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Generator Power Limited

Registered number: 03446582
Annual report and
 financial statements
For the year ended 31 October 2024

 
GENERATOR POWER LIMITED
 
 
COMPANY INFORMATION


Director
S K Cardwell 




Registered number
03446582



Registered office
Foxbridge Way
Normanton Industrial Estate

Normanton

West Yorkshire

WF6 1TW




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

5th Floor

3 Wellington Place

Leeds

LS1 4AP




Bankers
HSBC
33 Park Row

Leeds

West Yorkshire

LS1 2JZ





 
GENERATOR POWER LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Director's Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Statement of Cash Flows
 
12 - 13
Notes to the Financial Statements
 
14 - 33


 
GENERATOR POWER LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

Introduction
 
The Company's principal activity is the hire and sale of generators.

Business review
 
The director is pleased with the Company’s performance for the 12 months under review during continued difficult trading conditions and increased competition. As mentioned more fully below, the Company has continued to make good progress against its key performance indicators.

Principal risks and uncertainties
 
Liquidity risk - In order to maintain liquidity to ensure that sufficient funds are available for its ongoing operations and future developments, the Company purchases its assets using specifically tailored asset finance and has in place a facility to provide its working capital.
Market risk - The major risks to the business are customer loss through aggressive pricing from competitors or poor service. The Company mitigates these risks by continually monitoring market prices, ensuring a flexible approach and providing a first class service to customers.
Operational risk - The Company continuously monitors the range, efficiency and availability of its generators and any fluctuating customer demands to ensure that it is able to meet those demands and business opportunities as and when they arise. There is a regular maintenance programme in place and a policy of disposing and renewing of the fleet as and when individual items approach the end of their useful working lives.
Financial risk - Financial risks are managed through internal management controls, timely and accurate management information and by careful monitoring of the volumes of orders and margins. Stock and debtor controls are also vigorously monitored. The Company is not exposed to significant currency risk and does not feel it necessary to hedge its interest rate risk.

Financial key performance indicators
 
The director considers the key performance indicators of the business to be turnover, gross margin percentage and net profit before taxation. The Company recorded the following results on these KPIs:


2024
2023
Turnover (£'m)
73.2
89.1
Gross profit (£'m)
18.5
19.8
Gross profit margin (%)
25.3
22.2
Net profit before taxation (£'m)
1.2
2.1


Statement of the Director's duties in performance of s172(1) Companies Act 2006
 
The director of Generator Power Limited considers that for the year ended 31 October 2024 he has acted in the way he considers, in good faith, would be the most likely to promote the success of the Company for the benefit of its members as a whole and having regard to the matters set out in S172 (1)(a-f) as below:
 
a) The likely consequences of any decision in the long term;
b) The interests of the Company’s employees;
c) The need to foster the Company’s business relationships with suppliers, customers and others;
d) The impact of the Company’s operations on the community and the environment;
e) The desirability of the Company maintaining a reputation for high standards of business conduct; and
f)  The need to act fairly between members of the Company.
- 1 -

 
GENERATOR POWER LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

The director makes decisions by taking his legal duty into account and also the priorities and requirements of the stakeholders.
a) The likely consequences of any decision in the long term
The director gives due consideration to the likely consequences of his decisions on the long term objectives and sustainability of the Company, its stakeholders and the community whilst also preserving its values and culture.  When dividends are proposed the availability of distributable reserves and future cash requirements of the business are considered in order not to compromise creditors.  We are a business built on our standards and reputation and would not take a decision which would have a detrimental impact on this whether in the short term or the long term.  We are dedicated to ensuring we maintain our culture whilst achieving our purpose.
b) The interests of the Company’s employees
Our employees are key so it is very important that they have the right attitude and the drive to create ideas and set high standards. All employees are encouraged to be honest and regular discussions are held with employees. The director makes an effort to talk to the employees which gives him the opportunity to hear their ideas and see firsthand where any improvements can be made.  
c) The need to foster the Company’s business relationships with suppliers, customers and others.
We carry out our business with similar-minded people and build on this to forge strong and lasting partnerships which is important for our long-term success.
d) The impact of the Company’s operations on the community and the environment. 
We are proud to be part of the local and wider communities. It is our aim to create opportunities to recruit and develop local people and to understand the local issues that are important to the community and what we can do to support it.  
e) The desirability of the Company maintaining a reputation for high standards of business conduct.
All employees have easy access to our Operating Procedures and Codes of Conduct and understand the requirement for them to comply with the Company’s high standards of business conduct at all times. Any issues of non-compliance with any of our policies can be dealt with in confidence.
f) The need to act fairly between members of the Company.
The Company aims to act with integrity and courtesy in all of its business relationships and will consider all members and stakeholders when making decisions for the overall good of the Company.


