Company registration number 13583670 (England and Wales)
GCRE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
GCRE LIMITED
CONTENTS
Page
Statement of financial position
3
Statement of changes in equity
4
Statement of cash flows
5
Notes to the financial statements
6 - 17
GCRE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of GCRE Ltd is a special purpose vehicle (SPV) company established by, and wholly owned by Welsh Government.
GCRE Ltd has benefitted from funding from both the Welsh and UK Governments.
The GCRE facility aims to provide a world-class purpose-built mobility innovation site that will allow for research, testing and proving of cutting-edge new technologies. Combining on-site renewable energy generation and high quality commercial property, GCRE will become a global leader in sustainable mobility.
Results and dividends
The results for the year are set out on .
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Going concern
The company has net assets of £29,575,617 and made a loss for the financial year of £996,760. The directors have reviewed the forecasts covering a period of at least 12 months from the date of approval of the financial statements and have confidence in the continued support from its shareholders, the Welsh Government, to meet its liabilities.
In July 2024, the Welsh Government provided a letter of support to GCRE Ltd confirming it would continue to provide sufficient funding to ensure all liabilities could be met as they fall due, at least for 12 months from the date of financial statements approval.
On this basis the directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in prepating the annual financial statements.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J Davies
D Evans-Williams
D Jones
S Hawkins
S Blanchflower
G Hawthorne
W Wilson
(Resigned 29 May 2023)
Supplier payment policy
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
pay in accordance with the company's contractual and other legal obligations.
Auditor
Azets Audit Services were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
GCRE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Statement of disclosure to auditor
Each director in office at the date of approval of this annual report confirms that:
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and
the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
On behalf of the board
S Hawkins
Director
25 July 2024
GCRE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 3 -
2024
2023
Notes
£
£
Non-current assets
Property, plant and equipment
6
48,554,013
30,517,098
Current assets
Trade and other receivables
8
920,263
3,896,081
Cash and cash equivalents
4,392,460
544,005
5,312,723
4,440,086
Current liabilities
Trade and other payables
11
2,816,304
1,312,807
Provisions
12
1,460,815
1,030,000
Deferred revenue
13
14,000
42,000
4,291,119
2,384,807
Net current assets
1,021,604
2,055,279
Non-current liabilities
Deferred revenue
13
20,000,000
15,000,000
Net assets
29,575,617
17,572,377
Equity
Called up share capital
15
31,600,100
18,600,100
Retained earnings
(2,024,483)
(1,027,723)
Total equity
29,575,617
17,572,377
The directors of the company have elected not to include a copy of the income statement within the financial statements.
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
25 July 2024 and are signed on its behalf by:
2024-08-01
S Hawkins
Director
Company registration number 13583670
GCRE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 April 2022
3,000,100
(244,060)
2,756,040
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
(783,663)
(783,663)
Transactions with owners in their capacity as owners:
Issue of share capital
15
15,600,000
-
15,600,000
Balance at 31 March 2023
18,600,100
(1,027,723)
17,572,377
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
(996,760)
(996,760)
Transactions with owners in their capacity as owners:
Issue of share capital
15
13,000,000
-
13,000,000
Balance at 31 March 2024
31,600,100
(2,024,483)
29,575,617
GCRE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
8,913,598
10,645,769
Net cash inflow from operating activities
8,913,598
10,645,769
Investing activities
Purchase of property, plant and equipment
(18,065,143)
(27,859,392)
Net cash used in investing activities
(18,065,143)
(27,859,392)
Financing activities
Proceeds from issue of shares
13,000,000
15,600,000
Net cash generated from financing activities
13,000,000
15,600,000
Net increase/(decrease) in cash and cash equivalents
3,848,455
(1,613,623)
Cash and cash equivalents at beginning of year
544,005
2,157,628
Cash and cash equivalents at end of year
4,392,460
544,005
GCRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
1
Accounting policies
Company information
GCRE Limited is a private company limited by shares incorporated in England and Wales. The registered office is Global Centre Of Rail Excellence, Onllwyn, Neath, Port Talbot, SA10 9HN. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.
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.
1.2
Going concern
The company has net assets of £29,575,617 and made a loss for the financial year of £996,760. The directors have reviewed the forecasts covering a period of at least 12 months from the date of approval of the financial statements and have confidence in the continued support from its shareholders, the Welsh Government, to meet its liabilities.true
In July 2024, the Welsh Government provided a letter of support to GCRE Ltd confirming it would continue to provide sufficient funding to ensure all liabilities could be met as they fall due, at least for 12 months from the date of financial statements approval.
On this basis the directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in prepating the annual financial statements.
1.3
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Freehold land and buildings
0%
Plant and equipment
25%
IT equipment
3 years
Motor vehicles
25%
Restoration asset
0%
Rolling stock
0%
1.4
Impairment of tangible and intangible assets
At each reporting end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
GCRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
GCRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
Financial assets at fair value through other comprehensive income
Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.
