Gateway Chassis Solutions Limited Company accounts

COMPANY REGISTRATION NUMBER: 06281466

Gateway Chassis Solutions Limited

Financial Statements

31 December 2024

Gateway Chassis Solutions Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Officers and professional advisers	1

Strategic report	2

Director's report	4

Independent auditor's report to the members	6

Statement of income and retained earnings	10

Statement of financial position	11

Statement of cash flows	12

Notes to the financial statements	13

Gateway Chassis Solutions Limited

Officers and Professional Advisers

Director	Mr C P Ramsden

Registered office	22 West Carr Lane
	Sutton Fields Ind Est
	Hull
	England
	HU70BW

Auditor	M A Evans
	Chartered Certified Accountants & statutory auditor
	3 Constable Grove
	Kirk Ella
	Hull
	HU10 7GW

Gateway Chassis Solutions Limited

Strategic Report

Year ended 31 December 2024

Introduction

The director presents his strategic report for the year ended 31 December 2024.

Business review

The results of the company for the year, as set out on pages 10 and 11, show a profit on ordinary activities after tax of £269,832 (2023 - £854,987). The shareholders' fund of the company totalled £6,013,502 (2023 - £5,763,670). The performance of the company during 2024 has taken a downturn due to the decline of the caravan manufacturing industry following an inflation in the industry following the Covid-19 pandemic. The company has a strong market share in the UK and continues to be one of the main suppliers in the industry.

Strategy

The company strategy is aligned with the drive and ingenuity of the director. The company continues to drive strategy through their close relationships with all stakeholders and investment in machinery, labour and research and development. The company will continue to consolidate its position by concentrating its efforts on achieving maximum growth in its existing marketplace and exploring those markets where they feel could lead to new and unique opportunities. The company aims to improve efficiencies in all areas of the company's operations through continued investment, cost savings and improved processes. The company also looks to diversify into other industry sectors. Management figures for 2025 suggest that the industry is recovering from the downturn in 2024. The gross profit of the business maintains in a strong position and with increased sales into 2025, net profits are intended to increase.

Principle risks and uncertainties

The company is a part of niche markets, continuing to experience rising prices in steel, galvanising and energy. It is the company's intention to maintain quality and high service standards. Pricing, margins and regular reviews will be necessary to ensure that the profitability and stability of the company remains intact. The company has policies and processes in place, so they can deal with these pre-emptively and in a timely manner. The company has developed a framework to identify risk in all areas of the business processes and reacts quickly to any changes. All risks are assessed by the director and the senior management team and appropriate actions are taken.

Financial key performance indicators

The director considers that the key performance indicators of the business are turnover and gross profit and is satisfied with the performance of the company when measured against the KPI's.

This report was approved by the board of directors on 11 September 2025 and signed on behalf of the board by:

Mr C P Ramsden
Director

Registered office:

22 West Carr Lane

Sutton Fields Ind Est

Hull

England

HU70BW

Gateway Chassis Solutions Limited

Director's Report

Year ended 31 December 2024

The director presents his report and the financial statements of the company for the year ended 31 December 2024 .

Director

The director who served the company during the year was as follows:

Mr C P Ramsden

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Future developments

The director expects the general level of activity to increase in the forthcoming year as a result of secured repeat orders from customers.

Director's responsibilities statement

The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 director is 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. He is 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 11 September 2025 and signed on behalf of the board by:

Mr C P Ramsden
Director

Registered office:

22 West Carr Lane

Sutton Fields Ind Est

Hull

England

HU70BW

Gateway Chassis Solutions Limited

Independent Auditor's Report to the Members of Gateway Chassis Solutions Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of Gateway Chassis Solutions Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, 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 FRS 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 31 December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

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 director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - 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 director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the director's responsibilities statement, the director is 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 director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Analytical procedures - This involves trend analysis, ratio analysis and comparative analysis together. All anomalies are discussed with the client to gain a further understanding of the business. Substantive testing - This involves 4 key tests throughout the audit. Transaction testing, account reconciliations, confirmation procedures and vouching to supporting documentation. Specific fraud detection procedures - This involves 3 procedures, journal entry testing, related party transaction testing and judgements and estimates evaluation. We have also obtained external confirmations and verifications where possible and discussed key matters directly with key personnel to identify risks and obtain further evidence for enquiries. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

