49 true false false false true true false false false false false false true false false 2024-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 856,117 820,937 20 20 15 20 20,000 20,000 2 2 2 1 4 4 xbrli:pure xbrli:shares iso4217:GBP NI653658 2024-07-01 2025-06-30 NI653658 2025-06-30 NI653658 2024-06-30 NI653658 2023-07-01 2024-06-30 NI653658 2024-06-30 NI653658 2023-06-30 NI653658 bus:Consolidated 2024-07-01 2025-06-30 NI653658 core:NetGoodwill 2024-07-01 2025-06-30 NI653658 bus:Consolidated core:NetGoodwill 2024-07-01 2025-06-30 NI653658 bus:Consolidated core:Subsidiary1 2024-07-01 2025-06-30 NI653658 core:PlantMachinery 2024-07-01 2025-06-30 NI653658 bus:Consolidated core:PlantMachinery 2024-07-01 2025-06-30 NI653658 core:FurnitureFittings 2024-07-01 2025-06-30 NI653658 bus:Consolidated core:FurnitureFittings 2024-07-01 2025-06-30 NI653658 core:MotorVehicles 2024-07-01 2025-06-30 NI653658 bus:Consolidated core:MotorVehicles 2024-07-01 2025-06-30 NI653658 bus:RegisteredOffice 2024-07-01 2025-06-30 NI653658 bus:OrdinaryShareClass1 2024-07-01 2025-06-30 NI653658 bus:Consolidated bus:OrdinaryShareClass1 2024-07-01 2025-06-30 NI653658 bus:LeadAgentIfApplicable 2024-07-01 2025-06-30 NI653658 bus:Consolidated bus:LeadAgentIfApplicable 2024-07-01 2025-06-30 NI653658 bus:Director1 2024-07-01 2025-06-30 NI653658 bus:Director2 2024-07-01 2025-06-30 NI653658 bus:Consolidated bus:Director1 2024-07-01 2025-06-30 NI653658 bus:Consolidated 2025-06-30 NI653658 bus:Consolidated core:WithinOneYear 2025-06-30 NI653658 bus:Consolidated core:WithinOneYear 2024-06-30 NI653658 core:WithinOneYear 2025-06-30 NI653658 core:WithinOneYear 2024-06-30 NI653658 bus:Consolidated core:NetGoodwill 2025-06-30 NI653658 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-30 NI653658 bus:Consolidated core:PlantMachinery 2024-06-30 NI653658 bus:Consolidated core:FurnitureFittings 2024-06-30 NI653658 bus:Consolidated core:MotorVehicles 2024-06-30 NI653658 bus:Consolidated 2024-06-30 NI653658 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2025-06-30 NI653658 bus:Consolidated core:PlantMachinery 2025-06-30 NI653658 bus:Consolidated core:FurnitureFittings 2025-06-30 NI653658 bus:Consolidated core:MotorVehicles 2025-06-30 NI653658 core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-30 NI653658 core:FurnitureFittings 2024-06-30 NI653658 core:LandBuildings core:OwnedOrFreeholdAssets 2025-06-30 NI653658 core:FurnitureFittings 2025-06-30 NI653658 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2024-07-01 2025-06-30 NI653658 core:LandBuildings core:OwnedOrFreeholdAssets 2024-07-01 2025-06-30 NI653658 bus:Consolidated 2023-07-01 2024-06-30 NI653658 bus:Consolidated 2024-06-30 NI653658 core:AfterOneYear bus:Consolidated 2025-06-30 NI653658 core:AfterOneYear bus:Consolidated 2024-06-30 NI653658 core:AfterOneYear 2025-06-30 NI653658 core:AfterOneYear 2024-06-30 NI653658 bus:Consolidated core:UKTax 2024-07-01 2025-06-30 NI653658 bus:Consolidated core:UKTax 2023-07-01 2024-06-30 NI653658 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2024-07-01 2025-06-30 NI653658 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 NI653658 core:RetainedEarningsAccumulatedLosses 2024-07-01 2025-06-30 NI653658 core:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 NI653658 bus:AllOrdinaryShares bus:Consolidated 2024-07-01 2025-06-30 NI653658 bus:AllOrdinaryShares bus:Consolidated 2023-07-01 2024-06-30 NI653658 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2024-06-30 NI653658 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-06-30 NI653658 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2025-06-30 NI653658 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2024-06-30 NI653658 core:RetainedEarningsAccumulatedLosses 2024-06-30 NI653658 core:RetainedEarningsAccumulatedLosses 2023-06-30 NI653658 core:RetainedEarningsAccumulatedLosses 2025-06-30 NI653658 core:RetainedEarningsAccumulatedLosses 2024-06-30 NI653658 bus:Consolidated core:ShareCapital 2025-06-30 NI653658 bus:Consolidated core:ShareCapital 2024-06-30 NI653658 core:ShareCapital 2025-06-30 NI653658 core:ShareCapital 2024-06-30 NI653658 core:BetweenOneFiveYears bus:Consolidated 2025-06-30 NI653658 core:BetweenOneFiveYears 2025-06-30 NI653658 core:CostValuation core:Non-currentFinancialInstruments 