Company registration number 11191939 (England and Wales)
GELEV UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GELEV UK LIMITED
COMPANY INFORMATION
Director
Mr J Bourrellis
Secretary
Mrs M Viviani Murphy
Company number
11191939
Registered office
38B Telford Way
Telford Way Ind Est
Kettering
Northamptonshire
United Kingdom
NN16 8UN
Auditor
Azets Audit Services
Thorpe House
93 Headlands
Kettering
Northamptonshire
United Kingdom
NN15 6BL
GELEV UK LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 34
GELEV UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The director presents the strategic report for the year ended 31 December 2024.
Review of the business
Since its conception in 2011, the group has become the cherry picker manufacturer of choice for the UK utility sector and beyond. Our rapid rise is the result of an unprecedented combination of factors: one of the widest ranges of products in the country, including insulated platforms; a dedication to quality that our competitors struggle to match; and a proactive team that is committed to providing a full spectrum of services, from design to support.
With three UK manufacturing facilities spanning over 31,000²Ft, the group is the only UK conversion specialist that manufactures over 60% of platforms in house.
The company continues to focus on growth through deeper market penetration and continues to invest in research and development to improve the quality and extent of its product range. Current year strategies have proven successful with turnover increasing and margin remaining stable.
Principal risks and uncertainties
The group recognises that some of the main risks and uncertainties are as follows:
Global economic and political conditions which are mitigated by having a diverse customer base.
Competitive pressures, which the group address by investment in research and development, improving efficiencies in manufacturing and focused marketing.
Currency fluctuations, particularly the Euro. The currency risk is something that management are aware of and are actively looking to mitigate going forward.
Key performance indicators
The group reports on several key performance indicators (KPI's) in its monthly management accounts, the focus being on turnover, gross margins and overhead costs. The KPI's reflect the difficult market conditions experienced during the financial year.
In the year to 31st December 2024 some of these KPI's were as follows (compared with the year to 31st December 2023):
Turnover of £31.53m (2023: £42.37m)
Gross margins of 21.72% (2023: 18.82%)
Administrative costs of £4.46m (2023: £4.34m)
Mr J Bourrellis
Director
18 June 2025
GELEV UK LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The director presents his annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company and group continued to be that of production, supply and service of powered access maintenance platforms.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £750,000. The director does not recommend payment of a further dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr J Bourrellis
Auditor
In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group 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 auditor of the company 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 auditor of the company is aware of that information.
On behalf of the board
Mr J Bourrellis
Director
18 June 2025
GELEV UK LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 group and company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
GELEV UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GELEV UK LIMITED
- 4 -
Opinion
We have audited the financial statements of Gelev UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows 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 group's and the parent company's affairs as at 31 December 2024 and of the group's 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 group and parent 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 director's 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 group's and parent 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 director 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 director is 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
GELEV UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GELEV UK LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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 director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent 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 director either intends to liquidate the parent company or to cease operations, or has 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.
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.
