Registration number:
G.P.S Marine Holdings Limited
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Brebners
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G.P.S Marine Holdings Limited
Contents
Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Income Statement |
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Consolidated Statement of Comprehensive Income |
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Consolidated Statement of Financial Position |
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Statement of Financial Position |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
G.P.S Marine Holdings Limited
Company Information
Directors |
J B Spencer G J Spencer D J J Spencer J F G Spencer |
Company secretary |
J B Spencer |
Registered office |
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Auditor |
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G.P.S Marine Holdings Limited
Strategic Report for the Year Ended 31 December 2023
The directors present their strategic report for the year ended 31 December 2023.
Principal activity
The principal activity of the group is that of marine towage, dredging and marine and civil engineering.
Fair review of the business
GPS Marine Contractors Ltd remained the principal operating company of the Group during financial year 2023 and operations on the Rivers Thames and Medway formed the largest part of the business by turnover.
During 2023 the A C Bennett fleet and the contracts held by A C Bennett & Sons Ltd were integrated with the GPS Marine fleet and GPS Marine operations, albeit that 2 contracts continued to be nominally performed by Alan C Bennett & Sons Ltd, but were, in fact, performed by GPS Marine Contractors Ltd. The tug GPS Arcadia, formally the “Christian” within the A C Bennett fleet, finally returned to service in July 2023 following extensive repairs, modifications, and completion of the majority of the work required for special survey, which technically fell due in April 2024.
During 2023 the additional business delivered through the acquisition of Alan C Bennett & Sons Ltd proved very useful in maintaining utilisation levels in the river fleet during the periods when there was little or no work from the Silvertown Tunnel Project and this firmly cemented GPS Marine’s position as the largest multi-cargo barge transport contractor on the Thames and Medway.
The tonnage of cargo carried on the Thames and Medway during 2023 was substantially greater than in 2022, at just over 1,253,000 tonnes, during the year the tonnage of cargo from major projects was about the same as in 2022, but the tonnage with cargo from long term business was markedly more. GPS Marine Contractors Ltd continued to be involved the Tideway Tunnel Project during 2023, but at hugely reduced levels of activity compared with previous years. During 2023 various elements of the river Thames fleet were from time to time laid up as demand for the services provided by the business fluctuated.
In 2017 and 2018 many special and docking surveys were brought forward to ensure craft availability through the Tideway contract. Although some effects of this were felt in 2022, the consequences of this were much more acutely felt during 2023 as the barges built in 2017 and 2018 and many more craft with 5 and 6 year survey cycles started to come to the end of their cycles and major surveys had to be undertaken, involving a constant stream of dockings, with a resulting seriously elevated amount of repair, maintenance and modification work having to be undertaken for the craft to be able to work beyond 2023. While much of this expenditure has been capitalised and will be written off over the coming survey cycles, a significant proportion of these costs has been taken to the P&L account. A similar situation will prevail into 2024 as craft on 6 year survey cycles that were last surveyed in 2018 fall due for major survey.
GPS Marine Contractors Ltd.’s construction activity ceased during 2021, and all construction activity in 2023 was undertaken by the GPS Marine and Civil Services Ltd joint venture. During 2022 GPS Marine Holdings Ltd reduced its shareholding in GPS Marine and Civil Services Ltd by 10% to 40% to facilitate bringing a specialist civil engineering commercial director into the business as a minority shareholder. During 2023 GPS Marine and Civil Services Ltd managed to grow its turnover to £9.5m and delivered a profit margin of 28%. GPS Marine and Civil Services Ltd.’s result will be brought into the consolidated accounts at its shareholding of 40%.
G.P.S Marine Holdings Limited
Strategic Report for the Year Ended 31 December 2023
Dredging activity in 2023 was restricted to a single campaign at Purfleet which was again successful and made a positive contribution to the year’s result.
The workboat market continued to improve during 2023 such that, despite the GPS Avenger undergoing special survey for 46 days during the year, average utilisation of the group’s workboats was just over 80%. In addition, rates continued to firm, further improving the viability of the group’s small fleet of workboats.
