Company Registration No. 05201267 (England and Wales)
GGM HOLDINGS 2004 LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2024
31 October 2024
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
GGM HOLDINGS 2004 LTD
COMPANY INFORMATION
Directors
Mr C Gibson
Mrs H Gibson
Mr J Mercer
Secretary
Mrs H Gibson
Company number
05201267
Registered office
Regent Yard
Whitewalls Industrial Estate
Colne
Lancashire
United Kingdon
BB8 8LJ
Auditor
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
GGM HOLDINGS 2004 LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 27
GGM HOLDINGS 2004 LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The directors present the strategic report for the year ended 31 October 2024.

Principal activities

The principal activity of the company continued to be that of a non trading holding company,

 

The principal activity of the group continued to be that of the supply, service and hire of horticultural machinery.

Review of the business

The group has had a successful year of trading with revenue growth of £1.4m.

 

As has been seen across the wider economy, the group has been subject to cost increases arising from the high inflation environment. This will continue to be a challenge for the group moving into 2024/​25.

 

At the end of the year, the group is debt free and the directors consider that the group is well placed to capitalise on future opportunities.

Principal risks and uncertainties

The group is exposed to financial risk in the form of currency risk and liquidity risk. Currency risk arises due to the nature of the supply chain in the group’s distribution company. When appropriate the directors seek to minimise currency risks by means of hedging and the forward purchasing of foreign currency.

 

Financial risk in the form of currency and liquidity risk are closely monitored by the directors, to minimise any adverse impact on the group.

 

The current economic and political environment also creates a risk to any organisation. Whilst inflation has reduced from the highs of the previous year, it remains above the Bank of England target and the change in government and associated changes in government policy create uncertainty in terms of the impact of rising rates of taxation which are on the horizon.

 

The directors continue to closely monitor costs in a proactive manner.

Development and performance

In December 2023, the company names of both trading companies were changed. Gibsons Garden Machinery Limited changed name to GGM Group Ltd, to reflect the diversification and widening of the company’s product range and Parts Depot (Groundscare) Ltd changed name to PSD Groundscare Ltd, to align with the trading name of the company.

 

As reported in the previous strategic report, the group announced plans to widen its Kubota portfolio with higher horsepower M-series tractors and R0 loaders, to sit alongside its existing groundscare business. During the year, the group has further widened its product offering, with the addition of machinery for arboricultural use and the group has been appointed as a dealer for a number of manufacturers in this area as well as employing two designated product specialists to support this growth.

 

The group’s distribution company had another successful year, building on the introduction of several new manufacturers in 2022/23. Revenue within the distribution company has increased year on year, and the directors are optimistic about future growth arising from further development with these new supply partners.

 

The group continues to offer its LANTRA accredited training academy, which was introduced towards the back end of 2023/24.

 

To support the new services offered and the growth in the business, the group has employed 4 further staff, taking total staff numbers to 50 at the end of the year. The group continues to invest in the training and development of employees, to further strengthen our team and our offering to customers.

GGM HOLDINGS 2004 LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -

In November 2024, the group was awarded Professional Turf Care Dealer of the Year at the prestigious annual Service Dealer Awards and this recognition reflects the hard work, dedication, and passion that every member of Team GGM brings to our customers and partners. We are truly honoured to be recognised for our commitment to excellence in the turf care industry, over the long-term having previously won this award in 2014 and 2019.

Key performance indicators

Directors consider that the key performance indicators used in reviewing the financial statements are turnover and profit before tax. Turnover has increased by £1.4m during the year and profit before tax has decreased by £0.2m which is largely as a result of inflationary pressures on cost and the investment in new team members as we expand into new market sectors and continue to strengthen our customer service.

 

Given the size of the business, there are no other KPIs which directors use to monitor the underlying trading of the group.

Other information and explanations

The group has a culture of charitable giving and has held charity events for a number of years. During the year, 5 members of the team undertook the Manchester 10k, raising much needed funds for the North West Air Ambulance.

 

At the time of approving the financial statements, the group has not yet finalised plans for its 2025 charity events.

