Company No: 08998958 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	3,626,423		3,032,881
		3,626,423		3,032,881
Current assets
Stocks	5	558,273		708,542
Debtors	6	2,291,652		2,070,603
Cash at bank and in hand		360,345		126,660
		3,210,270		2,905,805
Creditors: amounts falling due within one year	7	( 2,622,134)		( 2,303,535)
Net current assets		588,136		602,270
Total assets less current liabilities		4,214,559		3,635,151
Creditors: amounts falling due after more than one year	8	( 1,598,883)		( 1,544,916)
Provision for liabilities	9	( 806,908)		( 621,100)
Net assets		1,808,768		1,469,135
Capital and reserves
Called-up share capital		1,000		1,000
Profit and loss account		1,807,768		1,468,135
Total shareholders' funds		1,808,768		1,469,135

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Gartell & Son Limited (registered number: 08998958) were approved and authorised for issue by the Board of Directors on 08 December 2025. They were signed on its behalf by:

A J Gartell Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gartell & Son Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Common Lane, Yenston, Templecombe, BA8 0NB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	20 years straight line
Plant and machinery	10 years straight line
Vehicles	4 years straight line
Office equipment	2 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and manufacturing costs. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	51		47

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2024	260,000		260,000
At 31 March 2025	260,000		260,000
Accumulated amortisation
At 01 April 2024	260,000		260,000
At 31 March 2025	260,000		260,000
Net book value
At 31 March 2025	0		0
At 31 March 2024	0		0

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	228,214		3,577,188		696,575		80,045		4,582,022
Additions	0		1,629,694		107,340		23,788		1,760,822
Disposals	0		( 1,114,764)		( 57,520)		0		( 1,172,284)
At 31 March 2025	228,214		4,092,118		746,395		103,833		5,170,560
Accumulated depreciation
At 01 April 2024	23,162		1,171,051		288,312		66,616		1,549,141
Charge for the financial year	11,411		361,912		149,682		12,481		535,486
Disposals	0		( 512,347)		( 28,143)		0		( 540,490)
At 31 March 2025	34,573		1,020,616		409,851		79,097		1,544,137
Net book value
At 31 March 2025	193,641		3,071,502		336,544		24,736		3,626,423
At 31 March 2024	205,052		2,406,137		408,263		13,429		3,032,881

5. Stocks

	2025		2024
	£		£
Stocks	372,241		587,324
Work in progress	186,032		121,218
	558,273		708,542

6. Debtors

	2025		2024
	£		£
Trade debtors	1,458,420		1,437,902
Amounts owed by Group undertakings	28,597		0
Amounts owed by directors	220,519		162,492
Interest and similar income receivable	9,231		5,158
Prepayments	29,675		12,060
VAT recoverable	99,979		157,646
Other debtors	445,231		295,345
	2,291,652		2,070,603

Amounts owed by Group undertakings are repayable on demand and do not bear interest.

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans and overdrafts (secured £ 340,945)	351,386		389,715
Trade creditors	993,472		1,166,720
Amounts owed to directors	114,275		69,485
Accruals and deferred income	490,389		37,185
Other taxation and social security	57,681		62,853
Obligations under finance leases and hire purchase contracts (secured)	558,747		474,616
Other creditors	56,184		102,961
	2,622,134		2,303,535

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

	2025		2024
	£		£
Bank loans (secured £ 42,243)	44,885		68,375
Amounts owed to directors	363,000		380,000
Obligations under finance leases and hire purchase contracts (secured)	1,190,998		1,096,541
	1,598,883		1,544,916

Within bank loans and bank overdrafts is a balance of £383,188 (2024 - £434,829) which is secured by a fixed and floating charge over all the property and undertakings of the company.

Additionally, within bank loans is a balance of £13,078 (2024 - £23,260) relating to an outstanding amount due from a Coronavirus Bounce Back Loan. The UK government have guaranteed 100% of the value of the loan

Obligations under finance leases and hire purchase contracts are secured against the assets concerned, which are included within vehicles and plant & machinery. At the balance sheet date the assets concerned had a combined net book value of £1,834,556 (2024 - £1,480,080).

Within amounts owed to directors is a balance of £363,000 (2024 - £380,000) which is not due to be repaid within the next 12 months. Interest is chargeable at 7% on this loan

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2025		2024
	£		£
Obligations under finance leases and hire purchase contracts (secured)	5,619		49,254

9. Provision for liabilities

	2025		2024
	£		£
Deferred tax	806,908		621,100

10. Financial commitments

Commitments

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

	2025		2024
	£		£
within one year	95,214		29,126
between one and five years	220,440		50,296
Total future minimum lease payments under non-cancellable operating leases	315,654		79,422

The total amount of financial commitments not included in the balance sheet is £315,654 (2024 - £79,422 ). £270,000 (2024 - £nil) of this sum relates to the operating lease over the business property. £45,654 (2024-£79,422) of this sum relates to non-cancellable operating leases over business vehicles and plant and machinery.

11. Related party transactions

Transactions with owners holding a participating interest in the entity

The company has taken advantage of the exemptions provided from disclosing transactions with its parent and other wholly owned group companies on the grounds that it is a wholly owned subsidiary.

Transactions with the entity's directors

Advances

The Director's loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 each at the official HMRC rates.

At 1 April 2024 the balance owed from the directors was £162,492. During the year, the company made advances to directors amounting to £249,768 and received repayments of £191,741 leaving a balance due from the directors of £220,519.

At 1 April 2023 the balance owed from the directors was £130,943. During the year, the company made advances to directors amounting to £191,580 and received repayments of £160,031 leaving a balance due from the directors of £162,492.

12. Ultimate controlling party

The company's immediate parent is Gartell & Son Holdings Limited, incorporated in England and Wales. Its registered office address is Common Lane Yenston, Templecombe, Somerset, United Kingdom, BA8 0NB

These financial statements are available upon request from Companies House, Cardiff.