The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.
Impairment of financial assets
Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.
The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.7
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
GCRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 9 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a non-current asset or liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are classified as current.
1.10
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event and it is probable that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.
GCRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 10 -
The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.
1.14
Grants
Government grants are recognised when there is reasonable assurance that the grant conditions will be met and the grants will be received.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Adoption of new and revised standards and changes in accounting policies
There have been no standards, amendments and interpretations to IFRSs that were effective for the first time in the current accounting period and have been adopted.
3
Critical accounting estimates and judgements
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, 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.
There are no key judgements or estimates included within the financial statements
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
23
12
GCRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
5
Income tax expense
2024
2023
£
£
The charge for the year can be reconciled to the loss per the income statement as follows:
2024
2023
£
£
Loss before taxation
(996,760)
(783,663)
Expected tax credit based on a corporation tax rate of 25.00% (2023: 19.00%)
(249,190)
(148,896)
Effect of expenses not deductible in determining taxable profit
3,235
1,229
Unutilised tax losses carried forward
245,955
147,667
Taxation charge for the year
-
-
GCRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
6
Property, plant and equipment
Freehold land and buildings
Assets under construction
Plant and equipment
IT equipment
Motor vehicles
Restoration asset
Rolling stock
Total
£
£
£
£
£
£
£
£
Cost
At 1 April 2022
1,628,275
7,527
1,635,802
Additions
6,234,881
21,540,130
21,381
63,000
1,030,000
28,889,392
At 31 March 2023
6,234,881
23,168,405
28,908
63,000
1,030,000
30,525,194
Additions
880,472
16,157,108
579,028
8,854
439,681
18,065,143
Transfer
572,742
572,742
Other
(572,742)
(572,742)
At 31 March 2024
7,115,353
38,752,771
579,028
37,762
63,000
1,469,681
572,742
48,590,337
Accumulated depreciation and impairment
At 1 April 2022
Charge for the year
5,248
2,848
8,096
At 31 March 2023
5,248
2,848
8,096
Charge for the year
589
11,889
15,750
28,228
At 31 March 2024
589
17,137
18,598
36,324
Carrying amount
At 31 March 2024
7,115,353
38,752,771
578,439
20,625
44,402
1,469,681
572,742
48,554,013
At 31 March 2023
6,234,881
23,168,405
-
23,660
60,152
1,030,000
-
30,517,098
GCRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
7
Financial assets and liabilities
2023
2022
£
£
Trade receivables
77,407
Other receivables
7,092
1,468,084
Prepayments
172,187
52,645
Loans and receivables
256,686
1,520,729
Total financial assets
256,686
1,520,729
Trade payables
1,154,120
67,841
Amounts owed to related parties
-
28,388
Accruals
1,641,054
1,176,728
Other payables
20,813
5,118
Financial liabilities at amortised cost
2,815,987
1,278,075
Total financial liabilities
2,815,987
1,278,075
All of the above amounts are due within one year.
The company faces credit risk and liquidity risk as a result of its financial assets and liabilities. There have been no significant changes in the risks, the objectives, processes and policies for managing the risks or the methods used to measure the risks since the last financial year.
Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The company faces limited credit risk as it has not commenced sales yet.
Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company's financial liabilities include its trade and other payables and amounts owed to related parties.
GCRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
8
Trade and other receivables
2024
2023
£
£
Trade receivables
77,407
VAT recoverable
663,577
2,375,352
Other receivables
7,092
1,468,084
Prepayments
172,187
52,645
920,263
3,896,081
9
Trade receivables - credit risk
Fair value of trade receivables
The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.
No significant receivable balances are impaired at the reporting end date.
10
Fair value of financial liabilities
The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.
11
Trade and other payables
2024
2023
£
£
Trade payables
1,154,120
67,841
Amounts owed to related parties
28,388
Accruals
1,641,054
1,176,728
Social security and other taxation
317
34,732
Other payables
20,813
5,118
2,816,304
1,312,807
12
Provisions for liabilities
2024
2023
£
£
Restoration provision
1,460,815
1,030,000
All provisions are expected to be settled within 12 months from the reporting date.
GCRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Provisions for liabilities
(Continued)
- 15 -
Movements on provisions:
Restoration provision
£
At 1 April 2023
1,030,000
Additional provisions in the year
430,815
At 31 March 2024
1,460,815
The restoration provision is the estimated amount payable required to complete the S106 restoration works over and above contributions made by the previous owner of the site.
13
Deferred revenue
2024
2023
£
£
Arising from government grants
20,000,000
15,000,000
Arising from Deferred revenue
14,000
42,000
20,014,000
15,042,000
Deferred revenues are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2024
2023
£
£
Current liabilities
14,000
42,000
Non-current liabilities
20,000,000
15,000,000
20,014,000
15,042,000
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
9,612
-
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
31,600,100
18,600,100
31,600,100
18,600,100
GCRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Share capital
(Continued)
- 16 -
16
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.
