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Registered number: 00359473
GRATNELLS LIMITED
CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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GRATNELLS LIMITED
COMPANY INFORMATION
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N K Pearch (resigned 4 September 2024)
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J B Shea (resigned 20 October 2025)
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A D Wilson (appointed 3 May 2024)
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Chartered Accountants & Statutory Auditor
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GRATNELLS LIMITED
CONTENTS
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Directors' Responsibilities Statement
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Independent Auditors' Reports
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Consolidated Statement of Comprehensive Income
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Consolidated Balance Sheet
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Consolidated Analysis of Net Debt
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Notes to the Financial Statements
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GRATNELLS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Directors present their strategic report for the year ended 31 March 2025.
As for many businesses of our size, the business environment in which we operate continues to be challenging. The UK Education market is in recession. The tray market in the UK and overseas are highly competitive and margins continue to be tight in particular under the current difficult economic climate.
We do expect customer spending cuts across the board. Raw material costs are under pressure and we continue to strive for efficiencies to minimise the impact this has on our profit margins. Our efforts are fully focused on our selling and marketing, to not only protect our market share but also to increase our customer base both in the UK and overseas. We are continuing to invest in our manufacturing which is now based in Portugal with particular emphasis on growing our Engineering division and international market over the next few years.
Principal risks and uncertainties
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We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non complex nature of our business and is written in the context of risks and uncertainties we faced. As a manufacture of specialist storage equipment, the company continues to manufacture and supply storage frames, trolleys, trays and accessories to hospitals, schools and other educational suppliers. The company activities are organised into UK and overseas markets.
The principal risks and uncertainties the company faces include the fallout from U.S. tariffs, unexpected rise of raw material costs, increased inflation, Brexit barriers and the restrictions on government spending which have a direct effect on schools and hospitals spending.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors and accruals liquidity risk is managed by ensuring sufficient funds are available to meet amount due.
In respect of the bank balances there is a low liquidity risk to the level of the balances. The company makes use of deposit accounts where applicable.
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GRATNELLS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Financial key performance indicators
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We consider our key performance indicators are those that communicate the financial performance as a whole that being turnover, gross margin and return on capital employed.
The turnover of the UK single Company by market was as follows:
2025 2024
£ £
United Kingdom 6,652,616 4,955,459
Overseas 705,736 8,132,122
Total 7,358,352 13,087,581
Sales have decreased by £5,729,229.
Overall operating profit was £4,416,530 (2024: £725,695) and profit before tax was £2,448,695 (2024: £644,952).
Net assets have increased to £11,364,838 (2024: £8,980,380). The gross profit margin is 33% (2024: 56%). Return on capital employed is 18% (2024: 7%). Return on capital employed is calculated as profit before interest and tax divided by capital employed, which constitutes total assets less current liabilities.
The turnover of the Group is as follows:
2025 2024
£ £
United Kingdom 8,415,175 4,910,397
Overseas 5,871,877 11,288,992
Total 14,287,052 16,199,389
Sales have decreased by £1,912,337.
Overall operating profit was £3,507,625 (2024: £793,893) and profit before tax was £3,541,379 (2024: £713,150).
Net assets have increased to £12,688,437 (2024: £9,398,423). The gross profit margin is 40% (2024: 50%). Return on capital employed is 25% (2024: 7%). Return on capital employed is calculated as profit before interest and tax divided by capital employed, which constitutes total assets less current liabilities.
The above KPIs and other reported figures have been stated after taking account of the exceptional item disclosed in Note 13.
This report was approved by the board on 16 September 2026 and signed on its behalf.
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GRATNELLS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The profit for the year, after taxation, amounted to £3,447,957 (2024 - £315,892).
Ordinary dividends were paid amounting to £157,943 (2024: £565,723). The directors do not recommend payment of a further dividend.
The directors who served during the year were:
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N K Pearch (resigned 4 September 2024)
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J B Shea (resigned 20 October 2025)
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A D Wilson (appointed 3 May 2024)
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Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Post balance sheet events
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Post year end Gratnells invested in purchasing long term office head quarters in Madingley, Cambridge.
The auditors, Haslers, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 16 September 2026 and signed on its behalf.
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GRATNELLS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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GRATNELLS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRATNELLS LIMITED
IN RESPECT OF THE GROUP FINANCIAL STATEMENTS
Disclaimer of opinion
We were engaged to audit the Group financial statements of Gratnells Limited and its subsidiaries (the ‘Group’) for the year ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
We do not express an opinion on the accompanying Group financial statements. Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these Group financial statements.
