REGISTERED NUMBER: 05106109 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 30 April 2024 |
for |
Guild Corporate Services Group Limited |
REGISTERED NUMBER: 05106109 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 30 April 2024 |
for |
Guild Corporate Services Group Limited |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 6 |
Report of the Independent Auditors | 8 |
Consolidated Statement of Comprehensive Income | 12 |
Consolidated Balance Sheet | 13 |
Company Balance Sheet | 14 |
Consolidated Statement of Changes in Equity | 15 |
Company Statement of Changes in Equity | 16 |
Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Financial Statements | 19 |
Guild Corporate Services Group Limited |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
The Retreat |
406 Roding Lane South |
Woodford Green |
Essex |
IG8 8EY |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
The director presents his strategic report of the company and the group for the year ended 30 April 2024. |
Introduction |
Guild Corporate Services Group Limited ("GCSL") was founded in 2004. A list of all of the subsidiary companies within the Group is set out in note 11 to these financial statements - one such subsidiary being The Construction Workers Guild Ltd, which began trading in 1997 and affords The Guild brand some 27 years of experience in CIS compliance. GCSL, along with its subsidiary companies, ("The Group") is a highly regarded provider of engagement and compliance services and is passionate about its belief that self-employment helps to foster prosperity, freedom and independence. The Group is committed to providing the best possible service to its clients and to that end, it has focused on ensuring that it maintains a thorough understanding of current and future compliance requirements, such that all reporting obligations are met and clients are briefed on the impact of proposed changes. |
Our dedicated in-house teams specialising in legal, tax and compliance issues ensure that all employment status matters are addressed and in full compliance with current regulatory standards, thus mitigating the commercial risks that can arise when engaging self-employed workers. |
REVIEW OF BUSINESS |
The results for the year and financial position are set out in the financial statements that form part of these accounts. |
In the year under review, the Group continued to experience solid growth, with notable improvements in both turnover and Earnings Before Interest, Taxation Depreciation and Amortisation ("EBITDA"). This performance demonstrates the robustness of the Group's operations and the success of our strategic initiatives. |
- Turnover increased by 4% from £579.7m to £602.9m, driven largely by the continuing value our clients perceive the Group offers. |
- EBITDA increased by 8%, largely driven by operating efficiencies delivered by our strategic initiatives. |
The Group is continually looking for ways to expand its operations both by increasing market share in the sectors within which it operates and by diversification into adjoining markets where it makes commercial sense. Our ability to increase both turnover and EBITDA gives us confidence that we have a solid foundation to support all of our stakeholder groups in the long term. |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Group faces a range of risks, which are managed through proactive risk management practices. The following risks have been identified: |
Financial Risk |
• Risk: The Group is exposed to risks associated with its financial assets and liabilities. The primary risk is the potential shortfall of proceeds from financial assets to meet obligations when they fall due. |
• Mitigation: To manage this, management constantly reviews cash flows and ensure sufficient funds are retained within the business to meet identified needs and to cover unforeseen items of expenditure. |
Economic and Market Conditions |
• Risk: Economic downturns, inflation, recessions and changes in consumer spending patterns can materially impact revenues and profitability. |
• Mitigation: The Group actively monitors economic trends (especially within the sectors within which it operates) and adapts its operations as required in order to benefit from positive changes and mitigate any less favourable trends. |
Regulatory and Compliance Risks |
• Risk: Changes in laws and regulations, such as data protection (e.g. GDPR), tax legislation / regulations and environmental law could adversely impact the Group. |
• Mitigation: The Group is committed to staying abreast of changes in legislation and by using a combination of a skilled in-house team of experts supported by third party subject matter experts successfully achieves this. Having advanced warning of future changes means the Group can plan for change in a proactive manner. |
Environmental Risk |
• Risk: The Group recognises its responsibility towards environmental sustainability. |
• Mitigation: While the Group's activities do not have a material adverse impact on the environment, it does monitor and actively manage the environmental impact of its activities. Initiatives in this area include enhancing energy efficiency, reducing paper usage and encouraging recycling wherever possible. |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
FINANCIAL KEY PERFORMANCE INDICATORS |
The Group believes that Turnover, EBITDA and Net Assets are the key performance indicators ("KPIs") for the business. These were as follows: |
Key Metric | 2024 | 2023 | Change |
£m | £m | % |
Turnover | 602.9 | 579.7 | 4.0 |
EBITDA | 3.4 | 3.2 | 8.3 |
Net Assets | 1.79 | 1.45 | 23.6 |
In addition to financial KPIs, the Group recognises the importance of monitoring some non-financial KPIs in order to guarantee the long-term future of the business and to maximise operational efficiency. The Group believes the following are the most important non-financial KPIs. |
• Innovation - In order to carry on business and to thrive, the business needs to continually review the legislative environment in which it operates and adapt to any changes that may arise. In order to maintain a competitive advantage, the Group continually reviews all of its systems and procedures and adapts these where it becomes clear economic advantage can be realised from enhancements. |
• Employee Satisfaction - We recognise that our employees are a key element of the business' ability to deliver high quality services. To that end we aim to be a responsible employer in respect to pay and associated benefits. We aim to allow for flexible working wherever this is possible and to ensure that staff receive appropriate training to allow them to deliver high quality services to clients. |
• Ethical standards - The business provides services of a technical nature and as a business we are committed to ensuring that we undertake sufficient research and training to ensure that our clients can depend upon the advice and services we provide are both compliant and insightful. |
