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REGISTERED NUMBER: 04203292 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

GRT GROUP LIMITED

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


GRT GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: R Dickens
G Paxton



SECRETARY: G Paxton



REGISTERED OFFICE: Cheribourne House
45A Station Road
Willington
Bedford
Bedfordshire
MK44 3QL



REGISTERED NUMBER: 04203292 (England and Wales)



AUDITORS: BN Audit Services Limited (Statutory Auditors)
45a Station Road
Willington
Bedfordshire
MK44 3QL



BANKERS: Handelsbanken
2nd Floor Clifton House
4a Goldington Road
Bedford
MK40 3NF

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their strategic report of the company and the group for the year ended 30 April 2024.

REVIEW OF BUSINESS
The Group's principal focus during the year continued to be that of a specialist building and scaffolding provider, successfully completing large contracts with various clients.

The directors are pleased to report a steady year for the 12 month period ending 30 April 2024, given a tough economic landscape with rising costs and increased competition for work. Despite this, the group has still achieved profits in excess of £1.2m, slightly higher than last year..

The directors have been implementing increasing controls on costs, which has meant that the gross profit achieved this year is higher than 2023, despite the reduction in turnover, due to better margins being achieve.

The Group maintains a strong financial position, with net assets of over £6m across the Group, an increase of 4.5% since the same time last year.

PRINCIPAL RISKS AND UNCERTAINTIES
In line with other building and scaffolding providers, key risks and uncertainties remain centred around the current market conditions and potential volatility in the property market. In the last two years, the base rate increases and the effect on the mortgage market and caused some stagnation in the market. Although they have been fairly steady over the last year, there is still considerable uncertainty on the current trajectory of house prices, leading to general hesitancy in the marketplace regarding future developments.

The Directors are monitoring the situation closely and believe that any disruption to the construction industry will be short term. The Directors will assess any risks on a project by project basis, in order to minimise any risk to the business. The is still a shortage of housing stock in the UK and the directors believe the demand for housing will continue to support the necessity for new housing developments.

Price inflation may continue to be an issue facing the company in the next 12 months, however supply issues are having less impact as materials become easier to obtain.

The Directors will continue to evaluate supply issues and will mitigate risk by raising prices and minimising the impact on profitability.

FUTURE DEVELOPMENTS
The year to 30 April 2024 ended with a reasonable pipeline of construction contracts, as well as a number of ongoing projects making good progress. The Group's pipeline for new projects is assisted by the group gaining future phases when contracts are finished. The directors expect that turnover in the next 12 months will be similar to the current year.

POST BALANCE SHEET EVENTS
There were no significant post balance sheet events.

ON BEHALF OF THE BOARD:





G Paxton - Secretary


8 October 2024

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of scaffolding and bricklaying services.

DIVIDENDS
Interim dividends per share were paid as follows:

Ordinary £0.01 shares

31 July 2023 £100,980
30 October 2023 £100,980
31 January 2024 £100,980
30 April 2024 £100,980
£403,920

'A' Ordinary £0.01 shares

27 March 2024 £606,118.40

The directors recommend that no final dividend be paid.

The total distributions of dividends for the year ended 30 April 2024 will be £1,010,038.40.

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

R Dickens
G Paxton

DISCLOSURE IN THE STRATEGIC REPORT
Future developments and post Balance Sheet events disclosures are disclosed within the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, BN Audit Services Limited (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



G Paxton - Secretary


8 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GRT GROUP LIMITED

Opinion
We have audited the financial statements of GRT Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 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.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GRT GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GRT GROUP LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

- We identified the laws and regulations applicable to the company through discussions with directors and key personnel, and from our knowledge and experience of the industry. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation, while also giving consideration to data protection regulations, employment law and health and safety legislation.

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations and the team remained alert to the possibility of fraud and non-compliance throughout the audit.

- We assessed the susceptibility of the company's financial statements to material misstatements including obtaining an understanding of how fraud might occur. We did so through discussions with management as to their assessment of areas where fraud or non-compliance might occur, as well as considering the internal controls in place to mitigate risks of fraud and non-compliance.

