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DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2024 |
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
The directors present their strategic report and the financial statements for the year ended 31 October 2024.
In the year ended 31st October 2024, sales increased by 31.5% and there was a slight improvement in the gross profit percentage. Distribution costs increased at 22%. and the company made a profit after tax of £7,247,683 (2023 - £2,562,663). The balance sheet remains strong with £23,539,866 of net assets and £6,115,748 of cash at bank. The directors are satisfied with the results.
The revenue for this financial year increased from target despite predicted decline in the construction output for the UK in 2024. 2025's Construction output is forecasted to rise by 5% along with GKRs target from 2024 with a strong pipeline going into 2025. Distribution costs increased by 22% but les than the sales increase of 31.5% in the reporting period which demonstrated some efficiency savings taking into account an increased market HVO Fuel cost to previous period and increased Fleet vehicle costs to meet the demand of safer HGV vehicles on the road. Purchase volume of new materials during 2024 was considerably higher than the previous reported year with high investment in system scaffold. This is to be expected to reduce throughout the next reporting period with the business being able to optimise use of our own materials supply. Sustainability & Environment
GKR Scaffolding Ltd remain committed to minimising their impact on the environment through continual investment in their Sustainability Programme and commits to reduce scope 1 and scope 2 GHG emissions 42% by 2030 from a 2022 base year, and to measure and reduce its scope 3 emissions. GKR Scaffolding Ltd commits to reach net-zero by 2045. As part of this, GKR Scaffolding Ltd commits to reduce scope 1+2+3 emissions 90% by 2045 from a 2022 base year. All the above targes are validated and published with Science Based targets initiative.
GKR have also committed to Pledge to Net Zero. GKR meet Streamlined Energy and Carbon Reporting (SECR) qualification in the UK. GKR have opted to use the Operational Control boundary definition to define their carbon footprint boundary. The reporting period for the compliance is 1st November 2023 to 31st October 2024. Included within that boundary are Scope 1 & 2 emissions, as well as Scope 3 emissions from gas, electricity and company fleet in the UK. the GHG Protocol Corporate Accounting & Reporting Standard and UK Governments GHG Conversion Factors for Company Reporting have been used as part of the carbon emissions calculation. The results show that GKR's total energy use and total Greenhouse Gas (GHG) emissions amounted to 1,510,722 kWh and 56 tonnes of CO2e respectively in the 2024 financial year in the UK. GKR have chosen 'Tonnes of CO2e per million turnover' as an intensity metric as this is an appropriate metric for the business. The Company will compare their performance over time with this metric.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
Resource Management
Improvements in both forecasting and operational planning continue to enable the business to optimise use of existing assets to minimise purchase of new materials during peak price increases. Additionally, as the business directly employs the majority of its workforce, a clear retention strategy is in place to reduce churn and maintain the skill levels required within the business. This enables GKR to provide high quality supervision and consistent teams for projects. GKR has improved its in-house training provision under the GKR Academy and doubled the number of apprentices as its commitment to bringing more school/higher education leavers into the industry.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
Commercial Risk
There is a commercial risk of non-payment of work and disputes arising from delays. However, GKR mainly work with Tier 1 contractors and have established good relationships with client commercial teams. GKR's IMS System ensures that checks are carried out on all new clients including assessing credit risk and credit limits and a selective tendering process to filter our projects of higher commercial risk. Health & Safety Risk Health and Safety is a significant risk to the business with both a commercial and reputational impact. GKR’s strong safety record is a distinguishing factor when clients choose to work with GKR, and increasingly the investment in mental health and general wellbeing support is being valued. GKR Scaffolding employ a competent internal team with our H&S Director being a Chartered Member of IOSH and sits on the H&S committee for the National Access and Scaffold Confederation (NASC). Our H&S team continually monitor and measure the performance of all of the live projects to ensure we are achieving high performance. All staff have industry recognised qualifications and are trained to be safe and competent in their role. They are also trained above industry standard through in-house training programmes within the GKR Academy which includes Risk Aversion Training in Virtual Reality. GKR has also renewed its Professional Indemnity insurance at a value required by contractors.
