870

Bank overdrafts

4,301

25,291

138,695

35,161

The finance lease liabilities are secured on the assets concerned.

 

Gerald Hallett Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

11

Related party transactions

Summary of transactions with subsidiaries

Hallett Properties Limited
(Subsidiary of the company)

 During the year Hallett Properties Limited received a loan from the company. No interest is charged on this loan and it is repayable on demand. At the balance sheet date the amount due from Hallett Properties Limited was £146,007 (2023 - £184,407).
 

Loans from related parties

Terms of loans to related parties

During the year the following loans were received from the directors. The loans are repayable on demand and interest of 5% has been charged.
 

2024

Key management
£

Total
£

At start of period

125,693

125,693

Advanced

43,194

43,194

Repaid

(73,940)

(73,940)

At end of period

94,947

94,947

2023

Key management
£

Total
£

At start of period

127,910

127,910

Advanced

34,000

34,000

Repaid

(36,217)

(36,217)

At end of period

125,693

125,693