Utilisation of the GPS Marine fleet of pontoon barges improved significantly during 2023 to an average of 77% with rates similar to those being achieved during 2022.
The two Dutch subsidiaries that were set up during 2018, continued to serve to provide access to the European market during 2023, whilst only trading with GPS Marine Contractors Ltd, as had originally been envisaged. The subsidiaries were profitable, albeit that profits in these subsidiaries were effectively generated through the trading activities of GPS Marine Contractors Ltd.
LRN Engineering operated from the main GPS Marine premises at Upnor during 2023 but due to restructuring at one of its major clients the company undertook less work than in previous years and produced a loss of just under £24,500 on turnover of just under £182,000.
RESULTS AND PERFORMANCE
Turnover during 2023 increased from 2022 levels, due to activity arising from the Silvertown Link project. Turnover, at £14.8M was up by 13.3% on 2022. However, profit before tax fell to £150k from £2m last year. The Group’s financial performance in 2023 was fine until the end of the Silvertown project. After the project and with no new project to move on to the vessels then underwent the then due special survey. This took several vessels out of revenue streams whilst this work was undertaken. Additionally the group suffered a substantial bad debt in the year of £417,388 due to Green Biofuels going into administration.
During 2023, shareholders’ funds decreased to £14.08M from £14.32M a year earlier. Total debt decreased to £3,48M from £4,18M in 2022 as full year of repayments has occurred with no new loans having been taken out.
The group's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2023 |
2022 |
Turnover |
£ 000 |
14.79 |
13.05 |
Gross profit |
% |
22.11 |
23.73 |
Return on Capital employed |
% |
(.88) |
15.25 |
Non-financial KPIs
The group seeks to ensure that responsible business practice is fully integrated into the management of all its operations and into the culture of all parts of its business. It believes that the consistent adoption of reasonable business practice is essential for operational excellence and maintained compliance within the industry sector which in turn ensures the delivery of its core objective of sustained profitability.
The directors consider there are collectively numerous non-financial performance indicators but that individually none are key.
G.P.S Marine Holdings Limited
Strategic Report for the Year Ended 31 December 2023
Principal risks and uncertainties
The business has established itself as the largest operator of tugs and barges on the Thames and Medway, and its position as the most diverse and capable marine contractor on the Thames and Medway is strengthened by the vastly improved construction sector offering through its interest in, and the continued development of GPS Marine and Civil Services Ltd. Because of the continued development of GPS Marine and Civil Services Ltd, it has begun to become an important charterer of craft operated by GPS Marine Contractors Ltd. During 2023 the contract for the transport of spoil from the Silvertown Tunnel Project was completed, but no major projects, other than the Lower Thames Crossing, are the horizon, and it is unlikely that this project will deliver a significant amount of business for GPS Marine.
Continually rising interest rates during in 2023 saw interest payments relative to vessel financing in December almost identical to those in January, despite debt being reduced by £750,000.
The looming general election in 2024 seemed to dampen the appetite for investment in the UK during 2023 which seems to have weighed on demand across the economy. The absence of any major projects that are likely to make use of river transport on the Thames and Medway is a concern for future growth, but is a vindication of the decision to increase long term business through the acquisition of Alan C Bennett & sons Ltd.
Despite some major employers trying to make their employees return to the office, home working continues to keep footfall in London low, and this continued to suppress construction and demolition markets in the capital during 2023. Historically, GPS Marine has benefitted from major projects associated with the commercial development of riparian sites and public investment in new infrastructure. Any reduction in major project activity makes the development of long-term business more important for the company going forward.
The risks first highlighted in the 2017 strategic report relating to difficulties in increasing long term freight business on the Thames and the business having too few clients persist despite the new clients and business generated through the purchase of Alan C Bennett & Sons Ltd, although the prospect of two wharves being reactivated by companies that want to work with GPS Marine from 2024 / 2025 gives some cause for optimism.
