Company Registration No. SC186455 (Scotland)
Gael Force Rentals Limited
Financial statements
for the year ended 31 December 2022
Pages for filing with the registrar
Gael Force Rentals Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
Gael Force Rentals Limited
Balance sheet
As at 31 December 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,555,919
1,820,325
Current assets
Debtors
6
571,185
560,834
Cash at bank and in hand
126,412
571,185
687,246
Creditors: amounts falling due within one year
7
(1,528,136)
(1,166,443)
Net current liabilities
(956,951)
(479,197)
Total assets less current liabilities
1,598,968
1,341,128
Creditors: amounts falling due after more than one year
8
(113,928)
(333,103)
Provisions for liabilities
(478,713)
(276,943)
Net assets
1,006,327
731,082
Capital and reserves
Called up share capital
9
80
80
Share premium account
39,980
39,980
Capital redemption reserve
20
20
Profit and loss reserves
966,247
691,002
Total equity
1,006,327
731,082
Gael Force Rentals Limited
Balance sheet (continued)
As at 31 December 2022
Page 2
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 September 2023 and are signed on its behalf by:
S Graham
Director
Company Registration No. SC186455
Gael Force Rentals Limited
Notes to the financial statements
For the year ended 31 December 2022
Page 3
1
Accounting policies
Company information
Gael Force Rentals Limited is a private company limited by shares incorporated in Scotland. The registered office is 136 Anderson Street, Inverness, IV3 8DH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Gael Force Rentals Limited is a wholly owned subsidiary of Gael Force Group Limited and the results are included in the consolidated financial statements of Gael Force Group Holdings Limited which are publicly available.
1.2
Going concern
The group prepares projections which demonstrate their ability to continue to meet all liabilities as they fall due.true
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the forseeable future. Thus, the directors continue to adopt the going concern basis of accounting in the preparation of the financial statements.
1.3
Turnover
Turnover represents rental income receivable net of VAT and is recognised on an accruals basis.
1.4
Intangible fixed assets other than goodwill
Expenditure on development is capitalised as an intangible asset in the balance sheet where the expenditure is expected to lead to future identifiable sales revenue. The development costs have now been fully amortised.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Gael Force Rentals Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 4
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Marine vessels
5% straight line
Plant and equipment
8 years straight line or over the term of the lease
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
Gael Force Rentals Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 5
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
Classification of 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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Gael Force Rentals Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 6
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease, initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Gael Force Rentals Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 7
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The assessment of assets useful lives and depreciation rates is a key estimate required in preparing the financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
Gael Force Rentals Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 8
4
Intangible fixed assets
Other
£
Cost
At 1 January 2022
208,529
Disposals
(208,529)
At 31 December 2022
Amortisation and impairment
At 1 January 2022
208,529
Disposals
(208,529)
At 31 December 2022
Carrying amount
At 31 December 2022
At 31 December 2021
5
Tangible fixed assets
Marine vessels
Plant and equipment
Total
£
£
£
Cost
At 1 January 2022
851,457
2,334,056
3,185,513
Additions
1,262,861
1,262,861
Disposals
(803,403)
(803,403)
At 31 December 2022
851,457
2,793,514
3,644,971
Depreciation and impairment
At 1 January 2022
230,604
1,134,584
1,365,188
Depreciation charged in the year
42,573
269,928
312,501
Eliminated in respect of disposals
(588,637)
(588,637)
At 31 December 2022
273,177
815,875
1,089,052
Carrying amount
At 31 December 2022
578,280
1,977,639
2,555,919
At 31 December 2021
620,853
1,199,472
1,820,325
Gael Force Rentals Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 9
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
252,923
132,740
Amounts owed by group undertakings
318,262
428,094
571,185
560,834
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
725,411
Amounts owed to group undertakings
212,831
497,215
Corporation tax
37,252
Other taxation and social security
170,371
124,381
Other creditors
382,271
544,847
1,528,136
1,166,443
Net obligations under hire purchase contracts amount to £236,654 (2021 - £386,871). These are secured over the assets to which the agreements relate.
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
113,928
333,103
Net obligations under hire purchase contracts amount to £113,928 (2021 - £333,103). These are secured over the assets to which the agreements relate.
9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
80
80
80
80
Gael Force Rentals Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 10
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Eunice McAdam
Statutory Auditors:
Saffery LLP
11
Financial commitments, guarantees and contingent liabilities
There is a cross corporate guarantee in place between Gael Force Rental Limited and other group companies.
12
Parent company
The immediate parent company and the smallest group in which the company is consolidated into is Gael Force Group Limited.
The ultimate parent company is Gael Force Group Holdings Limited and the registered office is 136 Anderson Street, Inverness, IV3 8DH.
2022-12-312022-01-01false28 September 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedRobert FosterStewart GrahamStephen OffordJames YoungR FosterSC1864552022-01-012022-12-31SC1864552022-12-31SC1864552021-12-31SC186455core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-31SC186455core:PlantMachinery2022-12-31SC186455core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-12-31SC186455core:PlantMachinery2021-12-31SC186455core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC186455core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-31SC186455core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-31SC186455core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-31SC186455core:CurrentFinancialInstruments2022-12-31SC186455core:CurrentFinancialInstruments2021-12-31SC186455core:ShareCapital2022-12-31SC186455core:ShareCapital2021-12-31SC186455core:SharePremium2022-12-31SC186455core:SharePremium2021-12-31SC186455core:CapitalRedemptionReserve2022-12-31SC186455core:CapitalRedemptionReserve2021-12-31SC186455core:RetainedEarningsAccumulatedLosses2022-12-31SC186455core:RetainedEarningsAccumulatedLosses2021-12-31SC186455bus:Director12022-01-012022-12-31SC186455core:LandBuildingscore:LongLeaseholdAssets2022-01-012022-12-31SC186455core:PlantMachinery2022-01-012022-12-31SC1864552021-01-012021-12-31SC186455core:IntangibleAssetsOtherThanGoodwill2021-12-31SC186455core:IntangibleAssetsOtherThanGoodwill2022-12-31SC186455core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-31SC186455core:IntangibleAssetsOtherThanGoodwill2021-12-31SC186455core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-12-31SC186455core:PlantMachinery2021-12-31SC1864552021-12-31SC186455core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-01-012022-12-31SC186455core:Non-currentFinancialInstruments2022-12-31SC186455core:Non-currentFinancialInstruments2021-12-31SC186455bus:PrivateLimitedCompanyLtd2022-01-012022-12-31SC186455bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-31SC186455bus:FRS1022022-01-012022-12-31SC186455bus:Audited2022-01-012022-12-31SC186455bus:Director22022-01-012022-12-31SC186455bus:Director32022-01-012022-12-31SC186455bus:Director42022-01-012022-12-31SC186455bus:CompanySecretary12022-01-012022-12-31SC186455bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP