Company registration number 04575148 (England and Wales)
G T LIFTING SOLUTIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
G T LIFTING SOLUTIONS LIMITED
COMPANY INFORMATION
Directors
Mrs A Trundell
Mr G J Trundell
Mr K B Trundell
Ms C Appleton
Mr J U Rodgers
Secretary
Mrs A Trundell
Company number
04575148
Registered office
The Business Park
Maydwell Avenue
Slinfold
Horsham
RH13 0AS
Auditor
Sumer Audit
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
G T LIFTING SOLUTIONS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 22
G T LIFTING SOLUTIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
The directors present the strategic report for the year ended 31 October 2024.
Review of the business
Turnover
Turnover has increased compared to the figures from 2023. This growth has been primarily driven by substantial gains in key revenue areas, including Telehandler and attachment hire.
Additionally, we have seen consistent growth in the hire of our owned machines and attachments.
These results align with our expectations following a year of strategic expansion, during which we successfully widened our customer base.
Gross profit margin
As of the year ended 31 October 2024, the company's gross profit margin increased. This improvement reflects the company's ability to secure favourable contracts while operating with a lean cost base. At the same time, asset & utilisation levels were effectively maintained, supporting a rise in turnover across the company.
Net profit percentage
Net profit margin has declined compared to 2023. This reduction is primarily driven by a significant rise in staff costs, which slightly outstripped the growth in turnover.
Principal risks and uncertainties
Regulations
In line with the UK government’s commitment to achieving net zero greenhouse gas emissions, evolving emissions regulations present a potential risk to the company's operations and machinery purchasing strategies. While we are actively exploring the use of alternative fuels & methods (Bio, Hydrogen, Hybrid and full electric) to power our hired machinery, this transition is still in its early stages and currently incurs significantly higher costs compared to conventional fuels which may or may not result in being non commercially viable within our industry.
Industry
Across the construction industry, businesses are feeling the effects of underinvestment in infrastructure. This, combined with rising costs and ongoing supply chain disruptions, poses a significant financial risk to the company.
Political
Some of the company's key customers are linked with government funded projects. Given the current political climate, there is uncertainty around the completion or start of these projects, which could lead to potential loss of business. To mitigate this risk, the company maintains a diversified customer base and continually seeks new growth opportunities within varying sectors.
Mr J U Rodgers
Director
22 May 2025
G T LIFTING SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 October 2024.
Principal activities
The principal activity of the company continued to be that of providing lifting and access solutions to companies across the UK.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £65,104. 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:
Mrs A Trundell
Mr G J Trundell
Mr K B Trundell
Ms C Appleton
Mr J U Rodgers
Auditor
Sumer Audit were appointed as auditor to the company 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.
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 company’s auditor 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 company’s auditor is aware of that information.
On behalf of the board
Mr J U Rodgers
Director
22 May 2025
G T LIFTING SOLUTIONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
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 company and of the profit or loss of the company 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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 transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
G T LIFTING SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF G T LIFTING SOLUTIONS LIMITED
- 4 -
Opinion
We have audited the financial statements of G T Lifting Solutions Limited (the 'company') for the year ended 31 October 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:
give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its 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.
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 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 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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
G T LIFTING SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G T LIFTING SOLUTIONS LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 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 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 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
Obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;
Obtaining an understanding of the company’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud; and
Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the company and our sector-specific experience.
As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law, and compliance with the UK Companies Act.
In addition to the above, our procedures to respond to risks identified included the following:
Making enquiries of management about any known or suspected instances of non-compliance with laws and regulations and fraud;
Challenging assumptions and judgements made by management in their significant accounting estimates; and
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
G T LIFTING SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G T LIFTING SOLUTIONS LIMITED
- 6 -
Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
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.
Other matters which we are required to address
The company was exempt from the requirements to have an audit for the period ended 31 October 2023. Therefore the corresponding figures are unaudited.
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.
