REGISTERED NUMBER: 13609505 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

For The Year Ended 31st December 2024

for

Gillmans Electrical Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

R J Gillman

Miss A J Gillman

REGISTERED OFFICE:

Mercia Road

St Oswalds Road

Gloucester

Gloucestershire

GL1 2SG

REGISTERED NUMBER:

13609505 (England and Wales)

AUDITORS:

Wildin (Auditors) Limited

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

The directors present their strategic report for the year ended 31st December 2024.

The results for the year and the financial position of the Company are as shown in the annexed financial statements.

REVIEW OF BUSINESS

Gillman Electrical Limited's sales have grown in the year by 7% (2024 - £14.5m; 2023- £13.5m) due to the continued successful social media campaign, continued advertising and the success of their new Gill co budget range.The company continued to operate all retail shops, with the new store openings in Exeter performing well.

Sales on the retail side decreased by 3% ( 2024- £4.07M; 2023 £4.17M) resulting in losses of £71K, the decreased was reflected in the increase of Web sales as they had less footfall in the shops as people turn to one line sales.

Web sales continued to improve as people turned to online shopping and the increased advertising showing increase profits of 50% up on last year ( 2024 £47K; 2023 £24K). This side of the business is growing steadily as the website is improved for better customer experience.

Trade sales did increase but not in the same proportions as other branches of the business, profits decreasing by 7% in the period ( 2024- £143K; 2023 - £152K). This is expected to increase further in the coming year with the launch of the Gill pro range targeting larger business such as care homes, schools and hotels.

Servicing sales of the business increased by 2% in the period as people looked to repair rather than buy new. This branch of the business made a profit in the period of £103K.

The overall net profit before tax for the period was £993K (2023- £926K). At the end of the year the company had net assets of £2.2M (2023 -£1.3M). The directors have forecast that there are sufficient resources in the company to continue with its current strategy and that the company is set to continue its growth within all sectors over the next 12 months as new product innovations take off.

PRINCIPAL RISKS AND UNCERTAINTIES

Competition is a significant risk to the company. While footfall has decreased due to the increase in web sales for the period. There is a increasing number of global competitors online however the web sales improvement, the directors feel this sector of the company is in a strong position within the market. The directors focus is to provide consistently good quality products to retain existing customers, as well as attract new one through positive customer reviews. The company directors are consistently monitoring suppliers and implemented new control processes to ensure the quality of products - these changed have a positive impact and the number of orders from repeat customers has increased as well as attracting new customers.

KEY PERFORMANCE INDICATORS

During the year, the company reviewed all business through their KPIs. The directors use the following KPIs;

2024

2023

Gross Profit

39.09%

37.39%

This was as expected due to the increase in sales prices, but also to cover increase in purchase prices from suppliers. Ratio of sales to prior years was the same.

Net profit before tax

7.15%

6.85%

This was slightly higher than expected as the general overheads were cut to reduce carbon footprint and allow for resourcefulness in usage of items.

Liquidity Ratio

116.03%

102.69%

This increased as the spending was made on assets and stock increases at the year end

Trading Ratio

26.18%

23.24%

Stock turnover was up to last year as was closing stock. This increase ensured good were available when needed increasing customer satisfaction.

The Directors appreciate the operation of business and the environment in which it trades. This is key to understanding the likely consequences of any long term decisions. There is a clear strategy which ensures the company continues to sell and deliver quality products in a timely manner, satisfying customer and shareholder needs, amongst other stakeholders. Continually improving efficiencies , operating methods and focusing on sustainability are integral and fundamental parts of the business strategy. This strategy is key to ensuring the company and the directors are delivering on their duty of care for the benefit of future generations.

In setting the strategic direction of the company directors also take into account the principal risks facing the business.

The company have invested a lot in new marketing strategies and the launch of new ranges to ensure they remain ahead of the game in a competitive market, offering good quality products and service to the local community, while maintaining their reputation as a reliable family business.

ON BEHALF OF THE BOARD:

Miss A J Gillman - Director

30th July 2025

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of Retailing of electrical goods, commercial rental hire, and repairs.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

R J Gillman

Miss A J Gillman

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). 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.

AUDITORS

The auditors, Wildin (Auditors) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Miss A J Gillman - Director

30th July 2025

Opinion

We have audited the financial statements of Gillmans Electrical Limited (the 'company') for the year ended 31st December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 31st December 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.