M A Evans FCCA

(Senior Statutory Auditor)

For and on behalf of

M A Evans

Chartered Certified Accountants & statutory auditor

3 Constable Grove

Kirk Ella

Hull

HU10 7GW

11 September 2025

Gateway Chassis Solutions Limited

Statement of Income and Retained Earnings

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	13,933,119	20,267,168

Cost of sales	10,115,007	15,109,110
	-------------	-------------
Gross profit	3,818,112	5,158,058

Administrative expenses		3,324,210	3,917,843
		------------	------------
Operating profit	5	493,902	1,240,215

Other interest receivable and similar income	9	–	41
Interest payable and similar expenses	10	136,559	122,658
		------------	------------
Profit before taxation		357,343	1,117,598

Tax on profit	11	87,511	262,611
		---------	------------
Profit for the financial year and total comprehensive income		269,832	854,987
		---------	------------

Dividends paid and payable	12	( 20,000)	( 35,000)

Retained earnings at the start of the year	5,115,931	4,295,944
	------------	------------
Retained earnings at the end of the year	5,365,763	5,115,931
	------------	------------

All the activities of the company are from continuing operations.

Gateway Chassis Solutions Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Intangible assets	14	60,067	74,522
Tangible assets	15	2,309,233	2,569,698
		------------	------------
		2,369,300	2,644,220

Current assets

Stocks	16	687,874	682,196
Debtors	17	10,990,548	10,758,896
Cash at bank and in hand		55,023	91,277
		-------------	-------------
		11,733,445	11,532,369

Creditors: amounts falling due within one year	18	6,089,746		6,573,419
		-------------		-------------
Net current assets			5,643,699		4,958,950
			------------		------------
Total assets less current liabilities			8,012,999		7,603,170

Creditors: amounts falling due after more than one year	19		1,648,985		1,418,500

Provisions

Taxation including deferred tax	21	350,512	421,000
		------------	------------
Net assets		6,013,502	5,763,670
		------------	------------

Capital and reserves

Called up share capital	24	400,000	400,000
Revaluation reserve	25	247,739	247,739
Profit and loss account	25	5,365,763	5,115,931
		------------	------------
Shareholders funds		6,013,502	5,763,670
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 11 September 2025 , and are signed on behalf of the board by:

Mr C P Ramsden
Director

Company registration number: 06281466

Gateway Chassis Solutions Limited

Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
	£	£

Cash flows from operating activities

Profit for the financial year	269,832	854,987

Adjustments for:
Depreciation of tangible assets	416,428	507,644
Amortisation of intangible assets	14,455	14,128
Other interest receivable and similar income	–	( 41)
Interest payable and similar expenses	136,559	122,658
Gains on disposal of tangible assets	( 2,500)	( 1,344)
Tax on profit	87,511	262,611
Accrued expenses	81,983	37,637

Changes in:
Stocks	( 5,678)	655,783
Trade and other debtors	( 231,652)	436,313
Trade and other creditors	( 596,203)	( 2,605,083)
	---------	------------
Cash generated from operations	170,735	285,293

Interest paid	( 136,559)	( 122,658)
Interest received	–	41
Tax (paid)/received	( 141,928)	404
	---------	---------
Net cash (used in)/from operating activities	( 107,752)	163,080
	---------	---------

Cash flows from investing activities

Purchase of tangible assets	( 155,962)	( 372,811)
Proceeds from sale of tangible assets	2,499	3,600
	---------	---------
Net cash used in investing activities	( 153,463)	( 369,211)
	---------	---------

Cash flows from financing activities

Proceeds from borrowings	354,179	( 552,069)
Proceeds from loans from group undertakings	–	164,346
Payments of finance lease liabilities	( 109,218)	608,959
Dividends paid	( 20,000)	( 35,000)
	---------	---------
Net cash from financing activities	224,961	186,236
	---------	---------

Net decrease in cash and cash equivalents	( 36,254)	( 19,895)
Cash and cash equivalents at beginning of year	91,277	111,172
	--------	---------
Cash and cash equivalents at end of year	55,023	91,277
	--------	---------

