IRIS Accounts Production v25.2.0.378 09846541 Board of Directors Board of Directors 30.11.24 1.12.23 30.11.24 30.11.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true true false true true false false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh098465412023-11-30098465412024-11-30098465412023-12-012024-11-30098465412022-11-30098465412022-12-012023-11-30098465412023-11-3009846541ns15:EnglandWales2023-12-012024-11-3009846541ns14:PoundSterling2023-12-012024-11-3009846541ns10:Director12023-12-012024-11-3009846541ns10:Director22023-12-012024-11-3009846541ns10:Consolidated2024-11-3009846541ns10:ConsolidatedGroupCompanyAccounts2023-12-012024-11-3009846541ns10:PrivateLimitedCompanyLtd2023-12-012024-11-3009846541ns10:Consolidatedns10:MediumEntities2023-12-012024-11-3009846541ns10:Consolidatedns10:Audited2023-12-012024-11-3009846541ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-12-012024-11-3009846541ns10:Medium-sizedCompaniesRegimeForAccounts2023-12-012024-11-3009846541ns10:Consolidated2023-12-012024-11-3009846541ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-12-012024-11-3009846541ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-12-012024-11-3009846541ns10:FullAccounts2023-12-012024-11-3009846541ns5:Subsidiary12023-12-012024-11-3009846541ns5:Subsidiary22023-12-012024-11-3009846541ns10:OrdinaryShareClass12023-12-012024-11-3009846541ns10:RegisteredOffice2023-12-012024-11-3009846541ns10:Consolidated2022-12-012023-11-3009846541ns5:CurrentFinancialInstruments2024-11-3009846541ns5:CurrentFinancialInstruments2023-11-3009846541ns5:ShareCapital2024-11-3009846541ns5:ShareCapital2023-11-3009846541ns5:CapitalRedemptionReserve2024-11-3009846541ns5:CapitalRedemptionReserve2023-11-3009846541ns5:ShareCapital2022-11-3009846541ns5:RetainedEarningsAccumulatedLosses2022-11-3009846541ns5:CapitalRedemptionReserve2022-11-3009846541ns5:RetainedEarningsAccumulatedLosses2022-12-012023-11-3009846541ns5:CapitalRedemptionReserve2022-12-012023-11-3009846541ns5:RetainedEarningsAccumulatedLosses2023-11-3009846541ns5:CapitalRedemptionReserve2023-12-012024-11-3009846541ns5:RetainedEarningsAccumulatedLosses2023-12-012024-11-3009846541ns5:RetainedEarningsAccumulatedLosses2024-11-3009846541ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-12-012024-11-3009846541ns5:LongLeaseholdAssetsns5:LandBuildings2023-12-012024-11-3009846541ns5:PlantMachinery2023-12-012024-11-3009846541ns5:FurnitureFittings2023-12-012024-11-3009846541ns5:MotorVehicles2023-12-012024-11-3009846541ns5:ComputerEquipment2023-12-012024-11-3009846541ns5:CostValuation2023-11-30098465411ns5:Subsidiary12023-12-012024-11-3009846541ns5:Subsidiary12024-11-3009846541ns5:Subsidiary12023-11-3009846541ns5:Subsidiary12022-12-012023-11-3009846541ns5:Subsidiary232023-12-012024-11-3009846541ns5:Subsidiary22024-11-3009846541ns5:Subsidiary22023-11-3009846541ns5:Subsidiary22022-12-012023-11-3009846541ns5:WithinOneYearns5:CurrentFinancialInstruments2024-11-3009846541ns5:WithinOneYearns5:CurrentFinancialInstruments2023-11-3009846541ns10:OrdinaryShareClass12024-11-30
REGISTERED NUMBER: 09846541 (England and Wales)















