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Registration number: 00866631 (England & Wales)

Gantrail International Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2024

 

Gantrail International Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 6

Consolidated Profit and Loss Account

7

Consolidated Balance Sheet

8

Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Statement of Changes in Equity

11

Consolidated Statement of Cash Flows

12

Notes to the Financial Statements

13 to 25

 

Gantrail International Limited

Company Information

Directors

C J Cresswell

M E K Impens

P N Bygrave

M P Gray

X A Deedene

Registered office

Unit 11A Barnett Way
Barnwood
Gloucester
GL4 3QA

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Gantrail International Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

C J Cresswell

M E K Impens

P N Bygrave

M P Gray

X A Deedene


Principal activity
The principal activity of the group is the provision of design and support solutions for the provision of crane rail interfaces. The principal activity of the company is that of a holding company.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 4 June 2025 and signed on its behalf by:


C J Cresswell
Director

 

Gantrail International Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' Report, Strategic Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and 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 group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Gantrail International Limited

Independent Auditor's Report to the Members of Gantrail International Limited

Opinion

We have audited the financial statements of Gantrail International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 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.

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 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

 

Gantrail International Limited

Independent Auditor's Report to the Members of Gantrail International Limited

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where 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; or

the directors were not entitled to take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was 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, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the group’s industry and its control environment and reviewed the group’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

 

Gantrail International Limited

Independent Auditor's Report to the Members of Gantrail International Limited

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;.

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our 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.





Paul Fussell (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Court
Staverton
Cheltenham
GL51 0UX

4 June 2025

 

Gantrail International Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
 £

2023
 £

Turnover

3

5,365,685

4,997,695

Cost of sales

 

(2,591,981)

(2,472,158)

Gross profit

 

2,773,704

2,525,537

Administrative expenses

 

(1,970,212)

(1,747,913)

Other operating income

4

321,917

8,007

Profit before tax

5

1,125,409

785,631

Taxation

8

(255,945)

(189,161)

Profit for the financial year

 

869,464

596,470

Profit attributable to:

 

Owners of the company

 

869,464

596,470

The above results were derived from continuing operations.

The group has no other comprehensive income for the year.

 

Gantrail International Limited

(Registration number: 00866631)
Consolidated Balance Sheet as at 31 December 2024

Note

2024
 £

2023
 £

Fixed assets

 

Intangible assets

9

404,786

456,489

Tangible assets

10

389,898

504,849

 

794,684

961,338

Current assets

 

Stocks

13

683,897

702,337

Debtors

14

641,958

725,475

Cash at bank and in hand

15

1,329,428

832,107

 

2,655,283

2,259,919

Creditors: Amounts falling due within one year

16

(1,064,598)

(1,171,243)

Net current assets

 

1,590,685

1,088,676

Total assets less current liabilities

 

2,385,369

2,050,014

Deferred tax liabilities

8

(150,529)

(84,638)

Net assets

 

2,234,840

1,965,376

Capital and reserves

 

Called up share capital

19, 20

22,551

22,551

Share premium reserve

20

790

790

Capital redemption reserve

20

137,360

137,360

Non-distributable reserve

20

-

110,558

Profit and loss account

20

2,074,139

1,694,117

Equity attributable to owners of the company

 

2,234,840

1,965,376

Total equity

 

2,234,840

1,965,376

Approved and authorised by the Board on 4 June 2025 and signed on its behalf by:
 

C J Cresswell
Director

 

Gantrail International Limited

(Registration number: 00866631)
Balance Sheet as at 31 December 2024

Note

2024
 £

2023
 £

Fixed assets

 

Investment property

11

-

800,000

Investments

12

100,100

100,100

 

100,100

900,100

Current assets

 

Debtors

14

1,009,897

817,994

Creditors: Amounts falling due within one year

16

(49,445)

(600,099)

Net current assets

 

960,452

217,895

Total assets less current liabilities

 

1,060,552

1,117,995

Deferred tax liabilities

8

-

(110,140)

Net assets

 

1,060,552

1,007,855

Capital and reserves

 

Called up share capital

19, 20

22,551

22,551

Share premium reserve

20

790

790

Capital redemption reserve

20

137,360

137,360

Profit and loss account

20

899,851

847,154

Total equity

 

1,060,552

1,007,855

The company made a profit after tax for the financial year of £652,697 (2023 - £749,999).

