| REGISTERED NUMBER: |
| GORDON DALE HOLDINGS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| REGISTERED NUMBER: |
| GORDON DALE HOLDINGS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| GORDON DALE HOLDINGS LIMITED (REGISTERED NUMBER: 09419405) |
| 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 | 8 |
| GORDON DALE HOLDINGS LIMITED |
| COMPANY INFORMATION |
| for the year ended 30 November 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Ashbourne House |
| The Guildway |
| Old Portsmouth Road |
| Guildford |
| Surrey |
| GU3 1LR |
| GORDON DALE HOLDINGS LIMITED (REGISTERED NUMBER: 09419405) |
| BALANCE SHEET |
| 30 November 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| 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 HOLDINGS LIMITED (REGISTERED NUMBER: 09419405) |
| BALANCE SHEET - continued |
| 30 November 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| GORDON DALE HOLDINGS LIMITED (REGISTERED NUMBER: 09419405) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 30 November 2024 |
| 1. | STATUTORY INFORMATION |
| Gordon Dale Holdings 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 in the context of the overall group strategy and the completion of the construction of the new premises providing showroom, workshop and offices. |
| The going concern basis is considered appropriate as the directors have secured agreement, subject to legals, from Metro Bank for a loan of £3.5m, repayable over 25 years to replace the existing short term borrowing referred to in note 9. The legal processes are currently being completed and are anticipated to facilitate drawdown during October 2025. In addition, the directors and shareholders will continue to provide financial support to the company for the foreseeable future to enable it to meet its liabilities as they fall due. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Gordon Dale Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| 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: |
| Land - Not depreciated |
| Buildings - 2% straight line on property, once asset brought into use. |
| Plant and machinery - 25% on 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. |
| Investments in subsidiaries |
| Investments in subsidiaries are measured at cost less accumulated impairment. |
| GORDON DALE HOLDINGS LIMITED (REGISTERED NUMBER: 09419405) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 November 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 period 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - NIL). |
| 4. | TANGIBLE FIXED ASSETS |
| Asset in | Plant and |
| course of | machinery |
| construction | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 December 2023 |
| Additions |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| GORDON DALE HOLDINGS LIMITED (REGISTERED NUMBER: 09419405) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 November 2024 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 December 2023 |
| and 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed to group undertakings |
| Other creditors |
| The amount owed to the group undertaking attracts interest at a rate of 2% per annum. |
| 9. | SECURED DEBTS |
| Included in other creditors less than one year is a loan of £1,999,492, secured by a fixed and floating charge over the property in course of construction and a first fixed charge over all the company property interests and insurance policies. Despite the loan term having come to an end, by agreement with the lender, the loan has been extended and will be repaid from the drawdown of funds from the Metro Bank loan, referred to within the going concern note on page 4. The lender has also advanced further funds since the year end so that the loan on repayment is anticipated to be £2.8m. Given the nature of the arrangement, the loan remains payable within 12 months of the balance sheet date. |
| 10. | CAPITAL COMMITMENTS |
| The company is in the course of construction of a new showroom and workshop from where the subsidiary and associated companies will operate in the future. The directors estimate that the remaining build costs, through to fit out and completion, will amount to £1.75m and will be complete within 12 months of the year end. |
| GORDON DALE HOLDINGS LIMITED (REGISTERED NUMBER: 09419405) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 November 2024 |
| 11. | RELATED PARTY DISCLOSURES |
| At the balance sheet date amounts were due to a director of £1,256,862 (2023: £1,122,862). Of this £808,987 (2023: £674,987) is interest free and is not repayable on demand. £400,000 (2023: £400,000) relates to 5% preference shares that are classified as debt plus accrued dividends, classified as interest, amounting to £47,875 (2023: £47,875). |
| Included in other creditors due less than one year is a balance of £378,000 owed to a related company. The loan is interest free and repayable on demand. |
| CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| GORDON DALE HOLDINGS 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 Income Statement 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 Holdings Limited for the year ended 30 November 2024 which comprise the Profit and loss account, 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 Holdings 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 Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Gordon Dale Holdings 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 Holdings 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 Holdings 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 Holdings Limited. You consider that Gordon Dale Holdings 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 Holdings 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 |