Key financial performance indicators for the Company are turnover, gross margins and net profit margins which are regularly reported on and reviewed.
Energy usage targets are set as key non-financial performance indicators to ensure that there are continual improvements of the carbon footprint of the Company. This is measured by reviewing electricity, gas and fleet.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
The directors, in line with their duties under Section 172 of the Companies Act 2006, act individually and collectively in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard to the stakeholders and amongst other matters; the:
• likely consequences of any decisions in the long-term; • interests of the Company’s employees; • need to foster the Company’s business relationships with suppliers, customers and others; • impact of the Company’s operations on the community and environment; • desirability of the Company maintaining a reputation for high standards of business conduct; and • need to act fairly as between members of the Company. The Company’s business strategy is focussed on achieving success for the Company in the long term. This strategy considers the impact of relevant factors and stakeholder interests. The directors promote a culture of upholding the highest standards of conduct and ensures its core values are communicated to its employees and are embedded in its policies and procedures. The directors recognise that building strong long-term relationships with its stakeholders will help deliver its strategy. The directors consider the core stakeholders to be its employees, customers, suppliers and the local communities in which it operates. Protecting the health, safety and wellbeing of its employees and everyone who comes into contact with the business is the main priority. Furthermore, the directors are committed to a diverse and inclusive working environment and ensuring all employees have the necessary skills and training required to carry out their roles and to develop. The Company aims to develop long term mutually beneficial relationships with its customers. The Company engages with its customers on a continuous basis which allows it to better understand their needs thus ensuring its long-term success. The suppliers and subcontractors are integral to its operations and the Company aims to be fair in their dealings with them and to make payment within agreed terms.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
The directors present their report and the financial statements for the year ended 31 October 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £7,247,683 (2023 - £2,562,663).
A dividend of £1,892,629 (2023 - £1,488,273) has been paid in the year.
The directors who served during the year were:
The full Streamlined Energy and Carbon Reporting (SECR) disclosure is included under business review of the strategic report.
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G K R SCAFFOLDING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
There have been no significant events affecting the Company since the year end.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G K R SCAFFOLDING LIMITED
We have audited the financial statements of G K R Scaffolding Limited (the 'Company') for the year ended 31 October 2024, which comprise the Statement of income and retained earnings, the Balance sheet and the related notes, 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).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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G K R SCAFFOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G K R SCAFFOLDING LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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G K R SCAFFOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G K R SCAFFOLDING LIMITED (CONTINUED)
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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained a general understanding of the Company’s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity’s policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Company’s industry and regulation. We understand that the Company complies with the framework through:
∙Outsourcing accounts preparation and tax compliance to external experts.
∙Significant health and safety training is carried out internally, and from external experts, ensuring all staff are suitably trained to carry out their role safely.
∙Internal and external audits are carried out on sites that the entity operates from, ensuring that quality at the standard required.
In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Company’s ability to conduct its business, and/or where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of key significance in the context of the Company, and were reviewed in conjunction with other important laws and regulations the Company is subject to:
∙The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements.
∙The Work at Height Regulations 2005.
∙Health and Safety at Work etc Act 1974.
∙Safety, Health and welfare at work (construction) Regulations 2019.
∙Reporting of Injuries, Dieseases and Dangerous Occurrences Regulations 2013 (RIDDOR).
The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:
∙Outstanding applications may be irrecoverable and would therefore be overstating income in the period, or the stage of completion could be incorrectly calculated, leading to revenue being recognised in the wrong period.
∙Manipulation of the financial statements, especially revenue, via fraudulent journal entries.
∙Revenues may be overstated or cut-off incorrectly and therefore recognised in the incorrect period.
∙Non-compliance with laws and regulations could impact the going concern status of the Company, or lead to material omissions of fines and penalties.