G. J. HANDY (HOLDINGS) LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 NOVEMBER 2024






G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024










Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 8

Consolidated Statement of Comprehensive
Income

9


Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash
Flows

15


Notes to the Consolidated Financial Statements 16 to 26


G. J. HANDY (HOLDINGS) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024







DIRECTORS: Mr S A Belcher
Mr D L Belcher





REGISTERED OFFICE: Handy Distribution
Murdock Road
Dorcan
SWINDON
Wiltshire
SN3 5HY





REGISTERED NUMBER: 09846541 (England and Wales)





AUDITORS: Morris Owen
Statutory Auditors
43-45 Devizes Road
SWINDON
Wiltshire
SN1 4BG

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024


The directors have pleasure in presenting their strategic report for the year ended 30 November 2023.

REVIEW OF BUSINESS
The company trades in a sector of the market which is seasonal and is dependent to some degree on the weather at key times such as spring and summer.

It was a strong selling season, and we are seeing a good return on the marketing invests made in the last few years driving a good market share.

The turnover for the year was £17,079,630, which was up in 2023 by £1,408,017.

Profit continued to increase in 2024 due to growth in online sales and very well managed costs throughout the year.

Our brands Webb, The Handy and Q Garden continue to grow and due to this we have reduced our portfolio of brands to become more focused but still remain major distribution partners for Greenworks and Flymo amongst other brands.

We continue to aim to deliver the best distribution infrastructure in our industry coupled with a highly skilled and knowledgeable team of staff means we can continue to grow our business and strive to lead in our sector.

POSITION AT THE END OF THE YEAR

During the year, the directors took the decision to undertake a rationalisation of group intracompany balances as well as a restructuring of the shareholders by the repurchase of own shares from one of the minority shareholders. The impact of this has been to reduce the consolidated balance sheet total of the group by some £2.8m. The directors feel that this positions the company well going forward and supports the focus on continuing to grow and trade profitably.

PRINCIPAL RISKS AND UNCERTAINTIES
The last 5 years have shown there are always uncertainties and we have the be able to adapt and change fast when needed. The rapid rise in staffing costs is something we are currently planning for, and part of that process is to strip costs out of other parts of the business such as energy usage.

As always currency swings are always a risk that we continue to manage carefully and successfully.

Weather historically has been the biggest uncertainty we cannot control. We have been dealing with this challenge as a business for over 80 years and the experience in our team allows us to keep these risks to a minimum by managing stock and range offerings.

KEY PERFORMANCE INDICATORS
The directors have identified that the key performance indicators when looking at the trading business are the monitoring of turnover on a monthly basis compared to the seasonalised budget, margin levels (2024 27.3%, 2023 19.2%, 2022 15.3%), stock turn (2024 2.9, 2023 3.0, 2022 1.65), control of overheads compared to budget and cash flow.


G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

FUTURE DEVELOPMENTS
Having commissioned a study on solar power and power storage last year we are having this installed along with a facelift on the front of the building. The solar panels and battery energy storage will safe a significant amount of money going forward as well as reducing our operations effect on the environment.

We aim to give our customers the very best products and service; our own brands and major brand partners continue to make us a leading specialist one stop distribution partner in our industry.

ON BEHALF OF THE BOARD:



Mr S A Belcher - Director


28 August 2025

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 November 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of retail sale of garden machinery.

DIVIDENDS
Interim dividends totalling £54.07 per share were paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30th November 2024 will be £4,123,635.

All necessary waivers were in place.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

Mr S A Belcher
Mr D L Belcher

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2024


AUDITORS
The auditors, Morris Owen, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr S A Belcher - Director


28 August 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G. J. HANDY (HOLDINGS) LTD


Opinion
We have audited the financial statements of G. J. Handy (Holdings) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 November 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G. J. HANDY (HOLDINGS) LTD


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate
competence, capabilities and skills to identify or recognise non-compliance with applicable laws
and regulations through the audit planning process;
- we identified the laws and regulations applicable to the group through discussions with directors
and other management, and from our commercial knowledge and experience of the group's
industry;
- we focused on specific laws and regulations which we considered may have a direct material effect
on the financial statements or the operations of the group, including the Companies Act, taxation
legislation, general data protection regulations (GDPR), employment, and health and safety
legislation;
- we assessed the extent of compliance with the laws and regulations identified above through
making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team
remained alert to instances of non-compliance throughout the audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G. J. HANDY (HOLDINGS) LTD


We assessed this susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
- making enquiries of management as to where they considered there was susceptibility to fraud,
their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws
and regulations.