- In order to ascertain the extent of compliance with laws and regulations, we made enquiries with management as to whether there was any actual or potential litigation, we reviewed legal correspondence, we inspected tax correspondence and we performed analytical procedures to identify any unusual or unexpected activity.

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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Clive Noel (Senior Statutory Auditor)
for and on behalf of BN Audit Services Limited (Statutory Auditors)
45a Station Road
Willington
Bedfordshire
MK44 3QL

8 October 2024

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

30.4.24 30.4.23
Notes £    £   

TURNOVER 6 15,810,302 17,755,017

Cost of sales 11,575,536 13,638,948
GROSS PROFIT 4,234,766 4,116,069

Administrative expenses 2,549,496 2,451,283
OPERATING PROFIT 8 1,685,270 1,664,786

Interest receivable and similar income 7,282 2,150
1,692,552 1,666,936

Interest payable and similar expenses 10 13,500 3,480
PROFIT BEFORE TAXATION 1,679,052 1,663,456

Tax on profit 11 447,191 420,146
PROFIT FOR THE FINANCIAL YEAR 1,231,861 1,243,310
Profit attributable to:
Owners of the parent 1,231,861 1,243,310

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

30.4.24 30.4.23
Notes £    £   

PROFIT FOR THE YEAR 1,231,861 1,243,310


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,231,861

1,243,310

Total comprehensive income attributable to:
Owners of the parent 1,231,861 1,243,310

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

CONSOLIDATED BALANCE SHEET
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 15 2,117,453 2,088,007
Investments 16 - -
2,117,453 2,088,007

CURRENT ASSETS
Debtors 17 5,199,450 5,537,141
Cash at bank 940,979 739,254
6,140,429 6,276,395
CREDITORS
Amounts falling due within one year 18 1,576,438 2,072,010
NET CURRENT ASSETS 4,563,991 4,204,385
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,681,444

6,292,392

CREDITORS
Amounts falling due after more than one
year

19

(163,493

)

(12,249

)

PROVISIONS FOR LIABILITIES 23 (506,909 ) (490,924 )
NET ASSETS 6,011,042 5,789,219

CAPITAL AND RESERVES
Called up share capital 24 66 66
Capital redemption reserve 25 33 33
Retained earnings 25 6,010,943 5,789,120
SHAREHOLDERS' FUNDS 6,011,042 5,789,219

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

CONSOLIDATED BALANCE SHEET - continued
30 APRIL 2024


The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2024 and were signed on its behalf by:




R Dickens - Director



G Paxton - Director


GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

COMPANY BALANCE SHEET
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 15 2,113,953 2,080,715
Investments 16 2 2
2,113,955 2,080,717

CURRENT ASSETS
Debtors 17 4,102,661 3,561,015

CREDITORS
Amounts falling due within one year 18 1,137,000 919,812
NET CURRENT ASSETS 2,965,661 2,641,203
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,079,616

4,721,920

CREDITORS
Amounts falling due after more than one
year

19

(163,493

)

(12,249

)

PROVISIONS FOR LIABILITIES 23 (506,150 ) (489,270 )
NET ASSETS 4,409,973 4,220,401

CAPITAL AND RESERVES
Called up share capital 24 66 66
Capital redemption reserve 25 33 33
Retained earnings 25 4,409,874 4,220,302
SHAREHOLDERS' FUNDS 4,409,973 4,220,401

Company's profit for the financial year 1,199,610 1,168,431

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

COMPANY BALANCE SHEET - continued
30 APRIL 2024


The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2024 and were signed on its behalf by:




G Paxton - Director



R Dickens - Director


GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 May 2022 66 5,696,772 33 5,696,871

Changes in equity
Dividends - (1,150,962 ) - (1,150,962 )
Total comprehensive income - 1,243,310 - 1,243,310
Balance at 30 April 2023 66 5,789,120 33 5,789,219