GELEV UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GELEV UK LIMITED
- 6 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
Richard Monkhouse (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
23 June 2025
Chartered Accountants
Statutory Auditor
Thorpe House
93 Headlands
Kettering
Northamptonshire
United Kingdom
NN15 6BL
GELEV UK LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
31,528,340
42,370,785
Cost of sales
(24,681,181)
(34,397,023)
Gross profit
6,847,159
7,973,762
Administrative expenses
(4,460,533)
(4,342,352)
Operating profit
4
2,386,626
3,631,410
Interest receivable and similar income
7
35,633
45,652
Interest payable and similar expenses
8
(103,574)
(74,359)
Profit before taxation
2,318,685
3,602,703
Tax on profit
9
(659,874)
(930,680)
Profit for the financial year
1,658,811
2,672,023
Profit for the financial year is attributable to:
- Owner of the parent company
1,202,378
1,936,316
- Non-controlling interests
456,433
735,707
1,658,811
2,672,023
GELEV UK LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
£
£
Profit for the year
1,658,811
2,672,023
Other comprehensive income
-
-
Total comprehensive income for the year
1,658,811
2,672,023
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,202,378
1,936,316
- Non-controlling interests
456,433
735,707
1,658,811
2,672,023
GELEV UK LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
819,153
1,081,282
Other intangible assets
12
46,200
Total intangible assets
865,353
1,081,282
Tangible assets
11
2,323,091
2,621,614
3,188,444
3,702,896
Current assets
Stocks
15
3,994,830
5,496,048
Debtors
16
1,958,755
3,418,511
Cash at bank and in hand
1,835,220
5,639,690
7,788,805
14,554,249
Creditors: amounts falling due within one year
17
(6,328,602)
(11,577,463)
Net current assets
1,460,203
2,976,786
Total assets less current liabilities
4,648,647
6,679,682
Creditors: amounts falling due after more than one year
18
(834,524)
(1,023,939)
Provisions for liabilities
Deferred tax liability
21
139,328
202,689
(139,328)
(202,689)
Net assets
3,674,795
5,453,054
Capital and reserves
Called up share capital
23
1,000
1,000
Profit and loss reserves
3,131,152
3,992,385
Equity attributable to owner of the parent company
3,132,152
3,993,385
Non-controlling interests
542,643
1,459,669
3,674,795
5,453,054
The financial statements were approved and signed by the director and authorised for issue on 18 June 2025
18 June 2025
Mr J Bourrellis
Director
Company registration number 11191939 (England and Wales)
GELEV UK LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
5,527,500
4,020,000
Current assets
Debtors
16
12,042
Cash at bank and in hand
2,540
813
14,582
813
Creditors: amounts falling due within one year
17
-
(1,479,649)
Net current assets/(liabilities)
14,582
(1,478,836)
Net assets
5,542,082
2,541,164
Capital and reserves
Called up share capital
23
1,000
1,000
Profit and loss reserves
5,541,082
2,540,164
Total equity
5,542,082
2,541,164
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,750,918 (2023 - £729,392 profit).
The financial statements were approved and signed by the director and authorised for issue on 18 June 2025
18 June 2025
Mr J Bourrellis
Director
Company registration number 11191939 (England and Wales)
GELEV UK LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
1,000
2,056,069
2,057,069
973,962
3,031,031
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,936,316
1,936,316
735,707
2,672,023
Dividends
10
-
-
-
(250,000)
(250,000)
Balance at 31 December 2023
1,000
3,992,385
3,993,385
1,459,669
5,453,054
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,202,378
1,202,378
456,433
1,658,811
Dividends
10
-
(750,000)
(750,000)
(1,179,570)
(1,929,570)
Purchase of shares in subsidiary from non-controlling interest
-
(1,313,611)
(1,313,611)
(193,889)
(1,507,500)
Balance at 31 December 2024
1,000
3,131,152
3,132,152
542,643
3,674,795
GELEV UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
1,000
1,810,772
1,811,772
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
729,392
729,392
Balance at 31 December 2023
1,000
2,540,164
2,541,164
Year ended 31 December 2024:
Profit and total comprehensive income
-
3,750,918
3,750,918
Dividends
10
-
(750,000)
(750,000)
Balance at 31 December 2024
1,000
5,541,082
5,542,082
GELEV UK LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
2,080,136
4,035,148
Interest paid
(100,264)
(56,992)
Income taxes paid
(634,471)
(703,797)
Net cash inflow from operating activities
1,345,401
3,274,359
Investing activities
Purchase of intangible assets
(47,806)
-
Purchase of tangible fixed assets
(58,087)
(295,905)
Proceeds from disposal of tangible fixed assets
55,686
42,818
Loans made to other entities
(12,042)
-
Interest received
35,633
45,652
Net cash used in investing activities
(26,616)
(207,435)
Financing activities
Proceeds from borrowings
3,000
2,000
Repayment of borrowings
(1,485,959)
(750,000)
Repayment of bank loans
(59,558)
(54,123)
Payment of finance leases obligations
(143,668)
(177,505)
Purchase of shares in subsidiary from non-controlling interest
(1,507,500)
-
Dividends paid to equity shareholders
(750,000)
Dividends paid to non-controlling interests
(1,179,570)
(250,000)
Net cash used in financing activities
(5,123,255)
(1,229,628)
Net (decrease)/increase in cash and cash equivalents
(3,804,470)
1,837,296
Cash and cash equivalents at beginning of year
5,639,690
3,802,394
Cash and cash equivalents at end of year
1,835,220
5,639,690
GELEV UK LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
(3,272)
(3,241)
Investing activities
Purchase of subsidiaries
(1,507,500)
Loans made
(12,042)
Dividends received
3,757,500
750,000
Net cash generated from investing activities
2,237,958
750,000
Financing activities
Proceeds from borrowings
3,000
2,000
Repayment of borrowings
(1,485,959)
(750,000)
Dividends paid to equity shareholders
(750,000)
-
Net cash used in financing activities
(2,232,959)
(748,000)
Net increase/(decrease) in cash and cash equivalents
1,727
(1,241)
Cash and cash equivalents at beginning of year
813
2,054
Cash and cash equivalents at end of year
2,540
813
GELEV UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information
Gelev UK Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 38B Telford Way, Telford Way Ind Est, Kettering, Northamptonshire, United Kingdom, NN16 8UN.