This report was approved by the board on 26 June 2025 and signed on its behalf.


S K Cardwell
Director

- 2 -

 
GENERATOR POWER LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

The director presents his report and the financial statements for the year ended 31 October 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements 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; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Results and dividends

The profit for the year, after taxation, amounted to £889,342 (2023 - £1,505,147).

Dividends totalling £500,000 (2023: £1,000,000) were declared during the year. 

Director

The director who served during the year was:

S K Cardwell 

Going concern

The director has prepared financial projections which forecast continued profitability. These forecasts show that the Company should be able to operate within its facilities and recent trading performance is pleasing.
As a consequence, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the going concern basis of accounting continues to be adopted in preparing the financial statements. The director has considered a period in excess of twelve months from the date of approval of these financial statements in making his assessment.

- 3 -

 
GENERATOR POWER LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Future developments

The director expects continued growth and further development of the business as a result of the recent investments made in capital expenditure, infrastructure and personnel.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company is required to report its annual greenhouse gas emissions pursuant to the Directors' Report and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 ("Regulations"). The 2018 regulations, known as Streamlined Energy and Carbon Reporting (SECR) came into effect on 1 April 2019 and the Company is required to report the emissions and energy consumption for this year to 31 October 2024 to coincide with the financial reporting period.  

Following location based methodology 856,146 kWh (2023: 709,300 kWh) of scope 2 energy and 1,776,751 litres (2023: 1,627,670 litres) of scope 1 fuel has been consumed in relation to the Company's UK premises and assets, resulting in 4,633,458 kgCO2e (2023: 4,222,337 kgCO2e). During the year no specific steps were taken to lower energy consumption. Emissions per employee have been considered to be an appropriate intensity ratio - average emissions per employee for the year were 14,995 kgCO2e (2023: 13,447 kgCO2e) and the Company aims to lower this where possible in future.        


Matters covered in the Strategic Report

Certain information is not shown in the Director's Report because it is shown in the Strategic Report instead under s414C(11). The Strategic Report includes a business review, principal risks and uncertainties, financial key performance indicators and Statement of the Director's duties in performance of s172(1) Companies Act 2006.

Disclosure of information to auditor

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditor is unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

Following the year-end the Company has declared dividends of £250,000 on the Ordinary shares.

Auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 June 2025 and signed on its behalf.
 





S K Cardwell
Director

- 4 -

 
GENERATOR POWER LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GENERATOR POWER LIMITED
 

Opinion

We have audited the financial statements of Generator Power Limited (the ‘Company’) for the year ended 31 October 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. 
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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.

Basis for opinion

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 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 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.

Other information

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.
- 5 -

 
GENERATOR POWER LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GENERATOR POWER LIMITED
 

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 the 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.

Matters on which we are required to report by exception

In 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 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, 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

- 6 -

 
GENERATOR POWER LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GENERATOR POWER LIMITED
 

Responsibilities of Director

As explained more fully in the Director's Responsibilities Statement set out on page 3, 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 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 intends either to liquidate the 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.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
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. 

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as: tax legislation, pension legislation and the Companies Act 2006. 
- 7 -

 
GENERATOR POWER LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GENERATOR POWER LIMITED
 

In addition, we evaluated the director's and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to: posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to depreciation rates, revenue recognition (which we pinpointed to the cut-off assertion) and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

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.




