GAD Holdings Limited - Limited company accounts 20.1

REGISTERED NUMBER: 03512333 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2019

FOR

GAD HOLDINGS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

6

Other Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTORS:

D S Jackson

A F Sharkey

W T Fletcher

REGISTERED OFFICE:

Recycling Lives Centre

Essex Street

Preston

PR1 1QE

REGISTERED NUMBER:

03512333 (England and Wales)

AUDITORS:

Fairhurst

Statutory Auditor

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

The directors present their strategic report for the year ended 30 April 2019.

REVIEW OF BUSINESS

The Company remained dormant throughout the current period and the preceding year.

PRINCIPAL ACTIVITIES

The principal activity of the Company was that of intermediate holding company.

ON BEHALF OF THE BOARD:

W T Fletcher - Director

21 April 2020

The directors present their report with the financial statements of the company for the year ended 30 April 2019.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of intermediate holding company

DIVIDENDS

No dividends will be distributed for the year ended 30 April 2019.

DIRECTORS

D S Jackson , A F Sharkey and W T Fletcher were appointed as directors after 30 April 2019 but prior to the date of this report.

C P Sheppard and N A Stinson ceased to be directors after 30 April 2019 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in

accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have

elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice

(United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the

financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of

the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's

transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to

ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the

assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a

director in order to make himself aware of any relevant audit information and to establish that the company's auditors are

aware of that information.

ON BEHALF OF THE BOARD:

W T Fletcher - Director

21 April 2020

Opinion

We have audited the financial statements of Gad Holdings Limited (the 'company') for the year ended 30 April 2019 which

comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to

the Financial Statements, 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 30 April 2019;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our

responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial

statements section of our report. We are independent of the company in accordance with the ethical requirements that are

relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our

other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is

sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you

where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic

Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly

stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,

consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in

the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material

misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material

misstatement of the other information. If, based on the work we have performed, we conclude that there is a material

misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we

have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 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 Statement of Directors' Responsibilities set out on page three, the directors are responsible for

the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal

control as the directors determine necessary to enable the preparation of financial statements that are free from material

misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material

misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable

assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will

always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material

if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on

the basis of these financial statements.

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 Report of the Auditors.

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 a Report of the Auditors 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.

James J Weston FCCA (Senior Statutory Auditor)

for and on behalf of Fairhurst

Statutory Auditor

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

21 April 2020

TURNOVER

-

-

OPERATING PROFIT and

PROFIT BEFORE TAXATION

-

-

Tax on profit

4

-

-

PROFIT FOR THE FINANCIAL YEAR

-

-

PROFIT FOR THE YEAR

-

-

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

-

-

FIXED ASSETS

Investments

5

6,375,000

6,375,000

CURRENT ASSETS

Debtors

6

10,001

10,001

CREDITORS

Amounts falling due within one year

7

26,000

26,000

NET CURRENT LIABILITIES

(15,999

)

(15,999

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,359,001

6,359,001

CAPITAL AND RESERVES

Called up share capital

8

10,001

10,001

Share premium

9

6,339,000

6,339,000

Retained earnings

9

10,000

10,000

SHAREHOLDERS' FUNDS

6,359,001

6,359,001

The financial statements were approved by the Board of Directors and authorised for issue on 21 April 2020 and were signed on its behalf by:

W T Fletcher - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 May 2017

10,001

10,000

6,339,000

6,359,001

Changes in equity

Balance at 30 April 2018

10,001

10,000

6,339,000

6,359,001

Changes in equity

Balance at 30 April 2019

10,001

10,000

6,339,000

6,359,001

1.	STATUTORY INFORMATION

Gad Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Company's ultimate parent undertaking, Recycling Lives Limited includes the company in its consolidated

financial statements. The Company is considered to be a qualifying entity and has applied the exemption available

under FRS 102 in respect of a Cash Flow Statement and related notes.

Going Concern

Notwithstanding net current liabilities of £16,000 at 30 April 2019 and a result of £nil for the period then ended, the

financial statements have been prepared on a going concern basis which the directors consider to be appropriate.

GAD Holdings Limited is a holding entity of a profitable trading business and there is intention to hold the

investment into the foreseeable future.

The basis is dependent on group companies not seeking repayment of amounts currently due to them. As with any

company placing reliance on other group entities for financial support, the directors acknowledge that there can be

no certainty that this support will continue although, at the date of approval of these financial statements , they have

no reason to believe that it will not do so.

Consequently, the directors have a reasonable expectation that the company will have sufficient resources to continue

to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and

consequently have prepared the financial statements on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as

permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Investments in subsidiaries

Investments in subsidiaries are recognised at cost less any provision required for impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will

be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 30 April 2019 nor for the year ended 30 April 2018.

2019

2018

£

£

Directors' remuneration

-

-

4.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 30 April 2019 nor for the year ended 30 April 2018.

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 May 2018

and 30 April 2019

6,375,000

NET BOOK VALUE

At 30 April 2019

6,375,000

At 30 April 2018

6,375,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Principal Activity

% Holding in Ordinary £1 shares

Direct/Indirect Holding

Metal & Waste Recycling Ltd

Metal & Waste Recycling

100%

Direct

Foreman Recycling Ltd

Dormant

100%

Indirect

End of Life Vehicle Ltd

Dormant

100%

Direct

GD Metal Recycling Ltd

Dormant

100%

Indirect

All of the companies are registered in England and Wales.

The registered address of each of these subsidiaries at the balance sheet date was Sirius House, Delta Crescent,

Warrington, WA5 7NS. At the date of signing the accounts the registered office of these subsidiaries is Recycling

Lives Centre, Essex Street, Preston, PR1 1QE.

In the opinion of the directors the value of the Company's investments in the subsidiary undertakings is not less than

the amount included in the balance sheet.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by group undertakings

10,001

10,001

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed to group undertakings

26,000

26,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

10,001

Ordinary shares

£1

10,001

10,001

9.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 May 2018

10,000

6,339,000

6,349,000

Profit for the year

-

-

At 30 April 2019

10,000

6,339,000

6,349,000

10.	ULTIMATE PARENT COMPANY