The group consists of Gelev UK Limited and all of its subsidiaries.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Gelev UK Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
GELEV UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.5
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
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.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
GELEV UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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
33% on cost
1.8
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:
Freehold land and buildings
2% on cost
Leasehold improvements
4% on cost
Plant and equipment
25% on cost
Fixtures and fittings
25% on cost
Computers
33% on cost
Motor vehicles
25% on cost
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 recognised in the profit and loss account.
1.9
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.10
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
GELEV UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.11
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
Cost is calculated using the first-in, first-out (FIFO) method.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.12
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.
1.13
Financial instruments
The group 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.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
GELEV UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
GELEV UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.14
Equity instruments
Equity instruments issued by the group 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 group.
1.15
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
GELEV UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.16
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.18
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 leased asset are consumed.
1.19
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.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the director is 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.
GELEV UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Vehicle conversions
27,848,261
39,267,166
Servicing and maintenance contracts
1,172,878
1,116,131
Sales of parts
2,504,401
1,981,238
Vehicle hire
2,800
6,250
31,528,340
42,370,785
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
30,842,917
39,001,236
Channel Islands
3,673
65,745
Europe
629,061
2,317,298
Rest of the World
52,689
986,506
31,528,340
42,370,785
2024
2023
£
£
Other revenue
Interest income
35,633
45,652
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
195,938
198,078
Depreciation of tangible fixed assets held under finance leases
144,405
130,063
(Profit)/loss on disposal of tangible fixed assets
(39,419)
11,567
Amortisation of intangible assets
263,735
262,129
Operating lease charges
329,310
177,681
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,000
3,000
Audit of the financial statements of the company's subsidiaries
12,650
12,250
15,650
15,250
GELEV UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
14
12
-
-
Management
2
2
-
-
Production
42
48
-
-
Sales
19
20
-
-
Total
77
82
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,287,791
3,256,461
Social security costs
253,108
311,209
-
-
Pension costs
52,751
47,370
3,593,650
3,615,040
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
35,633
35,149
Other interest income
-
10,503
Total income
35,633
45,652
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
35,633
35,149
GELEV UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
64,359
46,906
Interest payable to group undertakings
3,310
17,367
67,669
64,273
Other finance costs:
Interest on finance leases and hire purchase contracts
16,237
10,086
Other interest
19,668
-
Total finance costs
103,574
74,359
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
723,235
884,471
Deferred tax
Origination and reversal of timing differences
46,209
Total tax charge
659,874
930,680
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
2,318,685
3,602,703
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
579,671
847,356
Tax effect of expenses that are not deductible in determining taxable profit
5,722
7,633
Unutilised tax losses carried forward
818
762
Effect of change in corporation tax rate
-
2,774
Permanent capital allowances in excess of depreciation
(569)
Depreciation on assets not qualifying for tax allowances
7,324
6,986
Amortisation on assets not qualifying for tax allowances
65,532
61,653
Deferred tax adjustments in respect of prior years
(20)
Unpaid loan interest
827
4,085
Taxation charge
659,874
930,680
GELEV UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 25 -
As at 31 December 2024, the group was carrying forward excess management expenses totalling £18,333 which are available to be offset against future profits of the group. The group also has non-trade loan relationship deficits totalling £219,138 available to be offset against future profits of the group.