∙Scaffolding materials within tangible fixed assets may be materially misstated.
These areas were communicated to the other members of the engagement team not present at the discussion.
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G K R SCAFFOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G K R SCAFFOLDING LIMITED (CONTINUED)
The procedures we carried out to gain evidence in the above areas included:
∙Agreement of signed application dates to ensure that they are included in the correct period, and tracing through to receipt to ensure that they are recoverable.
∙Testing journal entries, focusing particularly on postings to unexpected or unusual accounts and those posted at unusual times.
∙Occurrence testing over income, starting from inside the accounting system to outside, ensuring sales are correctly recorded and occurred.
∙Review of board minutes, legal expenses which have been incurred and discussion with management to ensure no omissions were made.
∙Review of ongoing projects at the year-end and supporting documentation from the contractor to prove scaffolding was on site at the year-end, helping to prove the balance is materially stated.
Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities.
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 Auditors' 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 Auditors' 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.
for and on behalf of
Statutory auditors
Brockbourne House
77 Mount Ephraim
Kent
TN4 8BS
Date:
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 OCTOBER 2024
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BALANCE SHEET
AS AT 31 OCTOBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 26 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
G K R Scaffolding Limited is a private company, limited by shares, which is registered and domiciled in England and Wales. The registered office is 200 Tower Bridge Road, London, England, SE1 2UN. The principal place of business of the Company is Independent House, Arnolde Close, Medway City Estates, Rochester, Kent, ME2 4QW. The principal activity of the Company is the supply, installation and management of scaffolding projects.
2.Accounting policies
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 presentational and functional currency of the Company is pounds sterling. Amounts in these financial statements have been rounded to the nearest whole £1.
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).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
The Company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the Company as an individual entity and not about its group.
This information is included in the consolidated financial statements of G K R Logistics Limited as at 31 October 2024 and these financial statements may be obtained from Companies House.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Turnover from scaffolding services Turnover from scaffolding services provided is recognised based on management's estimate of the stage of completion of the contract to provide such services. In preparing this estimate, management review the independent certification of work done, the progress of work against contracted timescales and the costs incurred against the budget, including reviews of the anticipated final result of the contracts. The Company has control and review procedures in place to monitor and evaluate the estimates being made to ensure that they are consistent and appropriate. These are included in accrued income which is £6,784,313 (2023: £6,328,303). Doubtful debts and variations of scope Accrued income from scaffolding services includes variations to the original scope of contracted work which are not always agreed in advance. As such, some of this work is not always recoverable and management only include an estimate of the value expected to be realised within accrued income. This is estimated by calculating the full turnover relating to the valuations and including a provision for the element that is not recoverable. Management apply judgement to this provision using their experience of similar variations completed in the past and their knowledge of ongoing relationships with their customers. The value of the holdback provision included within the accounts is £944,000 (2023: £1,598,000). Useful economic life of plant and machinery Plant and machinery includes scaffolding materials which are purchased in bulk and often are modified during their use. Due to this the useful economic life is constantly changing and therefore management apply their judgement to depreciate the remaining assets. Management apply an estimated useful life of 5 years, with a residual value of nil and consider that all scaffolding equipment would either have been destroyed or need to be replaced by the end of this 5 year period. The net book value of plant and machinery is £8,724,870 (2023: £6,198,222).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Profit and loss account
Barclays Bank plc holds cross-guarantees in respect of all accounts held in the names of the companies within the Group, and has the right to the set-off of debit and credit balances on all accounts. The amounts owed by group companies under this guarantee at 31 October 2024 amounted to £Nil (2023 - £Nil) in respect of overdrafts.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
In the current year, included within other debtors, are loans to the directors of the Company. The loans are interest free and repayable on demand. The movements during the year were as follows:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
The immediate and ultimate parent undertaking is G K R Logistics Limited, a company registered in England and Wales. L Rowswell and N Rowswell are directors of and control 94.29% of the shares in G K R Logistics Limited.
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