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:

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud , the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risk of material misstatement in respect of irregularities , including fraud, the audit engagement team:

-obtain an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company complying with the legal and regulatory framework;

-inquired of management, those charged with governance, about their own identification and assessment of the risk of irregularities, including an known actual, suspected or alleged instances of fraud;

-inquired of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations by way of data submission report, and whether they are aware of any instances of non-compliance.

-reviewed financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations in direct relation to the company.

- performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

-discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures, we considered the most significant laws and regulations that have a direct impact on the financial statements are FRS 102 the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statements disclosures, inspecting correspondence with local tax authorities and evaluating advice received from external tax advisors.

The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business. We tested a sample of revenue transactions recognised either side of the reporting date to determine whether revenue was recorded in the correct period.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty.

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.

Jacqueline Anne Mannion FCA, ACCA (Senior Statutory Auditor)

for and on behalf of Wildin (Auditors) Limited

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

30th July 2025

TURNOVER

14,502,012

13,534,932

Cost of sales

8,832,764

8,473,622

GROSS PROFIT

5,669,248

5,061,310

Administrative expenses

5,115,711

4,575,420

553,537

485,890

Other operating income

446,878

446,146

OPERATING PROFIT

4

1,000,415

932,036

Interest payable and similar expenses

5

11,840

5,207

PROFIT BEFORE TAXATION

988,575

926,829

Tax on profit

6

237,948

248,858

PROFIT FOR THE FINANCIAL YEAR

750,627

677,971

PROFIT FOR THE YEAR

750,627

677,971

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

750,627

677,971

FIXED ASSETS

Tangible assets

7

1,466,490

1,221,210

CURRENT ASSETS

Stocks

8

2,312,598

1,969,158

Debtors

9

1,849,034

1,905,919

Cash at bank

1,572,036

1,586,087

5,733,668

5,461,164

CREDITORS

Amounts falling due within one year

10

4,944,839

5,318,235

NET CURRENT ASSETS

788,829

142,929

TOTAL ASSETS LESS CURRENT LIABILITIES

2,255,319

1,364,139

CREDITORS

Amounts falling due after more than one year

11

(231,280

)

(183,528

)

PROVISIONS FOR LIABILITIES

13

(225,035

)

(132,234

)

NET ASSETS

1,799,004

1,048,377

CAPITAL AND RESERVES

Called up share capital

14

100

100

Retained earnings

15

1,798,904

1,048,277

SHAREHOLDERS' FUNDS

1,799,004

1,048,377

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 30th July 2025 and were signed on its behalf by:

Miss A J Gillman - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

100

370,306

370,406

Changes in equity

Total comprehensive income

-

677,971

677,971

Balance at 31st December 2023

100

1,048,277

1,048,377

Changes in equity

Total comprehensive income

-

750,627

750,627

Balance at 31st December 2024

100

1,798,904

1,799,004

1.	STATUTORY INFORMATION

Gillmans Electrical Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 exemptions 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;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of Gillman Group Limited as at 31st December 2023 and these financial statements may be obtained from Gillman Electrical Limited, Mercia Road, St Oswalds Road, Gloucester, GL1 2SG.

Critical accounting judgements and key sources of estimation uncertainty

Preparation of the financial statements requires the Directors to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgement had a significant effect on the amounts recognised in the

financial statements:

Depreciation of tangible fixed assets

Tangible fixed assets are depreciated over their useful lives considering residual values were appropriate. The actual lives of the assets may vary depending on many factors. The Directors exercise judgement when completing an annual assessment of the validity of asset residual values.

Warranty Provisions

The Company completes warranty work upon completed installations. At the financial year end, an estimate of the future liability is calculated using historic performance and Directors judgement.

Impairment of financial assets

The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, the Directors consider factors including the current credit rating of the debtor, ageing profile of the debtors and historical experience.

Revenue

Revenue is recognised to the extent that it is possible that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of good is recognised when all of the following conditions are satisfied:

* the Company has transferred the significant risk and rewards of ownership to the buyer;

* the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

* the amount of revenue can be measured reliably;

* it is probable that the Company will receive the consideration due under the transaction; and

* the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

* the amount of revenue can be measured reliably;

* it is probable that the Company will receive the consideration due under the contract;

* the stage of completion of the contract at the end of the reporting period can be measured reliably; and

* the costs incurred and the cost to complete the contract can be measured reliably.

Tangible fixed assets

Tangible fixed assets are measured using the cost model. These assets are stated at historical cost less depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-lie method as follows:

Rental Equipment

33% on cost

Fixtures & Fittings

33% on cost

Motor vehicles

25% on cost

Computer equipment

33% on cost

Assets held under finance leases are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership, in which case the depreciation period is the useful life.

The residual values, useful lives and depreciation methods of tangible fixed assets are reviewed annually and revised if necessary. The effect of any revisions is accounted for prospectively. There were no material revisions in the periods covered by these financial statements.

Gains and losses on disposals are determined by comparing the proceed with the carrying amount and are recognised in profit and loss.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling prices less costs to complete and sell. Cost is based on the cost of last purchase price less any adjustments for obsolete stock. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amounts is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.

Financial instruments

The Group enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest.Subsequent measurement is at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between carrying amount and the present value of estimated cash flows discounted at the original effective interest rate. If the financial instrument has a variable interest rate the currently effective rate under the contract is used.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset, and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. At present, the Company has not

offset any items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies transaction

Functional and presentation currency

The Company's functional and presentation currency is British Pound Sterling (£)

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

All foreign exchange gains and losses are recognised in the Income statement within administrative expenses.

Pension costs and other post-retirement benefits

Defined contribution pension plan

The Company operates a number of defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity and has no further payment obligations.

The contributions are recognised as an expense in profit or loss in the period as employees provide service. Amounts due but unpaid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable, and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, considering the related risks and uncertainties, and the related increases are generally charged as an expense to profit or loss.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Warranty Provisions

Retail and commercial customers are offered the option to purchase a warranty over the goods supplied which extends beyond the suppliers' guarantee. Income arising as a result of then sale of these warranties is held on the balance sheet as deferred income until the suppliers' guarantee have been extinguished, and they are credited to turnover over the period of the extended warranty on a straight line basis.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at the annual general meeting.

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

2,766,414

2,537,530

Social security costs

281,667

244,082

Other pension costs

61,586

54,243

3,109,667

2,835,855

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

31.12.24

31.12.23

Admin

8

8

Sales & Servicing

69

71

Directors

2

2

79

81

No directors are employed through the company.

31.12.24

31.12.23

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Depreciation - owned assets

524,012

393,861

Loss/(profit) on disposal of fixed assets

15,715

(15,678

)

Auditors' remuneration

11,000

7,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Hire purchase

11,840

5,207

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

145,147

212,246

Deferred tax

92,801

36,612

Tax on profit

237,948

248,858

7.	TANGIBLE FIXED ASSETS

Fixtures

Rental

and

Motor

Computer

Equipment

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st January 2024

2,191,250

787,329

795,037

423,912

4,197,528

Additions

218,404

310,778

232,690

7,420

769,292

At 31st December 2024

2,409,654

1,098,107

1,027,727

431,332

4,966,820

DEPRECIATION

At 1st January 2024

1,522,149

614,253

464,583

375,333

2,976,318

Charge for year

169,473

130,158

190,338

34,043

524,012

At 31st December 2024

1,691,622

744,411

654,921

409,376

3,500,330

NET BOOK VALUE

At 31st December 2024

718,032

353,696

372,806

21,956

1,466,490

At 31st December 2023

669,101

173,076

330,454

48,579

1,221,210

This company was part of a restructuring of the Gillman Electrical Group Limited and the fixed assets used by this company were transferred to it at their accounts written down values, and the capital allowances relating to these assets were also transferred to this company..

8.

STOCKS

31.12.24

31.12.23

£

£

Stocks

2,312,598

1,969,158

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

1,677,700

1,445,936

Other debtors

5,740

-

Prepayments

165,594

459,983

1,849,034

1,905,919

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

1,101,191

1,034,733

Amounts owed to group undertakings

3,291,325

3,547,546

Tax

145,147

227,281

Social security and other taxes

93,983

108,926

VAT

240,144

300,030

Other creditors

684

-

Accrued expenses

72,365

99,719

4,944,839

5,318,235

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts (see note 12)

231,280

183,528

12.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.24

31.12.23

£

£

Net obligations repayable:

Between one and five years

231,280

183,528

13.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

225,035

132,234