Shaun Mullins (Senior Statutory Auditor)

  
for and on behalf of

Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
5th Floor
3 Wellington Place
Leeds
LS1 4AP

27 June 2025
- 8 -

 
GENERATOR POWER LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
73,211,247
89,084,049

Cost of sales
  
(54,677,753)
(69,283,577)

Gross profit
  
18,533,494
19,800,472

Distribution costs
  
(6,507,190)
(6,984,707)

Administrative expenses
  
(9,308,378)
(9,184,896)

Operating profit
 5 
2,717,926
3,630,869

Interest receivable and similar income
 9 
10,490
256

Interest payable and similar expenses
 10 
(1,507,632)
(1,546,984)

Profit before tax
  
1,220,784
2,084,141

Tax on profit
 11 
(331,442)
(578,994)

Profit for the financial year
  
889,342
1,505,147

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023: £Nil).

The notes on pages 14 to 33 form part of these financial statements.

- 9 -

 
GENERATOR POWER LIMITED
REGISTERED NUMBER: 03446582

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
34,116,463
30,986,965

Investments
 14 
1
1

  
34,116,464
30,986,966

Current assets
  

Stocks
 15 
574,512
432,827

Debtors: amounts falling due within one year
 16 
21,120,971
21,591,749

Cash at bank and in hand
 17 
1,132,661
1,250,121

  
22,828,144
23,274,697

Creditors: amounts falling due within one year
 18 
(32,301,427)
(33,305,969)

Net current liabilities
  
 
 
(9,473,283)
 
 
(10,031,272)

Total assets less current liabilities
  
24,643,181
20,955,694

Creditors: amounts falling due after more than one year
 19 
(10,483,858)
(7,238,689)

Provisions for liabilities
  

Deferred tax
 22 
(1,156,322)
(1,103,346)

Net assets
  
13,003,001
12,613,659


Capital and reserves
  

Called up share capital 
 23 
1
1

Capital redemption reserve
 24 
1
1

Profit and loss account
 24 
13,002,999
12,613,657

  
13,003,001
12,613,659


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 June 2025.




S K Cardwell
Director

The notes on pages 14 to 33 form part of these financial statements.

- 10 -

 
GENERATOR POWER LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 November 2022
1
1
12,108,510
12,108,512


Comprehensive income for the year

Profit for the year
-
-
1,505,147
1,505,147
Total comprehensive income for the year
-
-
1,505,147
1,505,147


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,000,000)
(1,000,000)


Total transactions with owners
-
-
(1,000,000)
(1,000,000)



At 1 November 2023
1
1
12,613,657
12,613,659


Comprehensive income for the year

Profit for the year
-
-
889,342
889,342
Total comprehensive income for the year
-
-
889,342
889,342


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(500,000)
(500,000)


Total transactions with owners
-
-
(500,000)
(500,000)


At 31 October 2024
1
1
13,002,999
13,003,001


The notes on pages 14 to 33 form part of these financial statements.

- 11 -

 
GENERATOR POWER LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
889,342
1,505,147

Adjustments for:

Depreciation of tangible assets
8,920,978
8,349,886

Profit on disposal of tangible assets
(251,290)
(599,959)

Interest paid
1,507,632
1,546,984

Interest received
(10,490)
(256)

Taxation charge
331,442
578,994

(Increase)/decrease in stocks
(141,685)
865,258

(Increase)/decrease in debtors
(131,056)
6,402,534

Increase/(decrease) in creditors
416,662
(6,717,436)

Corporation tax (paid)
(420,000)
(191,828)

Net cash generated from operating activities

11,111,535
11,739,324


Cash flows from investing activities

Purchase of tangible fixed assets
(1,408,899)
(219,326)

Sale of tangible fixed assets
1,980,495
1,750,436

Interest received
10,490
256

HP interest paid
(891,245)
(1,016,220)

Net cash from investing activities

(309,159)
515,146
- 12 -

 
GENERATOR POWER LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(629,864)
(350,345)

Repayment of finance leases
(9,183,725)
(10,281,642)

Decrease in directors' loans
601,834
1,144,331

Dividends paid
(500,000)
(1,000,000)

Interest paid
(616,387)
(530,764)

Net cash used in financing activities
(10,328,142)
(11,018,420)

Net increase in cash and cash equivalents
474,234
1,236,050

Cash and cash equivalents at beginning of year
(7,510,215)
(8,746,265)

Cash and cash equivalents at the end of year
(7,035,981)
(7,510,215)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,132,661
1,250,121

Invoice discounting facility
(8,168,642)
(8,760,336)

(7,035,981)
(7,510,215)


The notes on pages 14 to 33 form part of these financial statements.