The longer that the BoE maintains base rate at 5.25% prolongs the financial strain imposed on business, which means that client credit continues to be a significant concern, especially given credit insurers reluctance to insure significant players in the construction sector. The directors continue to note a tendency amongst smaller suppliers not to give credit and for most suppliers to be working on ever tighter credit terms. Clients continue to stretch or simply ignore agreed payment terms and demand ever longer credit terms. These factors are an obvious consequence of the pressures facing the economy, but their effect is to squeeze cash flow, which creates risk for the business.
G.P.S Marine Holdings Limited
Strategic Report for the Year Ended 31 December 2023
FINANCIAL INSTRUMENTS
Price Risk, Credit Risk, Liquidity Risk and Cash Flow Risk.
During 2023, rates charged for the services provided by the company in the Thames and Medway have remained stable but, even so, the effect of reduced fuel prices has countered cost increases due to inflation. The main emphasis during 2023 was to keep utilisation levels of operational vessels high and, despite some craft being laid up for periods during the year, utilisation levels in 2023, were above expectations, and higher than in 2022.
Levels of utilisation in the offshore and project support sector outside the UK were much improved during 2023 than in 2022 and rates continued to strengthen, possibly due to the effect of increased demand and some older tonnage being sold out of the NW European market.
Credit risk was significant in 2023 due to inflation and high interest rates. In October 2023 Green Biofuels Ltd went into administration with huge debts to HMRC that determined that unsecured creditors would receive nothing from the administration process and, as a result, GPS Marine Contractors Ltd suffered a net loss of £417,000. Because the debt had been built up over a long period the loss had negligible effect on the operation of the business or cash flow. Some suppliers ceased trading during the year, and a further £150,000 was written off in respect of a claim against a client for bottom damage to some barges that will not be settled. Because of the increased cost of credit insurance, and a clear reluctance by insurers to insure businesses in the construction, demolition and maritime sectors the directors determined that it no longer benefitted the business to pay for credit insurance to mitigate the risk of clients failing to pay valid invoices, and instead more reliance is being placed on the credit ratings of clients and Freight Demurrage and Defence insurance which is provided by GPS Marine Contractors Ltd.’s P&I Club.
Liquidity risk was greater in 2023 due to tight fiscal policy, a stagnant economy and persistent (but slowly falling) inflation which combined caused clients to continue to take longer to pay their bills. It is anticipated that while non-payment and late payment will continue to constitute significant risks to liquidity during 2024, lower inflation and an eventual easing of fiscal policy may reduce these risks somewhat by the end of 2024.
The directors maintained total independence from the major aggregate and building materials clients during 2023 and intend to continue to do so throughout 2024. With no major contract work in sight, the emphasis in 2024 will be on maintaining and developing established long-term contracts, developing new long term freight business with both new and existing strategic partners. As was the case in 2023, and has been since 2017, in 2024 all non-Thames specific equipment will continue to be traded through the Landfall Marine Contractors BV pool structure to ensure maximum diversity across different projects, markets and types of business, to manage the risks outlined above and minimise their effects. This strategy is crucial to positioning the business well for 2025 and beyond, when all current and known major project work eventually ceases.
KEY PERFORMANCE INDICATORS
BUSINESS ENVIRONMENT
With the exception of the short period of higher activity during north bound tunnelling on the Silvertown Link Project, in 2024 the river Thames micro-economy, where the Company carries out most of its activity, continues to be much as it was during 2023. The directors are confident that underlying freight volumes will hold up during 2024 and 2025 and may be added to by new long term business that is likely to emanate from the two safeguarded wharves that clients hope to reactivate in 2024 / 5. Dredging activity is expected to continue to be subdued during 2024 and 2025, and is unlikely to pick up unless the regulatory regime is relaxed and dredgings disposal costs reduce.
The directors expect that the market for workboats and pontoons in the offshore wind, dredging and marine construction sectors outside the core Thames / Medway market will remain firm in 2024 and 2025. The distance towage market in early 2024 has been robust, continuing a trend first seen in 2021.