On behalf of the board

Mr C Gibson
Director
24 February 2025
GGM HOLDINGS 2004 LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 October 2024.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £208,058. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C Gibson
Mrs H Gibson
Mr J Mercer
Auditor

The auditor, PM+M Solutions for Business LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

GGM HOLDINGS 2004 LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
On behalf of the board
Mr C Gibson
Director
24 February 2025
GGM HOLDINGS 2004 LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GGM HOLDINGS 2004 LTD
- 5 -
Opinion

We have audited the financial statements of GGM Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

GGM HOLDINGS 2004 LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GGM HOLDINGS 2004 LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 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 considered capable of detecting irregularities, including fraud

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, 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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

GGM HOLDINGS 2004 LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GGM HOLDINGS 2004 LTD
- 7 -

Identifying and assessing potential risks related to irregularities

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals and complex transactions; and manipulating the Group's performance profit measures and other key performance indicators to meet remuneration targets and externally communicated targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety regulations, pensions legislation and tax legislation.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

GGM HOLDINGS 2004 LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GGM HOLDINGS 2004 LTD
- 8 -

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

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.

Christopher Johnson FCA (Senior Statutory Auditor)
For and on behalf of PM+M Solutions for Business LLP, Statutory Auditor
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
24 February 2025
GGM HOLDINGS 2004 LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
14,437,346
13,042,151
Cost of sales
(11,090,983)
(9,670,404)
Gross profit
3,346,363
3,371,747
Administrative expenses
(2,503,645)
(2,266,428)
Other operating income
71,782
59,159
Operating profit
4
914,500
1,164,478
Interest receivable and similar income
7
69,093
31,415
Profit before taxation
983,593
1,195,893
Tax on profit
8
(246,551)
(350,092)
Profit for the financial year
20
737,042
845,801
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
GGM HOLDINGS 2004 LTD
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,582,754
1,357,001
Current assets
Stocks
13
2,617,677
2,608,927
Debtors
14
1,660,619
1,259,215
Cash at bank and in hand
2,658,183
2,479,224
6,936,479
6,347,366
Creditors: amounts falling due within one year
15
(2,335,501)
(2,098,008)
Net current assets
4,600,978
4,249,358
Total assets less current liabilities
6,183,732
5,606,359
Provisions for liabilities
Deferred tax liability
17
387,473
339,084
(387,473)
(339,084)
Net assets
5,796,259
5,267,275
Capital and reserves
Called up share capital
19
40,000
40,000
Share premium account
20
5,000
5,000
Capital redemption reserve
20
11,250
11,250
Profit and loss reserves
20
5,740,009
5,211,025
Total equity
5,796,259
5,267,275

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 24 February 2025 and are signed on its behalf by:
24 February 2025
Mr C Gibson
Director
Company registration number 05201267 (England and Wales)
GGM HOLDINGS 2004 LTD
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
100,000
100,000
Current assets
Cash at bank and in hand
675,874
388,137
Creditors: amounts falling due within one year
15
(239)
-
Net current assets
675,635
388,137
Net assets
775,635
488,137
Capital and reserves
Called up share capital
19
40,000
40,000
Share premium account
20
5,000
5,000
Capital redemption reserve
20
11,250
11,250
Profit and loss reserves
20
719,385
431,887
Total equity
775,635
488,137

