| REGISTERED NUMBER: |
| GORDON DALE ENTERPRISES LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| REGISTERED NUMBER: |
| GORDON DALE ENTERPRISES LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| GORDON DALE ENTERPRISES LIMITED (REGISTERED NUMBER: 01042742) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 30 November 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 9 |
| GORDON DALE ENTERPRISES LIMITED |
| COMPANY INFORMATION |
| for the year ended 30 November 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Ashbourne House |
| The Guildway |
| Old Portsmouth Road |
| Guildford |
| Surrey |
| GU3 1LR |
| GORDON DALE ENTERPRISES LIMITED (REGISTERED NUMBER: 01042742) |
| BALANCE SHEET |
| 30 November 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| GORDON DALE ENTERPRISES LIMITED (REGISTERED NUMBER: 01042742) |
| BALANCE SHEET - continued |
| 30 November 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| GORDON DALE ENTERPRISES LIMITED (REGISTERED NUMBER: 01042742) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 30 November 2024 |
| 1. | STATUTORY INFORMATION |
| Gordon Dale Enterprises Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The financial statements have been prepared on a going concern basis. The directors have considered the ongoing funding requirements of the company and its parent in the context of the overall group strategy and the completion by the parent of the construction of the new premises providing showroom, workshop and offices. |
| The going concern basis is considered appropriate as the parent company directors have secured agreement, subject to legals, from Metro Bank for a loan of £3.5m, repayable over 25 years to replace the parent's existing short term borrowing. The legal processes are currently being completed and are anticipated to facilitate drawdown during October 2025. In addition, the parent company directors and shareholders will continue to provide financial support to the group for the foreseeable future to enable it to meet its liabilities as they fall due. |
| Turnover |
| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, and value-added tax. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the company. |
| Revenue from vehicle servicing and repair work is recognised in the period in which the services are provided, when the customer has accepted the work performed, and the invoice has been issued. |
| Tangible fixed assets |
| Tangible fixed assets 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 to allocate the cost of assets less their residual value over their estimated useful lives from the date they come into use. |
| Depreciation is provided on the following basis: |
| - Plant and machinery - 25% Reducing balance |
| - Fixture and fittings - 25% Reducing balance |
| - Short leasehold - over life of lease |
| - Motor Vehicles - 25% Reducing balance |
| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted 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 the profit and loss account. |
| GORDON DALE ENTERPRISES LIMITED (REGISTERED NUMBER: 01042742) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 November 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stock is 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 first in, first out 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 sell. The impairment loss is recognised immediately in profit or loss. |
| Financial instruments |
| Financial instruments are classified by the directors as basic or non-basic following the conditions on FRS 102 Section 11. Basic financial instruments are initially measured at transaction price (including transaction cost) and subsequently recognised at amortised cost using the effective interest method. The company does not have any non-basic financial instruments. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period in which they relate to. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| GORDON DALE ENTERPRISES LIMITED (REGISTERED NUMBER: 01042742) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 November 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Short | Plant and | and | Motor |
| leasehold | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 December 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| 5. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Amounts falling due after more than one year: |
| Amounts owed by group undertakings |
| Aggregate amounts |
| The amount due from the group undertaking attracts interest at a rate of 2% per annum. |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 8) |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| GORDON DALE ENTERPRISES LIMITED (REGISTERED NUMBER: 01042742) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 November 2024 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
| Included within other creditors is a balance owed to a connected company of £549,272 (2023: £654,177). This balance is interest free and repayable upon demand. |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 8) |
| Hire purchase contracts (see note 9) |
| The company received a Coronavirus Bounce Back Loan which attracts interest at a fixed rate of 2.5%. Repayments of capital and interest are being made monthly for a period of 5 years until May 2026. The loan is unsecured. |
| 8. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| GORDON DALE ENTERPRISES LIMITED (REGISTERED NUMBER: 01042742) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 November 2024 |
| 9. | LEASING AGREEMENTS - continued |
| At 30 November 2024 the company had future minimum lease payments under non-cancellable operating leases as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year | 196,763 | 196,763 |
| Between one and five years | 393,525 | 590,287 |
| 590,288 | 787,050 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts | 14,964 | 22,711 |
| All monies owed to National Westminster Bank Plc, including the bank loan, are secured over the assets of the company. |
| 11. | PROVISIONS FOR LIABILITIES |
| The provision for Liabilities is made up as follows: |
| 2024 | 2023 |
| £ | £ |
| Rollover relief | 438,385 | 438,385 |
| Accelerated capital allowances | 17,500 | 13,500 |
| Dilapidations | 25,000 | - |
| 480,885 | 451,885 |
| 12. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is Gordon Dale Holdings Limited whose registered office is Ashbourne House The Guildway, Old Portsmouth Road, Guildford, Surrey, United Kingdom, GU3 1LR. |
| CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| GORDON DALE ENTERPRISES LIMITED |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gordon Dale Enterprises Limited for the year ended 30 November 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Gordon Dale Enterprises Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gordon Dale Enterprises Limited and state those matters that we have agreed to state to the Board of Directors of Gordon Dale Enterprises Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gordon Dale Enterprises Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Gordon Dale Enterprises Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gordon Dale Enterprises Limited. You consider that Gordon Dale Enterprises Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Gordon Dale Enterprises Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against Bessler Hendrie LLP for any purpose or in any context. Any party, other than you, who obtain access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk. |
| Chartered Accountants |
| Ashbourne House |
| The Guildway |
| Old Portsmouth Road |
| Guildford |
| Surrey |
| GU3 1LR |