- 13 -

 
GENERATOR POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Generator Power Limited ("the Company") is a private company limited by share capital, incorporated in England and Wales. The Company's registration number is 03446582. The address of its registered office is:
Foxbridge Way
Normanton Industrial Estate
Normanton
West Yorkshire
WF6 1TW
The principal activity of the Company is the hire and sale of generators.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

Group financial statements have not been prepared as all of the Company's subsidiaries are permitted to be excluded from group financial statements by virtue of sections 402 and 405 of the Companies Act 2006. These financial statements therefore present information about the Company as an individual undertaking and not about its group.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director has prepared financial projections which forecast continued profitability. These forecasts show that the Company should be able to operate within its facilities.
As a consequence, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the going concern basis of accounting continues to be appropriate in preparing the financial statements. The director has considered a period in excess of twelve months from the date of approval of these financial statements in making his assessment.

- 14 -

 
GENERATOR POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

 
2.4

Revenue

Revenue from the sales of goods, such as the sale of generators or the sale of fuel, is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
 
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably

Rendering of services
Revenue from contracts related to the rendering of services is recognised in the period in which the generators are on hire so long as the following conditions are met:
 
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract.


- 15 -

 
GENERATOR POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

- 16 -

 
GENERATOR POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charge so as to allocate the cost of assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following basis:

Leasehold property improvements
-
12.5% straight line
Plant & machinery
-
12.5% straight line
Motor vehicles
-
25.0% straight line
Fixtures, fittings & equipment
-
12.5 - 33.33% straight line

 
2.12

Valuation of investments

Investments held as fixed assets are shown at cost less provision for impairment.

 
2.13

Stocks

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

- 17 -

 
GENERATOR POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.
 
- 18 -

 
GENERATOR POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 
- 19 -

 
GENERATOR POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. 

- 20 -

 
GENERATOR POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Critical judgments in applying the Company’s accounting policies 
The critical judgments that management have made in the process of applying the Company’s accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
Assessing indicators of impairment 
In assessing whether there have been any indicators of impairment to assets, management has considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned. 
Key sources of estimation uncertainty 
The key assumptions concerning the future, and other key sources of estimation uncertainty surrounding the carrying amounts of assets and liabilities within the next financial year are discussed below.
(i) Determining residual values and useful economic lives of tangible assets
The Company depreciates tangible assets, over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgment is also applied, when determining the residual values for fixed assets. When determining the residual value, the director has assessed the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices.
ii) Recoverability of trade debtors
The company makes provision for any debts which are considered to be doubtful or irrecoverable. Judgement is made as to how much to provide for based on the specific scenario. 

- 21 -

 
GENERATOR POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Hire income
73,211,247
67,862,225

Sale of assets
-
21,221,824

73,211,247
89,084,049


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
72,753,325
67,434,120

Rest of Europe
457,922
316,607

Rest of the world
-
21,333,322

73,211,247
89,084,049


All turnover related to the Company's principal activity.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
8,930,483
8,349,886

Other operating lease rentals
901,235
743,108

Defined contribution pension costs
256,012
237,948

Profit on sale of tangible assets
(251,290)
(599,959)

- 22 -

 
GENERATOR POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
49,750
44,450

Fees payable to the Company's auditor in respect of:

Taxation compliance services
7,500
7,350

All taxation advisory services not included above
196,867
111,584

All non-audit services not included above
4,645
107,235


7.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
13,194,279
12,184,076

Social security costs
1,570,488
1,420,003

Cost of defined contribution scheme
256,012
237,948

15,020,779
13,842,027


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Management
1
4



Administration
139
141



Direct
169
169

309
314

- 23 -

 
GENERATOR POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

8.


