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REGISTERED NUMBER: 13182436 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2023

for

GB Corporate Holdings Limited

GB Corporate Holdings Limited (Registered number: 13182436)

Contents of the Consolidated Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


GB Corporate Holdings Limited

Company Information
for the year ended 31 December 2023







Directors: S Adams
M E Edwards
C Greenall
M A Stedman





Registered office: Unit 21, Beech Business Park
Tillington Road
Hereford
HR4 9QJ





Registered number: 13182436 (England and Wales)





Auditors: Acre Accountancy Limited
Statutory Auditor
Certified Accountants
Unit 2 Foley Works
Foley Industrial Estate
Hereford
Herefordshire
HR1 2SF

GB Corporate Holdings Limited (Registered number: 13182436)

Group Strategic Report
for the year ended 31 December 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.

Review of business
The principal activity of the company is that of property maintenance for the Defence Infrastructure Organisation (DIO), Local Authorities and Housing Associations, undertaking general repairs, building upgrades and capital works programmes.

The financial performance of the organisation has further strengthened from the previous year. With the new contracts now embedded, the significant changes made as part of these new contracts have continued to show positive outcomes. This ably demonstrates a significant level of durability within the business, where the month-on-month returns provide evidence of the organisations ability to absorb significant growth. An impending general election, likely in 2024, traditionally results in cool down in overall housing spend on the defence contracts especially if the result is a change in government.

N.B At the time of writing, the general election has been held and a change of government has taken place.

Outside of the Defence contracts, GB has maintained its relationships with a number of Housing Associations and Local Authorities, whilst continuing to add new clients on a regular basis. The last 12 months have proved to be this part of the business' busiest and most successful period with the next 12 months expected to continue this trend.

The company continues to maintain memberships and accreditations to support and guide the business. This includes but is not limited to ISO9001, ISO14001, Constructionline Gold, Gas Safe and NICEIC membership alongside CHAS, Trustmark and SafeContractor accreditations.

Development and performance

The company uses a number of measures to assess the on-going financial and operational health of the businesses: -
- Monthly and weekly operational management reports
- Overall and Divisional Management Account reporting
- Productivity reports
- Health and Safety reports
- Cashflow monitoring inc. debtor reports and monthly WIP assessment

Included within the above are embedded key performance indicators highlighting any areas of the business that may need priority action.

With all aspects of the business under constant review (in relation to the wider industry) any opportunities for growth are identified and considered in detail. The firm foundations of GB provide confidence to invest where appropriate in order to develop and offer the current range of diverse but appropriate services to its customers.


GB Corporate Holdings Limited (Registered number: 13182436)

Group Strategic Report
for the year ended 31 December 2023

Principal risks and uncertainties
GB Electrical and Building Services is exposed to risks and uncertainties which may have material and adverse effects on its reputation, performance and financial position. The directors have identified that the most significant risks facing the business are;

1. External uncontrolled events that could impact aspects of the business. i.e. market downturn/recession, Brexit, Ukraine war. Most noticeable is how the material supply market is affected by these events. Continuing price increases of plastics, timber and metals are still a risk to the financial performance of the business.
2. Likely general election with possible change in Government generally results in cool down of defence spend during that Financial Year.
3. Labour shortages - the availability of skilled building trade workers continues to tighten and may restrict growth
The directors aim to ensure that financial and compliance risks to the business are minimised through effective management supported by business intelligence. This includes:

- Monthly Divisional and overall Management accounts reviewed by senior management team and budget holders
- Bi-Monthly senior management team review of performance and compliance
- Internal quality audits - weekly and monthly
- External (outsourced) Bi-annual quality audit
- Robust procurement practice including ongoing review of supplier's costs
- Forward sales to ensure work flow continuity
- Ensuring all assets are secure and adequately insured
- Weekly and monthly compliance reporting
- Employing qualified and competent colleagues
- Robust financial processes and procedures

On behalf of the board:





Director


5 August 2024

GB Corporate Holdings Limited (Registered number: 13182436)

Report of the Directors
for the year ended 31 December 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

Dividends
The total distribution of dividends for the period ended 31 December 2023 will be £2,570,679 (2022 - £383,426).