Gateway Chassis Solutions Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22 West Carr Lane, Sutton Fields Ind Est, Hull, HU70BW, England.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	10 years
Computer software	-	3 - 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Short leasehold property	-	10 - 15% straight line
Plant and machinery	-	5 - 15 years
Fixtures and fittings	-	10 - 33% straight line
Motor vehicles	-	25% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Sale of goods	13,933,119	20,267,168
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Amortisation of intangible assets	14,455	14,128
Depreciation of tangible assets	416,428	507,644
Gains on disposal of tangible assets	( 2,500)	( 1,344)
Operating lease - land and buildings	216,608	244,120
	---------	---------

6. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	10,400	10,400
	--------	--------

7. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to:

	2024	2023
	No.	No.
Production staff	73	82
Distribution staff	7	24
Administrative staff	9	8
	----	----
	89	114
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	2,754,688	3,392,638
Social security costs	256,210	308,384
Other pension costs	103,472	109,927
	------------	------------
	3,114,370	3,810,949
	------------	------------

8. Director's remuneration

The director's aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	111,830	111,489
Company contributions to defined contribution pension plans	46,667	40,000
	---------	---------
	158,497	151,489
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2024	2023
	No.	No.
Defined contribution plans	1	1
	----	----

9. Other interest receivable and similar income

	2024	2023
	£	£
Interest on cash and cash equivalents	–	41
	----	----

10. Interest payable and similar expenses

	2024	2023
	£	£
Interest on obligations under finance leases and hire purchase contracts	17,982	18,971
Other interest payable and similar charges	118,577	103,687
	---------	---------
	136,559	122,658
	---------	---------

11. Tax on profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	157,999	287,611

Deferred tax:

Origination and reversal of timing differences	( 70,488)	( 25,000)
	--------	---------
Tax on profit	87,511	262,611
	--------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 23.50 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	357,343	1,117,598
	---------	------------
Profit on ordinary activities by rate of tax	89,336	262,859
Adjustment to tax charge in respect of prior periods	–	( 599)
Effect of capital allowances and depreciation	68,663	1,813
Other tax adjustment in relation to deferred tax movement	(70,488)	(1,462)
	---------	------------
Tax on profit	87,511	262,611
	---------	------------

12. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2024	2023
	£	£
Dividends on ordinary shares	20,000	35,000
	--------	--------

13. Guarantees

The company has a cross guarantee and debenture dated 22 September 2020 between Chassis Solutions Limited, Gateway Fabrications Limited, GCSL Group Limited, WSL Chassis Division Limited and WSL Fabrications Limited.

14. Intangible assets

	Goodwill	Computer software	Total
	£	£	£
Cost
At 1 January 2024 and 31 December 2024	240,000	161,456	401,456
	---------	---------	---------
Amortisation
At 1 January 2024	240,000	86,934	326,934
Charge for the year	–	14,455	14,455
	---------	---------	---------
At 31 December 2024	240,000	101,389	341,389
	---------	---------	---------
Carrying amount
At 31 December 2024	–	60,067	60,067
	---------	---------	---------
At 31 December 2023	–	74,522	74,522
	---------	---------	---------

15. Tangible assets

	Freehold property	Short leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2024	1,307,927	60,667	1,702,301	204,311	427,610	3,702,816
Additions	–	–	39,048	2,630	114,284	155,962
Disposals	–	–	–	–	( 40,000)	( 40,000)
	------------	--------	------------	---------	---------	------------
At 31 Dec 2024	1,307,927	60,667	1,741,349	206,941	501,894	3,818,778
	------------	--------	------------	---------	---------	------------
Depreciation
At 1 Jan 2024	149,139	56,098	573,139	176,842	177,900	1,133,118
Charge for the year	26,851	4,569	299,238	18,364	67,406	416,428
Disposals	–	–	–	–	( 40,001)	( 40,001)
	------------	--------	------------	---------	---------	------------
At 31 Dec 2024	175,990	60,667	872,377	195,206	205,305	1,509,545
	------------	--------	------------	---------	---------	------------
Carrying amount
At 31 Dec 2024	1,131,937	–	868,972	11,735	296,589	2,309,233
	------------	--------	------------	---------	---------	------------
At 31 Dec 2023	1,158,788	4,569	1,129,162	27,469	249,710	2,569,698
	------------	--------	------------	---------	---------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 31 December 2024	470,807	173,178	643,985
	---------	---------	---------
At 31 December 2023	624,804	170,440	795,244
	---------	---------	---------