G.P.S Marine Holdings Limited
Strategic Report for the Year Ended 31 December 2023
STRATEGY
The directors will continue to focus on increasing core, long term business on the Thames and Medway will and existing relationships and new strategic partnerships. As deemed necessary elements of the existing fleet will be modified to better meet known future demand and to develop opportunities in light freight and in the European inland market.
The firm market for offshore workboats and pontoons will be a focus for development. While it is unlikely that the workboat fleet will be expanded, it may be improved with the introduction of newer and larger craft. As a hedge against rapid decarbonisation of the small ship sector, and to protect the business against labour shortages and increasing labour regulation the directors intend to focus on the development of the pontoon fleet, which can be exploited both through the Landfall pool and the activities of GPS Marine and Civil Services Limited.
The directors will continue to work collaboratively with Landfall Marine Contractors BV as this approach has delivered positive results for the company’s workboat and pontoon fleets by providing good access to European maritime markets.
Improved marketing efforts for LRN Engineering Ltd, both direct to potential clients and by setting up and developing a website for the business, combined with a better outlook from its main customers is hoped to return LRN Engineering to profitability in 2024. Moving forward, with further investment by GPS Marine in its workshops at Upnor, with a view to putting them at the disposal of LRN Engineering, it is anticipated that LRN’s capabilities will be significantly enhanced. Notwithstanding its financial performance, LRN Engineering has enhanced the ability of GPS Marine to service its own fleet and maintain high levels of operational reliability.
FUTURE DEVELOPMENTS
Through working collaboratively with new and established cargo interests, the development of new freight flows from safeguarded wharves on the Thames remains a long-term aim and focus of attention and effort. The directors will continue to work to develop long term sustainable business and to develop any major project opportunities that arise. The business will also seek to take full advantage of improvements in the offshore market for workboats and pontoons.
Efforts will continue to broaden the business’ core income streams and to reduce dependence on major projects, which are likely to be few and far between in the coming 3 - 5 years. The business will aim to further strengthen and consolidate its position in the Thames, while simultaneously continuing to develop its involvement with EU markets through the relationship with Landfall Marine Contractors BV and its construction offering through GPS Marine and Civil Services Ltd.
Approved by the
.........................................
Company secretary and director
G.P.S Marine Holdings Limited
Directors' Report for the Year Ended 31 December 2023
The directors present their report and the for the year ended 31 December 2023.
Directors of the group
The directors who held office during the year were as follows:
Dividends
During the year the company declared and paid interim dividends of £270,000 (2022: £360,000). No final dividend is proposed.
Directors' liabilities
The group maintains Directors' and Officers' liability insurance for Directors and Officers as permitted by section 233 of the Companies Act 2006.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Disclosure of information in the strategic report
The business review and financial risk management policies have been reported upon in the Strategic Report.
Approved by the
.........................................
Company secretary and director
G.P.S Marine Holdings Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.
G.P.S Marine Holdings Limited
Independent Auditor's Report to the Members of
G.P.S Marine Holdings Limited
Opinion
We have audited the financial statements of G.P.S Marine Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 group's and the company's affairs as at 31 December 2023 and of the group's loss 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 auditor 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.
G.P.S Marine Holdings Limited
Independent Auditor's Report to the Members of
G.P.S Marine Holdings Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 8], 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 is 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.
Auditor 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 an auditor’s report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the Group and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006), UK corporate taxation laws, environmental legislation, health and safety legislation, anti-bribery legislation, data protection legislation, UK and international maritime regulations including SOLAS, MARPOL regulations and international Hazardous Materials Convention . These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
G.P.S Marine Holdings Limited
Independent Auditor's Report to the Members of
G.P.S Marine Holdings Limited
We understood how the Group is complying with relevant legislation by making enquiries of management. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.
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 auditor's report.
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 an auditor’s report 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.
......................................