Basis for disclaimer of opinion
As described below, we were unable to obtain sufficient appropriate audit evidence regarding certain balances and transactions relating to an overseas subsidiary.
Gratnells International LDA is a Portuguese subsidiary undertaking of the group. A local audit firm in Portugal was appointed to undertake the audit of this subsidiary. As part of our scoping of the group audit, we identified the subsidiary’s turnover (£6.933m), cost of sales (£4.611m), distribution costs (£1.406m), administration expenses (£1.737m), fixed assets (£1.725m), stock (£2.225m), trade debtors (£2.146m), other debtors (£0.463m), prepayments and accrued income (£0.788m), bank (£0.316m), trade creditors (£1.624m), accruals (£0.310m), and accumulated reserves (£0.514m) as being material to the Group financial statements. To date, the component auditors have been unable to complete their work on the 2025 financial statements of this component and we have not been able to obtain sufficient appropriate audit evidence over the specified balances and transactions by other means. Consequently we are unable to determine whether any adjustments to the related balances and transactions within the consolidated primary statements would be necessary for the financial year.
In assessing the implications of this issue we concluded that the issue is pervasive and have therefore determined that a disclaimer of opinion is appropriate.
Opinions on other matters prescribed by the Companies Act 2006
Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have been unable to form an opinion, whether based on the work undertaken in the course of the audit:
• the information given in the strategic report and directors’ report for the financial year for which the
Group financial statements are prepared is consistent with the Group financial statements; and
•the strategic report and directors’ report have been prepared in accordance with applicable legal
requirements.
Matters on which the auditor is required to report by exception
Notwithstanding our disclaimer of an opinion on the Group financial statements, in the light of the knowledge and understanding of the Group and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the strategic report or the directors’ report.
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GRATNELLS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRATNELLS LIMITED
IN RESPECT OF THE GROUP FINANCIAL STATEMENTS
Arising from the limitation of our work referred to above:
• we have not obtained all the information and explanations that we considered necessary for the
purpose of our audit; and
•we were unable to determine whether adequate accounting records have been kept.
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:
• certain disclosures of directors’ remuneration specified by law are not made;
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the Group 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 Group financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the Group financial statements, the directors are responsible for assessing the Group'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 to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our responsibility is to conduct an audit of the Group’s financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor’s report.
However, because of the matter described in the basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these Group financial statements.
We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the Group financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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 frameworks applicable to the Group and the sector in which it operates. We determined that the following laws and regulations were most significant: the Companies Act 2006 and UK corporate taxation laws.
We obtained an understanding of how the Group are complying with those legal and regulatory frameworks by making inquiries to the management and then confirmed the results of our discussions by reviewing the documentation relating to the legal and professional expenditure that occurred during the year.
In order to assess the susceptibility of the entity to material misstatement due to irregularities, including fraud, notwithstanding our disclaimer of opinion on the Group financial statements the audit team carried out the following procedures on the Group other than the component mentioned in the disclaimer of opinion:
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GRATNELLS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRATNELLS LIMITED
IN RESPECT OF THE GROUP FINANCIAL STATEMENTS
•We identified and assessed the design effectiveness of controls management has in place to prevent
and detect fraud;
• We challenged assumptions and judgements made by management in its significant accounting
estimates;
• We carried out testing to review the recognition of income in the financial year;
• We have reviewed manual journals made in the year and identified and tested journal entries, in
particular any unusual journal entries posted around the year-end; and
• We assessed the extent of compliance with the relevant laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the Group financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' 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
Other matter
We have reported separately on the Parent Company financial statements of Gratnells Limited for the year ended 31 March 2025
Laura Ambrose BA (Hons) FCA (Senior Statutory Auditor)
For and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL
16 September 2026
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GRATNELLS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRATNELLS LIMITED
IN RESPECT OF THE PARENT COMPANY FINANCIAL STATEMENTS
Opinion
We have audited the Parent Company financial statements of Gratnells Limited (the 'Parent Company') for the year ended 31 March 2025, which comprise the Balance Sheet, the Statement of Changes in Equity 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 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 31 March 2025;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirement 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 Parent Company financial statements section of our report. We are independent of the Parent Company in accordance with the ethical requirements that are relevant to our audit of the Parent Company financial statements in the United Kingdom, including the Financial Reporting Council'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 Parent Company financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the Parent Company 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 Parent Company's ability to continue as a going concern for a period of at least twelve months from when the Parent Company 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 Parent Company financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the Parent Company 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Parent Company financial statements or our knowledge obtained in the course of 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 Parent Company 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.