Changes in equity
Dividends - (1,010,038 ) - (1,010,038 )
Total comprehensive income - 1,231,861 - 1,231,861
Balance at 30 April 2024 66 6,010,943 33 6,011,042

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 May 2022 66 4,202,833 33 4,202,932

Changes in equity
Dividends - (1,150,962 ) - (1,150,962 )
Total comprehensive income - 1,168,431 - 1,168,431
Balance at 30 April 2023 66 4,220,302 33 4,220,401

Changes in equity
Dividends - (1,010,038 ) - (1,010,038 )
Total comprehensive income - 1,199,610 - 1,199,610
Balance at 30 April 2024 66 4,409,874 33 4,409,973

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

30.4.24 30.4.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,593,589 1,882,708
Interest paid (1,339 ) (1,336 )
Interest element of hire purchase payments
paid

(12,161

)

(2,144

)
Tax paid (225,178 ) (174,892 )
Net cash from operating activities 2,354,911 1,704,336

Cash flows from investing activities
Purchase of tangible fixed assets (193,745 ) (751,256 )
Sale of tangible fixed assets 14,669 9,596
Interest received 7,282 2,150
Net cash from investing activities (171,794 ) (739,510 )

Cash flows from financing activities
Capital repayments in year (87,041 ) (29,132 )
Amount withdrawn by directors (21,188 ) 6,279
Equity dividends paid (1,010,038 ) (1,150,962 )
Net cash from financing activities (1,118,267 ) (1,173,815 )

Increase/(decrease) in cash and cash equivalents 1,064,850 (208,989 )
Cash and cash equivalents at beginning of
year

2

(123,871

)

85,118

Cash and cash equivalents at end of year 2 940,979 (123,871 )

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.4.24 30.4.23
£    £   
Profit before taxation 1,679,052 1,663,456
Depreciation charges 432,247 376,180
Profit on disposal of fixed assets (10,502 ) (3,438 )
Amounts recoverable on contracts 42,713 49,474
Finance costs 13,500 3,480
Finance income (7,282 ) (2,150 )
2,149,728 2,087,002
Decrease in trade and other debtors 294,978 105,890
Increase/(decrease) in trade and other creditors 148,883 (310,184 )
Cash generated from operations 2,593,589 1,882,708

2. CASH AND CASH EQUIVALENTS

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

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 940,979 739,254
Bank overdrafts - (863,125 )
940,979 (123,871 )
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 739,254 385,049
Bank overdrafts (863,125 ) (299,931 )
(123,871 ) 85,118


GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

Other
non-cash
At 1.5.23 Cash flow changes At 30.4.24
£    £    £    £   
Net cash
Cash at bank 739,254 201,725 940,979
Bank overdrafts (863,125 ) 863,125 -
(123,871 ) 1,064,850 940,979
Debt
Finance leases (36,705 ) 87,041 (272,115 ) (221,779 )
(36,705 ) 87,041 (272,115 ) (221,779 )
Total (160,576 ) 1,151,891 (272,115 ) 719,200

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. GENERAL INFORMATION

GRT Group Limited (‘the Company’) and its subsidiaries (together ‘the Group’) operate in the United Kingdom.

2. STATUTORY INFORMATION

GRT Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

3. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. These consolidated and separate financial statements are prepared on a going concern basis, under the historical cost convention in accordance with Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and the Republic of Ireland and Companies Act 2006.

The company's functional and presentation currency is GBP.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group and Company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 5.

4. ACCOUNTING POLICIES

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

Financial Reporting Standard 102 - reduced disclosure exemptions
The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

(a) the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);
(b) the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
(c) the requirements of Section 12 Other Financial Instruments paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
(d) the requirement of Section 33 Related Party Disclosures paragraph 33.7.

Basis of consolidation
The Group consolidated financial statements include the financial statements of the Company and all of its subsidiary undertakings made up to 30 April 2024.

A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the Group’s interest in the entity.