For and on behalf of
1 Suffolk Way
Kent
TN13 1YL
G.P.S Marine Holdings Limited
Consolidated Income Statement for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Income from shares in associate undertaking |
|
|
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar expenses |
( |
( |
|
22,803 |
263,345 |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
(Loss)/profit for the financial year |
( |
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
( |
|
|
Minority interests |
( |
|
|
( |
|
G.P.S Marine Holdings Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2023
2023 |
2022 |
|
(Loss)/profit for the year |
( |
|
Foreign currency translation gains/(losses) |
|
( |
Total comprehensive income for the year |
|
|
Total comprehensive income attributable to: |
||
Owners of the company |
|
|
Minority interests |
( |
|
|
|
G.P.S Marine Holdings Limited
Consolidated Statement of Financial Position as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
199 |
199 |
|
Revaluation reserve |
1,033,343 |
1,033,343 |
|
Retained earnings |
13,037,887 |
13,267,443 |
|
Equity attributable to owners of the company |
14,071,429 |
14,300,985 |
|
Minority interests |
10,371 |
17,208 |
|
Shareholders' funds |
14,081,800 |
14,318,193 |
Approved and authorised by the
.........................................
Company secretary and director
Company registration number: 06467166
G.P.S Marine Holdings Limited
Statement of Financial Position as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
199 |
199 |
|
Revaluation reserve |
1,033,343 |
1,033,343 |
|
Retained earnings |
8,399,786 |
9,299,936 |
|
Shareholders' funds |
9,433,328 |
10,333,478 |
The company made a loss after tax for the financial year of £630,150 (2022 - profit of £375,994).
Approved and authorised by the
......................................... |
Company registration number: 06467166
G.P.S Marine Holdings Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company
Share capital |
Revaluation reserve |
Retained earnings |
Total |
Non- controlling interests |
Total equity |
|
At 1 January 2023 |
|
|
|
|
|
|
Loss for the year |
- |
- |
( |
( |
( |
( |
Other comprehensive income |
- |
- |
|
|
- |
|
Total comprehensive income |
- |
- |
|
|
( |
|
Dividends |
- |
- |
( |
( |
- |
( |
At 31 December 2023 |
|
|
|
|
|
|
Share capital |
Revaluation reserve |
Retained earnings |
Total |
Non- controlling interests |
Total equity |
|
At 1 January 2022 |
|
|
|
|
- |
|
Profit for the year |
- |
- |
|
|
|
|
Other comprehensive income |
- |
- |
( |
( |
- |
( |
Total comprehensive income |
- |
- |
|
|
|
|
Dividends |
- |
- |
( |
( |
- |
( |
Acquisition of non-controlling interest, increase in equity |
- |
- |
|
|
- |
|
At 31 December 2022 |
|
|
|
|
|
|
G.P.S Marine Holdings Limited
Statement of Changes in Equity for the Year Ended 31 December 2023
Share capital |
Revaluation reserve |
Retained earnings |
Total |
|
At 1 January 2023 |
|
|
|
|
Loss for the year |
- |
- |
( |
( |
Dividends |
- |
- |
( |
( |
At 31 December 2023 |
|
|
|
|
Share capital |
Revaluation reserve |
Retained earnings |
Total |
|
At 1 January 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 31 December 2022 |
199 |
1,033,343 |
9,299,936 |
10,333,478 |
G.P.S Marine Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
(Loss)/profit for the year |
( |
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Foreign exchange difference in consolidation |
|
( |
|
Loss/(profit) on disposal of tangible assets |
|
( |
|
Loss from sales of investment properties |
- |
|
|
Loss from disposals of investments |
- |
|
|
Finance income |
( |
- |
|
Finance costs |
|
|
|
Income from associates |
( |
( |
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
Decrease/(increase) in trade and other debtors |
|
( |
|
(Decrease)/increase in trade and other creditors |
( |
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
- |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
- |
|
Acquisition of subsidiaries |
- |
( |
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Dividend from associate |
|
|
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
( |
|
|
Receipts from finance lease debtors |
|
- |
|
Payments to finance lease creditors |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
Cash and cash equivalents at 1 January 2023 |
|
|
|
Cash and cash equivalents at 31 December 2023 |
1,462,461 |
1,366,452 |
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the group is that of marine towage, dredging and marine and civil engineering.
Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 and key accounting estimates
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.
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December each year.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The group made a loss for the year ended 31 December 2023 of £122,958 but had net assets of £14,081,800 including cash at bank of £1,462,653 at that date.
The group traded profitably during the year and continues to do so in the current year. The group has strong cash reserves and retained earnings. The directors anticipate continuing profitability in the coming year.
The directors are of the opinion that the group has sufficient working capital to ensure that the group can meet its liabilities as they fall due, and as such the directors believe that the group will be able to continue to meet its financial obligations, as and when they fall due. Therefore the financial statements have been prepared on the going concern basis.
Revenue recognition
Revenue represents the fair value of amounts received and receivable for services provided net of discounts, rebates and value added tax.Turnover is recognised in the period that work is undertaken and is determined by the contract agreed with each customer. This is based on the tonnage of waste transported in the given period or other work undertaken in the period as determined by the underlying contract.
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Government grants
Grants relating to revenue are recognised in profit and loss on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Capital grants are recognised using the accrual method with the amount of the grant included with liabilities and released to profit and loss over the life of the asset for which the grant was provided.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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 group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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. Vessel surveys are capitalised as incurred except where they are relating to routine repairs and maintenance.
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 |
Furniture, fittings and equipment |
25% Reducing balance |
Motor vehicles |
25% Reducing balance |
Plant, machinery and vessels |
5% straight line and 15% to 25% reducing balance |
Freehold Buildings |
2% Straight line |
Leasehold Improvements |
Over the life of the lease |
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Vessel survey costs / dry docking |
Over 5 to 6 years |
The directors consider the residual value of freehold buildings to be such that no depreciation charge arises.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made 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 lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.
The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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.
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Provision of services |
|
|
The analysis of the group's turnover for the year by market is as follows:
2023 |
2022 |
|
UK |
|
|
Europe |
|
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2023 |
2022 |
|
Management charges |
|
- |
Rent receivable |
|
|
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
2023 |
2022 |
|
(Loss)/gain on disposal of tangible assets |
( |
|
Loss from disposals of subsidiaries and associates |
- |
( |
(60,362) |
658,521 |
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Foreign exchange losses/(gains) |
|
( |
Operating lease expense - plant and machinery |
|
|
Loss/(profit) on disposal of property, plant and equipment |
|
( |
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Interest expense on other finance liabilities |
|
- |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Operations staff |
|
|
Administration and support |
|
|
Directors |
|
|
|
|
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Directors' remuneration administration |
|
|
Contributions paid to money purchase schemes |
|
|
300,077 |
313,457 |
During the year the number of directors who were receiving benefits was as follows:
2023 |
2022 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2023 |
2022 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
Auditor's remuneration |
2023 |
2022 |
|
Audit of these financial statements |
2,500 |
2,500 |
Audit of the financial statements of subsidiaries |
12,000 |
12,000 |
|
|