The senior statutory auditor was Andrew Howells and the auditor was Azets Audit Services.
17
Other leasing information
Lessee
Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:
2024
2023
£
£
Expense relating to short-term leases
55,000
45,833
Set out below are the future cash outflows to which the lessee is potentially exposed that are not reflected in the measurement of lease liabilities:
2024
2023
Land and buildings
£
£
Within one year
13,863
55,000
Between two and five years
-
14,014
13,863
69,014
18
Capital risk management
The company is not subject to any externally imposed capital requirements.
19
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.
2024
2023
£
£
Short-term employee benefits
432,265
213,768
GCRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
19
Related party transactions
(Continued)
- 17 -
Other transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
299,839
7,160,355
Grants received
Share capital acquisition
2024
2023
2024
2023
£
£
£
£
Parent company
5,000,000
15,000,000
13,000,000
15,600,000
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other related parties
28,388
20
Cash generated from operations
2024
2023
£
£
Loss for the year before income tax
(996,760)
(783,663)
Adjustments for:
Depreciation and impairment of property, plant and equipment
28,228
8,096
Increase in provisions
430,815
-
Movements in working capital:
Decrease/(increase) in trade and other receivables
2,975,818
(3,780,066)
Increase in trade and other payables
1,503,497
159,402
Increase in deferred revenue outstanding
4,972,000
15,042,000
Cash generated from operations
8,913,598
10,645,769
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.100J DaviesD Evans-WilliamsD JonesS HawkinsS BlanchflowerG HawthorneW Wilson135836702023-04-012024-03-3113583670bus:Director12023-04-012024-03-3113583670bus:Director22023-04-012024-03-3113583670bus:Director32023-04-012024-03-3113583670bus:Director42023-04-012024-03-3113583670bus:Director52023-04-012024-03-3113583670bus:Director62023-04-012024-03-3113583670bus:Director72023-04-012024-03-31135836702024-03-31135836702023-03-3113583670core:CurrentFinancialInstruments2024-03-3113583670core:CurrentFinancialInstruments2023-03-31135836702023-03-31135836702022-03-3113583670core:ShareCapital2024-03-3113583670core:ShareCapital2023-03-3113583670core:RetainedEarningsAccumulatedLosses2024-03-3113583670core:RetainedEarningsAccumulatedLosses2023-03-3113583670core:OtherMiscellaneousReserve2022-03-3113583670core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3113583670core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3113583670core:ShareCapital2022-04-012023-03-31135836702022-04-012023-03-3113583670core:ShareCapital2023-04-012024-03-3113583670core:FinancialInstrumentsFairValueThroughProfitOrLoss2023-04-012024-03-3113583670core:Held-to-maturityFinancialAssets2023-04-012024-03-3113583670core:Available-for-saleFinancialAssets2023-04-012024-03-3113583670core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-3113583670core:ConstructionInProgressAssetsUnderConstruction2022-03-3113583670core:PlantMachinery2022-03-3113583670core:ComputerEquipment2022-03-3113583670core:MotorVehicles2022-03-3113583670core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-03-3113583670core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-03-3113583670core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3113583670core:ConstructionInProgressAssetsUnderConstruction2023-03-3113583670core:PlantMachinery2023-03-3113583670core:ComputerEquipment2023-03-3113583670core:MotorVehicles2023-03-3113583670core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-3113583670core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-03-3113583670core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-3113583670core:ConstructionInProgressAssetsUnderConstruction2024-03-3113583670core:PlantMachinery2024-03-3113583670core:ComputerEquipment2024-03-3113583670core:MotorVehicles2024-03-3113583670core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-03-3113583670core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2024-03-3113583670core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-012023-03-3113583670core:ConstructionInProgressAssetsUnderConstruction2022-04-012023-03-3113583670core:PlantMachinery2022-04-012023-03-3113583670core:ComputerEquipment2022-04-012023-03-3113583670core:MotorVehicles2022-04-012023-03-3113583670core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-04-012023-03-3113583670core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-04-012023-03-3113583670core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3113583670core:ConstructionInProgressAssetsUnderConstruction2023-04-012024-03-3113583670core:PlantMachinery2023-04-012024-03-3113583670core:ComputerEquipment2023-04-012024-03-3113583670core:MotorVehicles2023-04-012024-03-3113583670core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-04-012024-03-3113583670core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-04-012024-03-3113583670core:OtherRelatedPartiescore:SaleOrPurchaseGoods2024-03-3113583670core:OtherRelatedPartiescore:SaleOrPurchaseGoods2023-03-3113583670core:OtherRelatedParties2024-03-3113583670core:OtherRelatedParties2023-03-3113583670bus:PrivateLimitedCompanyLtd2023-04-012024-03-3113583670bus:Audited2023-04-012024-03-3113583670bus:FullIFRS2023-04-012024-03-3113583670bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP