Registered number: 05991387
GPF LEWIS PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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GPF LEWIS PLC
COMPANY INFORMATION
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I G Loader (appointed 7 November 2023)
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Chartered Accountants & Statutory Auditor
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GPF LEWIS PLC
CONTENTS
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Independent Auditors' Report
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Consolidated Statement of Comprehensive Income
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Consolidated Statement of Financial Position
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Company Statement of Financial Position
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Notes to the Financial Statements
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GPF LEWIS PLC
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The directors present the strategic report and financial statements for the year ended 31 March 2024.
Robust trading across all the Groups divisions saw its FY24 turnover increase to £80,265,252, an increase of 10.65% on FY23 (£72,538,166). The Group’s underlying profit after tax also increased to £3,129,688 from £2,327,430 in FY23.
Notable areas of strong performance include the Group's cladding division which completed several major projects across a range of sectors including student housing. New regulations enforced by the Building Safety Act have resulted in a strong pipeline for cladding remediation and fire safety works and this is a market the business is keen to continue to expand their presence in over the coming 24 months.
The Group's continued growth has seen it successfully tender for a number of larger regional construction projects whilst its maintenance division, which services some of the UK's well-known brands was also proactively rescaled to ensure its ongoing profitability. This, combined with a healthy pipeline carried over from the previous year, means the Board is confident that trading for FY25 will be in line with its expectations.
The directors recognise the need to properly resource the larger and more complex projects that the Group is now delivering. As a result, the decision was taken to further strengthen the Board with the appointments of Belinda George to Group Finance Director and Ian Loader as Group Health, Safety and Compliance Director.
Principal risks and uncertainties
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The Group’s operations and the execution of its strategy are subject to several clearly identified risks. Plans to mitigate these risks are regularly reviewed ensuring the consistent identification, assessment, response and monitoring across the organisation.
Whilst the situation has eased slightly, the continued increase in material costs and ongoing supply issues continue to be a challenge for the Group and its suppliers. The UK's decision to leave the European Union also continues to impact labour supply. Increased salary expectations as a result of the cost-of-living places further pressure on the recruitment and retention of staff.
In order to further control costs, proactive action has been taken to manage the Group’s fleet and the associated fuel consumption.
In addition to implementation of specific strategies to mitigate these risks the Board has ensured the relevant processes are in place to monitor and control working capital. The Group's strategy of developing a diverse client portfolio is witnessed through its expansion into new markets such as communications infrastructure.
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GPF LEWIS PLC
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The Board recognises the vital importance of recruiting and retaining high quality staff especially in what is a highly competitive employment market with a prevalent shortage of skills. The Group's recruitment strategy has continued to be robust with the workforce increasing from an average of 89 (FY23) to 93 (FY24).
Implementation of an apprenticeship scheme and support with obtaining recognised qualifications and education help to ensure the Group has access to the wide range of technical skills it needs to meet the demands of larger and more complex projects. Increased numbers of project managers undertaking NVQs is also ensuring the Group is in line with CITB (Construction Industry Training Board), the drive for a fully trained industry and new commitments under the Building Safety Act.
Across the Group we remain committed to the wellbeing and ongoing professional development of all employees. This is reflected in high employee retention rates at all levels across the Group.
The Board would like to take this opportunity to personally thank all our team for continued dedication and commitment.
IT systems
The Group’s systems provide the resilience, capacity and technical capability required to support its continued growth. The Board recognises the potential for increased digitisation to streamline processes and leverage operational efficiency. Where appropriate, the Group will continue to invest in order to realise these operational and commercial benefits.
Building Safety Act
The Group has been committed to ensuring that it is fully compliant with its obligations under The Building Safety Act which is the foundation of a new building safety regime for the construction sector.
The Act introduces new requirements through secondary legislation, and reforms to current legislation, in order to provide clarity on how buildings should be constructed, maintained and made safe. While the act applies to all buildings it sets out additional requirements for Higher-Risk Buildings (HRBs). HRB are defined as being at least 18m in height or at least seven storeys and containing at least two residential units or is a hospital or care home. The act created three new bodies Building Safety Regulator, National Regulator for Construction Products, and New Homes Ombudsman.
GPF Lewis is meeting its new responsibilities in relation to Accountable Persons and Duty Holders and systems which include Building Control, Competence, Gateways, Golden Thread, and Mandatory Occurrence Reporting.
Health & Safety
The health and safety of our employees and those visiting and working on our sites remains the Board's primary priority. The team continue to provide structured and regular training, including Industry Standard Manager and Operator Training, First Aid, E-learning and Site Training Sessions.
The Group demonstrates a continued low level of injuries and lost time accidents. During the year only two RIDDOR incidents were reported. There were no 'over 3-day lost time incident' reported.
GPF Lewis operates an ISO 45001 Accredited Health and Safety Management System documented in the GPF Lewis PLC & Solutions Health & Safety Policy & Procedures Manual. This Policy was last reviewed and updated in October 2023, and issued as Issue 2, Revision 'C'.
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GPF LEWIS PLC
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The Board continues to prioritise the mental health and wellbeing of all the Group's employees and a team of Mental Health First Aider's have been trained to actively support colleagues in need. The Group has signed up to the Building Mental Health Charter promoting and delivering the BMH 5-Steps to Mental Health campaign throughout the business.
Appropriate and specific guidance is also maintained in relation to infectious diseases including COVID-19. The Group maintains a core of industry Health & Safety accreditations, including:
• Achilles UVDB,
• Acclaim - SSIP Accreditation.
• Facilitiesline - Gold Level Member,
• CHAS - SSIP Accreditation
• Constructionline - Gold Level Member
• Safe Contractor- SSIP Accreditation
• FORS Bronze
Quality
The GPF Lewis Quality Management System (QMS) is accredited under ISO 9001 and covers the complete scope of the Group's operations. The Procore Construction Management System is central to our QMS monitoring and control processes. Through this platform our key QA processes are controlled and monitored by a team of experienced Construction Document Controllers. Project Managers and other members of the team have also received Procore training to improve efficiency. Realtime information ensures full visibility from site teams up to Director level.
Sustainability
GFP Lewis is committed to acting on sustainability in order to create a positive environmental and social impact. Working with its sustainability partner, Bioregional, the Group has now completed work to fully measure its carbon impact and to produce a new Sustainability Strategy which will support the company’s journey to Net Zero.
Sustainability Strategy
The strategy documents our vision ‘To construct, deliver and maintain the future through integrity, innovation and our people’ and reaffirms our strategic objective ‘top achieve net zero by 2045 across our scope 1, 2 and 3 emissions. To achieve this commitment the Board have identified four strategic pillars to drive action across the organisation and its value chain. These are characterised as:
• Our organisation – actions and activities related to the running and operation of our offices.
• Our projects - actions and activities related to our project work onsite.
• Act – actions where we have direct operational control to make changes.
• Influence – actions where we have less direct control but can influence positive change
The strategy also details several headline commitments across four key areas.
• Sustainable operations – reducing our energy, water, waste and travel impacts.
•Materials and resources – conserving natural resources and using materials form sustainable resources.
•Health, wellbeing and skills – creating safe places to work that promote good health and wellbeing.
•Skills and community – working with local communities to promote a culture of sustainable living and protecting land for the benefit of people and wildlife.
Carbon Footprint
GPF Lewis’ total market-based emissions for FY22-23 stood at 16,004 tCO2e.
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GPF LEWIS PLC
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Scope 1 and 2 emissions encompass those arising from direct energy consumption in buildings and vehicles owned or controlled by the Group. For GPF Lewis, this includes the energy used by the Group's offices and construction sites, as well as fuel-related emissions from its fleet of maintenance vehicles. Overall, Scope 1 and 2 emissions comprise approximately 1% of the total carbon footprint for the Group, as detailed below.
Scope 3 emissions result from the activities of assets that are not directly owned or controlled by the Group, but which we indirectly affect through our value chain. The Group's major source of Scope 3 emissions is from purchased goods and services, which account for 95% of all emissions, including all construction activities and materials. Overall, Scope 3 emissions represent the vast majority of the Group’s total emissions, comprising approximately 98%.
A number of initiatives are being implemented to further reduce emissions these include improved data collection, widening sustainable sourcing practices, switching to renewable energy tariff backed by REGO’s and reducing waste through increased reuse and recycling.
The Group maintains several relevant accreditations including ISO14001 and is developing its Environmental Management Systems with more clients requiring projects delivered to BREEAM ratings of Excellent and above.
Social value
The Board has continued its work to develop a more strategic approach to delivering social value as part of a broader Sustainability Strategy. This includes continued relationships with relevant organisations such as the Lighthouse Club - the construction industry charity. Where specified we will also operate in line with the Considerate Constructors Scheme to further minimize our impact on the communities in which we operate. Carbon data will be reported from year ended 31 March 2024.
Equality, Diversity, and Inclusion
The Board believes that equality, diversity, and inclusion are fundamental to successfully resourcing our continued growth. The Group is dedicated to fostering a workplace where every individual feels valued and empowered and which promotes a culture of respect, understanding, and collaboration. We are committed to actively addressing any barriers and striving to create an environment where everyone can thrive and contribute to our shared goals.
Modern Slavery
GPF Lewis is committed to maintaining full compliance with the Modern Slavery Act 2015 and made a number of revisions to its supplier PQQ over the course of FY24 to further its efforts.
Governance
GPF Lewis prioritises robust governance as one of the cornerstones of its operations. The Board are committed to transparency, accountability, and ethical decision-making, ensuring that the company’s practices reflect the highest standards of integrity. Our governance framework promotes responsible leadership and effective risk management, safeguarding stakeholder interests. We continuously assess and enhance our processes to align with best practices and regulatory requirements.
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GPF LEWIS PLC
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Key Performance Indicators
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The Board regularly reports pre-defined key performance indicators (KPl's) to ensure progress is maintained against the Group's strategic objectives and include Finance, Health & Safety, Sustainability and Operations. Any KPI not meeting the required standard is placed on review. This will ensure the reason for the shortfall is understood and appropriate remedial action taken to rectify the situation.
This report was approved by the board and signed on its behalf.
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GPF LEWIS PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
Directors' responsibilities statement
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The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;
∙make judgments 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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.
The principal activities of the group continued to be those of providing construction and building maintenance services to the commercial, residential, industrial, health and education markets.
The profit for the year, after taxation and minority interests, amounted to £2,979,459 (2023 - £2,689,871).
Ordinary interim dividends were paid during the year amounting to £500,000 (2023: £500,000). The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
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I G Loader (appointed 7 November 2023)
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GPF LEWIS PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Financial risk management objectives and policies
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The main financial risks faced by the group are liquidity and customer credit risk. Further detail of these risks are given below.
Liquidity risk
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
Customer credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Under section 487(2) of the Companies Act 2006, BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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GPF LEWIS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GPF LEWIS PLC
We have audited the financial statements of GPF Lewis Plc (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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's affairs as at 31 March 2024 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.
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 United Kingdom, including the Financial Reporting Council'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
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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 or 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.
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GPF LEWIS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GPF LEWIS PLC (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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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 Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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.
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GPF LEWIS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GPF LEWIS PLC (CONTINUED)
Responsibilities of directors
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As explained more fully in the Directors' Responsibilities Statement set out on page 6, 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 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
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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 Auditors' 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 Group 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:
∙Enquiring of management around actual and potential litigation and claims;
∙Enquiring of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
∙Reviewing minutes of meetings of those charged with governance;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work over the risks of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
∙Reviewing the general ledger in detail for all transactions with related parties;
∙Performing walkthrough testing to ensure systems and controls are operating as recorded where appropriate.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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GPF LEWIS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GPF LEWIS PLC (CONTINUED)
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 Auditors' 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.
Myfanwy Neville (Senior Statutory Auditor)
for and on behalf of
BKL Audit LLP
Chartered Accountants
Statutory Auditor
London
14 October 2024
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GPF LEWIS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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Total comprehensive income for the year
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Profit for the year attributable to:
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Non-controlling interests
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Owners of the parent Company
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Total comprehensive income for the year attributable to:
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Owners of the parent Company
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The notes on pages 20 to 39 form part of these financial statements.
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GPF LEWIS PLC
REGISTERED NUMBER: 05991387
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Equity attributable to owners of the parent Company
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Non-controlling interests
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GPF LEWIS PLC
REGISTERED NUMBER: 05991387
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 39 form part of these financial statements.
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GPF LEWIS PLC
REGISTERED NUMBER: 05991387
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 39 form part of these financial statements.