Kristina Perry FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
10 June 2025
Chartered Accountants
Statutory Auditor
Worthing
Sumer Audit is the trading name of Sumer Auditco Limited
G T LIFTING SOLUTIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
Year
Year
ended
ended
31 October
31 October
2024
2023
as restated
Notes
£
£
Turnover
3
18,717,493
15,457,619
Cost of sales
(12,196,373)
(10,687,358)
Gross profit
6,521,120
4,770,261
Administrative expenses
(3,219,711)
(2,083,340)
Other operating income
77,379
55,636
Operating profit
4
3,378,788
2,742,557
Interest receivable and similar income
7
48,920
12,004
Interest payable and similar expenses
8
(1,305,851)
(592,712)
Profit before taxation
2,121,857
2,161,849
Tax on profit
9
(543,634)
(533,346)
Profit for the financial year
1,578,223
1,628,503
G T LIFTING SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 8 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
11
9,918
10,203
Tangible assets
12
27,648,798
18,384,008
27,658,716
18,394,211
Current assets
Stocks
13
302,610
221,543
Debtors
14
6,753,640
5,960,430
Cash at bank and in hand
2,888,737
2,917,635
9,944,987
9,099,608
Creditors: amounts falling due within one year
15
(11,658,205)
(9,780,945)
Net current liabilities
(1,713,218)
(681,337)
Total assets less current liabilities
25,945,498
17,712,874
Creditors: amounts falling due after more than one year
16
(15,740,407)
(9,151,802)
Provisions for liabilities
Deferred tax liability
18
1,602,900
1,472,000
(1,602,900)
(1,472,000)
Net assets
8,602,191
7,089,072
Capital and reserves
Called up share capital
21
104
104
Profit and loss reserves
8,602,087
7,088,968
Total equity
8,602,191
7,089,072
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 22 May 2025 and are signed on its behalf by:
Mr J U Rodgers
Director
Company registration number 04575148 (England and Wales)
G T LIFTING SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 October 2023:
Balance at 1 November 2022
104
5,497,905
5,498,009
Period ended 31 October 2023:
Profit and total comprehensive income
-
1,628,503
1,628,503
Dividends
10
-
(37,440)
(37,440)
Balance at 31 October 2023
104
7,088,968
7,089,072
Period ended 31 October 2024:
Profit and total comprehensive income
-
1,578,223
1,578,223
Dividends
10
-
(65,104)
(65,104)
Balance at 31 October 2024
104
8,602,087
8,602,191
G T LIFTING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
1
Accounting policies
Company information
G T Lifting Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of GT Lifting Group Limited. These consolidated financial statements are available from its registered office, The Business Park, Maydwell Avenue, Slinfold, Horsham, West Sussex, RH13 0AS.
1.2
Going concern
The financial statements have been prepared on a going concern basis. At the reporting date, the company had a net current liabilities position of £1,713,281 (2023: £681,337) as a result of significant obligations under finance leases. The directors are satisfied that the company has adequate resources to pay these liabilities as they fall due. true
The directors have considered relevant information, including the company’s principal risks and uncertainties, and the impact of subsequent events in making their assessment of going concern. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.
1.3
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.
G T LIFTING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 11 -
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Software
5 years straight line
1.5
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.
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:
Plant and equipment
5 years straight line
Fixtures and fittings
2 or 4 years straight line
Motor vehicles
3 years straight line
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 credited or charged to profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
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.
1.8
Financial instruments
The company 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.
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.
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.
1.9
Equity instruments
Equity instruments issued by the company 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 company.
G T LIFTING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 12 -
1.10
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.
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.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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 leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
G T LIFTING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Useful life and residual value of tangible fixed assets
Tangible fixed assets are valued at cost less accumulated depreciation. The depreciation policy applied includes judgements made by the directors about the useful life of assets and their residual values.
3
Turnover and other revenue
2024
2023
as restated
£
£
Turnover analysed by class of business
Hire of equipment
18,425,656
13,326,142
Sales of goods
291,837
2,131,477
18,717,493
15,457,619
2024
2023
£
£
Turnover analysed by geographical market
UK
18,717,493
15,457,619
2024
2023
£
£
Other revenue
Interest income
48,920
12,004
G T LIFTING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
4
Operating profit
2024
2023
Operating profit for the period is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(10)
14
Fees payable to the company's auditor for the audit of the company's financial statements
18,000
Depreciation of owned tangible fixed assets
696,166
639,695
Depreciation of tangible fixed assets held under finance leases
4,760,773
2,558,459
Profit on disposal of tangible fixed assets
(86,047)
(415,358)
Amortisation of intangible assets
3,837
2,141
Operating lease charges
601,340
485,372
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Clerical
17
15
Manual workers
14
10
Operators
4
4
Total
35
29
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,009,412
1,619,553
Social security costs
236,813
163,582
Pension costs
67,977
63,998
2,314,202
1,847,133
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
549,344
331,075
Company pension contributions to defined contribution schemes
27,963
22,000
577,307
353,075
G T LIFTING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
6
Directors' remuneration
(Continued)
- 15 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
244,340
131,000
Company pension contributions to defined contribution schemes
1,321
-
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
42,343
11,853
Other interest income
6,577
151
Total income
48,920
12,004
8
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
1,305,851
589,346
Other interest
3,366
1,305,851
592,712
9
Taxation
2024
2023
as restated
£
£
Current tax
UK corporation tax on profits for the current period
412,734
185,346
Deferred tax
Origination and reversal of timing differences
130,900
348,000
Total tax charge
543,634
533,346
G T LIFTING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
9
Taxation
(Continued)
- 16 -
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
2,121,857
2,161,849
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.52%)
530,464
486,848
Tax effect of expenses that are not deductible in determining taxable profit
14,561
68,674
Group relief
(1,391)
(709)
Other permanent differences
(21,467)
Taxation charge for the period
543,634
533,346
10
Dividends
2024
2023
£
£
Final paid
65,104
37,440
11
Intangible fixed assets
Software
£
Cost
At 1 November 2023
16,224
Additions
3,552
At 31 October 2024
19,776
Amortisation and impairment
At 1 November 2023
6,021
Amortisation charged for the year
3,837
At 31 October 2024
9,858
Carrying amount
At 31 October 2024
9,918
At 31 October 2023
10,203
G T LIFTING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 17 -
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2023
23,609,179
162,474
579,822
24,351,475
Additions
14,757,429
45,476
366,054
15,168,959
Disposals
(1,285,426)
(13,882)
(17,250)
(1,316,558)
At 31 October 2024
37,081,182
194,068
928,626
38,203,876
Depreciation and impairment
At 1 November 2023
5,647,583
115,862
204,022
5,967,467
Depreciation charged in the year
5,285,203
21,869
149,867
5,456,939
Eliminated in respect of disposals
(838,196)
(13,882)
(17,250)
(869,328)
At 31 October 2024
10,094,590
123,849
336,639
10,555,078
Carrying amount
At 31 October 2024
26,986,592
70,219
591,987
27,648,798
At 31 October 2023
17,961,596
46,612
375,800
18,384,008
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and equipment
22,263,759
15,844,834
13
Stocks
2024
2023
£
£
Finished goods and goods for resale
302,610
221,543
The replacement cost of stock is in £302,610 (2023: £221,543)
G T LIFTING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 18 -
14
Debtors
2024
2023
as restated
Amounts falling due within one year:
£
£
Trade debtors
3,614,826
2,876,231
Corporation tax recoverable
101,826
19,583
Amounts owed by group undertakings
2,363,073
2,317,248
Other debtors
542,415
608,706
Prepayments and accrued income
131,500
138,662
6,753,640
5,960,430
Amounts owed by group undertakings have no terms and are therefore repayable on demand. Whilst the classification as current assets reflects the contractual nature of the loans, the company does not seek repayment of these loans until the entities are financially able to do so. This may be more than 12 months from the reporting date, as part of the company's ongoing financial support to the rest of the group.