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GRATNELLS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRATNELLS LIMITED
IN RESPECT OF THE PARENT COMPANY FINANCIAL STATEMENTS
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 Parent Company financial year for which the Parent Company 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 requirement.
Matters on which the auditor is required to report by exception
In the light of the knowledge and understanding of 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, 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 set out on page 4, the directors are responsible for the preparation of the Parent Company 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 Parent Company financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the Parent Company financial statements, the directors are responsible for assessing 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 Parent Company or to cease operations, or have no realistic alternative but to do so.
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GRATNELLS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRATNELLS LIMITED
IN RESPECT OF THE PARENT COMPANY FINANCIAL STATEMENTS
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the Parent Company financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Parent Company 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 frameworks applicable to the Parent Company and the sector in which it operates. We determined that the following laws and regulations were most significant: the Companies Act 2006 and UK corporate taxation laws.
We obtained an understanding of how the Parent Company are complying with those legal and regulatory frameworks by making inquiries to the management and then confirmed the results of our discussions by reviewing the documentation relating to the legal and professional expenditure that occurred during the year.
In order to assess the susceptibility of the entity to material misstatement due to irregularities, including fraud, the audit team carried out the following procedures:
∙We identified and assessed the design effectiveness of controls management has in place to prevent and detect fraud;
∙We challenged assumptions and judgements made by management in its significant accounting estimates;
∙We carried out testing to review the recognition of income in the financial year;
∙We have reviewed manual journals made in the year and identified and tested journal entries, in particular any unusual journal entries posted prior to the year end; and
∙We assessed the extent of compliance with the relevant laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the Parent Company financial statements or non compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the Parent Company financial statements, as we will be less likely to become aware of instances of non compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' Report.
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GRATNELLS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRATNELLS LIMITED
IN RESPECT OF THE PARENT COMPANY FINANCIAL STATEMENTS
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 Auditors' 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
Other matter
We have reported separately on the Group financial statements of Gratnells Limited for the year ended 31 March 2025. The opinion in that report is a disclaimer of opinion.
Laura Ambrose BA (Hons) FCA (Senior Statutory Auditor)
For and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL
16 September 2026
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GRATNELLS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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Profit for the year attributable to:
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Owners of the Parent Company
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There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.
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There was no other comprehensive income for 2025 (2024:£NIL).
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The notes on pages 22 to 45 form part of these financial statements.
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GRATNELLS LIMITED
REGISTERED NUMBER: 00359473
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2025
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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Equity attributable to owners of the Parent Company
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GRATNELLS LIMITED
REGISTERED NUMBER: 00359473
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 September 2026.
The notes on pages 22 to 45 form part of these financial statements.
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GRATNELLS LIMITED
REGISTERED NUMBER: 00359473
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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Profit and loss account brought forward
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Other changes in the profit and loss account
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Profit and loss account carried forward
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GRATNELLS LIMITED
REGISTERED NUMBER: 00359473
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 September 2026.
The notes on pages 22 to 45 form part of these financial statements.
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GRATNELLS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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Capital redemption reserve
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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Capital redemption reserve
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 22 to 45 form part of these financial statements.
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GRATNELLS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
|
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Capital redemption reserve
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Comprehensive income for the year
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Total comprehensive income for the year
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|
|
Contributions by and distributions to owners
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|
Dividends: Equity capital
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Total transactions with owners
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
|
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|
Capital redemption reserve
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Comprehensive income for the year
|
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|
Total comprehensive income for the year
|
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|
|
Contributions by and distributions to owners
|
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|
Dividends: Equity capital
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Total transactions with owners
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The notes on pages 22 to 45 form part of these financial statements.
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GRATNELLS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Cash flows from operating activities
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Profit for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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(Profit)/loss on disposal of tangible assets
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(Increase)/decrease in stocks
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(Decrease)/increase in creditors
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of intangible fixed assets
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Purchase of tangible fixed assets
|
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Sale of tangible fixed assets
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Net cash from investing activities
|
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Cash flows from financing activities
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Repayment of/new finance leases
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Net cash used in financing activities
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GRATNELLS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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Net increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 22 to 45 form part of these financial statements.
|
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GRATNELLS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
The notes on pages 22 to 45 form part of these financial statements.
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GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Gratnells Limited is a private company, limited by shares and incorporated in England and Wales with a registration number 00359473. The address of the registered office is Highfield Court, Church Lane, Madingley, Cambridge, England, CB23 8AG. The principal activity of the company continued to be that of a manufacturer of plastic products and other fabricated metal products not elsewhere classified.
2.Accounting policies
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Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. This is reviewed on a consistent basis with regular productions of management accounts which includes budgeting and forecasting. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 goods is recognised when all of the following conditions are satisfied:
∙the Group has transferred the significant risks and rewards of ownership to the buyer;
∙the Group 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 Group 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.
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GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Operating leases: the Group as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
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GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated 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.
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GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
|
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line & reducing-balance methods.
Depreciation is provided on the following basis:
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5 to 35 years straight line
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. 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 amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 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.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
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GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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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, taking into account the related risks and uncertainties.
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
Increases in provisions are generally charged as an expense to profit or loss.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
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GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Financial instruments (continued)
|
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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 an annual general meeting.
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GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
|
In applying the Company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next financial year are as follows:
Depreciation of Property, Plant and Equipment
Depreciation is charged to write off the cost of tangible fixed assets over their estimated useful lives.
Useful lives and residual values are based on management’s judgement and experience with similar
assets. These estimates are reviewed annually and adjusted if expectations differ from previous
estimates. Changes in useful lives or residual values could result in a material adjustment to depreciation
expense. Further details of tangible fixed assets and the related depreciation charge are provided in Note 15.
Recoverability of amounts owed by group undertakings
The Company has amounts due from group undertakings which are assessed for impairment at each reporting date. Determining whether an impairment provision is required involves management judgment and estimation regarding the recoverability of the outstanding balances.
In assessing recoverability, management considers a range of factors including the financial position and trading performance of the borrower, forecast cash flows, available assets, future funding requirements, and the likelihood and timing of recoverability. Changes in these assumptions could result in a material adjustment to the carrying value of amounts owed by group undertakings and the associated impairment provision.
As at 31 March 2025, an impairment provision of £2.1m has been recognised by the Company against amounts owed by group undertakings (Note 18 - Debtors). This has been eliminated on consolidation.
Other than the above the director does not believe that there have been judgements (apart from those
involving estimates) made in the process of applying the above accounting policies that have had a
significant effect on amounts recognised in the financial statements.
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|
GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
An analysis of turnover by class of business is as follows:
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Analysis of turnover by country of destination:
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|
|
The operating profit is stated after charging:
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Research & development charged as an expense
|
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Other operating lease rentals
|
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|
|
(Profit) on disposal of tangible fixed assets
|
|
|
|
|
|
|
|
During the year, the Group obtained the following services from the Company's auditors:
|
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Fees payable to the Company's auditors for the audit of the consolidated and Parent Company's financial statements
|
|
|
|
|
GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
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|
|
Staff costs, including directors' remuneration, were as follows:
|
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Cost of defined contribution scheme
|
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|
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
The average monthly number of employees, including the directors, during the year was as follows:
|
|
|
GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
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|
|
|
|
Directors gains/(loss) on long term incentive schemes
|
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|
|
Group contributions to defined contribution pension schemes
|
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|
|
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|
During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
|
|
|
The highest paid director received remuneration of £146,520 (2024 - £693,758).
|
|
|
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £14,000 (2024 - £10,000).
|
|
|
The amount of the accrued lump sum in respect of the highest paid director at 31 March 2025 amounted to £NIL (2024 - £1,018,106).
|
|
|
During the year, M Hudson waived £27,500 (2024: £30,000) of his bonus payment to his wife (an employee of the Company) as an additional payment to her pension.
