IRIS Accounts Production v25.2.0.378 00551762 Board of Directors 1.12.23 30.11.24 30.11.24 Medium entities true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh005517622023-11-30005517622024-11-30005517622023-12-012024-11-30005517622022-11-30005517622022-12-012023-11-30005517622023-11-3000551762ns15:EnglandWales2023-12-012024-11-3000551762ns14:PoundSterling2023-12-012024-11-3000551762ns10:Director12023-12-012024-11-3000551762ns10:PrivateLimitedCompanyLtd2023-12-012024-11-3000551762ns10:MediumEntities2023-12-012024-11-3000551762ns10:Audited2023-12-012024-11-3000551762ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-12-012024-11-3000551762ns10:Medium-sizedCompaniesRegimeForAccounts2023-12-012024-11-3000551762ns10:FullAccounts2023-12-012024-11-3000551762ns10:OrdinaryShareClass12023-12-012024-11-3000551762ns10:Director22023-12-012024-11-3000551762ns10:Director32023-12-012024-11-3000551762ns10:Director42023-12-012024-11-3000551762ns10:Director52023-12-012024-11-3000551762ns10:RegisteredOffice2023-12-012024-11-3000551762ns5:RetainedEarningsAccumulatedLosses2023-11-3000551762ns5:RetainedEarningsAccumulatedLosses2022-11-3000551762ns5:RetainedEarningsAccumulatedLosses2023-12-012024-11-3000551762ns5:RetainedEarningsAccumulatedLosses2022-12-012023-11-3000551762ns5:RetainedEarningsAccumulatedLosses2024-11-3000551762ns5:RetainedEarningsAccumulatedLosses2023-11-3000551762ns5:CurrentFinancialInstruments2024-11-3000551762ns5:CurrentFinancialInstruments2023-11-3000551762ns5:Non-currentFinancialInstruments2024-11-3000551762ns5:Non-currentFinancialInstruments2023-11-3000551762ns5:ShareCapital2024-11-3000551762ns5:ShareCapital2023-11-3000551762ns5:CapitalRedemptionReserve2024-11-3000551762ns5:CapitalRedemptionReserve2023-11-3000551762ns5:LongLeaseholdAssetsns5:LandBuildings2023-12-012024-11-3000551762ns5:PlantMachinery2023-12-012024-11-3000551762ns5:FurnitureFittings2023-12-012024-11-3000551762ns5:MotorVehicles2023-12-012024-11-3000551762ns5:ComputerEquipment2023-12-012024-11-3000551762ns10:HighestPaidDirector2023-12-012024-11-3000551762ns10:HighestPaidDirector2022-12-012023-11-3000551762ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-12-012024-11-3000551762ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-12-012023-11-3000551762ns5:OwnedAssets2023-12-012024-11-3000551762ns5:OwnedAssets2022-12-012023-11-3000551762ns5:LeasedAssets2023-12-012024-11-3000551762ns5:LeasedAssets2022-12-012023-11-3000551762122023-12-012024-11-3000551762122022-12-012023-11-300055176262023-12-012024-11-300055176262022-12-012023-11-3000551762ns5:HirePurchaseContracts2023-12-012024-11-3000551762ns5:HirePurchaseContracts2022-12-012023-11-3000551762ns10:OrdinaryShareClass12022-12-012023-11-3000551762ns5:LongLeaseholdAssetsns5:LandBuildings2023-11-3000551762ns5:PlantMachinery2023-11-3000551762ns5:FurnitureFittings2023-11-3000551762ns5:LongLeaseholdAssetsns5:LandBuildings2024-11-3000551762ns5:PlantMachinery2024-11-3000551762ns5:FurnitureFittings2024-11-3000551762ns5:LongLeaseholdAssetsns5:LandBuildings2023-11-3000551762ns5:PlantMachinery2023-11-3000551762ns5:FurnitureFittings2023-11-3000551762ns5:MotorVehicles2023-11-3000551762ns5:ComputerEquipment2023-11-3000551762ns5:MotorVehicles2024-11-3000551762ns5:ComputerEquipment2024-11-3000551762ns5:MotorVehicles2023-11-3000551762ns5:ComputerEquipment2023-11-3000551762ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-11-3000551762ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-12-012024-11-3000551762ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-11-3000551762ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-11-3000551762ns5:WithinOneYearns5:CurrentFinancialInstruments2024-11-3000551762ns5:WithinOneYearns5:CurrentFinancialInstruments2023-11-3000551762ns5:CurrentFinancialInstruments2023-12-012024-11-3000551762ns5:Non-currentFinancialInstruments2023-12-012024-11-3000551762ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-11-3000551762ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-11-3000551762ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-11-3000551762ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-11-3000551762ns5:HirePurchaseContracts2024-11-3000551762ns5:HirePurchaseContracts2023-11-3000551762ns5:DeferredTaxation2023-11-3000551762ns5:OtherProvisionsContingentLiabilities2023-11-3000551762ns5:DeferredTaxation2023-12-012024-11-3000551762ns5:OtherProvisionsContingentLiabilities2023-12-012024-11-3000551762ns5:DeferredTaxation2024-11-3000551762ns5:OtherProvisionsContingentLiabilities2024-11-3000551762ns10:OrdinaryShareClass12024-11-3000551762ns5:CapitalRedemptionReserve2023-11-30005517621ns10:Director12023-11-30005517621ns10:Director12022-11-30005517621ns10:Director12023-12-012024-11-30005517621ns10:Director12022-12-012023-11-30005517621ns10:Director12024-11-30005517621ns10:Director12023-11-3000551762ns5:OtherRelatedParties2023-12-012024-11-3000551762ns5:OtherRelatedParties2024-11-3000551762ns5:OtherRelatedParties2023-11-30
REGISTERED NUMBER: 00551762 (England and Wales)















