Company registration number 14450239 (England and Wales)
GT LIFTING MACHINERY SALES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
GT LIFTING MACHINERY SALES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GT LIFTING MACHINERY SALES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
4
1,391,919
1,637,416
Debtors
5
69,600
8,400
Cash at bank and in hand
427,737
138
1,889,256
1,645,954
Creditors: amounts falling due within one year
6
(1,749,121)
(1,556,937)
Net current assets
140,135
89,017
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
140,035
88,917
Total equity
140,135
89,017

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

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 14450239 (England and Wales)
GT LIFTING MACHINERY SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information

GT Lifting Machinery Sales Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Business Park, Maydwell Avenue, Slinfold, Horsham, RH13 0AS.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Going concern

At the time of approving the financial statementstrue, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This is based on the continued support of the associated group companies and other financing arrangements and no adjustment has been made that would result from a withdrawal of their support.

 

At the time of approving the financial statements, the directors have considered relevant information, including the company’s principal risks and uncertainties, and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

1.5
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.

1.6
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.

GT LIFTING MACHINERY SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -
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.

1.7
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.

1.8
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.

1.9
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.

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.

Classification of stock

The stock held in the company (being large items of plant & machinery) are often informally leased at a non-commercial rate to a fellow subsidiary. However the primary purpose of the company owning these items is for resale. Therefore management have recognised the items within stock.

GT LIFTING MACHINERY SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 0 (2023 - 0).

4
Stocks
2024
2023
£
£
Stocks
1,391,919
1,637,416

The replacement cost of stocks is £1,391,919 (2023: £1,637,416).

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
69,600
8,400
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
1,442,909
1,397,652
Taxation and social security
153,962
157,035
Other creditors
152,250
2,250
1,749,121
1,556,937

Amounts owed to group undertakings have no terms and are therefore repayable on demand. Whilst the classification as current liabilities reflects the contractual nature of the loans, the entities owed money do not seek repayment of these loans until the company is financially able to do so. This may be more than 12 months from the reporting date, as part of the group's ongoing financial support to the company.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100

 

GT LIFTING MACHINERY SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified. There was an other matter stating that the company was exempt from the requirements to have an audit for the period ended 31 October 2023. Therefore the corresponding figures are unaudited.

Senior Statutory Auditor:
Kristina Perry FCCA
Statutory Auditor:
Sumer Audit
Date of audit report:
10 June 2025
Sumer Audit is the trading name of Sumer Auditco Limited
9
Parent company

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.

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