|
|
|
Other interest receivable
|
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|
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|
Interest payable and similar expenses
|
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Finance leases and hire purchase contracts
|
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|
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|
|
|
|
|
|
GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
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|
|
|
|
Current tax on profits for the year
|
|
|
|
|
|
|
|
|
|
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|
|
Foreign tax on income for the year
|
|
|
|
|
Foreign tax in respect of prior periods
|
|
|
|
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|
|
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Origination and reversal of timing differences
|
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|
|
|
|
|
GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
11.Taxation (continued)
|
|
Factors affecting tax charge for the year
|
|
|
The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:
|
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Profit on ordinary activities before tax
|
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|
|
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
|
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
|
|
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|
|
Capital allowances for year in excess of depreciation
|
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|
|
Effects of overseas tax rates
|
|
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|
|
Other timing differences leading to an increase (decrease) in taxation
|
|
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|
|
Book profit on chargeable assets
|
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Unrelieved loss on foreign subsidiaries
|
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Other differences leading to an increase (decrease) in the tax charge
|
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Total tax charge for the year
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Write off - loss due to cyber attack
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Fixed asset decommissioning costs
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Profit on disposal of property
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Write off - loss due to cyber attack: This relates to a one off expense in relation to a loss of funds due to
an instance of cyber attack.
Fixed asset decommissioning costs: This relates to the expenditure incurred to remove the Company's
fixed assets from its premises as part of the resturcturing. This expense is a one off and would not be
usually be incurred in the Company's day to day activity.
Profit on disposal of property: This represents the profit arising from the disposal of the company’s former office premises.
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GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Charge for the year on owned assets
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GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
14.Intangible assets (continued)
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GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Charge for the year on owned assets
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GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
15.Tangible fixed assets (continued)
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Charge for the year on owned assets
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GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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4600 140th Avenue North, Suite 180, Clearwater, FL 33762, USA
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Sales of tray storage systems
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Gratnells International LDA
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EDF VI Blue Biz Business Park, 2910-845 Setubal, Portugal
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Sales of tray storage systems
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The aggregate of the share capital and reserves as at 31 March 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Gratnells International LDA
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GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Raw materials and consumables
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Finished goods and goods for resale
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings
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Prepayments and accrued income
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As disclosed in notes 3 and 27, the Company has recognised a provision of £2,100,000 against amounts owed by group undertakings. Accordingly, the Company debtor balance in respect of amounts due from group undertakings is stated net of this provision.
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GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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|
GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
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Credited to profit or loss
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Credited to profit or loss
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The deferred tax balance is made up as follows:
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Accelerated capital allowances
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Asset - due after one year
|
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The deferred tax liability is expected to unwind over time, with £18,779 expected to reverse during the
next financial year. The deferred tax asset is not expected to reverse until the underlying deductible
timing differences crystallise after 31 March 2027.
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GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Allotted, called up and fully paid
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59,176 (2024 - 59,176) Ordinary shares of £1.00 each
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Capital redemption reserve
The capital redemption reserve contains the nominal value of own shares that have been acquired by the company and cancelled.
Profit and loss account
Profit and loss account represents cumulative profits or losses of the group, net of dividends paid and other adjustments.
The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £123,545 (2024 -
£169,905). Contributions totalling £37,500 (2024 - £51,859) were payable to the fund at the balance sheet date and are included in creditors.
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Commitments under operating leases
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At 31 March 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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GRATNELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
Related party transactions
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|
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The Company's key management personnel comprise the directors of the Company, whose remuneration is disclosed in Note 8.
During the year, the Company made sales of £2,030,513 (2024: £1,495,278) to wholly owned subsidiary undertakings. The Company also made purchases of £1,300,414 (2024: £Nil) from wholly owned subsidiary undertakings. In addition, the Company recognised other income of £1,381,327 (2024: £Nil) in respect of amounts owed by wholly owned subsidiary undertakings for inter-company charges. At 31 March 2025, amounts due from wholly owned subsidiary undertakings totalled £7,773,000 (2024: £2,827,360). During the year, the Company recognised a provision of £2,100,000 against amounts receivable from a wholly owned subsidiary undertaking (2024: £Nil), resulting in a net balance due from wholly owned subsidiary undertakings of £5,673,000 (2024: £2,827,360).
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Post balance sheet events
|
On 01/04/2025, subsequent to the balance sheet date, the company completed the purchase of new office premises located in Cambridge. During the year the Company paid the consideration and at the year end a prepayment exists for this balance given the contractual completion occurred after the year end.
The ultimate controlling parties are Mr Adrian Wilson (Trustee for the L G Hudson & N A Hudson Discretionary trusts), Mr Paul Campbell (Trustee for the L G Hudson & N A Hudson Discretionary trusts) and Mr Gerard Feeley (Trustee for the N A Hudson Discretionary trust) due to their control over the L G Hudson & N A Hudson Discretionary Trusts.
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