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REGISTERED NUMBER: 02003530 (England and Wales)















Financial Statements for the Year Ended 31st May 2024

for

Gwent Mechanical Handling Limited

Gwent Mechanical Handling Limited (Registered number: 02003530)






Contents of the Financial Statements
for the Year Ended 31st May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gwent Mechanical Handling Limited

Company Information
for the Year Ended 31st May 2024







DIRECTORS: Mr I M McCarthy
Mr S McCarthy





REGISTERED OFFICE: Pontymister Industrial Estate
Pontymister
Risca
NP11 6NP





REGISTERED NUMBER: 02003530 (England and Wales)

Gwent Mechanical Handling Limited (Registered number: 02003530)

Balance Sheet
31st May 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 674,428 786,451

CURRENT ASSETS
Stocks 227,443 168,240
Debtors 5 341,030 323,660
Cash at bank and in hand 290,360 477,056
858,833 968,956
CREDITORS
Amounts falling due within one year 6 446,048 376,620
NET CURRENT ASSETS 412,785 592,336
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,087,213

1,378,787

CREDITORS
Amounts falling due after more than one
year

7

348,225

438,084
NET ASSETS 738,988 940,703

CAPITAL AND RESERVES
Called up share capital 56 56
Retained earnings 738,932 940,647
SHAREHOLDERS' FUNDS 738,988 940,703

Gwent Mechanical Handling Limited (Registered number: 02003530)

Balance Sheet - continued
31st May 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 in accordance with Section 476 of the Companies Act 2006.

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

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement and Directors Report has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16th May 2025 and were signed on its behalf by:





Mr I M McCarthy - Director


Gwent Mechanical Handling Limited (Registered number: 02003530)

Notes to the Financial Statements
for the Year Ended 31st May 2024

1. STATUTORY INFORMATION

Gwent Mechanical Handling Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - at varying rates on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement and Directors Report, 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.

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.

Gwent Mechanical Handling Limited (Registered number: 02003530)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Sale and leaseback transactions
In a sale and leaseback transaction, which results in a finance lease, any apparent profit or loss (ie the difference between the sale price and the previous carrying value) has been deferred and amortised in the financial statements over the shorter of the lease term and the useful life of the asset.

Sale of hire fleet
In the event of the sale of a hire truck, which has been previously been capitalised, the truck is transferred to stock at its net book value prior to sale.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st June 2023 389,587 894,402 1,283,989
Additions - 1,142,797 1,142,797
Disposals - (1,238,967 ) (1,238,967 )
At 31st May 2024 389,587 798,232 1,187,819
DEPRECIATION
At 1st June 2023 150,674 346,864 497,538
Charge for year 5,090 160,819 165,909
Eliminated on disposal - (150,056 ) (150,056 )
At 31st May 2024 155,764 357,627 513,391
NET BOOK VALUE
At 31st May 2024 233,823 440,605 674,428
At 31st May 2023 238,913 547,538 786,451

Gwent Mechanical Handling Limited (Registered number: 02003530)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

4. TANGIBLE FIXED ASSETS - continued

Included in cost of land and buildings is freehold land of £ 100,000 (2023 - £ 100,000 ) which is not depreciated.

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

Plant and
machinery
etc
£   
COST
At 1st June 2023 607,653
Additions 1,024,030
Disposals (1,033,368 )
At 31st May 2024 598,315
DEPRECIATION
At 1st June 2023 97,050
Charge for year 149,591
Eliminated on disposal (62,694 )
At 31st May 2024 183,947
NET BOOK VALUE
At 31st May 2024 414,368
At 31st May 2023 510,603

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 213,303 177,724
Other debtors 127,727 145,936
341,030 323,660

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 121,872 100,814
Trade creditors 171,850 147,227
Taxation and social security 121,226 78,723
Other creditors 31,100 49,856
446,048 376,620

Gwent Mechanical Handling Limited (Registered number: 02003530)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Hire purchase contracts 348,225 438,084

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 470,097 538,898

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other debtors is a loan to Mr I M McCarthy of £55,022 (2023: £72,187) a director and shareholder of the company. Interest is charged on the loan at the HMRC official rate.