G.F. Gordon (Plant Hire) Ltd Filleted accounts for Companies House (small and micro)

G.F. GORDON (PLANT HIRE) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03948973

G.F. Gordon (Plant Hire) Ltd

Filleted Financial Statements

31 January 2023

G.F. Gordon (Plant Hire) Ltd

Financial Statements

Year ended 31 January 2023

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

G.F. Gordon (Plant Hire) Ltd

Statement of Financial Position

31 January 2023

	2023		2022
			(restated)
Note	£	£	£	£

Fixed assets

Tangible assets	5		3,632,725		3,657,627

Current assets

Stocks		27,272	10,057
Debtors	6	3,244,897	3,434,646
Cash at bank and in hand		4,808	423,415
		------------	------------
		3,276,977	3,868,118

Creditors: amounts falling due within one year	7	2,575,696		2,948,573
		------------		------------
Net current assets			701,281		919,545
			------------		------------
Total assets less current liabilities			4,334,006		4,577,172

Creditors: amounts falling due after more than one year	8		1,215,036		924,750

Provisions	413,600	439,239
	------------	------------
Net assets	2,705,370	3,213,183
	------------	------------

Capital and reserves

Called up share capital	10	100	100
Revaluation reserve		689,126	975,080
Profit and loss account		2,016,144	2,238,003
		------------	------------
Shareholders funds		2,705,370	3,213,183
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

G.F. Gordon (Plant Hire) Ltd

Statement of Financial Position (continued)

31 January 2023

These financial statements were approved by the board of directors and authorised for issue on 7 December 2023 , and are signed on behalf of the board by:

Mr A J S Gordon

Director

Company registration number: 03948973

G.F. Gordon (Plant Hire) Ltd

Notes to the Financial Statements

Year ended 31 January 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 19 Juliet Way, Purfleet, South Ockendon, RM15 4YD, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of 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.

Going concern

The financial statements have been prepared on a going conern basis which is dependent upon the continued financial support of the directors. The directors of the group companies have expressed their willingness to support the company for the foreseeable future by ensuring sufficient funds are available for the company to continue trading.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Gordon Group Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of 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) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Changes in accounting estimates

During the year, the company changed its accounting estimate for depreciation of motor vehicles from 25% reducing balance (with residual value applied) to depreciate these assets over the expected ownership term, with a residual value applied. This change has resulted in an additional £294,044 depreciation being charged in the current year. The directors believe this change will more accurately reflect the depreciation over the period of ownership.

Judgements and key sources of estimation uncertainty

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

Revenue recognition

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

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.

Depreciation

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

Freehold property	-	2% straight line
Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	33% straight line
Motor vehicles	-	Over the expected period of ownership of each vehicle with residual value
Equipment	-	33 % straight line

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.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).

5. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 Feb 2022 (as restated)	1,800,000	5,085	27,667	2,713,369	4,394	4,550,515
Additions	–	43,863	1,357	1,143,152	1,148	1,189,520
Disposals	–	–	–	( 1,129,009)	–	( 1,129,009)
	------------	--------	--------	------------	-------	------------
At 31 Jan 2023	1,800,000	48,948	29,024	2,727,512	5,542	4,611,026
	------------	--------	--------	------------	-------	------------
Depreciation
At 1 Feb 2022	36,000	4,814	15,318	832,367	4,389	892,888
Charge for the year	36,000	4,974	8,639	419,873	101	469,587
Disposals	–	–	–	( 384,174)	–	( 384,174)
	------------	--------	--------	------------	-------	------------
At 31 Jan 2023	72,000	9,788	23,957	868,066	4,490	978,301
	------------	--------	--------	------------	-------	------------
Carrying amount
At 31 Jan 2023	1,728,000	39,160	5,067	1,859,446	1,052	3,632,725
	------------	--------	--------	------------	-------	------------
At 31 Jan 2022	1,764,000	271	12,349	1,881,002	5	3,657,627
	------------	--------	--------	------------	-------	------------

Tangible assets held at valuation

Freehold Property was adjusted to fair value by the directors at the 2021 year end. The valuation was based on an independent valuation from a RCIs Chartered Surveyor. The historical cost of the freehold property is £667,175.

Finance leases and hire purchase contracts

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

	Motor vehicles
	£
At 31 January 2023	2,153,490
	------------
At 31 January 2022	1,865,355
	------------

6. Debtors

	2023	2022
		(restated)
	£	£
Trade debtors	1,719,012	1,985,166
Amounts owed by group undertakings	1,212,816	1,172,086
Amounts owed by related undertakings	146,574	151,974
Other debtors	166,495	125,420
	------------	------------
	3,244,897	3,434,646
	------------	------------

The debtors above include the following amounts falling due after more than one year:

	2023	2022
		(restated)
	£	£
Amounts owed by related undertakings	146,574	–
	---------	----

The Directors have agreed to support G.F. Gordon (Homes) Ltd and G.F. Gordon (Waste Management) Ltd by deferring repayment of the amounts due for at least 12 months. Included within loans due after more than one year is an amount of £146,574 owed by a related company. That related company has been given financial support of a third party company for at least 13 months from November 2023.

7. Creditors: amounts falling due within one year

	2023	2022
		(restated)
	£	£
Bank loans and overdrafts	84,136	84,136
Trade creditors	1,209,863	1,305,763
Accruals and deferred income	31,039	32,040
Social security and other taxes	–	157,095
Obligations under finance leases and hire purchase contracts	390,674	414,367
Other creditors	859,984	955,172
	------------	------------
	2,575,696	2,948,573
	------------	------------

Barclays Bank Plc holds a debenture over the assets of the company as part of the loan agreement. Barclays holds a cross guarantee and debenture between G.F. Gordon (Waste Management) Limited, Gordon Group Limited, G.F. Gordon (Plant Hire) Limited and Burnt Orange Construction Limited. At the year end, the company owed Barclays Bank PLC £1,377,239 (2022: £1,548,394) by way of loans and factoring advances. This is secured on the assets of the company. None of this balance is due more than 5 years.

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

	2023	2022
		(restated)
	£	£
Bank loans and overdrafts	467,039	551,301
Obligations under finance leases and hire purchase contracts	747,997	373,449
	------------	---------
	1,215,036	924,750
	------------	---------

9. Prior period errors

The comparative figures have been restated to correct the depreciation on the revalued properties to ensure this is charged against the revaluation reserve. As a result, as at 31 January 2022, the revaluation reserve has decreased by £36,000 and the profit and loss reserve has increased by £36,000. The brought forward reserves as at 1 February 2022 have also been adjusted.

10. Called up share capital

Issued, called up and fully paid

	2023		2022
			(restated)
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

11. Summary audit opinion

The auditor's report dated 22 December 2023 was unqualified .

The senior statutory auditor was Sandra Morrell , for and on behalf of Edmund Carr LLP .

12. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2023	2022	2023	2022
	£	£	£	£
Other related parties	948,411	1,374,287	527,433	522,439
	---------	------------	---------	---------

The company is a wholly owned subsidiary of Gordon Group Ltd Limited and has taken advantage of the exemption granted under FRS 102 section 33.1A not to disclose transactions with Gordon Group Ltd or other wholly owned subsidiaries within the group.

13. Controlling party

The ultimate parent undertaking is Gordon Group Ltd, a company incorporated in England and Wales. Gordon Group Ltd owns 100% of the issued share capital in the company.