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GPF LEWIS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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Equity attributable to owners of parent Company
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Non-controlling interests
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year
|
|
|
|
|
|
Contributions by and distributions to owners
|
|
|
|
|
|
Dividends: Equity capital
|
|
|
|
|
|
|
|
|
|
|
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Total transactions with owners
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 20 to 39 form part of these financial statements.
|
|
GPF LEWIS PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
|
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|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
Total comprehensive income for the year
|
|
|
|
Contributions by and distributions to owners
|
|
|
|
Dividends: Equity capital
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
Total comprehensive income for the year
|
|
|
|
Contributions by and distributions to owners
|
|
|
|
Dividends: Equity capital
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 20 to 39 form part of these financial statements.
|
|
GPF LEWIS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
Cash flows from operating activities
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|
|
Profit for the financial year
|
|
|
|
|
|
Amortisation of intangible assets
|
|
|
Depreciation of tangible assets
|
|
|
(Profit) Loss on disposal of tangible assets
|
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|
|
(Increase) Decrease in stocks
|
|
|
|
|
|
|
|
|
Corporation tax (paid)/received
|
|
|
Net cash generated from operating activities
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
Purchase of intangible fixed assets
|
|
|
Purchase of tangible fixed assets
|
|
|
Sale of tangible fixed assets
|
|
|
|
|
|
|
|
|
Net cash from investing activities
|
|
|
Cash flows from financing activities
|
|
|
Repayment of finance leases
|
|
|
|
|
|
|
|
|
Movement in amounts owed to non-controlling interests
|
|
|
Net cash used in financing activities
|
|
|
|
GPF LEWIS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
|
|
|
Net (decrease)/increase in cash and cash equivalents
|
|
|
Cash and cash equivalents at beginning of year
|
|
|
Cash and cash equivalents at the end of year
|
|
|
|
|
|
Cash and cash equivalents at the end of year comprise:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 20 to 39 form part of these financial statements.
|
|
GPF LEWIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
GPF Lewis (PLC) ("the Company") is a limited company incorporated in England and Wales. The registered office is shown on the company information page.
The Group consists of GPF Lewis PLC and its subsidiaries Smith & Latimer Limited and GPF Lewis Solutions Limited.
The principal activities of the Group continued to be those of providing construction and building maintenance services to the commercial, residential, industrial, health and education markets.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2015.
|
GPF LEWIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
The Group generated a profit before tax of £3,008,696 (2023: £2,823,113) in the year ended 31 March 2024 and at that date the Group had net assets of £9,122,498 (2023: £7,113,609).
The financial statements are prepared on the going concern basis. This assumes that the Group will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements and will be able to meet its debts as they fall due.
The Group has secured pipeline of over £50m for the following 12 months & are currently under consideration for further worth of work in both submitted and pending enquiries. The ‘spine’ workload carried through into the next 24 months puts the business in a strong position.
Clearly the market has levelled and inflationary increases are far more manageable than in the last 12 months, allowing us more confidence in firming our tender prices. However we are very mindful of the volatility within the global economy & continue to monitor prices on a regular basis with our preferred supply chain. The establishment of relationships with our favoured suppliers has increased our confidence in being able to manage market fluctuations.
The directors have reviewed forecasts and budgets and stress tested various scenarios and are confident of the Group's ability to continue trading as a going concern for the foreseeable future and meet their liabilities as they fall due.
The directors believe at the time of signing these financial statements that they should be prepared on a going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Group will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Construction contracts are recognised as turnover on a receivable basis including those works undertaken but not yet invoiced at the year end. Turnover is stated net of VAT.
|
GPF LEWIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
|
|
Operating leases: the Group as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
|
|
Leased assets: the Group as lessee
|
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
|
GPF LEWIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
|
GPF LEWIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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Straight line over the lease term
|
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is 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.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
|
GPF LEWIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts are presented in the financial statements when there is legally an 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.
|
GPF LEWIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by the reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that the total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of the contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
|
GPF LEWIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
|
Critical accounting judgements and key sources of estimation uncertainty
|
In the application of the Group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Construction contracts
The Group recognises revenue arising on long term construction contracts. These contracts require estimates to be made for total construction costs and revenues, where the expected outcome of long term contractual obligations can span more than one period. Management bases its judgement of contract costs and revenues, as well as the stage of completion of a project, on the latest available information, including contract valuations.