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The majority of the Group's turnover consists of construction contracts.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date.

Variations in contract work are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost and 10% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Financial instruments
Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances and investments are recognised at transaction price. Such assets are subsequently carried at amortised cost using the effective interest method.

Trade receivables are obligations for customers to pay for services that have been provided by the group in the ordinary course of business. Trade receivables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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) despite having retained some significant risks and rewards of ownership, 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.

Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and loans from fellow Group companies are classified as debt, and initially recognised at transaction price.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables 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.


GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Related party transactions
The Group discloses transactions with related parties which are not wholly owned within the same Group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transactions on the Group financial statements.

Investments in subsidiaries
Investment in subsidiary undertakings are recognised at cost.

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Bad Debt Provision
Management continually assess contracts and associated debtors, and a provision is made for any debts that are considered doubtful at the year end. The provision is calculated on a contract by contract basis.

Contracts and Work in Progress
Management assess the progress of each contract regularly, and recognise the revenue and profit on each contract by reference to stage of completion. Any contract work in progress at the year end is recognised on the balance sheet.

6. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

30.4.24 30.4.23
£    £   
Building services 10,961,164 12,742,187
Scaffolding services 4,849,138 5,012,830
15,810,302 17,755,017

An analysis of turnover by geographical market is given below:

30.4.24 30.4.23
£    £   
United Kingdom 15,810,302 17,755,017
15,810,302 17,755,017

7. EMPLOYEES AND DIRECTORS
30.4.24 30.4.23
£    £   
Wages and salaries 991,395 932,037
Social security costs 41,351 43,211
Other pension costs 11,061 8,635
1,043,807 983,883

The average number of employees during the year was as follows:
30.4.24 30.4.23

Directors and Management 2 2
Administration 10 11
Direct staff 3 3
15 16

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. EMPLOYEES AND DIRECTORS - continued

30.4.24 30.4.23
£    £   
Directors' remuneration 59,243 17,503
Directors' pension contributions to money purchase schemes 7,200 7,200

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

8. OPERATING PROFIT

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

30.4.24 30.4.23
£    £   
Other operating leases 205,610 161,902
Depreciation - owned assets 365,444 344,217
Depreciation - assets on hire purchase contracts 66,803 31,963
Profit on disposal of fixed assets (10,502 ) (3,438 )

9. AUDITORS' REMUNERATION

The audit fee for the year for GRT Group Limited and the consolidation was £9,975 (2023: £10,475).

Other Services

The audit fee for the subsidiary undertaking GRT Scaffolding Services Limited was £3,385 (2023: £3,235).
The audit fee for the subsidiary undertaking GRT Builders Limited was £3,385 (2023: £3,235).

10. INTEREST PAYABLE AND SIMILAR EXPENSES
30.4.24 30.4.23
£    £   
Bank interest 1,308 60
Interest on late paid tax 31 1,276
Hire purchase 12,161 2,144
13,500 3,480

11. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.4.24 30.4.23
£    £   
Current tax:
UK corporation tax 431,206 225,222

Deferred tax 15,985 194,924
Tax on profit 447,191 420,146

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

11. TAXATION - continued

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

30.4.24 30.4.23
£    £   
Profit before tax 1,679,052 1,663,456
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

419,763

316,057

Effects of:
Expenses not deductible for tax purposes 27,407 18,752
Income not taxable for tax purposes (2,625 ) (653 )
Capital allowances in excess of depreciation (13,339 ) (114,599 )
Movements in deferred tax 15,985 194,924
FY2023 increase in tax rate 01/04/2023 to 25% - 5,699
Marginal rate relief FY2023 - (34 )
Total tax charge 447,191 420,146

12. INDIVIDUAL INCOME STATEMENT

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


13. DIVIDENDS

30.4.24 30.4.23
£ £

Ordinary share of £0.01 each Interim 403,920 403,920
A' Ordinary share of £0.01 Interim 606,118 747,042
1,010,038 1,150,962