2025-06-30 NI653658 core:Non-currentFinancialInstruments 2025-06-30 NI653658 core:Non-currentFinancialInstruments 2024-06-30 NI653658 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-30 NI653658 bus:Consolidated core:PlantMachinery 2024-06-30 NI653658 bus:Consolidated core:FurnitureFittings 2024-06-30 NI653658 bus:Consolidated core:MotorVehicles 2024-06-30 NI653658 core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-30 NI653658 core:FurnitureFittings 2024-06-30 NI653658 bus:Consolidated bus:Director1 2024-06-30 NI653658 bus:Consolidated bus:Director1 2025-06-30 NI653658 bus:Consolidated bus:Director1 2023-06-30 NI653658 bus:Consolidated bus:Director1 2024-06-30 NI653658 bus:Consolidated bus:Director1 2023-07-01 2024-06-30 NI653658 bus:SmallEntities 2024-07-01 2025-06-30 NI653658 bus:Audited 2024-07-01 2025-06-30 NI653658 bus:PrivateLimitedCompanyLtd 2024-07-01 2025-06-30 NI653658 bus:FullAccounts 2024-07-01 2025-06-30 NI653658 bus:OrdinaryShareClass1 2025-06-30 NI653658 bus:Consolidated bus:OrdinaryShareClass1 2025-06-30 NI653658 bus:OrdinaryShareClass1 2024-06-30 NI653658 bus:Consolidated bus:OrdinaryShareClass1 2024-06-30
COMPANY REGISTRATION NUMBER: NI653658
Garsin Holdings Ltd
Financial Statements
30 June 2025
Garsin Holdings Ltd
Financial Statements
Year ended 30 June 2025
Contents
Page
Strategic report
1
Directors' report
2
Independent auditor's report to the members
4
Consolidated statement of income and retained earnings
8
Company statement of income and retained earnings
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of cash flows
12
Notes to the financial statements
13
Garsin Holdings Ltd
Strategic Report
Year ended 30 June 2025
Review of the business and future developments There have been no significant changes in the activities of the group during the year ended 30 June 2025. The group does not expect there to be any significant changes in the coming year. Competition in the market place remains strong and effective cost control remains an area of focus for the group. The directors consider the results for the year to be satisfactory given the current economic conditions. The group plans to continue its present activities and maintain its current trading levels. The directors will continue to seek every opportunity to increase both turnover and profitability where possible in the coming year. Principal risks and uncertainties The group's operations expose it to a variety of financial risks including foreign exchange risk and customer credit risk. The group is exposed to currency exchange risk as a proportion of its receivables and payables are denominated in euro. The group mitigates this risk where possible. The group offers credit terms to its customers. This risk is mitigated by the strong on-going customer relationships and by credit insurance. The group is also aware that it faces uncertainty following the decision of of the UK to leave the European Union. Environment The group recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible. Health and Safety The group is committed to achieving the highest practicable standards in health and safety management and strives to make all premises safe environments for employees and customers alike.
This report was approved by the board of directors on 5 March 2026 and signed on behalf of the board by:
Mr G McMullan
Director
Registered office:
1 Grove Lane
Broagh Road
Castledawson
Garsin Holdings Ltd
Directors' Report
Year ended 30 June 2025
The directors present their report and the financial statements of the group for the year ended 30 June 2025 .
Directors
The directors who served the company during the year were as follows:
Mr G McMullan
Mrs S McMullan
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Future developments
The company intends to continue with current activities. The directors will continue to seek every opportunity to increase both turnover and profitability where possible in the coming year.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make 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 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.
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 group and 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 group and the company's auditor is aware of that information.
