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Registration number: 13100802

GPS Marine and Civil Services Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

GPS Marine and Civil Services Ltd

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

178,151

8,250

Current assets

 

Debtors

5

3,878,655

1,513,118

Cash at bank and in hand

 

349,620

369,827

 

4,228,275

1,882,945

Creditors: Amounts falling due within one year

6

(2,493,457)

(741,630)

Net current assets

 

1,734,818

1,141,315

Total assets less current liabilities

 

1,912,969

1,149,565

Provisions for liabilities

(44,024)

-

Net assets

 

1,868,945

1,149,565

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

39,980

39,980

Retained earnings

1,828,865

1,109,485

Shareholders' funds

 

1,868,945

1,149,565

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.







 

 

GPS Marine and Civil Services Ltd

Statement of Financial Position as at 31 December 2023

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

.........................................
Mr A S Cook
Director

.........................................
Mr P L Day
Director

.........................................
Mr J B Spencer
Director

     

Company registration number: 13100802

 

GPS Marine and Civil Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
GPS Marine House
Upnor Road
Lower Upnor
Rochester
Kent
ME2 4UY

The principal activity of the company is that of civil engineering construction projects.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the year ended 31 December 2023 and had net assets of £1,868,945 at that date including cash at bank of £349,620.

The company has continued to trade profitably subsequent to 31 December 2023.

After making enquires, the directors have a reasonable expectation that the company has adequate resources to meet its financial obligations as they become due and therefore the financial statements have been prepared on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue based upon the stage of completion once the amount can be reliably measured and it is probable that future economic benefit will flow to the entity.

 

GPS Marine and Civil Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

7.7% reducing balance

Fixtures, fittings and equipment

25% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

GPS Marine and Civil Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 8 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

-

11,000

11,000

Additions

7,898

187,943

195,841

Disposals

-

(11,000)

(11,000)

At 31 December 2023

7,898

187,943

195,841

Depreciation

At 1 January 2023

-

2,750

2,750

Charge for the year

1,974

15,716

17,690

Eliminated on disposal

-

(2,750)

(2,750)

At 31 December 2023

1,974

15,716

17,690

Carrying amount

At 31 December 2023

5,924

172,227

178,151

At 31 December 2022

-

8,250

8,250

 

GPS Marine and Civil Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Debtors

2023
£

2022
£

Trade debtors

1,634,156

473,220

Amounts owed by group undertakings

118,291

-

Other debtors

2,126,208

1,039,898

3,878,655

1,513,118

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

1,914,523

379,603

Amounts owed to group undertakings

49,619

-

Taxation and social security

258,544

255,207

Accruals and deferred income

270,771

106,820

2,493,457

741,630