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Registered number: 01402329










GEAR-TRODES (SOUTH WALES) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2024

 
GEAR-TRODES (SOUTH WALES) LIMITED
REGISTERED NUMBER: 01402329

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
127,364
70,528

Investments
 5 
267,931
267,928

  
395,295
338,456

Current assets
  

Stocks
 6 
1,127,197
1,014,721

Debtors: amounts falling due within one year
 7 
1,744,054
1,537,700

Current asset investments
 8 
1,394,444
596,021

Cash at bank and in hand
 9 
1,236,150
1,449,107

  
5,501,845
4,597,549

Creditors: amounts falling due within one year
 10 
(1,315,638)
(847,521)

Net current assets
  
 
 
4,186,207
 
 
3,750,028

Total assets less current liabilities
  
4,581,502
4,088,484

Provisions for liabilities
  

Deferred tax
  
(23,547)
-

  
 
 
(23,547)
 
 
-

Net assets
  
4,557,955
4,088,484


Capital and reserves
  

Called up share capital 
  
100
100

Fair value reserves
  
18,398
55,991

Profit and loss account
  
4,539,457
4,032,393

  
4,557,955
4,088,484


Page 1

 
GEAR-TRODES (SOUTH WALES) LIMITED
REGISTERED NUMBER: 01402329
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Andrew John Hughes
Director

Date: 11 July 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
GEAR-TRODES (SOUTH WALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Gear-Trodes (South Wales) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 01402329 and registered office address is Unit 10 Baglan Industrial Park, Aberavon Road, Port Talbot, SA12 7DJ.
The presentation currency of the financial statements in the Pound Sterling (£).

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 judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
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 a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
GEAR-TRODES (SOUTH WALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.3

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

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

 
2.5

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.

 
2.6

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
GEAR-TRODES (SOUTH WALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.7

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 balance sheet 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 balance sheet 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 balance sheet date.


 
2.8

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 charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
on cost.
Motor vehicles
-
25%
on cost.
Fixtures and fittings
-
33%
on cost.

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.

Page 5

 
GEAR-TRODES (SOUTH WALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.9

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

Page 6

 
GEAR-TRODES (SOUTH WALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.15

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.


3.


Employees

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


        2024
        2023
            No.
            No.







Average employees
22
21


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 November 2023
220,403
225,254
62,510
508,167


Additions
1,376
94,184
-
95,560


Disposals
-
(87,786)
-
(87,786)



At 31 October 2024

221,779
231,652
62,510
515,941



Depreciation


At 1 November 2023
203,707
171,606
62,327
437,640


Charge for the year on owned assets
10,163
22,267
181
32,611


Disposals
-
(81,674)
-
(81,674)



At 31 October 2024

213,870
112,199
62,508
388,577



Net book value



At 31 October 2024
7,909
119,453
2
127,364



At 31 October 2023
16,696
53,649
183
70,528

Page 7

 
GEAR-TRODES (SOUTH WALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 November 2023
250,000
17,930
267,930



At 31 October 2024
250,000
17,930
267,930





6.


Stocks

2024
2023
£
£

Raw materials and consumables
1,127,197
1,014,721

1,127,197
1,014,721



7.


Debtors

2024
2023
£
£


Trade debtors
1,382,789
1,188,969

Other debtors
346,238
323,135

Prepayments and accrued income
15,027
25,596

1,744,054
1,537,700



8.


Current asset investments

2024
2023
£
£

Listed investments
1,394,444
596,021

1,394,444
596,021


Page 8

 
GEAR-TRODES (SOUTH WALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,236,150
1,449,107

1,236,150
1,449,107



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
938,697
578,918

Corporation tax
178,419
118,175

Other taxation and social security
144,710
81,160

Other creditors
14,951
10,820

Accruals and deferred income
38,861
58,448

1,315,638
847,521



11.


Reserves

2024
2023
        £
        £

Profit and loss reserve b/fwd

4,032,393

3,855,566

Profit for the year

605,462

357,647

Revaluation reserve movement

(18,398)

39,180

Dividends

(80,000)

(220,000)

Profit and loss reserve c/fwd

4,539,457

4,032,393


Revaluation reserve
Included in revaluation reserves is the revaluation of investments held by Gear-Trodes (South Wales) Ltd for the year ending 31 October 2024, the revaluation totalled £18,398 (2023: £55,991).
 

Page 9

 
GEAR-TRODES (SOUTH WALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

12.


Related party transactions

Gear-Trodes (South Wales) Limited is a member of a Limited Liability Partnership (GTAJH LLP) with Mr Andrew Hughes, a director of the company, for the purpose of investing in suitable business premises. GTAJH LLP own the building from which Gear-Trodes (South Wales) Limited trade.                                    
For the year ending 31 October 2023, rental income was paid to GTAJH LLP totalling £30,000 (2023: £30,000). The profit share of Gear-Trodes (South Wales) Limited amounted to £23,102 (2023: £23,182).

 
Page 10