This report was approved by the board of directors on 5 March 2026 and signed on behalf of the board by:
Mr G McMullan
Director
Registered office:
1 Grove Lane
Broagh Road
Castledawson
Garsin Holdings Ltd
Independent Auditor's Report to the Members of Garsin Holdings Ltd
Year ended 30 June 2025
Opinion
We have audited the financial statements of Garsin Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated 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 group's and of the parent company's affairs as at 30 June 2025 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 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 directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
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: We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management,industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company - Companies Act 2006 and the Financial Reporting Standard Applicable in the UK and Repbulic of Ireland (FRS102). We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of key controls cycles in place and enquiry of management. Our procedures to respond to those risks identified included, but were not limited to: -Enquiry of management. those charged with governance and the entity's solicitors around actual and potential litigation and claims. -Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations. -Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of of business. A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors report. 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 group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' 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 group's or the parent 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 group or the parent 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. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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.
Cathal O'Neill
(Senior Statutory Auditor)
For and on behalf of
Kelly & O'Neill Ltd
Chartered accountants & statutory auditor
15E Molesworth Street
Cookstown
Co. Tyrone
BT80 8NX
5 March 2026
Garsin Holdings Ltd
Consolidated Statement of Income and Retained Earnings
Year ended 30 June 2025
2025
2024
Note
£
£
Turnover
4
17,288,755
13,882,816
Cost of sales
11,030,215
9,340,734
-------------
-------------
Gross profit
6,258,540
4,542,082
Distribution costs
335,449
251,804
Administrative expenses
4,916,911
3,431,396
Other operating income
5
42,210
11,838
------------
------------
Operating profit
6
1,048,390
870,720
Other interest receivable and similar income
9
25,919
1,120
Interest payable and similar expenses
10
144
–
------------
------------
Profit before taxation
1,074,165
871,840
Tax on profit
11
218,048
50,903
------------
---------
Profit for the financial year and total comprehensive income
856,117
820,937
------------
---------
Dividends paid and payable
12
( 241,000)
( 60,000)
Retained earnings at the start of the year
3,220,348
2,459,411
------------
------------
Retained earnings at the end of the year
3,835,465
3,220,348
------------
------------
All the activities of the group are from continuing operations.
Garsin Holdings Ltd
Company Statement of Income and Retained Earnings
Year ended 30 June 2025
2025
2024
Note
£
£
Profit for the financial year and total comprehensive income
930,092
582,354
Dividends paid and payable
12
( 241,000)
( 60,000)
Retained earnings at the start of the year
1,876,506
1,354,152
------------
------------
Retained earnings at the end of the year
2,565,598
1,876,506
------------
------------
Garsin Holdings Ltd
Consolidated Statement of Financial Position
30 June 2025
2025
2024
Note
£
£
Fixed assets
Tangible assets
14
3,101,622
2,002,178
Current assets
Stocks
16
208,054
141,156
Debtors
17
4,118,615
2,766,415
Cash at bank and in hand
757,910
1,392,542
------------
------------
5,084,579
4,300,113
Creditors: amounts falling due within one year
19
3,924,588
2,652,066
------------
------------
Net current assets
1,159,991
1,648,047
------------
------------
Total assets less current liabilities
4,261,613
3,650,225
Creditors: amounts falling due after more than one year
20
426,144
429,873
------------
------------
Net assets
3,835,469
3,220,352
------------
------------
Capital and reserves
Called up share capital
24
4
4
Profit and loss account
3,835,465
3,220,348
------------
------------
Shareholders funds
3,835,469
3,220,352
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 5 March 2026 , and are signed on behalf of the board by:
Mr G McMullan
Director
Company registration number: NI653658
Garsin Holdings Ltd
Company Statement of Financial Position
30 June 2025
2025
2024
Note
£
£
Fixed assets
Tangible assets
14
2,349,505
1,475,072
Investments
15
2
2
------------
------------
2,349,507
1,475,074
Current assets
Debtors
17
697,554
83,945
Cash at bank and in hand
153,979
798,485
---------
---------
851,533
882,430
Creditors: amounts falling due within one year
19
236,781
51,121
---------
---------
Net current assets
614,752
831,309
------------
------------
Total assets less current liabilities
2,964,259
2,306,383
Creditors: amounts falling due after more than one year
20
398,657
429,873
------------
------------
Net assets
2,565,602
1,876,510
------------
------------
Capital and reserves
Called up share capital
24
4
4
Profit and loss account
2,565,598
1,876,506
------------
------------
Shareholders funds
2,565,602
1,876,510
------------
------------
The profit for the financial year of the parent company was £ 930,092 (2024: £ 582,354 ).