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £495,556 (2023 - £437,960 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 24 February 2025 and are signed on its behalf by:
24 February 2025
Mr C Gibson
Director
Company registration number 05201267 (England and Wales)
GGM HOLDINGS 2004 LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2022
40,000
5,000
11,250
4,559,992
4,616,242
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
-
845,801
845,801
Dividends
9
-
-
-
(194,768)
(194,768)
Balance at 31 October 2023
40,000
5,000
11,250
5,211,025
5,267,275
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
-
737,042
737,042
Dividends
9
-
-
-
(208,058)
(208,058)
Balance at 31 October 2024
40,000
5,000
11,250
5,740,009
5,796,259
GGM HOLDINGS 2004 LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2022
40,000
5,000
11,250
188,695
244,945
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
-
437,960
437,960
Dividends
9
-
-
-
(194,768)
(194,768)
Balance at 31 October 2023
40,000
5,000
11,250
431,887
488,137
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
-
495,556
495,556
Dividends
9
-
-
-
(208,058)
(208,058)
Balance at 31 October 2024
40,000
5,000
11,250
719,385
775,635
GGM HOLDINGS 2004 LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,333,582
1,308,174
Income taxes paid
(350,074)
(224,178)
Net cash inflow from operating activities
983,508
1,083,996
Investing activities
Purchase of tangible fixed assets
(875,147)
(489,970)
Proceeds from disposal of tangible fixed assets
216,179
167,390
Interest received
69,093
31,415
Net cash used in investing activities
(589,875)
(291,165)
Financing activities
Payment of finance leases obligations
(6,616)
(33,188)
Dividends paid to equity shareholders
(208,058)
(194,768)
Net cash used in financing activities
(214,674)
(227,956)
Net increase in cash and cash equivalents
178,959
564,875
Cash and cash equivalents at beginning of year
2,479,224
1,914,349
Cash and cash equivalents at end of year
2,658,183
2,479,224
GGM HOLDINGS 2004 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
1
Accounting policies
Company information

GGM Holdings 2004 Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Regent Yard, Whitewalls Industrial Estate, Colne, Lancashire, United Kingdon, BB8 8LJ.

 

The group consists of GGM Holdings 2004 Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

Investments in subsidiaries are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company GGM Holdings 2004 Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

GGM HOLDINGS 2004 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% - 30% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

GGM HOLDINGS 2004 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

GGM HOLDINGS 2004 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

GGM HOLDINGS 2004 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 19 -
2
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 amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The main areas of judgement are in relation to stock provisions and the useful economic lives of the company's fixed assets.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Goods
13,419,197
12,124,467
Services
1,018,149
917,684
14,437,346
13,042,151
2024
2023
£
£
Turnover analysed by geographical market
UK
14,299,254
12,851,590
Overseas
138,092
190,561
14,437,346
13,042,151
2024
2023
£
£
Other revenue
Interest income
69,093
31,415
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(55,798)
(49,356)
Depreciation of owned tangible fixed assets
465,423
340,721
Depreciation of tangible fixed assets held under finance leases
15,368
15,368
Profit on disposal of tangible fixed assets
(47,576)
(22,945)
GGM HOLDINGS 2004 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 20 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management
3
3
3
3
Admin
11
9
-
-
Sales and after sales
38
34
-
-
Total
52
46
3
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,892,537
1,724,113
-
0
-
0
Social security costs
1,417
1,302
-
0
-
0
Pension costs
198,242
182,850
-
0
-
0
2,092,196
1,908,265
-
0
-
0
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
71,389
68,202
Company pension contributions to defined contribution schemes
127,900
100,000
199,289
168,202
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
69,093
31,415
GGM HOLDINGS 2004 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
198,162
270,597
Deferred tax
Origination and reversal of timing differences
48,389
79,495
Total tax charge
246,551
350,092

From the 1 April 2023 the effective tax rate is 25%.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
983,593
1,195,893
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.52%)
245,898
269,289
Tax effect of expenses that are not deductible in determining taxable profit
1,801
-
0
Fixed asset differences
333
(928)
Remeasurement of deferred tax for changes in tax rates
(1,481)
81,731
Taxation charge
246,551
350,092
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
208,058
194,768
GGM HOLDINGS 2004 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
10
Tangible fixed assets
Group
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 November 2023
1,880,839
813,537
2,694,376
Additions
499,437
375,710
875,147
Disposals
(346,095)
(154,934)
(501,029)
Transfers
36,850
-
0
36,850
At 31 October 2024
2,071,031
1,034,313
3,105,344
Depreciation and impairment
At 1 November 2023
943,482
393,893
1,337,375
Depreciation charged in the year
283,748
197,043
480,791
Eliminated in respect of disposals
(202,956)
(129,470)
(332,426)
Transfers
36,850
-
0
36,850
At 31 October 2024
1,061,124
461,466
1,522,590
Carrying amount
At 31 October 2024
1,009,907
572,847
1,582,754
At 31 October 2023
937,357
419,644
1,357,001
The company had no tangible fixed assets at 31 October 2024 or 31 October 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
18,863
26,887
-
0
-
0
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
100,000
100,000
GGM HOLDINGS 2004 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
11
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023 and 31 October 2024
100,000
Carrying amount
At 31 October 2024
100,000
At 31 October 2023
100,000
12
Subsidiaries