15
Creditors: amounts falling due within one year
2024
2023
as restated
Notes
£
£
Obligations under finance leases
17
5,896,512
3,655,096
Trade creditors
4,629,789
5,517,056
Corporation tax
593,693
204,928
Other taxation and social security
196,011
159,378
Deferred income
19
108,661
118,161
Other creditors
37,987
118,117
Accruals and deferred income
195,552
8,209
11,658,205
9,780,945
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
17
15,740,407
9,151,802
Included within obligations under financial leases in notes 15 and 16 are hire purchase contracts totalling £21,636,919 (2023: £12,806,898). The obligations are secured on the assets to which they relate.
G T LIFTING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 19 -
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
5,896,512
3,655,096
In two to five years
14,832,144
8,605,961
In over five years
908,263
545,841
21,636,919
12,806,898
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. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,604,000
1,475,600
Retirement benefit obligations
(1,100)
(3,600)
1,602,900
1,472,000
2024
Movements in the year:
£
Liability at 1 November 2023
1,472,000
Charge to profit or loss
130,900
Liability at 31 October 2024
1,602,900
19
Deferred income
2024
2023
£
£
Other deferred income
108,661
118,161
G T LIFTING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 20 -
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
67,977
63,998
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.
21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
104
104
104
104
Ordinary shares have attached to them full voting, dividend, and capital distribution (including on winding up) rights.
22
Financial commitments, guarantees and contingent liabilities
During the year, a fellow subsidiary company entered into an operating lease for which the company is named as guarantor. The total value of the lease commitments at the balance sheet date is £342,500 (2023: £nil).
23
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
38,395
29,000
Between two and five years
64,400
102,795
29,000
G T LIFTING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
24
Related party transactions
Summary of transactions with other related parties
During the year the company transferred assets to a company under common control totalling £331,377 (2023: £593,526). The company received a commission on transferring these assets from the same company, totalling £137,662 (2023: £130,307). The company also provided this related party with management services, the value of which was £18,000 (2023: £18,000). At the balance sheet date, the company was owed £683,009 (2023: £1,017,752) by this connected company and this amount is included within other debtors.
During the year, the company received services from a company under common control totalling £360,000 (2023: £264,000). At the balance sheet date the amount due from this company was £1,044,388 (2023: £900,094) and this amount is included within other debtors.
At the balance sheet date, a company owned by the directors owed the company £44,595 (2023: £42,195) and this amount is included within other debtors.
At the balance sheet date, the parent company owed the company £635,676 (2023: £399,402) and this amount is included within other debtors.
25
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors loan
2.25
58,023
309,121
5,012
(70,450)
301,706
58,023
309,121
5,012
(70,450)
301,706
26
Ultimate controlling party
The immediate and ultimate parent company is GT Lifting Group Limited, a company incorporated in England and Wales. The registered office is The Business Park, Maydwell Avenue, Slinfold, Horsham, RH13 0AS.
GT Lifting Group Limited prepares consolidated financial statements and copies can be obtained from Companies House.
The ultimate controlling party is Mr G Trundell.
G T LIFTING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
27
Prior period adjustment
Reconciliation of changes in equity
1 November
31 October
2022
2023
Notes
£
£
Adjustments to prior year
Trade debtor adjustment
A
-
438,350
Corporation tax adjustment
A
-
(98,716)
Total adjustments
-
339,634
Equity as previously reported
5,498,009
6,749,438
Equity as adjusted
5,498,009
7,089,072
Analysis of the effect upon equity
Profit and loss reserves
-
339,634
Reconciliation of changes in profit for the previous financial period
2023
Notes
£
Adjustments to prior year
Trade debtor adjustment
A
438,350
Corporation tax adjustment
A
(98,716)
Total adjustments
339,634
Profit as previously reported
1,288,869
Profit as adjusted
1,628,503
Notes to reconciliation
A
In the financial statements for the year ended 31 October 2023, turnover and trade debtors were both understated by £438,350, due to a cut off error. As a result, the corporation tax charge and liability were also both understated by £98,716. Therefore, the profit and loss reserves in 2023 were understated by £339,634. The financial statements have now been correctly restated.
B
The accounts for the year ended 31 October 2023 reported understated figures for turnover and cost of sales, amounting to £1,913,392. This has now been corrected, although there is no effect on the previously reported profit or equity figures in the financial statements.