Approved and authorised by the Board on 4 June 2025 and signed on its behalf by:
 

C J Cresswell
Director

 

Gantrail International Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Capital redemption reserve
£

Non-distributable reserve
£

Profit and loss account
£

Total
£

At 1 January 2024

22,551

790

137,360

110,558

1,694,117

1,965,376

Profit for the year

-

-

-

-

869,464

869,464

Dividends

-

-

-

-

(600,000)

(600,000)

Transfers

-

-

-

(110,558)

110,558

-

At 31 December 2024

22,551

790

137,360

-

2,074,139

2,234,840

Share capital
£

Share premium
£

Capital redemption reserve
£

Non-distributable reserve
£

Profit and loss account
£

Total
£

At 1 January 2023

22,551

790

137,360

110,558

1,697,647

1,968,906

Profit for the year

-

-

-

-

596,470

596,470

Dividends

-

-

-

-

(600,000)

(600,000)

At 31 December 2023

22,551

790

137,360

110,558

1,694,117

1,965,376

 

Gantrail International Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 January 2024

22,551

790

137,360

847,154

1,007,855

Profit for the year

-

-

-

652,697

652,697

Dividends

-

-

-

(600,000)

(600,000)

At 31 December 2024

22,551

790

137,360

899,851

1,060,552

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 January 2023

22,551

790

137,360

697,155

857,856

Profit for the year

-

-

-

749,999

749,999

Dividends

-

-

-

(600,000)

(600,000)

At 31 December 2023

22,551

790

137,360

847,154

1,007,855

 

Gantrail International Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
 £

2023
 £

Cash flows from operating activities

Profit for the year

 

869,464

596,470

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

111,010

130,289

(Profit)/loss on disposal of property plant and equipment

(319,389)

410

Income tax expense

8

255,945

189,161

 

917,030

916,330

Working capital adjustments

 

Decrease in inventories

 

18,440

506,351

Decrease/(increase) in trade and other receivables

 

112,261

(45,499)

Decrease in trade and other payables

 

(46,314)

(236,432)

Cash generated from operations

 

1,001,417

1,140,750

Income taxes paid

 

(279,129)

(231,563)

Net cash flow from operating activities

 

722,288

909,187

Cash flows from investing activities

 

Acquisitions of property plant and equipment

(379,479)

(12,858)

Proceeds from sale of property plant and equipment

 

794,416

-

Acquisition of intangible assets

 

(39,904)

(44,307)

Net cash flows from investing activities

 

375,033

(57,165)

Cash flows from financing activities

 

Dividends paid

 

(600,000)

(600,000)

Net increase in cash and cash equivalents

 

497,321

252,022

Cash and cash equivalents at 1 January

 

832,107

580,085

Cash and cash equivalents at 31 December

15

1,329,428

832,107

 

Gantrail International Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

1

General information

The company is a private company limited by share capital incorporated in the United Kingdom.

The address of its registered office is:
Unit 11A Barnett Way
Barnwood
Gloucester
GL4 3QA

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is UK £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest £.

Summary of disclosure exemptions

Gantrail International Limited meets the definition of a qualifying entity under FRS102 and has therefore taken advantage of the disclosure exemption available to it in respect of its separate financial statements. Exemptions have been taken in the company's financial statements in relation to financial instrument and presentation of a statement of cash flows.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

No profit and loss account is presented for the company as permitted by section 408 of the Companies Act 2006.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

 

Gantrail International Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

2

Accounting policies (continued)

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The directors have prepared forecast information which covers a period of at least 12 months from the date of approval of these financial statements. After reviewing these forecasts, the directors have a reasonable expectation that the group has sufficient resources to continue in operational existence for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements.

Judgements

Management have made a significant judgement in regards to the stock provision in the period. The carrying amount of the provision is £165,284 (2023 - £185,596), and is based on the ageing of the stock. The directors use historical data such as last stock movements to identify slow moving and obsolete stock.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits can be reliably measured, and it is probable that future economic benefits will flow to the entity.

The group considers that the risks and rewards of ownership pass when products are delivered to customers and it is at this point revenue is recognised.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

The current 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 group operates and generates taxable income.

 

Gantrail International Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

2

Accounting policies (continued)

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Development costs are initially capitalised at cost. After initial recognition, development costs are measured at cost less any accumulated amortisation and accumulated impairment losses.

Separately acquired intangible assets (patents and trademarks) are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents and trademarks

20% straight line

Development costs

20% straight line

Research and development

Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

Property, plant and equipment

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

Nil

Leasehold improvements

10% of cost per annum

Plant and machinery

10% - 33.3% of cost per annum

Depreciation has not previously been provided on freehold buildings as the directors have not considered the residual value of the land and buildings to be materially different from the carrying value in the accounts. As a consequence any depreciation would be immaterial. The directors have undertaken an impairment review on the carrying value of the land and buildings in years leading up to the disposal in the year ended 31 December 2024 and had concluded that no impairment arose prior to the disposal.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Gantrail International Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks and work in progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 

Gantrail International Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

2

Accounting policies (continued)

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Gantrail International Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

3

Revenue

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

5,365,685

4,957,900

Rendering of services

-

39,795

5,365,685

4,997,695

The analysis of the group's turnover for the year by market is as follows:

2024
£

2023
£

UK

844,253

689,805

Europe

2,188,265

2,064,370

Middle East

221,434

516,936

Far East & India

1,623,859

1,026,937

United States of America

41,690

99,039

Rest of the world

446,184

600,608

5,365,685

4,997,695

 

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Profit on disposal of property, plant and equipment

321,917

-

Other operating income

-

8,007

321,917

8,007

 

5

Profit before tax

Arrived at after charging/(crediting):

2024
 £

2023
 £

Depreciation expense

19,403

22,934

Amortisation expense (included in administrative expenses)

91,607

107,355

Research and development cost

(25,137)

(42,117)

Foreign exchange losses

72,512

25,133

Operating lease expense

25,251

18,409

Loss on disposal of property, plant and equipment

2,528

410

Auditors remuneration

26,000

25,450

Auditors remuneration - non audit services

6,000

6,680

 

Gantrail International Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
 £

2023
 £

Wages and salaries

921,879

907,115

Social security costs

131,348

99,005

Pension costs, defined contribution scheme

96,067

36,099

1,149,294

1,042,219

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Administration and support

7

6

Production

10

13

Sales

4

4

21

23

Company
The company had no employees and therefore incurred no staff costs.

 

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

299,824

266,381

Contributions paid to money purchase schemes

56,762

13,249

356,586

279,630

During the year the number of directors who were receiving benefits was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

3

3

In respect of the highest paid director:

2024
£

2023
£

Remuneration

126,471

99,527

Company contributions to money purchase pension schemes

31,388

5,509

 

Gantrail International Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

8

Taxation

Tax charged/(credited) in the profit and loss account

2024
 £

2023
 £

Current taxation

UK corporation tax

187,646

198,845

UK corporation tax adjustment to prior periods

2,408

(10,612)

190,054

188,233

Deferred taxation

Arising from origination and reversal of timing differences

63,664

(17,614)

Adjustments in respect of prior periods

2,227

18,542

Total deferred taxation

65,891

928

Tax expense in the profit and loss account

255,945

189,161

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 23.52%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,125,409

785,631

Corporation tax at standard rate

281,353

184,785

Effect of revenues exempt from taxation

(4,787)

(4,307)

Effect of expense not deductible in determining taxable profit (tax loss)

5,383

1,622

Deferred tax credit relating to changes in tax rates or laws

-

(1,042)

Tax increase from effect of capital allowances and depreciation

2,513

221

Chargeable gains

(32,917)

-

Adjustments in respect of prior year - deferred tax

2,227

18,542

Movement in deferred tax not recognised

(235)

(48)

Adjustments in respect of prior periods - current tax

2,408

(10,612)

Total tax charge

255,945

189,161

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances

156,795

Short term timing differences

(6,266)

150,529

 

Gantrail International Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

8

Taxation (continued)

2023

Liability
£

Accelerated capital allowances

87,742

Short term timing differences

(3,104)

84,638

Company

Deferred tax assets and liabilities

2023

Liability
£

Capital gains

110,140

110,140

 

9

Intangible assets

Group

Patents and trademarks
 £

Development costs
 £

Total
£

Cost

At 1 January 2024

305,176

615,653

920,829

Additions acquired separately

25,630

14,274

39,904

At 31 December 2024

330,806

629,927

960,733

Amortisation

At 1 January 2024

206,802

257,538

464,340

Amortisation charge

41,791

49,816

91,607

At 31 December 2024

248,593

307,354

555,947

Carrying amount

At 31 December 2024

82,213

322,573

404,786

At 31 December 2023

98,374

358,115

456,489

 