Director's remuneration

2024
2023
£
£

Director's emoluments
271,933
305,623

Company contributions to defined contribution pension schemes
4,193
27,475

276,126
333,098


During the year there were 1 retirement benefits accruing to the director (2023 - 1) in respect of defined contribution pensions schemes.
The director of the Company is also considered to be the key management personnel.
The details above disclose the highest paid directors remuneration and pension contribution as there is only 1 director acting in the year. 


9.


Interest receivable

2024
2023
£
£


Other interest receivable
10,490
256


10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
616,387
530,764

Finance leases and hire purchase contracts
891,245
1,016,220

1,507,632
1,546,984

- 24 -

 
GENERATOR POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
287,862
484,077

Adjustments in respect of previous periods
(9,396)
2,108

Total current tax
278,466
486,185

Deferred tax


Origination and reversal of timing differences
50,901
102,989

Prior year adjustment
2,075
(10,180)

Total deferred tax
52,976
92,809


Taxation on profit on ordinary activities
331,442
578,994

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,220,784
2,084,141


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.52%)
305,196
469,349

Effects of:


Expenses not deductible for tax purposes
20,554
100,231

Fixed asset differences
24,982
7,580

Adjustments to tax charge in respect of prior periods
(9,396)
2,108

Adjustments in respect of prior periods - deferred tax
2,075
(10,180)

Remeasurement of deferred tax for changes in tax rates
-
10,225

Other tax adjustments, reliefs and transfers
(27,230)
(42,556)

Chargeable gains
15,261
42,462

Other differences leading to a decrease in the tax charge
-
(225)

Total tax charge for the year
331,442
578,994


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

- 25 -

 
GENERATOR POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

12.


Dividends

2024
2023
£
£


Ordinary shares
500,000
1,000,000


13.


Tangible fixed assets





Leasehold property improvements
Plant & machinery
Motor vehicles
Fixtures, fittings and equipment
Total

£
£
£
£
£



Cost


At 1 November 2023
965,573
78,703,025
8,967,534
1,486,467
90,122,599


Additions
34,750
11,990,262
1,730,346
24,323
13,779,681


Disposals
-
(4,765,075)
(507,593)
-
(5,272,668)



At 31 October 2024

1,000,323
85,928,212
10,190,287
1,510,790
98,629,612



Depreciation


At 1 November 2023
400,953
51,095,611
6,361,111
1,277,959
59,135,634


Charge for the year
99,928
7,288,207
1,433,529
99,314
8,920,978


Disposals
-
(3,151,193)
(392,270)
-
(3,543,463)



At 31 October 2024

500,881
55,232,625
7,402,370
1,377,273
64,513,149



Net book value



At 31 October 2024
499,442
30,695,587
2,787,917
133,517
34,116,463



At 31 October 2023
564,620
27,607,414
2,606,423
208,508
30,986,965

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
26,176,160
16,284,604

Motor vehicles
2,562,699
1,259,903

Fixtures, fittings and equipment
-
41,346

28,738,859
17,585,853

- 26 -

 
GENERATOR POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

14.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 November 2023
1



At 31 October 2024
1





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Trackhire Solutions Ltd
Foxbridge Way, Normanton Industrial Estate, Normanton, West Yorkshire, WF6 1TW
Dormant
Ordinary
100%


15.


Stocks

2024
2023
£
£

Raw materials and consumables
325,266
325,266

Finished goods and goods for resale
249,246
107,561

574,512
432,827


- 27 -

 
GENERATOR POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

16.


Debtors

2024
2023
£
£


Trade debtors
16,641,501
16,635,298

Other debtors
3,213,324
3,609,730

Prepayments and accrued income
299,772
380,347

Tax recoverable
966,374
966,374

21,120,971
21,591,749



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,132,661
1,250,121

Invoice discounting facility
(8,168,642)
(8,760,336)

(7,035,981)
(7,510,215)


- 28 -

 
GENERATOR POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Invoice discounting facility
8,168,642
8,760,336

Bank loans
551,018
515,648

Trade creditors
13,880,005
12,945,236

Corporation tax
797,080
938,614

Other taxation and social security
1,013,151
1,189,150

Obligations under finance lease and hire purchase contracts
7,343,207
8,066,553

Other creditors
27,881
94,018

Accruals and deferred income
520,443
796,414

32,301,427
33,305,969


A guarantee in favour of United Utilities Plc to a value of £50,000 was issued on 22 January 2010 against the Company's assets.
The invoice discounting facility includes a balance of £8,168,642 (2023: £8,760,336) which is secured on the Company's trade debtors.
The bank loan is secured by a debenture comprising of a fixed and floating charge over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.
Obligations under hire purchase contracts are secured on related assets.