Directors
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

S Adams
M E Edwards
C Greenall
M A Stedman

Statement of directors' responsibilities
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

GB Corporate Holdings Limited (Registered number: 13182436)

Report of the Directors
for the year ended 31 December 2023


Auditors
The auditors, Acre Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





C Greenall - Director


5 August 2024

Report of the Independent Auditors to the Members of
GB Corporate Holdings Limited


Opinion
We have audited the financial statements of GB Corporate Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-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 group 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
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 this gives rise to a material misstatement in the financial statements themselves. 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
GB Corporate Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 four, 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 group's and the parent 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 group or the parent 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We enquired with management about the legal framework that the company operates in. We also enquired about the risk of fraud and whether they were aware of any instances of fraud.

We communicated the outcome of this risk assessment with the audit team and planned our audit work accordingly. Our work in these areas is limited to analytical procedures and inspection of relevant documentation. Where a breach of operational regulations is not disclosed to us, or it is not evident from documentation that we receive during the audit, an audit will not detect that breach.

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.

Report of the Independent Auditors to the Members of
GB Corporate Holdings Limited


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.




Robin Graham Mason FCCA (Senior Statutory Auditor)
for and on behalf of Acre Accountancy Limited
Statutory Auditor
Certified Accountants
Unit 2 Foley Works
Foley Industrial Estate
Hereford
Herefordshire
HR1 2SF

5 August 2024

GB Corporate Holdings Limited (Registered number: 13182436)

Consolidated Statement of Comprehensive Income
for the year ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 31,896,836 21,287,621

Cost of sales (22,160,677 ) (13,847,858 )
GROSS PROFIT 9,736,159 7,439,763

Administrative expenses (2,080,409 ) (2,228,710 )
OPERATING PROFIT 5 7,655,750 5,211,053


Interest payable and similar expenses 6 (16,885 ) (16,249 )
PROFIT BEFORE TAXATION 7,638,865 5,194,804

Tax on profit 7 (1,806,394 ) (988,822 )
PROFIT FOR THE FINANCIAL YEAR 5,832,471 4,205,982

GB Corporate Holdings Limited (Registered number: 13182436)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 10 1,571,676 1,152,793
Investments 11 - -
1,571,676 1,152,793

CURRENT ASSETS
Stocks 12 165,502 188,348
Debtors 13 5,228,005 2,758,459
Cash at bank 5,163,920 3,106,598
10,557,427 6,053,405
CREDITORS
Amounts falling due within one year 14 (3,215,335 ) (2,023,607 )
NET CURRENT ASSETS 7,342,092 4,029,798
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,913,768

5,182,591

CREDITORS
Amounts falling due after more than one
year

15

(445,564

)

(81,413

)

PROVISIONS FOR LIABILITIES 18 (237,750 ) (132,516 )
NET ASSETS 8,230,454 4,968,662

CAPITAL AND RESERVES
Called up share capital 19 100 100
Pre-acquisition reserves 20 726,237 726,237
Retained earnings 20 7,504,117 4,242,325
8,230,454 4,968,662

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2024 and were signed on its behalf by:





M E Edwards - Director


GB Corporate Holdings Limited (Registered number: 13182436)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 10 448,066 457,599
Investments 11 200 200
448,266 457,799

CURRENT ASSETS
Debtors 13 78,745 74,241
Cash at bank 2,928,555 1,833,107
3,007,300 1,907,348
CREDITORS
Amounts falling due within one year 14 (4,350 ) (4,350 )
NET CURRENT ASSETS 3,002,950 1,902,998
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,451,216

2,360,797

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 3,451,116 2,360,697
3,451,216 2,360,797

Company's profit for the financial year 3,661,098 2,162,965

The financial statements have been prepared 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 5 August 2024 and were signed on its behalf by:





M E Edwards - Director


GB Corporate Holdings Limited (Registered number: 13182436)

Consolidated Statement of Changes in Equity
for the year ended 31 December 2023

Called up
share Retained Pre-acquisition Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 January 2022 100 419,769 726,237 1,146,106

Changes in equity
Dividends - (383,426 ) - (383,426 )
Total comprehensive income - 4,205,982 - 4,205,982
Balance at 31 December 2022 100 4,242,325 726,237 4,968,662

Changes in equity
Dividends - (2,570,679 ) - (2,570,679 )
Total comprehensive income - 5,832,471 - 5,832,471
Balance at 31 December 2023 100 7,504,117 726,237 8,230,454

GB Corporate Holdings Limited (Registered number: 13182436)

Company Statement of Changes in Equity
for the year ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 581,158 581,258

Changes in equity
Dividends - (383,426 ) (383,426 )
Total comprehensive income - 2,162,965 2,162,965
Balance at 31 December 2022 100 2,360,697 2,360,797

Changes in equity
Dividends - (2,570,679 ) (2,570,679 )
Total comprehensive income - 3,661,098 3,661,098
Balance at 31 December 2023 100 3,451,116 3,451,216