These financial statements were approved by the board of directors and authorised for issue on 5 March 2026 , and are signed on behalf of the board by:
Mr G McMullan
Director
Company registration number: NI653658
Garsin Holdings Ltd
Consolidated Statement of Cash Flows
Year ended 30 June 2025
2025
2024
Note
£
£
Cash flows from operating activities
Profit for the financial year
856,117
820,937
Adjustments for:
Depreciation of tangible assets
189,649
129,148
Government grant income
( 36,392)
( 1,200)
Other interest receivable and similar income
( 25,919)
( 1,120)
Interest payable and similar expenses
144
–
Gains on disposal of tangible assets
–
( 5,500)
Tax on profit
218,048
50,903
Accrued expenses
1,150
437
Changes in:
Stocks
( 66,898)
414,804
Trade and other debtors
( 1,352,200)
( 1,113,612)
Trade and other creditors
1,000,700
1,182,243
------------
------------
Cash generated from operations
784,399
1,477,040
Interest paid
( 144)
–
Interest received
25,919
1,120
Tax paid
( 50,903)
–
---------
------------
Net cash from operating activities
759,271
1,478,160
---------
------------
Cash flows from investing activities
Purchase of tangible assets
( 1,289,093)
( 340,399)
Proceeds from sale of tangible assets
–
25,500
------------
------------
Net cash used in investing activities
( 1,289,093)
( 314,899)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
100,451
( 346,148)
Government grant income
36,392
1,200
Payments of finance lease liabilities
41,932
–
Dividends paid
( 241,000)
( 60,000)
------------
------------
Net cash used in financing activities
( 62,225)
( 404,948)
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 592,047)
758,313
Cash and cash equivalents at beginning of year
1,176,349
418,036
------------
------------
Cash and cash equivalents at end of year
18
584,302
1,176,349
------------
------------
Garsin Holdings Ltd
Notes to the Financial Statements
Year ended 30 June 2025
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 1 Grove Lane, Broagh Road, Castledawson.
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.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Garsin Holdings Ltd and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
Impairment of Non-Current Assets: The company's property, plant and equipment are stated at cost less accumulated depreciation. The assets are depreciated over their estimated useful economic lives. The carrying values of such assets are reviewed annually for any indications of impairment. The carrying value of assets are tested for impairment where events or changes in circumstances indicate the carrying value is incorrectly stated. If such a review indicates that the carrying value is overstated, the value of the asset is restated to to to its deemed recoverable amount. Recoverable amount is deemed to be the higher of the asset's fair value less costs to sell, or its value in use. Value in use is calculated based on the discounted future cash flows of the asset,or of the cash generating unit,to which the asset belongs.
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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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
-
20% straight line
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
-
Properties are maintained to a high value to keep original cost
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2025
2024
£
£
Sale of goods
17,170,825
13,761,366
Rendering of services
117,930
121,450
-------------
-------------
17,288,755
13,882,816
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2025
2024
£
£
Government grant income
36,392
1,200
Other operating income
5,818
10,638
--------
--------
42,210
11,838
--------
--------
6. Operating profit/(loss)
Operating profit or loss is stated after charging/crediting:
2025
2024
£
£
Depreciation of tangible assets
189,649
129,148
Gains on disposal of tangible assets
–
( 5,500)
Impairment of trade debtors
12,795
127,316
Foreign exchange differences
30,243
( 22,071)
---------
---------
7. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2025
2024
No.
No.
Production staff
41
36
Administrative staff
5
5
Management staff
3
3
----
----
49
44
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2025
2024
£
£
Wages and salaries
2,719,599
1,641,091
Other pension costs
233,261
381,735
------------
------------
2,952,860
2,022,826
------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2025
2024
£
£
Remuneration
25,138
25,310
Company contributions to defined contribution pension plans
200,000
360,000
---------
---------
225,138
385,310
---------
---------
9. Other interest receivable and similar income
2025
2024
£
£
Interest on cash and cash equivalents
25,919
1,120
--------
-------
10. Interest payable and similar expenses
2025
2024
£
£
Interest on obligations under finance leases and hire purchase contracts
144
–
----
----
11. Tax on profit
Major components of tax expense
2025
2024
£
£
Current tax:
UK current tax expense
218,048
50,903
Tax on profit
218,048
50,903
---------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).
2025
2024
£
£
Profit on ordinary activities before taxation
1,074,165
871,840
------------
---------
Profit on ordinary activities by rate of tax
268,541
217,960
Effect of capital allowances and depreciation
( 50,493)
( 167,057)
------------
---------
Tax on profit
218,048
50,903
------------
---------
12. Dividends
2025
2024
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
241,000
60,000
---------
--------
13. Intangible assets
Group
Goodwill
£
Cost
At 1 July 2024 and 30 June 2025
20,000
--------
Amortisation
At 1 July 2024 and 30 June 2025
20,000
--------
Carrying amount
At 1 July 2024 and 30 June 2025
–
--------
At 30 June 2024
–
--------
The company has no intangible assets.