Non audit fees payable to auditors
2023 |
2022 |
|
Value of benefits in kind for accountancy services |
|
|
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Taxation |
Tax charged/(credited) in the consolidated income statement
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of revenues exempt from taxation |
|
|
Deferred tax expense relating to changes in tax rates or laws |
|
- |
Deferred tax expense from unrecognised temporary difference from a prior period |
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
Tax increase from effect of unrelieved tax losses carried forward |
|
|
Effect of associate profit recorded net of tax |
( |
( |
Tax increase arising from overseas tax suffered/expensed |
|
|
Effect of HMRC Settlement |
- |
|
Total tax charge |
|
|
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Deferred tax
Group
Deferred tax provision comprises
2023 |
Provision |
Accelerated capital allowances |
|
Revaluation of Freehold property |
|
|
2022 |
Provision |
Accelerated capital allowances |
|
Revaluation of Freehold property |
|
|
Intangible assets |
Group
Goodwill on acquisition |
|
Cost or valuation |
|
At 1 January 2023 |
|
At 31 December 2023 |
|
Amortisation |
|
At 1 January 2023 |
|
Amortisation charge |
|
At 31 December 2023 |
|
Carrying amount |
|
At 31 December 2023 |
|
At 31 December 2022 |
|
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Group
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant, machinery and vessels |
Total |
|
Cost or valuation |
|||||
At 1 January 2023 |
|
|
|
|
|
Additions |
|
- |
- |
|
|
Disposals |
- |
- |
( |
( |
( |
At 31 December 2023 |
|
|
|
|
|
Depreciation |
|||||
At 1 January 2023 |
- |
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
At 31 December 2023 |
|
|
|
|
|
Carrying amount |
|||||
At 31 December 2023 |
|
|
|
|
|
At 31 December 2022 |
|
|
|
|
|
Freehold property is included at a revalued amount as estimated by the directors amounting to £2,775,000 based upon a professional valuation obtained in March 2022 which the directors believe to be appropriate at 31 December 2023. If the freehold property were included under the historic cost method the carrying value would have been £1,438,810 (2022: £1,451,986)
Included within the net book value of land and buildings above is £2,775,000 (2022 - £2,775,000) in respect of freehold land and buildings and £59,187 (2022 - £Nil) in respect of short leasehold land and buildings.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2023 |
2022 |
|
Plant and machinery |
290,880 |
148,500 |
Motor vehicles |
- |
10,825 |
290,880 |
159,325 |
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Company
Land and buildings |
Plant, machinery and vessels |
Total |
|
Cost or valuation |
|||
At 1 January 2023 |
|
|
|
Additions |
- |
|
|
At 31 December 2023 |
|
|
|
Depreciation |
|||
At 1 January 2023 |
- |
|
|
Charge for the year |
- |
|
|
At 31 December 2023 |
- |
|
|
Carrying amount |
|||
At 31 December 2023 |
|
|
|
At 31 December 2022 |
|
|
|
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Investments |
Group
Investment in associated companies
2023 |
2022 |
|
Cost or Valuation |
||
Group's share of profit or loss |
719,395 |
429,794 |
Associates |
||
£ |
||
At 1 January 2023 |
429,794 |
|
Share of associated undertaking profit |
349,600 |
|
Dividends received |
(60,000) |
|
At 31 December 2023 |
429,794 |
|
Carrying Amount |
||
At 31 December 2023 |
719,394 |
|
At 31 December 2022 |
429,794 |
Company
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 January 2023 |
|
Carrying amount |
|
At 31 December 2023 |
|
At 31 December 2022 |
|
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Holding |
Proportion of voting rights and shares held |
|||||
2023 |
2022 |
||||||
Subsidiary undertakings |
|||||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
Associates |
|||||||
|
Ordinary shares |
|
|
||||
|
Ordinary shares |
|
|
||||
|
Ordinary shares |
|
|
||||
|
Ordinary shares |
|
|
||||
|
Ordinary shares |
|
|
||||
The registered office for all subsidiaries except GPS Marine Holdings BV and GPS Marine Barges BV is; GPS Marine House, Upnor Road, Lower Upnor, Rochester, Kent ME2 4UY. The registered office for GPS Marine Holdings BV and GPS Marine Barges BV is at Scottstraat 12, 456BH Hulst, Netherlands.
The results of Net Zero (River Logistics) Ltd are excluded from the consolidated financial statements as they are immaterial to the group. All other subsidiary are reflected in the consolidation financial statements.