Details of the company's subsidiaries at 31 October 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
GGM Group Ltd
Regent Yard, Whitewalls Industrial Estate, Colne, Lancashire, United Kingdom, BB8 8LJ
Ordinary
100.00
PSD Groundscare Ltd
Regent Yard, Whitewalls Industrial Estate, Colne, Lancashire, United Kingdom, BB8 8LJ
Ordinary
100.00
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
51,410
23,940
-
-
Finished goods and goods for resale
2,566,267
2,584,987
-
0
-
0
2,617,677
2,608,927
-
0
-
0
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,605,649
1,180,853
-
0
-
0
Other debtors
1,182
24,805
-
0
-
0
Prepayments and accrued income
53,788
53,557
-
0
-
0
1,660,619
1,259,215
-
-
GGM HOLDINGS 2004 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 24 -
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
16
-
0
6,616
-
0
-
0
Trade creditors
1,654,549
1,343,596
-
0
-
0
Corporation tax payable
118,685
270,597
239
-
0
Other taxation and social security
268,919
184,601
-
-
Other creditors
28,647
-
0
-
0
-
0
Accruals and deferred income
264,701
292,598
-
0
-
0
2,335,501
2,098,008
239
-
0
16
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
6,616
-
0
-
0

Obligations due under finance leases are secured on the assets to which the agreement relates.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
388,438
339,251
Short term timing differences
(965)
(167)
387,473
339,084
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
339,084
-
Charge to profit or loss
48,389
-
Liability at 31 October 2024
387,473
-
GGM HOLDINGS 2004 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
17
Deferred taxation
(Continued)
- 25 -

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
198,242
182,850

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The amount due to the scheme at the year end totalled £6,080 (2023: £1,559).

19
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
32,500
32,500
32,500
32,500
Ordinary B of £1 each
7,500
7,500
7,500
7,500
40,000
40,000
40,000
40,000

Both A and B ordinary shares have full voting, dividends and distribution rights. All classes of shares rank pari passu for dividends and in entitlement to assets on a winding up of the company. Distributions are applicable subject to certain criteria set out in the Articles of Association.

20
Reserves
Share premium

The share premium account is the excess money received for issues shares above the par value.

Equity reserve

The profit and loss reserves include all current and prior period retained profits.

Capital redemption reserve

A non-distributable reserve created following a historic change in the structure of share capital.

GGM HOLDINGS 2004 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
21
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
106,500
106,500
-
-
Between two and five years
236,500
278,000
-
-
In over five years
65,000
130,000
-
-
408,000
514,500
-
-
22
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
-
85,903
-
-
23
Related party transactions

An amount of £65,000 (2023: £65,000) relates to rentals due on the property paid to a Pension Scheme connected to the directors of the Group.

24
Controlling party

The ultimate controlling party are the directors, who controlled the whole of the company's issued ordinary share capital throughout the year.

GGM HOLDINGS 2004 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
25
Cash generated from group operations
2024
2023
£
£
Profit after taxation
737,042
845,801
Adjustments for:
Taxation charged
246,551
350,092
Investment income
(69,093)
(31,415)
Gain on disposal of tangible fixed assets
(47,576)
(22,945)
Depreciation and impairment of tangible fixed assets
480,791
356,091
Movements in working capital:
Increase in stocks
(8,750)
(67,626)
(Increase)/decrease in debtors
(401,404)
351,369
Increase/(decrease) in creditors
396,021
(473,193)
Cash generated from operations
1,333,582
1,308,174
26
Analysis of changes in net funds - group
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
2,479,224
178,959
2,658,183
Obligations under finance leases
(6,616)
6,616
-
2,472,608
185,575
2,658,183
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