As a result of a small management and finance team we identified a risk of fraud through management bias and ability to override of controls, including lack of segregation of duties, which could lead to a misappropriation of cash and other assets. To address this we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- carried out walk through testing of both sales and purchases to understand payment and
authorisation processes;
reviewing reasons behind sales credit notes raised;
- assessed whether judgements and assumptions made in determining the accounting estimates set
out in note two were indicative of potential bias; and
- investigated the rationale behind significant or unusual transaction.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring with solicitors for any instances in the year;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HM Revenue & Customs (HMRC) and any legal correspondence.

Due 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, 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 fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Mr Alan John Barlow (Senior Statutory Auditor)
for and on behalf of Morris Owen
Statutory Auditors
43-45 Devizes Road
SWINDON
Wiltshire
SN1 4BG

28 August 2025

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024 2023
Notes £    £   

REVENUE 3 17,079,628 15,671,611

Cost of sales 12,410,194 12,659,340
GROSS PROFIT 4,669,434 3,012,271

Administrative expenses 2,901,984 2,296,788
1,767,450 715,483

Other operating income 4 16,042 107,762
OPERATING PROFIT 6 1,783,492 823,245

Interest receivable and similar income 26,121 -
1,809,613 823,245

Interest payable and similar expenses 7 12,747 65,826
PROFIT BEFORE TAXATION 1,796,866 757,419

Tax on profit 8 489,950 229,771
PROFIT FOR THE FINANCIAL YEAR 1,306,916 527,648

OTHER COMPREHENSIVE INCOME
Revaluation reserve (29,744 ) 573,130
Share purchase (1,962,087 ) -
Income tax relating to components of
other comprehensive income

7,436

(178,633

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(1,984,395

)

394,497
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(677,479

)

922,145

Profit attributable to:
Owners of the parent 1,306,916 527,648

Total comprehensive income attributable to:
Owners of the parent (677,479 ) 922,145

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 11 4,428,436 4,178,628
Investments 12 - -
4,428,436 4,178,628

CURRENT ASSETS
Inventories 13 4,226,534 3,664,114
Debtors 14 1,582,299 3,133,243
Cash at bank and in hand 493,682 1,569,146
6,302,515 8,366,503
CREDITORS
Amounts falling due within one year 15 3,620,028 2,794,320
NET CURRENT ASSETS 2,682,487 5,572,183
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,110,923

9,750,811

CREDITORS
Amounts falling due after more than
one year

16

(95,528

)

(38,350

)

PROVISIONS FOR LIABILITIES 19 (553,036 ) (411,075 )
NET ASSETS 6,462,359 9,301,386

CAPITAL AND RESERVES
Called up share capital 20 9,231 17,170
Revaluation reserve 21 1,493,909 1,516,217
Capital redemption reserve 21 7,939 -
Retained earnings 21 4,951,280 7,767,999
SHAREHOLDERS' FUNDS 6,462,359 9,301,386

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2025 and were signed on its behalf by:





Mr S A Belcher - Director


G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

COMPANY STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 11 - -
Investments 12 17,100 17,100
17,100 17,100

CURRENT ASSETS
Debtors 14 184 184

CREDITORS
Amounts falling due within one year 15 114 114
NET CURRENT ASSETS 70 70
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,170