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
750,000
-
GELEV UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
1,188,280
937,209
612,161
118,634
116,991
628,451
3,601,726
Additions
29,612
4,119
1,034
7,050
16,272
58,087
Disposals
(24,400)
(24,400)
At 31 December 2024
1,188,280
966,821
616,280
119,668
124,041
620,323
3,635,413
Depreciation and impairment
At 1 January 2024
131,312
84,629
406,051
62,023
83,471
212,626
980,112
Depreciation charged in the year
23,766
38,366
93,703
24,486
20,250
139,772
340,343
Eliminated in respect of disposals
(8,133)
(8,133)
At 31 December 2024
155,078
122,995
499,754
86,509
103,721
344,265
1,312,322
Carrying amount
At 31 December 2024
1,033,202
843,826
116,526
33,159
20,320
276,058
2,323,091
At 31 December 2023
1,056,968
852,580
206,110
56,611
33,520
415,825
2,621,614
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
GELEV UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Tangible fixed assets
(Continued)
- 27 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
46,214
92,485
Motor vehicles
213,124
345,900
259,338
438,385
-
-
12
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2024
2,621,290
2,621,290
Additions - internally developed
47,806
47,806
At 31 December 2024
2,621,290
47,806
2,669,096
Amortisation and impairment
At 1 January 2024
1,540,008
1,540,008
Amortisation charged for the year
262,129
1,606
263,735
At 31 December 2024
1,802,137
1,606
1,803,743
Carrying amount
At 31 December 2024
819,153
46,200
865,353
At 31 December 2023
1,081,282
1,081,282
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
5,527,500
4,020,000
GELEV UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
4,020,000
Additions
1,507,500
At 31 December 2024
5,527,500
Carrying amount
At 31 December 2024
5,527,500
At 31 December 2023
4,020,000
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Cumberland Platforms Limited
38B Telford Way, Telford Way Industrial Estate, Kettering, NN16 8UN
Ordinary
81
On 25 September 2024, the the group acquired an additonal 5.9% of the ordinary share capital from the non-controlling interest in Cumberland Platforms Limited. As a result of this, the group now controls 80.9% of the ordinary share capital of Cumberland Platforms Limited.
The consolidated accounts for the year ended 31 December 2024 reflect the remeasurement of the non-controling interest with reference to the shareholdings at the balance sheet date, with the difference between the amount paid to acquire the shares and the change in value of the non-controlling interest having been recognised directly in equity and attributed to equity holders of the group.
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
3,994,830
5,496,048
-
-
GELEV UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,663,216
2,592,082
Amounts owed by group undertakings
130,501
673,893
12,042
-
Other debtors
45,000
48,579
Prepayments and accrued income
120,038
103,957
1,958,755
3,418,511
12,042
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
63,042
54,492
Obligations under finance leases
20
105,838
128,199
Other borrowings
19
1,479,649
1,479,649
Payments received on account
923,435
119,885
Trade creditors
3,336,411
4,803,246
Amounts owed to group undertakings
300,627
2,442,643
Corporation tax payable
523,235
434,471
Other taxation and social security
308,153
463,218
-
-
Other creditors
17,649
17,393
Accruals and deferred income
750,212
1,634,267
6,328,602
11,577,463
1,479,649
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
702,763
770,871
Obligations under finance leases
20
131,761
253,068
834,524
1,023,939
-
-
Bank loans are secured by fixed and floating charges over all of the assets of the company.
GELEV UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
765,805
825,363
Loans from group undertakings
1,479,649
1,479,649
765,805
2,305,012
-
1,479,649
Payable within one year
63,042
1,534,141
1,479,649
Payable after one year
702,763
770,871
The long-term bank loans are secured by fixed charges over the freehold property of the group.
Bank loans comprises a single mortgage covering all of the group's properties and is repayable over a period of 5 years via 59 equal monthly instalments and a final balancing payment due in September 2026. Interest is payable on this loan at a rate of 2.15% above the Bank of England base rate.