14. DEFINED CONTRIBUTION SCHEME

The Group provides a defined contribution schemes for its employees. The amount recognised as an expense for the defined contribution scheme was:
£    £   
30.4.24 30.4.23

Current year contributions 11,061 8,635

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

15. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 May 2023 3,838,923 84,712 359,788 4,283,423
Additions 141,012 3,357 321,491 465,860
Disposals - - (65,075 ) (65,075 )
At 30 April 2024 3,979,935 88,069 616,204 4,684,208
DEPRECIATION
At 1 May 2023 1,852,428 60,307 282,681 2,195,416
Charge for year 332,733 9,717 89,797 432,247
Eliminated on disposal - - (60,908 ) (60,908 )
At 30 April 2024 2,185,161 70,024 311,570 2,566,755
NET BOOK VALUE
At 30 April 2024 1,794,774 18,045 304,634 2,117,453
At 30 April 2023 1,986,495 24,405 77,107 2,088,007

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 May 2023 121,740
Additions 272,115
Transfer to ownership (48,565 )
At 30 April 2024 345,290
DEPRECIATION
At 1 May 2023 249,291
Charge for year 66,803
Transfer to ownership (194,415 )
At 30 April 2024 121,679
NET BOOK VALUE
At 30 April 2024 223,611
At 30 April 2023 (127,551 )

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

15. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 May 2023 3,619,355 84,712 359,788 4,063,855
Additions 140,651 3,357 321,491 465,499
Disposals - - (65,075 ) (65,075 )
At 30 April 2024 3,760,006 88,069 616,204 4,464,279
DEPRECIATION
At 1 May 2023 1,640,152 60,307 282,681 1,983,140
Charge for year 328,580 9,717 89,797 428,094
Eliminated on disposal - - (60,908 ) (60,908 )
At 30 April 2024 1,968,732 70,024 311,570 2,350,326
NET BOOK VALUE
At 30 April 2024 1,791,274 18,045 304,634 2,113,953
At 30 April 2023 1,979,203 24,405 77,107 2,080,715

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 May 2023 121,740
Additions 272,115
Transfer to ownership (48,565 )
At 30 April 2024 345,290
DEPRECIATION
At 1 May 2023 249,291
Charge for year 66,803
Transfer to ownership (194,415 )
At 30 April 2024 121,679
NET BOOK VALUE
At 30 April 2024 223,611
At 30 April 2023 (127,551 )

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

16. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 2
NET BOOK VALUE
At 30 April 2024 2
At 30 April 2023 2

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

Subsidiaries

GRT Scaffolding Services Limited
Registered office: Cheribourne House, 45A Station Road, Willington, Bedford, Bedfordshire MK44 3QL
Nature of business: Scaffolding
%
Class of shares: holding
Ordinary 100.00

Registered number: 04200606

GRT Builders Limited
Registered office: Cheribourne House, 45A Station Road, Willington, Bedford, Bedfordshire MK44 3QL
Nature of business: Builders
%
Class of shares: holding
Ordinary 100.00

Registered number: 04092018


17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Trade debtors 4,016,409 4,335,186 - -
Amounts owed by group undertakings - - 3,233,360 2,711,620
Amounts recoverable on contracts 292,465 335,178 - -
Other debtors 528,997 506,467 521,357 497,288
VAT 106,998 122,325 106,998 122,325
Prepayments 254,581 237,985 240,946 229,782
5,199,450 5,537,141 4,102,661 3,561,015

Included in other debtors is an amount owed by Redcrest Developments Limited of £507,151 (2023: £497,288) as disclosed in note 26.