Gantrail International Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

10

Tangible assets

Group

Freehold land and buildings
£

Leasehold improvements
£

Plant and machinery
 £

Total
£

Cost or valuation

At 1 January 2024

470,000

-

518,133

988,133

Additions

-

198,433

181,046

379,479

Disposals

(470,000)

-

(282,070)

(752,070)

At 31 December 2024

-

198,433

417,109

615,542

Depreciation

At 1 January 2024

-

-

483,284

483,284

Charge for the year

-

-

19,403

19,403

Eliminated on disposal

-

-

(277,043)

(277,043)

At 31 December 2024

-

-

225,644

225,644

Carrying amount

At 31 December 2024

-

198,433

191,465

389,898

At 31 December 2023

470,000

-

34,849

504,849

 

11

Investment properties

Company

£

At 1 January 2024

800,000

Disposals

(800,000)

At 31 December 2024

-

 

12

Investments

Company

2024
£

2023
£

Investments in subsidiaries

100,100

100,100

Subsidiaries

£

Cost or valuation

At 1 January 2024 and 31 December 2024

100,100

Carrying amount

At 31 December 2024 and 31 December 2023

100,100

 

Gantrail International Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

12

Investments (continued)

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Gantry Railing Limited

Unit 11A Barnett Way, Barnwood, GL4 3QA

100%

100%

 

England and Wales

     
 

13

Stocks

 

Group

Company

2024
 £

2023
 £

2024
 £

2023
 £

Raw materials

671,679

670,479

-

-

Work in progress

12,218

31,858

-

-

683,897

702,337

-

-

 

14

Debtors

 

Group

Company

2024
 £

2023
 £

2024
 £

2023
 £

Trade debtors

480,364

674,253

-

-

Amounts owed by related parties

-

14,479

1,002,897

817,994

Other debtors

60,453

3,674

7,000

-

Prepayments

72,397

33,069

-

-

Corporation tax asset

28,744

-

-

-

Total current trade and other debtors

641,958

725,475

1,009,897

817,994

 

15

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

1,329,428

832,107

-

-

 

Gantrail International Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

16

Creditors

 

Group

Company

2024
 £

2023
 £

2024
 £

2023
 £

Due within one year

Trade creditors

332,620

110,767

-

-

Amounts due to related parties

187,249

666,141

-

600,000

Social security and other taxes

21,892

22,429

-

-

Outstanding defined contribution pension costs

7,251

7,879

-

-

Other creditors

206,425

135,883

100

99

Accrued expenses

309,161

167,813

-

-

Corporation tax liability

-

60,331

49,345

-

1,064,598

1,171,243

49,445

600,099

 

17

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

99,160

14,266

Later than one year and not later than five years

348,965

11,605

Later than five years

1,246,667

-

1,694,792

25,871

The amount of non-cancellable operating lease payments recognised as an expense during the year was £25,251 (2023 - £18,409).

 

18

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £96,067 (2023 - £36,099).

Contributions totalling £7,251 (2023 - £7,879) were payable to the scheme at the end of the year and are included in creditors.

 

19

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

22,551

22,551

22,551

22,551

       
 

Gantrail International Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

20

Reserves

Called up share capital (Group and company)
This represents the nominal value of the issued share capital of the company.

Share premium (Group and company)
This represents the surplus on the nominal value of the issued share capital of the company.

Capital redemption reserve (Group and company)
This represents the amount transferred to this reserve to maintain the company's capital arising from the purchase of its own shares.

Non-distributable reserve (Group)
This represents the surplus arising on the revaluation of the group's and company's investment property.

Profit and loss account (Group and company)
This represents the cumulative profits or losses, net of dividends paid and other adjustments.

 

21

Analysis of net funds

Group

At 1 January 2024

Cash flow

At 31 December 2024

£

£

£

Cash at bank and in hand

832,107

497,321

1,329,428

Net funds

832,107

497,321

1,329,428

 

22

Control

The immediate and ultimate parent company is HF Holding SA, a company incorporated in Belgium.

The most senior parent producing publicly available statements is HF Holding SA. These financial statements are available upon request from the company's registered office at Rue du Commerce 19 1400, Nivelles​, Walloom Brabant, Belgium.