14. Tangible assets
Group
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2024
1,496,454
445,101
233,017
516,421
2,690,993
Additions
849,843
123,172
50,162
265,916
1,289,093
------------
---------
---------
---------
------------
At 30 June 2025
2,346,297
568,273
283,179
782,337
3,980,086
------------
---------
---------
---------
------------
Depreciation
At 1 July 2024
25,964
309,323
89,959
263,569
688,815
Charge for the year
1,998
51,790
32,108
103,753
189,649
------------
---------
---------
---------
------------
At 30 June 2025
27,962
361,113
122,067
367,322
878,464
------------
---------
---------
---------
------------
Carrying amount
At 30 June 2025
2,318,335
207,160
161,112
415,015
3,101,622
------------
---------
---------
---------
------------
At 30 June 2024
1,470,490
135,778
143,058
252,852
2,002,178
------------
---------
---------
---------
------------
Company
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2024
1,396,567
92,359
1,488,926
Additions
849,843
42,783
892,626
------------
---------
------------
At 30 June 2025
2,246,410
135,142
2,381,552
------------
---------
------------
Depreciation
At 1 July 2024
–
13,854
13,854
Charge for the year
–
18,193
18,193
------------
---------
------------
At 30 June 2025
–
32,047
32,047
------------
---------
------------
Carrying amount
At 30 June 2025
2,246,410
103,095
2,349,505
------------
---------
------------
At 30 June 2024
1,396,567
78,505
1,475,072
------------
---------
------------
15. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 July 2024 and 30 June 2025
2
----
Impairment
At 1 July 2024 and 30 June 2025
–
----
Carrying amount
At 1 July 2024 and 30 June 2025
2
----
At 30 June 2024
2
----
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Grove Mchanical Services Ltd
Ordinary
100
16. Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Work in progress
208,054
141,156
–
–
---------
---------
----
----
17. Debtors
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade debtors
3,333,115
2,526,973
88,389
17,130
Amounts owed by group undertakings
–
–
493,522
63,558
Prepayments and accrued income
129,026
72,129
–
–
Other debtors
656,474
167,313
115,643
3,257
------------
------------
---------
--------
4,118,615
2,766,415
697,554
83,945
------------
------------
---------
--------
18. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2025
2024
£
£
Cash at bank and in hand
757,910
1,392,542
Bank overdrafts
( 173,608)
( 216,193)
---------
------------
584,302
1,176,349
---------
------------
19. Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans and overdrafts
206,757
245,425
33,149
29,232
Trade creditors
1,515,753
1,532,880
18,062
2,500
Accruals and deferred income
8,871
7,721
3,596
2,696
Corporation tax
218,048
50,903
24,324
–
Social security and other taxes
159,668
102,754
13,207
–
Obligations under finance leases and hire purchase contracts
14,445
–
–
–
Director loan accounts
144,443
16,693
144,443
16,693
Other creditors - desc in a/cs
1,656,603
695,690
–
–
------------
------------
---------
--------
3,924,588
2,652,066
236,781
51,121
------------
------------
---------
--------
20. Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans and overdrafts
398,657
429,873
398,657
429,873
Obligations under finance leases and hire purchase contracts
27,487
–
–
–
---------
---------
---------
---------
426,144
429,873
398,657
429,873
---------
---------
---------
---------
21. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2025
2024
2025
2024
£
£
£
£
Not later than 1 year
14,445
–
14,445
–
Later than 1 year and not later than 5 years
27,487
–
27,487
–
--------
----
--------
----
41,932
–
41,932
–
--------
----
--------
----
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 233,261 (2024: £ 381,735 ).
23. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2025
2024
2025
2024
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
36,392
1,200
–
–
--------
-------
----
----
24. Called up share capital
Issued, called up and fully paid
2025
2024
No.
£
No.
£
Ordinary shares of £ 1 each
4
4
4
4
----
----
----
----
25. Analysis of changes in net debt
At 1 Jul 2024
Cash flows
At 30 Jun 2025
£
£
£
Cash at bank and in hand
1,392,542
(634,632)
757,910
Bank overdrafts
(216,193)
42,585
(173,608)
Debt due within one year
(45,925)
(146,112)
(192,037)
Debt due after one year
(429,873)
3,729
(426,144)
------------
---------
---------
700,551
( 734,430)
( 33,879)
------------
---------
---------
26. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:
2025
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr G McMullan
( 16,693)
( 127,750)
( 144,443)
--------
---------
---------
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr G McMullan
( 339,458)
322,765
( 16,693)
---------
---------
--------