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COMPANY REGISTRATION NUMBER: 01844293
GPC INDUSTRIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2024
GPC INDUSTRIES LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
107,754
19,680
Current assets
Stocks
1,045,124
945,629
Debtors
6
1,573,087
1,163,751
Investments
7
33,573
33,573
Cash at bank and in hand
976,424
1,557,736
--------------
--------------
3,628,208
3,700,689
Creditors: amounts falling due within one year
8
995,452
1,092,353
--------------
--------------
Net current assets
2,632,756
2,608,336
--------------
--------------
Total assets less current liabilities
2,740,510
2,628,016
Provisions
Taxation including deferred tax
4,837
2,477
--------------
--------------
Net assets
2,735,673
2,625,539
--------------
--------------
GPC INDUSTRIES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
1,000
1,000
Capital redemption reserve
125
125
Profit and loss account
2,734,548
2,624,414
--------------
--------------
Shareholders funds
2,735,673
2,625,539
--------------
--------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 May 2025 , and are signed on behalf of the board by:
G P Clarke
Director
Company registration number: 01844293
GPC INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Cottage, Northorpe Road, Halton Holegate, Spilsby, Lincolnshire, PE23 5NZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Depreciation charges The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. These are reviewed periodically by the Directors to ensure that they reflect both external and internal factors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. The only exception is that deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are valued at the lower of cost and net realisable value, on a first-in-first-out basis, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2023: 25 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2024
3,830
51,543
55,234
110,607
Additions
100,608
3,438
104,046
--------
-----------
---------
-----------
At 31 December 2024
3,830
152,151
58,672
214,653
--------
-----------
---------
-----------
Depreciation
At 1 January 2024
272
37,635
53,020
90,927
Charge for the year
889
13,957
1,126
15,972
--------
-----------
---------
-----------
At 31 December 2024
1,161
51,592
54,146
106,899
--------
-----------
---------
-----------
Carrying amount
At 31 December 2024
2,669
100,559
4,526
107,754
--------
-----------
---------
-----------
At 31 December 2023
3,558
13,908
2,214
19,680
--------
-----------
---------
-----------
6. Debtors
2024
2023
£
£
Trade debtors
1,137,668
1,107,374
Amounts owed by group undertakings and undertakings in which the company has a participating interest
250,000
Other debtors
185,419
56,377
--------------
--------------
1,573,087
1,163,751
--------------
--------------
7. Investments
2024
2023
£
£
Other investments
33,573
33,573
---------
---------
The investment portfolio is held with Barclays Bank.
The investment is valued at cost and this is not materially different from fair value.
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
630,937
734,420
Corporation tax
194,557
194,522
Social security and other taxes
157,371
158,517
Other creditors
12,587
4,894
-----------
--------------
995,452
1,092,353
-----------
--------------
9. Directors' advances, credits and guarantees
The overdrawn balance brought forward on the directors loan account was £27,265. This balance was fully repaid during the year.
10. Related party transactions
During the period a loan of £150,000 was made to C3D Holdings Limited, a company with common directors & shareholders. There are no set terms attached to this loan. No other transactions subsisted with related parties during the year, such as are required to be disclosed under FRS102.
11. Controlling party
The company is a 100% subsidiary of Holegate Associates Limited (effective October 2024), a company registered in England & Wales. The ultimate controlling party is A S Clarke.