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Bank loans and overdrafts (see note 20) - 863,125 737,475 623,559
Hire purchase contracts (see note 21) 58,286 24,456 58,286 24,456
Trade creditors 263,593 254,824 111,635 127,294
Tax 344,329 138,301 82,110 6,781
Social security and other taxes 60,878 61,788 9,445 8,711
Other creditors 309,542 277,308 - -
Net wages - 749 - -
Directors' loan accounts 89,657 110,845 89,657 110,845
Accrued expenses 450,153 340,614 48,392 18,166
1,576,438 2,072,010 1,137,000 919,812

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

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Hire purchase contracts (see note 21) 163,493 12,249 163,493 12,249

20. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 863,125 737,475 623,559

21. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.4.24 30.4.23
£    £   
Net obligations repayable:
Within one year 58,286 24,456
Between one and five years 163,493 12,249
221,779 36,705

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

21. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
30.4.24 30.4.23
£    £   
Net obligations repayable:
Within one year 58,286 24,456
Between one and five years 163,493 12,249
221,779 36,705

Group
Non-cancellable operating leases
30.4.24 30.4.23
£    £   
Within one year 125,000 100,000
Between one and five years 125,000 100,000
250,000 200,000

Hire purchase contracts are secured on the related assets.

22. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Bank overdraft - 863,125 737,475 623,559
Hire purchase contracts 221,779 36,705 221,779 36,705
221,779 899,830 959,254 660,264

The company has a bank overdraft which is secured under a personal guarantee by the directors.

GRT Group Limited cross guarantees the bank overdraft and bank loans in its subsidiary companies.

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

23. PROVISIONS FOR LIABILITIES

Deferred taxation

Deferred tax consists of the following deferred tax liabilities (assets):

Group 30.4.24 30.4.23
£ £
Accelerated capital allowances 506,909 490,924
Total provision 506,909 490,924

Company 30.4.24 30.4.23
£ £
Accelerated capital allowances 506,150 489,270
Total provision 506,150 489,270

24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
6,600 Ordinary £0.01 66 66
1 'A' Ordinary £0.01 - -
66 66

25. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 May 2023 5,789,120 33 5,789,153
Profit for the year 1,231,861 - 1,231,861
Dividends (1,010,038 ) - (1,010,038 )
At 30 April 2024 6,010,943 33 6,010,976

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 May 2023 4,220,302 33 4,220,335
Profit for the year 1,199,610 1,199,610
Dividends (1,010,038 ) (1,010,038 )
At 30 April 2024 4,409,874 33 4,409,907

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

25. RESERVES - continued


26. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Redcrest Developments Limited, a company with common directorship and control
30.4.24 30.4.23
£    £   
Rent paid to Redcrest Developments 125,000 100,000
Amount owed from Redcrest Developments at 30 April 2024 507,151 497,288

Directors
30.4.24 30.4.23
£    £   
Dividends paid 105,019 105,019

Spouses of Directors
30.4.24 30.4.23
£    £   
Salaries paid 23,795 24,603
Dividends paid 105,019 105,019

See note 7 for disclosure of the directors’ remuneration.

See note 22 for details of the bank borrowings secured under personal guarantee by the directors.

27. ULTIMATE CONTROLLING PARTY

The Group is jointly controlled by its directors, Graham Paxton and Robert Dickens. Both are shareholders, and each own less than 50% of the issued shares of GRT Group Limited..

GRT GROUP LIMITED (REGISTERED NUMBER: 04203292)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

28. FINANCIAL RISK MANAGEMENT

Financial risk management
The group's operations expose it to a variety of financial risks that include the effects of changes in credit
risk, liquidity risk and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs. The group does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk
management to a sub-committee of the board. The policies set by the board of directors are implemented by the group's finance department.

Price risk
The group is exposed to price risk due to normal inflationary increases in the purchase price of the goods and services purchased in the UK. The group has no exposure to equity securities price risk as it holds no listed or other equity investments.

Liquidity risk
The group actively maintains a mixture of debt and equity finance that is designed to ensure that the company has sufficient available funds for operations and planned expansions.

Credit risk
The group has both interest bearing assets and interest bearing liabilities. Interest bearing assets include only cash balances which earn interest at a variable rate. The group has a policy of maintaining debt at a fixed rate to ensure certainty of future interest cash flows. The directors will revisit the appropriateness of this policy if the operations of the company change in size or nature