2024-10-312023-11-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100Mr G J TrundellMr K B TrundellMs C AppletonMr J U RodgersMr J RodgersMrs A Trundell045751482023-11-012024-10-3104575148bus:CompanySecretaryDirector12023-11-012024-10-3104575148bus:Director12023-11-012024-10-3104575148bus:Director22023-11-012024-10-3104575148bus:Director32023-11-012024-10-3104575148bus:Director42023-11-012024-10-3104575148bus:CompanySecretary12023-11-012024-10-3104575148bus:Director52023-11-012024-10-3104575148bus:RegisteredOffice2023-11-012024-10-31045751482024-10-31045751482022-11-012023-10-3104575148core:RetainedEarningsAccumulatedLosses2022-11-012023-10-3104575148core:RetainedEarningsAccumulatedLosses2023-11-012024-10-3104575148core:OtherResidualIntangibleAssets2024-10-3104575148core:OtherResidualIntangibleAssets2023-10-3104575148core:ComputerSoftware2024-10-3104575148core:ComputerSoftware2023-10-31045751482023-10-3104575148core:PlantMachinery2024-10-3104575148core:FurnitureFittings2024-10-3104575148core:MotorVehicles2024-10-3104575148core:PlantMachinery2023-10-3104575148core:FurnitureFittings2023-10-3104575148core:MotorVehicles2023-10-3104575148core:CurrentFinancialInstrumentscore:WithinOneYear2024-10-3104575148core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3104575148core:Non-currentFinancialInstrumentscore:AfterOneYear2024-10-3104575148core:Non-currentFinancialInstrumentscore:AfterOneYear2023-10-3104575148core:ShareCapital2024-10-3104575148core:ShareCapital2023-10-3104575148core:RetainedEarningsAccumulatedLosses2024-10-3104575148core:RetainedEarningsAccumulatedLosses2023-10-3104575148core:ShareCapital2022-10-3104575148core:RetainedEarningsAccumulatedLosses2022-10-3104575148core:ShareCapitalOrdinaryShareClass12024-10-3104575148core:ShareCapitalOrdinaryShareClass12023-10-3104575148core:IntangibleAssetsOtherThanGoodwill2023-11-012024-10-3104575148core:ComputerSoftware2023-11-012024-10-3104575148core:PlantMachinery2023-11-012024-10-3104575148core:FurnitureFittings2023-11-012024-10-3104575148core:MotorVehicles2023-11-012024-10-3104575148dpl:Item12023-11-012024-10-3104575148dpl:Item12022-11-012023-10-3104575148dpl:Item22023-11-012024-10-3104575148dpl:Item22022-11-012023-10-310457514812023-11-012024-10-310457514812022-11-012023-10-3104575148core:UKTax2023-11-012024-10-3104575148core:UKTax2022-11-012023-10-3104575148core:ComputerSoftware2023-10-3104575148core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssets2023-11-012024-10-3104575148core:PlantMachinery2023-10-3104575148core:FurnitureFittings2023-10-3104575148core:MotorVehicles2023-10-31045751482023-10-3104575148core:CurrentFinancialInstruments2024-10-3104575148core:CurrentFinancialInstruments2023-10-3104575148core:Non-currentFinancialInstruments2024-10-3104575148core:Non-currentFinancialInstruments2023-10-3104575148core:WithinOneYear2024-10-3104575148core:WithinOneYear2023-10-3104575148core:BetweenTwoFiveYears2024-10-3104575148core:BetweenTwoFiveYears2023-10-3104575148core:MoreThanFiveYears2024-10-3104575148core:MoreThanFiveYears2023-10-3104575148bus:OrdinaryShareClass12023-11-012024-10-3104575148bus:OrdinaryShareClass12024-10-3104575148bus:OrdinaryShareClass12023-10-3104575148bus:PrivateLimitedCompanyLtd2023-11-012024-10-3104575148bus:FRS1022023-11-012024-10-3104575148bus:Audited2023-11-012024-10-3104575148bus:FullAccounts2023-11-012024-10-31xbrli:purexbrli:sharesiso4217:GBP