Company Registration No. 04338791 (England and Wales)
GP Group Limited
Unaudited accounts
for the period from 1 March 2023 to 28 February 2024
GP Group Limited
Unaudited accounts
Contents
GP Group Limited
Company Information
for the period from 1 March 2023 to 28 February 2024
Directors
A G Dyer
P M Carpenter
P Crowson
Company Number
04338791 (England and Wales)
Registered Office
Kingfisher House, Rownhams Lane
North Baddesley
Southampton
Hampshire
SO52 9LP
Accountants
TBT Accountancy Ltd
Kingfisher House
Rownhams Lane
North Baddesley
Southampton
Hampshire
SO52 9LP
GP Group Limited
Statement of financial position
as at 28 February 2024
Tangible assets
1,189,984
1,203,936
Debtors
1,237,198
1,193,684
Cash at bank and in hand
716,600
783,331
Creditors: amounts falling due within one year
(1,064,724)
(714,848)
Net current assets
957,712
1,349,547
Total assets less current liabilities
2,147,896
2,553,683
Creditors: amounts falling due after more than one year
(95,128)
(96,610)
Provisions for liabilities
Deferred tax
(77,891)
(63,158)
Net assets
1,974,877
2,393,915
Called up share capital
116
119
Capital redemption reserve
88
85
Profit and loss account
1,974,673
2,393,711
Shareholders' funds
1,974,877
2,393,915
For the period ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by
A G Dyer
Director
Company Registration No. 04338791
GP Group Limited
Notes to the Accounts
for the period from 1 March 2023 to 28 February 2024
GP Group Limited is a private company, limited by shares, registered in England and Wales, registration number 04338791. The registered office is Kingfisher House, Rownhams Lane, North Baddesley , Southampton , Hampshire , SO52 9LP.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due after trade discounts, other sales taxes and net of VAT.
Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant & machinery
15% Straight Line
Motor vehicles
25% Reducing Balance
Fixtures & fittings
15% Straight Line
Computer equipment
25% Straight Line
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses are recognised immediately in profit of loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
GP Group Limited
Notes to the Accounts
for the period from 1 March 2023 to 28 February 2024
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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 classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
GP Group Limited
Notes to the Accounts
for the period from 1 March 2023 to 28 February 2024
The tax expense represents the sum of tax currently payable and deferred tax.
Tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income and expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit not the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Payments to defined contribution benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are recognised at the lower of the assets' fair value at the date of inception and the present value of minimum lease payments. The related liability is included within the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
GP Group Limited
Notes to the Accounts
for the period from 1 March 2023 to 28 February 2024
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 March 2023
878,419
69,152
425,094
8,462
26,769
1,407,896
Additions
-
3,196
74,624
-
8,488
86,308
Disposals
-
-
(13,500)
-
-
(13,500)
At 28 February 2024
878,419
72,348
486,218
8,462
35,257
1,480,704
At 1 March 2023
-
32,309
158,285
2,214
11,152
203,960
Charge for the period
-
7,850
78,721
1,269
7,531
95,371
On disposals
-
-
(8,611)
-
-
(8,611)
At 28 February 2024
-
40,159
228,395
3,483
18,683
290,720
At 28 February 2024
878,419
32,189
257,823
4,979
16,574
1,189,984
At 28 February 2023
878,419
36,843
266,809
6,248
15,617
1,203,936
5
Investments
Subsidiary undertakings
Valuation at 1 March 2023
200
Valuation at 28 February 2024
200
Details of the company's subsidiaries as at 28 February 2024 are as follows:
GP Contractors Limited, England and Wales, Ordinary shares
GP Special Projects (UK) Limited, England and Wales, Ordinary shares
The aggregate capital and reserves of the subsidiaries noted above was as follows:
GP Contractors Limited, £100
GP Special Projects (UK) Limited, £100
The result for the year of the subsidiaries was as follows:
GP Contractors Limited, £0.00
GP Special Projects (UK) Limited, £0.00
Both subsidiaries have an accounting year end of 31 August. The results presented above are for the year ended 31 August 2023.
GP Group Limited
Notes to the Accounts
for the period from 1 March 2023 to 28 February 2024
Amounts falling due within one year
Trade debtors
979,204
917,569
Amounts due from group undertakings etc.
515
515
Accrued income and prepayments
52,714
79,190
Other debtors
181,674
181,435
7
Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
45,158
42,466
Trade creditors
226,571
243,756
Amounts owed to group undertakings and other participating interests
200
200
Taxes and social security
248,600
209,535
Other creditors
51,750
120,632
Loans from directors
86
1,161
Hire purchase liabilities are secured against the assets to which they relate.
In the year ended February 2021 the company took out a bank loan under the Government's CBILS scheme. As part of this scheme, the UK Government covered interest payments for the first 12 months to November 2021. From November 2021, the loan attracted interest at a rate of 3.8% plus BOE base rate. The loan was repaid in full in the year ended February 2023.
8
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
95,128
96,610
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
10
Operating lease commitments
2024
2023
At 28 February 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
12,664
8,132
Later than one year and not later than five years
17,330
5,132
GP Group Limited
Notes to the Accounts
for the period from 1 March 2023 to 28 February 2024
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
150,512
533,971
529,262
155,220
156,357
645,223
646,090
155,489
Loans have been granted by the company to directors listed above. The loans are repayable on demand and have been repaid post-year end. Loans exceeding £10,000 hold an interest rate of 2%.
12
Transactions with related parties
GP Masonry Contractors Limited, a company of which P Crowson is a 100% shareholder and director, owed a total of £515 [2023: £515] to GP Group Limited at the year end.
13
Average number of employees
During the period the average number of employees was 16 (2023: 19).