17,170

CAPITAL AND RESERVES
Called up share capital 20 9,231 17,170
Capital redemption reserve 21 7,939 -
SHAREHOLDERS' FUNDS 17,170 17,170

Company's profit for the financial year 4,123,635 321,500

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2025 and were signed on its behalf by:




Mr D L Belcher - Director



Mr S A Belcher - Director


G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 December 2022 17,170 7,561,851 1,121,720 - 8,700,741

Changes in equity
Profit for the year - 527,648 - - 527,648
Other comprehensive income - - 394,497 - 394,497
Total comprehensive income - 527,648 394,497 - 922,145
Dividends - (321,500 ) - - (321,500 )
Balance at 30 November 2023 17,170 7,767,999 1,516,217 - 9,301,386

Changes in equity
Profit for the year - 1,306,916 - - 1,306,916
Other comprehensive income - (1,962,087 ) (22,308 ) - (1,984,395 )
Total comprehensive income - (655,171 ) (22,308 ) - (677,479 )
Dividends - (2,161,548 ) - - (2,161,548 )
Reduction in share capital (7,939 ) - - 7,939 -
Balance at 30 November 2024 9,231 4,951,280 1,493,909 7,939 6,462,359

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2022 17,170 - - 17,170

Changes in equity
Profit for the year - 321,500 - 321,500
Total comprehensive income - 321,500 - 321,500
Dividends - (321,500 ) - (321,500 )
Balance at 30 November 2023 17,170 - - 17,170

Changes in equity
Profit for the year - 4,123,635 - 4,123,635
Purchase of own shares - (1,962,087 ) - (1,962,087 )
Total comprehensive income - 2,161,548 - 2,161,548
Dividends - (2,161,548 ) - (2,161,548 )
Reduction in share capital (7,939 ) - 7,939 -
Balance at 30 November 2024 9,231 - 7,939 17,170

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,892,458 4,133,613
Interest paid - (58,785 )
Interest element of hire purchase
payments paid

(12,747

)

(7,041

)
Tax paid (219,537 ) (71,709 )
Net cash from operating activities 1,660,174 3,996,078

Cash flows from investing activities
Purchase of tangible fixed assets (345,186 ) (70,357 )
Sale of tangible fixed assets 65,151 26,517
Hire purchase outstanding on sold asset (8,963 ) -
Amounts owed by participating interests 1,756,824 -
Interest received 26,121 -
Net cash from investing activities 1,493,947 (43,840 )

Cash flows from financing activities
Capital repayments in year (99,768 ) (80,133 )
Amount introduced by directors - 1,167
Amount withdrawn by directors (6,182 ) -
Share buyback (1,962,087 ) -
Equity dividends paid (2,161,548 ) (321,500 )
Net cash from financing activities (4,229,585 ) (400,466 )

(Decrease)/increase in cash and cash equivalents (1,075,464 ) 3,551,772
Cash and cash equivalents at
beginning of year

2

1,569,146

(1,982,626

)

Cash and cash equivalents at end
of year

2

493,682

1,569,146

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 1,796,866 757,419
Depreciation charges 264,019 160,875
Profit on disposal of fixed assets (33,717 ) (21,243 )
Increase/(Decrease) in provision 81,149 12,505
Finance costs 12,747 65,826
Finance income (26,121 ) -
2,094,943 975,382
(Increase)/decrease in inventories (562,420 ) 3,055,004
Increase in trade and other debtors (180,482 ) (97,727 )
Increase in trade and other creditors 540,417 200,954
Cash generated from operations 1,892,458 4,133,613

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 November 2024
30.11.24 1.12.23
£    £   
Cash and cash equivalents 493,682 1,569,146
Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 1,569,146 25,200
Bank overdrafts - (2,007,826 )
1,569,146 (1,982,626 )


3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1.12.23 Cash flow changes At 30.11.24
£    £    £    £   
Net cash
Cash at bank
and in hand 1,569,146 (1,075,464 ) 493,682
1,569,146 (1,075,464 ) 493,682
Debt
Finance leases (111,857 ) 108,731 - (232,948 )
(111,857 ) 108,731 - (232,948 )
Total 1,457,289 (966,733 ) - 260,734

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024


1. STATUTORY INFORMATION

GJ Handy (Holdings) Limited is private company, limited by shares, registered in England and Wales.

The registered office address is Murdock Road, Dorcan, Swindon, Wiltshire, SN3 5HY.

These financial statements are presented in British Pounds (GBP), which is the company's functional and presentational currency.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Significant judgements and estimates
The directors have calculated an annual stock provision for any items of stock which have a net realisable value lower than cost. The directors believe the most accurate way to calculate this provision is to review each stock line held at the year end and compare this to sales post year end.

The directors also have determined an appropriate provision for warranty costs by assessing the average rate of returns.

The directors also have determined an appropriate provision for bad and doubtful debts by assessing the recoverability of all balances on a balance by balance basis.

The directors have determined whether leases entered into by the group as a lessee are operating leases or finance leases. These decisions depend on the assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

The directors have determined the period of useful economic life and any residual value of all tangible fixed assets in order to write off the value of each asset over that period.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of vat, discounts, and rebates. Turnover is recognised when goods are despatched or made available for collection. Turnover in foreign currencies is translated into sterling at the rates published by HMRC

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on buildings/not provided on land
Property improvements - 10% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 40% on reducing balance
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after make due allowance for obsolete and slow moving items. The cost of inventories is measured using the first-in first-out basis.


G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Transactions in all other foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date.

The company enters into a forward agreements to minimise against the risk of fluctuations in the US dollar.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Financial instruments
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method. The only advanced instruments recognised by the company are derivatives (being forward foreign exchange contracts). Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in arriving at profit before tax. Derivative assets are included in other debtors and derivative liabilities are included included in other creditors.

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


2. ACCOUNTING POLICIES - continued

Warranty provision
The group makes provision for expected future costs to meet their obligations to customers of own branded goods which have been sold under warranty. The provision is calculated with reference to average historical costs and sales volumes over the preceding three years, and with consideration of whether these historical warranty returns are likely to continue as a trend in to the future. The costs include the replacement of product, repairs and associated relevant expenditure.

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the group.

4. OTHER OPERATING INCOME
2024 2023
£    £   
Other income 16,042 107,762

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,542,342 1,325,625
Social security costs 170,343 130,581
Other pension costs 155,258 33,037
1,867,943 1,489,243

The average number of employees during the year was as follows:
2024 2023

Management staff 5 5
Administration staff 24 21
Sales, distribution & workshop staff 16 16
45 42

2024 2023
£    £   
Directors' remuneration 426,231 202,092
Directors' pension contributions to money purchase schemes 95,608 9,064

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 10,000 96,833
Pension contributions to money purchase schemes 400 5,654

Directors' remuneration and pension disclosures include the total amount payable to directors' across all companies within the G. J. Handy (Holdings) Limited Group.

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 8,963 11,169
Depreciation - owned assets 124,583 93,567
Depreciation - assets on hire purchase contracts 139,440 67,308
Profit on disposal of fixed assets (33,717 ) (21,243 )
Auditors' remuneration 20,540 19,750
Foreign exchange difference - (164,397 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest - 56,375
Corporation tax interest payable - 2,410
Hire purchase 12,747 7,041
12,747 65,826

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 421,702 194,171

Deferred tax 68,248 35,600
Tax on profit 489,950 229,771

UK corporation tax was charged at 25 %) in 2023.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,796,866 757,419
Profit multiplied by the standard rate of corporation tax in the UK
of 25 % (2023 - 25 %)

449,217

189,355

Effects of:
Expenses not deductible for tax purposes 4,778 209
Depreciation in excess of capital allowances 35,955 21,391

Deferred tax - 35,600
Change in tax rate - (16,784 )

Total tax charge 489,950 229,771

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


8. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation reserve (29,744 ) 7,436 (22,308 )
Share purchase (1,962,087 ) - (1,962,087 )
(1,991,831 ) 7,436 (1,984,395 )

2023
Gross Tax Net
£    £    £   
Revaluation reserve 573,130 (178,633 ) 394,497

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2024 2023
£    £   
Interim 2,161,548 321,500

11. PROPERTY, PLANT AND EQUIPMENT

Group
Freehold Property Plant and
property improvements machinery
£    £    £   
COST OR VALUATION
At 1 December 2023 4,000,000 8,760 135,730
Additions 84,484 92,500 -
Disposals - - -
Revaluations (84,484 ) - -
At 30 November 2024 4,000,000 101,260 135,730
DEPRECIATION
At 1 December 2023 - 6,558 124,131
Charge for year 54,740 10,126 5,799
Eliminated on disposal - - -
Revaluation adjustments (54,740 ) - -
At 30 November 2024 - 16,684 129,930
NET BOOK VALUE
At 30 November 2024 4,000,000 84,576 5,800
At 30 November 2023 4,000,000 2,202 11,599

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


11. PROPERTY, PLANT AND EQUIPMENT - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 December 2023 41,118 457,503 39,935 4,683,046
Additions 128,205 263,462 6,358 575,009
Disposals - (239,298 ) - (239,298 )
Revaluations - - - (84,484 )
At 30 November 2024 169,323 481,667 46,293 4,934,273
DEPRECIATION
At 1 December 2023 27,501 315,537 30,691 504,418
Charge for year 32,450 155,556 5,352 264,023
Eliminated on disposal - (207,864 ) - (207,864 )
Revaluation adjustments - - - (54,740 )
At 30 November 2024 59,951 263,229 36,043 505,837
NET BOOK VALUE
At 30 November 2024 109,372 218,438 10,250 4,428,436
At 30 November 2023 13,617 141,966 9,244 4,178,628

Included in cost or valuation of land and buildings is freehold land of £1,263,000 (2023 - £1,263,000) which is not depreciated.

Cost or valuation at 30 November 2024 is represented by:

Freehold Property Plant and
property improvements machinery
£    £    £   
Valuation in 2019 600,000 - -
Valuation in 2021 487,587 - -
Valuation in 2023 528,969 - -
Valuation in 2024 (84,484 ) - -
Cost 2,467,928 101,260 135,730
4,000,000 101,260 135,730

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2019 - - - 600,000
Valuation in 2021 - - - 487,587
Valuation in 2023 - - - 528,969
Valuation in 2024 - - - (84,484 )
Cost 169,323 481,667 46,293 3,402,201
169,323 481,667 46,293 4,934,273

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


11. PROPERTY, PLANT AND EQUIPMENT - continued

Group

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,383,444 2,383,444
Aggregate depreciation 117,652 117,652

Value of land in freehold land and buildings 1,263,000 1,263,000

Freehold land and buildings were valued on an open market basis on 17 July 2024 by Lovedays, Chartered Surveyors. .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 December 2023 290,406
Additions 262,962
Disposals (136,863 )
At 30 November 2024 416,505
DEPRECIATION
At 1 December 2023 192,165
Charge for year 139,440
Eliminated on disposal (111,699 )
At 30 November 2024 219,906
NET BOOK VALUE
At 30 November 2024 196,599
At 30 November 2023 98,241

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 December 2023
and 30 November 2024 17,100
NET BOOK VALUE
At 30 November 2024 17,100
At 30 November 2023 17,100

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

G. J. Handy (Property) Limited
Registered office: Murdock Road, Dorcan, Swindon, Wiltshire, SN3 5HY.
Nature of business: Property rental
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 3,783,684 3,603,090
Profit for the year 189,218 208,385