Loans from other group undertakings are unsecured and repayable on demand, with interest payable at a rate of 1% per annum.
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
120,879
128,199
In two to five years
116,720
253,068
237,599
381,267
-
-
Finance lease payments represent rentals payable by the company or group 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. The average lease term is 3 to 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
139,328
202,689
The company has no deferred tax assets or liabilities.
GELEV UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Deferred taxation
(Continued)
- 31 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
202,689
-
Credit to profit or loss
(63,361)
-
Liability at 31 December 2024
139,328
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
52,751
47,370
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
24
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
115,000
115,000
-
-
Between two and five years
460,000
460,000
-
-
In over five years
192,507
307,507
-
-
767,507
882,507
-
-
GELEV UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
25
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
369,391
288,164
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Entities with control, joint control or significant influence over the group
55,882
956,892
-
703,539
Other related parties
153,498
207,452
3,030,989
6,896,012
Interest payable
Management charges
2024
2023
2024
2023
£
£
£
£
Group
Entities with control, joint control or significant influence over the company
3,310
17,367
692,635
631,253
Company
Entities with control, joint control or significant influence over the company
3,310
17,367
-
-
The group also rented a property owned by a non-group undertaking in which the Director has an interest. Total rental charges paid during the year were £134,200 (2023: £119,800). The group has also made an interest-free loan of £45,000 (2023: £45,000) to the same non-group undertaking.
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Entities with control, joint control or significant influence over the group
6,555
1,848,921
Other related parties
294,072
2,073,371
Company
Entities with control, joint control or significant influence over the company
-
1,479,649
GELEV UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
25
Related party transactions
(Continued)
- 33 -
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Entities with control, joint control or significant influence over the group
12,042
539,864
Other related parties
118,459
134,029
Company
Entities with control, joint control or significant influence over the company
12,042
-
26
Controlling party
The director regards Klubb Group SAS (incorporated in France), with its registered office at 12 Avenue James de Rothschild, 77164 Ferrieres-en-brie, as the immediate parent undertaking. Klubb Group is also the parent undertaking of the smallest group within which the company belongs and for which consolidated accounts are prepared.
The director regards Financiere Coquebert Sarl (incorporated in France), with its registered office at 12 Avenue James de Rothschild, 77164 Ferrieres-en-brie, as the ultimate parent undertaking. Financiere Coquebert Sarl is also the parent undertaking of the largest group within which the company belongs and for which consolidated accounts are prepared.
27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,658,811
2,672,023
Adjustments for:
Taxation charged
659,874
930,680
Finance costs
103,574
74,359
Investment income
(35,633)
(45,652)
(Gain)/loss on disposal of tangible fixed assets
(39,419)
11,567
Amortisation and impairment of intangible assets
263,735
262,129
Depreciation and impairment of tangible fixed assets
340,343
328,141
Movements in working capital:
Decrease/(increase) in stocks
1,501,218
(2,036,087)
Decrease/(increase) in debtors
1,471,798
(836,867)
(Decrease)/increase in creditors
(3,844,165)
2,674,855
Cash generated from operations
2,080,136
4,035,148
GELEV UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
28
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
3,750,918
729,392
Adjustments for:
Finance costs
3,310
17,367
Investment income
(3,757,500)
(750,000)
Cash absorbed by operations
(3,272)
(3,241)
29
Analysis of changes in net funds - group
1 January 2024
Cash flows
Other non-cash changes
31 December 2024
£
£
£
£
Cash at bank and in hand
5,639,690
(3,804,470)
-
1,835,220
Borrowings excluding overdrafts
(2,305,012)
1,542,517
(3,310)
(765,805)
Obligations under finance leases
(381,267)
143,668
-
(237,599)
2,953,411
(2,118,285)
(3,310)
831,816
30
Analysis of changes in net funds/(debt) - company
1 January 2024
Cash flows
Other non-cash changes
31 December 2024
£
£
£
£
Cash at bank and in hand
813
1,727
-
2,540
Borrowings excluding overdrafts
(1,479,649)
1,482,959
(3,310)
-
(1,478,836)
1,484,686
(3,310)
2,540
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