GB Corporate Holdings Limited (Registered number: 13182436)

Consolidated Cash Flow Statement
for the year ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 6,287,822 3,125,823
Interest paid (1,663 ) (648 )
Interest element of hire purchase payments
paid

(15,222

)

(15,601

)
Tax paid (1,461,959 ) (207,913 )
Net cash from operating activities 4,808,978 2,901,661

Cash flows from investing activities
Purchase of tangible fixed assets (724,461 ) (495,718 )
Sale of tangible fixed assets 31,311 54,954
Net cash from investing activities (693,150 ) (440,764 )

Cash flows from financing activities
Loan repayments in year (9,276 ) (10,000 )
New Finance leases 590,612 -
Capital repayments in year (69,163 ) (53,170 )
Amount introduced by directors - 4,250
Equity dividends paid (2,570,679 ) (383,426 )
Net cash from financing activities (2,058,506 ) (442,346 )

Increase in cash and cash equivalents 2,057,322 2,018,551
Cash and cash equivalents at beginning of
year

2

3,106,598

1,088,047

Cash and cash equivalents at end of year 2 5,163,920 3,106,598

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 December 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 7,638,865 5,194,804
Depreciation charges 251,948 197,832
Loss/(profit) on disposal of fixed assets 22,319 (39,228 )
Finance costs 16,885 16,249
7,930,017 5,369,657
Decrease/(increase) in stocks 22,846 (60,573 )
Increase in trade and other debtors (2,469,546 ) (1,923,739 )
Increase/(decrease) in trade and other creditors 804,505 (259,522 )
Cash generated from operations 6,287,822 3,125,823

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 5,163,920 3,106,598
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 3,106,598 1,088,047


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 3,106,598 2,057,322 5,163,920
3,106,598 2,057,322 5,163,920
Debt
Finance leases (69,279 ) (521,449 ) (590,728 )
Debts falling due within 1 year (10,000 ) 500 (9,500 )
Debts falling due after 1 year (27,500 ) 8,776 (18,724 )
(106,779 ) (512,173 ) (618,952 )
Total 2,999,819 1,545,149 4,544,968

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023


1. STATUTORY INFORMATION

GB Corporate 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 General Information page.

2. STATEMENT OF COMPLIANCE

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 are prepared in sterling, which is the functional currency of the the company. Monetary amounts in these financial statements are rounded to the nearest £.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - Over the period of the lease
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets 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:

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.

Impairment of Fixed Assets

At each reporting period 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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

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.


GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


3. ACCOUNTING POLICIES - continued
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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employees' service lives on the basis of a constant percentage of earnings.

Cash at bank and in hand
Cash at bank and in hand are basic financial assets and 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.

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.

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


3. ACCOUNTING POLICIES - continued

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 stock or fixed 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.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,963,893 3,135,251
Social security costs 381,455 286,624
Other pension costs 139,389 671,273
4,484,737 4,093,148

The average number of employees during the year was as follows:
2023 2022

Directors 4 4
Management 13 11
Admin 19 16
Other 93 76
129 107

2023 2022
£    £   
Directors' remuneration 47,004 45,113
Directors' pension contributions to money purchase schemes 40,000 605,861

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 13,571 14,456
Depreciation - owned assets 251,948 197,832
Loss/(profit) on disposal of fixed assets 22,319 (39,228 )
Auditors' remuneration 17,000 15,750
Directors' remuneration and other benefits etc. 87,004 650,187

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 1,373 648
Other interest paid 290 -
Hire purchase 15,222 15,601
16,885 16,249

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 1,701,160 953,823

Deferred tax 105,234 34,999
Tax on profit 1,806,394 988,822

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 7,638,865 5,194,804
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

1,909,716

987,013

Effects of:
Expenses not deductible for tax purposes 1,874 220
Depreciation in excess of capital allowances 2,384 1,812
Enhanced taxation deduction arising from super deduction (652 ) (487 )
deferred tax
Deferred tax rate adjustment 6,227 8,400
Losses in subsidiaries - (8,136 )
Effect of Hybrid rate of tax (113,155 ) -
Total tax charge 1,806,394 988,822

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


9. DIVIDENDS

Class: 2023 2022
£ £
Interim dividends:
Ordinary B shares of £1 each 650,391 117,346
Ordinary C shares of £1 each 640,096 90,860
Ordinary D shares of £1 each 640,096 87,860
Ordinary E shares of £1 each 640,096 87,360
2,570,679 383,426

During the period, £2,570,679 (2022 £383,426) of dividends were paid to the directors of the company.

10. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and
property leasehold machinery
£    £    £   
Cost
At 1 January 2023 476,665 60,262 29,983
Additions - - -
Disposals - - -
At 31 December 2023 476,665 60,262 29,983
Depreciation
At 1 January 2023 19,066 21,711 12,594
Charge for year 9,533 4,283 3,479
Eliminated on disposal - - -
At 31 December 2023 28,599 25,994 16,073
Net book value
At 31 December 2023 448,066 34,268 13,910
At 31 December 2022 457,599 38,551 17,389

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Cost
At 1 January 2023 84,599 1,445,561 2,097,070
Additions 8,738 715,723 724,461
Disposals (200 ) (100,979 ) (101,179 )
At 31 December 2023 93,137 2,060,305 2,720,352
Depreciation
At 1 January 2023 75,836 815,070 944,277
Charge for year 2,909 231,744 251,948
Eliminated on disposal - (47,549 ) (47,549 )
At 31 December 2023 78,745 999,265 1,148,676
Net book value
At 31 December 2023 14,392 1,061,040 1,571,676
At 31 December 2022 8,763 630,491 1,152,793

The net book value of plant and machinery held under hire purchase and finance leases at the year end was £571,037 (31/12/2022 £52,867).

Company
Freehold
property
£   
Cost
At 1 January 2023
and 31 December 2023 476,665
Depreciation
At 1 January 2023 19,066
Charge for year 9,533
At 31 December 2023 28,599
Net book value
At 31 December 2023 448,066
At 31 December 2022 457,599

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
Cost
At 1 January 2023
and 31 December 2023 200
Net book value
At 31 December 2023 200
At 31 December 2022 200

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

Subsidiaries

GB Electrical and Building Services Ltd
Registered office: Unit 21, Beech Business Park, Tillington Road, Hereford, HR4 9QJ
Nature of business: Building, plumbing and electrical works
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 4,530,686 2,643,378
Profit for the year 5,557,987 4,216,444

GB Home Adaptations Limited
Registered office: Unit 21, Beech Business Park, Tillington Road, Hereford, HR4 9QJ
Nature of business: Building, plumbing and electrical works
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 248,753 (35,312 )
Profit for the year 284,065 99


GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


12. STOCKS

Group
2023 2022
£    £   
Stocks 165,502 116,670
Work-in-progress - 71,678
165,502 188,348

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 3,461,122 873,892 - -
Amounts owed by group undertakings - - 78,745 74,241
Other debtors 498 498 - -
VAT 33,632 84,797 - -
Prepayments 1,732,753 1,799,272 - -
5,228,005 2,758,459 78,745 74,241

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16) 9,500 10,000 - -
Hire purchase contracts (see note 17) 163,888 15,366 - -
Trade creditors 1,274,491 632,090 - -
Tax 1,201,160 961,959 - -
Social security and other taxes 256,385 137,264 - -
Other creditors 2,397 9,538 100 100
Natwest credit cards 20,622 18,246 - -
Directors' current accounts 4,250 4,250 4,250 4,250
Accruals and deferred income 282,642 234,894 - -
3,215,335 2,023,607 4,350 4,350

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Bank loans (see note 16) 18,724 27,500
Hire purchase contracts (see note 17) 426,840 53,913
445,564 81,413

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


16. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 9,500 10,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 18,724 27,500

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 163,888 15,366
Between one and five years 426,840 53,913
590,728 69,279

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 1,622 4,325
Between one and five years 4,231 -
5,853 4,325

18. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 237,750 132,516

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


18. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 January 2023 132,516
Provided during year 105,234
Provision on acquisition
Tax rate adjustment
Balance at 31 December 2023 237,750

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023
Value: £

61 Ordinary B £1 61
13 Ordinary C £1 13
13 Ordinary D £1 13
13 Ordinary E £1 13
100

20. RESERVES

Group
Retained Pre-acquisition
earnings reserves Totals
£    £    £   

At 1 January 2023 4,242,325 726,237 4,968,562
Profit for the year 5,832,471 5,832,471
Dividends (2,570,679 ) (2,570,679 )
At 31 December 2023 7,504,117 726,237 8,230,354


GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


21. PENSION COMMITMENTS

Defined contribution schemes
Group Group
2023 2022
£ £

Charge to profit or loss in respect of defined contribution schemes 139,389 671,273

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.

At the year end the group had a pension liability of £2,296 (2022 £9,654).