G. J. HANDY (TRADING) LTD

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 NOVEMBER 2024






G. J. HANDY (TRADING) LTD (REGISTERED NUMBER: 00551762)

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










Page

Company Information 1

Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 8

Statement of Income and Retained Earnings 9

Statement of Financial Position 10

Notes to the Financial Statements 11 to 19


G. J. HANDY (TRADING) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024







DIRECTORS: Mr D L Belcher
Mr S A Belcher
Mrs D S Belcher
Mr S Bartlett
Mr M A Moseley





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





REGISTERED NUMBER: 00551762 (England and Wales)





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

G. J. HANDY (TRADING) LTD (REGISTERED NUMBER: 00551762)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024


The directors have pleasure in presenting their strategic report for the year ended 30 November 2024.

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 £1,408,021.

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 clear a long-standing intra-group balance and accordingly declared a dividend to allow this rationalisation to happen. The impact of this, together with other dividends, was to reduce the balance sheet total by some £3,005,936 which the directors feel gives a fairer reflection of the net assets of the company on a standalone basis.

This linked to the continuing profitability of the company, means that the directors are satisfied that the company retains a strong balance sheet and is well positioned looking forward.

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 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 (TRADING) LTD (REGISTERED NUMBER: 00551762)

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 (TRADING) LTD (REGISTERED NUMBER: 00551762)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2024


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of retailing and distribution of domestic and professional garden machinery.

DIVIDENDS
Interim dividends totalling £22.63462 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 30 November 2024 will be £ 4,123,635 .

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 D L Belcher
Mr S A Belcher
Mrs D S Belcher
Mr S Bartlett
Mr M A Moseley

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the 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 company 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

G. J. HANDY (TRADING) LTD (REGISTERED NUMBER: 00551762)

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 (TRADING) LTD


Opinion
We have audited the financial statements of G. J. Handy (Trading) Ltd (the 'company') for the year ended 30 November 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and 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 company's affairs as at 30 November 2024 and of its 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 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 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 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 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 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 (TRADING) LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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 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 company through discussions with
directors and other management, and from our commercial knowledge and experience of the
company'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 company, 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 (TRADING) LTD


We assessed this susceptibility of the company'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 (TRADING) LTD (REGISTERED NUMBER: 00551762)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024 2023
Notes £    £   

REVENUE 3 17,079,630 15,671,609

Cost of sales 12,410,194 12,659,340
GROSS PROFIT 4,669,436 3,012,269

Administrative expenses 3,172,121 2,580,271
1,497,315 431,998

Other operating income 4 16,042 107,762
OPERATING PROFIT 6 1,513,357 539,760

Interest receivable and similar income 26,121 -
1,539,478 539,760

Interest payable and similar expenses 7 12,747 65,826
PROFIT BEFORE TAXATION 1,526,731 473,934

Tax on profit 8 409,032 154,671
PROFIT FOR THE FINANCIAL YEAR 1,117,699 319,263

Retained earnings at beginning of year 5,672,231 5,674,468

Dividends 9 (4,123,635 ) (321,500 )

RETAINED EARNINGS AT END OF
YEAR

2,666,295

5,672,231

G. J. HANDY (TRADING) LTD (REGISTERED NUMBER: 00551762)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 10 428,435 178,623

CURRENT ASSETS
Inventories 11 4,226,534 3,664,114
Debtors 12 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 13 3,708,193 2,723,008
NET CURRENT ASSETS 2,594,322 5,643,495
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,022,757

5,822,118

CREDITORS
Amounts falling due after more than
one year

14

(95,528

)

(38,350

)

PROVISIONS FOR LIABILITIES 17 (234,934 ) (85,537 )
NET ASSETS 2,692,295 5,698,231

CAPITAL AND RESERVES
Called up share capital 18 17,000 17,000
Capital redemption reserve 19 9,000 9,000
Retained earnings 19 2,666,295 5,672,231
SHAREHOLDERS' FUNDS 2,692,295 5,698,231

The financial statements were approved and authorised for issue 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 (TRADING) LTD (REGISTERED NUMBER: 00551762)

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


1. STATUTORY INFORMATION

GJ Handy (Trading) 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. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

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 rates 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.
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

G. J. HANDY (TRADING) LTD (REGISTERED NUMBER: 00551762)

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


2. ACCOUNTING POLICIES - continued

Stocks and work in progress
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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

G. J. HANDY (TRADING) LTD (REGISTERED NUMBER: 00551762)

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 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 in other creditors.

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 company.

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

G. J. HANDY (TRADING) LTD (REGISTERED NUMBER: 00551762)

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


5. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 290,025 96,833
Pension contributions to money purchase schemes 54,725 5,653

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 69,839 49,408
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 differences (389,381 ) (164,397 )

Auditors' remuneration for non audit work includes the fees of £7,020 (2023: £6,750) payable to the company's auditors for the audit of its fellow subsidiary company, G.J. Handy (Properties) Limited, and for the G.J. Handy (Holdings) Limited Group as a whole.

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 340,784 119,071

Deferred tax 68,248 35,600
Tax on profit 409,032 154,671

UK corporation tax has been charged at 25% (2023 - 25%).

G. J. HANDY (TRADING) LTD (REGISTERED NUMBER: 00551762)

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


8. TAXATION - continued

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 1,526,731 473,934
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 25%)

381,683

118,484

Effects of:
Expenses not deductible for tax purposes 4,779 209
Depreciation in excess of capital allowances 22,570 46,270


Change in tax rate used - (10,292 )

Total tax charge 409,032 154,671

The deferred tax movement of £68,248 (2023: £35,600) relates to the origination and reversal of temporary timing differences.

9. DIVIDENDS
2024 2023
£    £   
Interim 4,123,635 321,500

10. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Property Plant and and
improvements machinery fittings
£    £    £   
COST
At 1 December 2023 8,760 187,793 43,075
Additions 92,500 - 128,205
Disposals - - -
At 30 November 2024 101,260 187,793 171,280
DEPRECIATION
At 1 December 2023 6,558 176,194 29,458
Charge for year 10,126 5,799 32,450
Eliminated on disposal - - -
At 30 November 2024 16,684 181,993 61,908
NET BOOK VALUE
At 30 November 2024 84,576 5,800 109,372
At 30 November 2023 2,202 11,599 13,617

G. J. HANDY (TRADING) LTD (REGISTERED NUMBER: 00551762)

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


10. PROPERTY, PLANT AND EQUIPMENT - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 December 2023 464,703 68,817 773,148
Additions 263,462 6,358 490,525
Disposals (239,298 ) - (239,298 )
At 30 November 2024 488,867 75,175 1,024,375
DEPRECIATION
At 1 December 2023 322,742 59,573 594,525
Charge for year 155,552 5,352 209,279
Eliminated on disposal (207,864 ) - (207,864 )
At 30 November 2024 270,430 64,925 595,940
NET BOOK VALUE
At 30 November 2024 218,437 10,250 428,435
At 30 November 2023 141,961 9,244 178,623



Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
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

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

G. J. HANDY (TRADING) LTD (REGISTERED NUMBER: 00551762)

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


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,066,755 1,051,619
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

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 137,420 73,507
Trade creditors 1,995,580 1,967,439
Amounts owed to group undertakings 169,104 3,874
Corporation tax 340,784 119,071
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 724,263 301,061
3,708,193 2,723,008

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

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 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 October 2027, at interest rates that vary between 2.50% and 4.10%.

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

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

The company rents its premises from its fellow group company, G.J. Handy (Properties) Limited; there is no formal agreement in place.

G. J. HANDY (TRADING) LTD (REGISTERED NUMBER: 00551762)

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


16. SECURED DEBTS

The following secured debts are included within creditors:

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

Obligations under hire purchase are secured on the assets concerned.

The company has a bank overdraft facility. The use of the facility is secured by the following:

A debenture dated 16th June 2009 over all assets of the company.
A unlimited inter-company guarantee dated 19th November 2015 for G.J. Handy (Properties) Limited and G.J. Handy (Holdings) Limited.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 131,650 63,402
Warranty provision 103,284 22,135
234,934 85,537

Deferred Other
tax provisions
£    £   
Balance at 1 December 2023 63,402 22,135
Charge to Statement of Comprehensive Income during year 68,248 -
Balance at 30 November 2024 131,650 22,135

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
17,000 Ordinary £1 17,000 17,000

Ordinary shares have full voting rights.

19. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 December 2023 5,672,231 9,000 5,681,231
Profit for the year 1,117,699 1,117,699
Dividends (4,123,635 ) (4,123,635 )
At 30 November 2024 2,666,295 9,000 2,675,295

G. J. HANDY (TRADING) LTD (REGISTERED NUMBER: 00551762)

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


20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2024 and 30 November 2023:

2024 2023
£    £   
Mr S A Belcher
Balance outstanding at start of year - -
Amounts advanced 32 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 32 -

This loan was provided interest free and has no fixed repayment date.

21. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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.

22. ULTIMATE CONTROLLING PARTY

The company's immediate and ultimate parent company is G.J. Handy (Holdings) Limited, a private company, limited by shares and registered in England and Wales. The registered office of this company is Murdock Road, Dorcan, Swindon, Wiltshire, SN3 5HY,

The ultimate controlling party is considered to be Mr S A Belcher, being the majority shareholder of G.J. Handy (Holdings) Limited