Stocks |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Stock |
|
|
- |
- |
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Debtors |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Trade debtors |
|
|
- |
- |
Amounts owed by group undertakings |
- |
- |
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
- |
- |
Amount due from associated undertaking |
- |
|
- |
|
|
|
|
|
Trade debtors are stated after a diminution in value of £708,533 (2022: £13,786)
Cash and cash equivalents |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Cash at bank |
|
|
|
|
Bank overdrafts |
( |
( |
- |
- |
Cash and cash equivalents in statement of cash flows |
1,462,461 |
1,366,452 |
697,250 |
845,166 |
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Creditors |
Group |
Company |
||||
Note |
2023 |
2022 |
2023 |
2022 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
|
|
|
Trade creditors |
|
|
|
|
|
Amounts due to group undertakings |
- |
- |
|
|
|
Social security and other taxes |
|
|
- |
- |
|
Other payables |
|
|
|
|
|
Accruals |
|
|
|
|
|
Corporation tax liability |
16,650 |
6,973 |
- |
- |
|
|
|
|
|
||
Due after one year |
|||||
Loans and borrowings |
|
|
|
|
Provisions for liabilities |
Group
Deferred tax |
Total |
|
At 1 January 2023 |
|
|
Increase/(decrease) in existing provisions |
|
|
At 31 December 2023 |
|
|
|
Company
Deferred tax |
Other provisions |
Total |
|
At 1 January 2023 |
|
|
|
Increase/(decrease) in existing provisions |
|
- |
|
At 31 December 2023 |
|
|
|
|
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
99 |
|
99 |
|
|
100 |
|
100 |
|
|
|
|
There are no restrictions on the distribution of dividends or the repayment of capital.
The ordinary 'B' shares are non voting and carry no right to participate in the assets of the company on winding up.
Loans and borrowings |
Non-current loans and borrowings
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Bank borrowings |
|
|
|
|
Hire purchase obligations |
|
|
|
|
|
|
|
|
Current loans and borrowings
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Bank borrowings |
|
|
|
|
Bank overdrafts |
|
|
- |
- |
Hire purchase obligations |
|
|
|
|
|
|
|
|
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Bank loans and overdrafts are secured by a fixed charge over the group's freehold property and a fixed and floating charge over the assets and undertakings of the group and a fixed charge over certain barges and vessels. Liabilities arising under hire purchase contracts are secured on the assets concerned.
Group
Included in the loans and borrowings are the following amounts due after more than five years:
2023 |
2022 |
|
After more than five years payable by instalments |
|
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Dividends |
Dividends paid
2023 |
2022 |
|||
Dividend of £ |
|
|
||
Dividend of £ |
|
|
||
|
|
Contingent liabilities |
The company has provided guarantees amounting to £1,720,000 (2022: £1,720,000) in respect of the bank liabilities of the subsidiary undertakings supported by a fixed and floating charge over the assets and undertakings of the company. No liability is expected to arise.
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Analysis of changes in net debt |
Group
At 1 January 2023 |
Financing cash flows |
At 31 December 2023 |
|
Cash and cash equivalents |
|||
Cash |
1,379,849 |
82,803 |
1,462,652 |
Overdrafts |
(15,397) |
15,205 |
(192) |
1,364,452 |
98,008 |
1,462,460 |
|
Borrowings |
|||
Long term borrowings |
(2,765,856) |
137,184 |
(2,628,672) |
Short term borrowings |
(842,019) |
191,039 |
(650,980) |
(3,607,875) |
328,223 |
(3,279,652) |
|
|
|||
( |
|
( |
Related party transactions |
Exemption has been taken under FRS 102 paragraph 33.1A, not to disclose transactions or amounts falling due with companies that are wholly owned within the group.
During the year sales of £1,248,053 (2022: £839,426) were made to an associated undertaking. At 31 December 2023 an amount of £Nil (2021: £50,000) was due to the group from the associated undertaking.
During the year aggregate purchases of £407,642 (2022: £467,782) were made from companies over which various directors, and their close family, exert significant influence. At 31 December 2023 an amount of £58,129 (2022: £109,158) was due to the group from the undertakings.
The directors consider that the key management personnel of the group companies are the directors. Key management compensation payable amounts to £337,644 (2022: £313,457).
The dividends paid in the year as shown in note 25 were paid to the directors and a company over which a director exerts significant influence.
Control |
Ultimate control vests with Mr J B Spencer.