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|
An analysis of turnover by class of business is as follows:
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|
All turnover arose within the United Kingdom.
|
|
GPF LEWIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
|
|
|
The operating profit is stated after charging:
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|
|
Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
|
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|
|
Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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|
|
The average monthly number of employees, including the directors, during the year was as follows:
|
|
GPF LEWIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
|
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|
|
Group contributions to defined contribution pension schemes
|
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The highest paid director received remuneration of £100,000 (2023 - £100,000).
|
|
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).
|
|
The value of the Group's contributions paid to a defined benefit pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).
|
|
Other interest receivable
|
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|
Interest payable and similar expenses
|
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Other loan interest payable
|
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|
Finance leases and hire purchase contracts
|
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|
|
|
|
GPF LEWIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
|
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|
|
Current tax on profits for the year
|
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|
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|
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Origination and reversal of timing differences
|
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|
|
Losses and other deductions
|
|
|
|
|
|
|
|
|
|
|
|
Taxation on loss on ordinary activities
|
|
|
|
Factors affecting tax charge for the year
|
|
The tax assessed for the year is higher than (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:
|
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|
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|
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|
|
|
|
|
|
Profit on ordinary activities before tax
|
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|
|
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
|
|
|
|
|
|
|
|
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
|
|
|
|
Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
|
|
|
|
Other differences leading to an increase (decrease) in the tax charge
|
|
|
|
Total tax charge for the year
|
|
|
|
Factors that may affect future tax charges
|
The Group have tax losses in excess of £900K, available to carry forward against future taxable profits.
|
GPF LEWIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
|
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Charge for the year on owned assets
|
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|
|
GPF LEWIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
|
|
Long-term leasehold property
|
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Charge for the year on owned assets
|
|
|
|
|
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|
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The net book value of land and buildings may be further analysed as follows:
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|
GPF LEWIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
15.Tangible fixed assets (continued)
|
|
Long-term leasehold property
|
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|
Charge for the year on owned assets
|
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A charge issued by the Company's Bank has been secured by a fixed and floating charge over all the assets of this Company.
|
|
GPF LEWIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
|
|
Investments in subsidiary companies
|
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Direct subsidiary undertakings
|
|
The following were subsidiary undertakings of the Company:
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|
GPF Lewis Solutions Limited
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Smith & Latimer Limited is entitled to exemption from audit under S479A of the Companies Act 2006 by way of having received a parent company guarantee under S479C.
During the year, GPF Lewis PLC sold 40% of it's shareholding in Smith & Latimer Limited, and acquired the remaining 40% in GPF Lewis Solutions Limited.
|
|
Raw materials and consumables
|
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|
GPF LEWIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
|
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Amounts owed by group undertakings
|
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Prepayments and accrued income
|
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Amounts recoverable on long term contracts
|
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Amounts owed by group undertakings are unsecured, interest-free, and repayable upon demand.
|
|
Cash and cash equivalents
|
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The directors R Fitzgerald and J Ringart have each provided a personal guarantee to the Group's bank of £100,000 each.
|
|
GPF LEWIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
|
Creditors: Amounts falling due within one year
|
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Amounts owed to group undertakings
|
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Other taxation and social security
|
|
|
|
|
|
Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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The finance lease and hire purchase creditor is secured on the assets to which they relate.
Amounts owed by group undertakings are unsecured, interest-free, and repayable upon demand.
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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The finance lease and hire purchase creditor is secured on the assets to which they relate.
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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GPF LEWIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Charged to profit or loss
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Charged to profit or loss
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Accelerated capital allowances
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Allotted, called up and fully paid
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50,000 (2023 - 50,000) Ordinary shares of £1.00 each
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GPF LEWIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £471,185 (2023 - £415,353).
Contributions totaling £38,632 (2023 - £37,681) were payable to the fund at the reporting date.
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Commitments under operating leases
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At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The directors are deemed key management personnel and details of the remuneration is shown in Note 9.
The Company has taken advantage of the exemption conferred by section 33.1A of Financial Reporting Standard 102: Related Party Disclosures, from the requirement to disclose transactions with other wholly-owned group undertakings.
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During the year the company paid a dividend of £500,000 (2023 - £500,000) to the directors.
During the year, a director, had provided the Group with interest free unsecured loans with no fixed repayment date. At the year end, the outstanding balance on the loans amounted to £71,756 (2023 - £62,906 This loan is included in other creditors.
In addition, another director had also provided the company with interest free unsecured loans with no fixed repayment date. At the year end, the outstanding balance was an amount payable to the Group of £54,188 (2023 - £18,439). The loan is included in other debtors (2023: other creditors).
During the year, an amount of £22,000 (2024 - £18,584) was paid to Wealdstone Football Club, a Company with a common director for shirt sponsorship.
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GPF LEWIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The Directors consider Rory and Samantha Fitzgerald, who collectively hold 51% of the shares and have the ability to vote in concert, to be the controlling party.
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