16. Stocks

	2024	2023
	£	£
Raw materials and consumables	121,964	348,169
Work in progress	239,915	227,992
Finished goods and goods for resale	325,995	106,035
	---------	---------
	687,874	682,196
	---------	---------

17. Debtors

	2024	2023
	£	£
Trade debtors	2,817,064	2,774,365
Amounts owed by group undertakings	7,978,653	7,728,653
Prepayments and accrued income	191,937	255,878
Other debtors	2,894	–
	-------------	-------------
	10,990,548	10,758,896
	-------------	-------------

18. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	174,200	171,249
Trade creditors	2,479,818	2,770,666
Amounts owed to group undertakings	164,346	164,346
Accruals and deferred income	119,620	37,637
Corporation tax	304,086	288,015
Social security and other taxes	268,991	271,038
Obligations under finance leases and hire purchase contracts	170,452	173,951
Director loan accounts	15,024	–
Other creditors	2,393,209	2,696,517
	------------	------------
	6,089,746	6,573,419
	------------	------------

The company has a bank loan relating to the Coronavirus Business Interruption Loan Scheme (CBILs). The amount is on a floating rate basis with a minimum fixed amount of 2.90%. Repayments are in equal installments over five years commencing 12 months from drawdown. The company also has an invoice discounting facility included within other creditors of £2,275,030 (2023 - £2,576,741). This facility is secured against the assets of the company.

19. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	1,319,696	983,492
Obligations under finance leases and hire purchase contracts	329,289	435,008
	------------	------------
	1,648,985	1,418,500
	------------	------------

On 3 November 2020 a fixed charge was registered against a bank loan of £840,000, which is secured against the freehold property of the company. An additional £500,000 was added to the facility on 18 September 2024. Net obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

20. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2024	2023
	£	£
Not later than 1 year	170,452	173,951
Later than 1 year and not later than 5 years	329,289	435,008
	---------	---------
	499,741	608,959
	---------	---------

21. Provisions

	Deferred tax (note 22)
	£
At 1 January 2024	421,000
Transfers	( 70,488)
	---------
At 31 December 2024	350,512
	---------

22. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 21)	350,512	421,000
	---------	---------

23. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 103,472 (2023: £ 109,927 ).

24. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 0.10 each	4,000,000	400,000	4,000,000	400,000
	------------	---------	------------	---------

25. Reserves

Revaluation reserve - The revaluation reserve represents the cumulative effect of historic revaluations of freehold land and buildings. The company has elected to take advantage of the first time adoption exemption and use a previous GAAP revaluation at the date of transition to this FRS as its deemed cost at the revaluation date. Profit and loss account - The profit and loss account records the total amount of distributable reserves to the company.

26. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	91,277	(36,254)	55,023
Debt due within one year	(509,546)	(14,476)	(524,022)
Debt due after one year	(1,418,500)	(230,485)	(1,648,985)
	------------	---------	------------
	( 1,836,769)	( 281,215)	( 2,117,984)
	------------	---------	------------

27. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	216,608	283,253
Later than 1 year and not later than 5 years	633,304	350,306
Later than 5 years	300,000	450,000
	------------	------------
	1,149,912	1,083,559
	------------	------------

28. Director's advances, credits and guarantees

During the year there were no director's advances, credits and guarantees.

29. Controlling party

At 31 December 2024, the immediate parent undertaking is WSL Fabrications Limited, a company incorporated and registered in England and Wales. At 31 December 2024, the ultimate parent undertaking is GCSL Group Limited, a company incorporated and registered in England and Wales. Consolidated financial statements are prepared for the ultimate parent undertaking which include the results of this company. This is the largest group in which the results of the company are consolidated. The consolidated financial statements can be obtained from the company's registered office; 22 West Carr Lane, Sutton Fields Ind Est, Hull, England, HU7 0BW. The group is controlled by C P Ramsden, due to his majority shareholding in the issued share capital of GCSL Group Limited.