G. J. Handy (Trading) Limited
Registered office: Murdock Road, Dorcan, Swindon, Wiltshire, SN3 5HY.
Nature of business: Retail and distribution of garden machinery
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2,692,295 5,698,231
Profit for the year 1,117,699 319,263


13. STOCKS

Group
2024 2023
£    £   
Spares stock 513,569 461,823
Machinery stock 3,712,965 3,202,291
4,226,534 3,664,114

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,066,755 1,051,619 - -
Amounts owed by group undertakings - - 184 184
Amounts owed by participating interests - 1,756,824 - -
Other debtors 187,198 66,697 - -
Directors' current accounts 32 - - -
Corporation tax recoverable 25,366 - - -
Prepayments and accrued income 302,948 258,103 - -
1,582,299 3,133,243 184 184

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 17) 137,420 73,507 - -
Trade creditors 1,995,590 1,967,509 - -
Amounts owed to group undertakings - - 100 100
Corporation tax 421,702 194,171 - -
Social security and other taxes 32,267 29,898 - -
VAT 132,123 147,545 - -
Other creditors 174,610 72,422 - -
Directors' current accounts 2,042 8,191 - -
Accruals and deferred income 724,274 301,077 14 14
3,620,028 2,794,320 114 114

Included in other creditors is an amount of £6,323 (2023: £5,312) in relation to pension contributions owing.

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 17) 95,528 38,350

The terms of the hire purchase agreements for the above balance have repayments in equal instalments ending between December 2024 and August 2026, at interest rates that vary between 2.50% and 3.30%.

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase
contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 137,420 73,507
Between one and five years 95,528 38,350
232,948 111,857

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Hire purchase contracts 232,948 111,857

The Group's secured debts include bank loans and bank overdraft. These are secured over the following:

- A debenture dated 16th June 2009 over all assets of G. J. Handy (Trading) Ltd.
- A unlimited inter-company guarantee dated 19th November 2015 across all companies within the Group.
- A debenture dated 19th November 2015 over all assets of G. J. Handy (Properties) Ltd.
- A legal charge dated 1 February 2016 over the freehold property of Murdock Road, Swindon.

Obligations under hire purchase are secured on the assets concerned.

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 131,650 63,402
Property revaluations 318,102 325,538
449,752 388,940
Other provisions
Warranty provision 103,284 22,135

Aggregate amounts 553,036 411,075

Group
Deferred Other
tax provisions
£    £   
Balance at 1 December 2023 388,940 22,135
Provided during year 60,812 81,149
Balance at 30 November 2024 449,752 103,284

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
9,231 Ordinary £1 9,231 17,170

Ordinary shares have full voting rights.

During the year the company purchased own shares of 7,939 ordinary shares of £1 for a consideration of £1,962,087.

G. J. HANDY (HOLDINGS) LTD (REGISTERED NUMBER: 09846541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


21. RESERVES

Group
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 December 2023 7,767,999 1,516,217 - 9,284,216
Profit for the year 1,306,916 1,306,916
Dividends (2,161,548 ) (2,161,548 )
Purchase of own shares (1,962,087 ) - - (1,962,087 )
Revaluation - (29,744 ) - (29,744 )
Reversal of tax provision - 7,436 - 7,436
Reduction in share capital - - 7,939 7,939
At 30 November 2024 4,951,280 1,493,909 7,939 6,453,128

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

Profit for the year 4,123,635 4,123,635
Dividends (2,161,548 ) (2,161,548 )
Purchase of own shares (1,962,087 ) - (1,962,087 )
Reduction in share capital - 7,939 7,939
At 30 November 2024 - 7,939 7,939


22. RELATED PARTY DISCLOSURES

Other related parties - entities controlled or jointly controlled by key management personnel
2024 2023
£    £   
Amount due from participating interests - 1,756,824

During the year, the key management personnel are considered to be the directors' only.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party at the yearend is considered to be Mr S A Belcher, being the majority shareholder.