19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
288,773
954,007

Net obligations under finance leases and hire purchase contracts
10,195,085
6,284,682

10,483,858
7,238,689


The bank loan is secured by a debenture comprising of a fixed and floating charge over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.
Obligations under hire purchase contracts are secured on related assets.

- 29 -

 
GENERATOR POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
551,018
515,648


Amounts falling due 2-5 years

Bank loans
288,773
954,007


839,791
1,469,655



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
7,343,207
8,066,553

Between 1-5 years
10,195,085
6,284,682

17,538,292
14,351,235

Obligations under hire purchase contracts are secured on related assets.
Hire purchase lease arrangements containing an option to purchase are entered into for the procurement of the Company's plant and machinery and motor vehicles.

- 30 -

 
GENERATOR POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

22.


Deferred taxation




2024
2023


£

£






At beginning of year
(1,103,346)
(1,010,537)


Charged to profit or loss
(52,976)
(92,809)



At end of year
(1,156,322)
(1,103,346)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(1,246,322)
(1,165,324)

Short term timing differences
90,000
61,978

(1,156,322)
(1,103,346)


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1

The Company has one class of ordinary shares which carry voting rights but no right to fixed income.



24.


Reserves

Capital redemption reserve

The capital redemption reserve represents the nominal value of share capital repurchased.

Profit & loss account

The profit and loss account reserve represents accumulated profit after tax less dividends paid.

- 31 -

 
GENERATOR POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
25.


Analysis of net debt






At 1 November 2023
Cash flows
Repayment of loans
New finance leases
At 31 October 2024
£

£

£

£

£

Cash at bank and in hand

1,250,121

(117,460)

-

-

1,132,661

Invoice discounting facility

(8,760,336)

591,694

-

-

(8,168,642)

Debt due after 1 year

(954,007)

-

629,864

-

(324,143)

Debt due within 1 year

(515,648)

-

-

-

(515,648)

Finance leases

(14,351,235)

-

9,183,725

(12,370,782)

(17,538,292)


(23,331,105)
474,234
9,813,589
(12,370,782)
(25,414,064)


26.


Capital commitments


At 31 October 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
4,128,000
5,474,000

Capital commitments relate to the purchase of plant and machinery.


27.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £256,012 (2023: £237,948). An amount of £Nil (2023: £Nil) was payable at the year end.

- 32 -

 
GENERATOR POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

28.


Commitments under operating leases

At 31 October 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£

Land and buildings


Not later than 1 year
901,235
901,235

Later than 1 year and not later than 5 years
3,138,791
3,317,222

Later than 5 years
2,893,547
3,629,018

6,933,573
7,847,475

Operating lease rentals recognised as an expense during the period amounted to £901,235 (2023: £743,108).


29.


Related party transactions

Transactions with companies under common control:
 
During the year Generator Power Limited advanced funds totalling £197,388 (2023: £210,220);
At the year end the balances owed to Generator Power Limited from these companies was £1,836,324 (2023: £1,710,575); and
During the year interest of £Nil (2023: £Nil) was charged on these outstanding balances.

At 31 October 2024 an other related party owed the Company £2,329,074 (2023: £2,930,908) in respect of an interest-free loan. The maximum loan outstanding during the year was £2,660,908 (2023: £4,975,908).
During the year, the Company paid rent of £901,235 (2023: £743,108) to an other related party for the use of the business premises. The rentals are considered to be on an arms length basis. 
At the year end the Company had entered into guarantees in relation to the bank loans advanced to an other related party of the Company totalling £1,810,500 (2023: £2,960,500).


30.


Post balance sheet events

Following the year-end the Company has declared dividends of £250,000 on the Ordinary shares. 


31.


Controlling party

The Company is controlled by S K Cardwell.

- 33 -