FUTURE DEVELOPMENTS |
Looking forwards the Group is focused on a number of initiatives aimed at both growing and strengthening the business. These include: |
• New Product Launches - The Group is looking to launch new product lines which will diversify our product offerings, allow for expansion into alternative business segments and provide a more rounded suite of products for our current and future client base. |
• Improving Efficiency - The Group is intending to carry on with its various initiatives to remove unnecessary costs from its operations, increase operational efficiency from enhanced computer systems and more streamlined internal processes as well as reducing any environmental impact wherever possible. |
• Employees and Advisors - The Group recognises that in order to deliver high quality services to its clients, it needs to continue to recruit and retain high calibre individuals and is committed to doing so. It also recognises the value it has in the network of professional advisors that it has established and intends to maintain and develop this group in order to be able to access specialist insight as and when it is needed. |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
CONCLUSION |
Guild Corporate Services Group Limited remains committed to delivering high quality services to the sectors within which it operates and to constantly monitor changes in the regulatory environment to ensure clients are always compliant. The Group believes that its strategic initiatives will deliver this and ensure the Group has a long-term future. |
ON BEHALF OF THE BOARD: |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Report of the Director |
for the Year Ended 30 April 2024 |
The director presents his 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 offering engagement and compliance services. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 April 2024 will be £ 2,409,916 . |
DIRECTOR |
GOING CONCERN |
The financial statements have been prepared on the going concern basis which the director believes to be appropriate. |
Having reviewed the Group's financial forecasts and expected future cash flows, the director has a reasonable expectation that the Group has adequate resources available to continue in operational existence for the foreseeable future, a period of not less than 12 months from the date of approval of these financial statements. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements for the year ended 30 April 2024. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is 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 he 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. |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Report of the Director |
for the Year Ended 30 April 2024 |
AUDITORS |
The auditors, Nordens, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Guild Corporate Services Group Limited |
Opinion |
We have audited the financial statements of Guild Corporate Services Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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. |
Report of the Independent Auditors to the Members of |
Guild Corporate Services Group Limited |
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 Director 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 Director have been prepared in accordance with applicable legal requirements. |
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 Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page six, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Guild Corporate Services 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 planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- 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. |
- Enquiring of management of whether they are aware of any non-compliance with laws and regulations. |
- Enquiring of management whether they have knowledge of any actual, suspected or alleged fraud. |
- Enquiring of management their internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations. |
- Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we evaluated management's incentive and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls and determined that the principal risk was related to the posting of inappropriate journal entries. |
- Obtaining an understanding of the legal and regulatory framework under which the company operates, focussing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations we considered in this context included the UK Companies Act 2006, IR35, applicable tax legislation, employment law and health and safety laws. |
To address the risk of fraud through management bias and override of controls, we: |
- Performed analytical procedures to identity any unusual or unexpected relationships and transactions. |
- Audited the risk of management override of controls, including through testing journal entries for appropriateness with specific focus on entries containing unusual account combinations and reviewing large and unusual bank transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but are not limited to: |
- Agreeing financial statements disclosures to underlying supporting documentation. |
- Enquiring of management as to actual and potential litigation claims. |
- Confirming with management that there had been no non-compliance with any of the legislation discussed above. |
- Reviewing relevant profit and loss account items for evidence of litigation. |
The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance. Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors. |
Report of the Independent Auditors to the Members of |
Guild Corporate Services Group Limited |
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. |
for and on behalf of |
Statutory Auditors |
The Retreat |
406 Roding Lane South |
Woodford Green |
Essex |
IG8 8EY |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Consolidated Statement of Comprehensive Income |
for the Year Ended 30 April 2024 |
Period |
30.4.22 |
Year Ended | to |
30.4.24 | 30.4.23 |
Notes | £ | £ |
TURNOVER | 602,863,059 | 579,710,407 |
Cost of sales | (594,856,530 | ) | (571,362,056 | ) |
GROSS PROFIT | 8,006,529 | 8,348,351 |
Administrative expenses | (4,693,857 | ) | (5,336,137 | ) |
OPERATING PROFIT | 4 | 3,312,672 | 3,012,214 |
Interest receivable and similar income | 427,561 | 113,193 |
3,740,233 | 3,125,407 |
Amounts written off investments | 5 | (30,000 | ) | - |
PROFIT BEFORE TAXATION | 3,710,233 | 3,125,407 |
Tax on profit | 6 | (957,964 | ) | (625,566 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,752,269 |
2,499,841 |
Profit attributable to: |
Owners of the parent | 2,752,269 | 2,499,841 |
Total comprehensive income attributable to: |
Owners of the parent | 2,752,269 | 2,499,841 |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Consolidated Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 298,730 | 272,350 |
Tangible assets | 10 | 45,622 | 114,535 |
Investments | 11 | 449,176 | 449,176 |
Investment property | 12 | 1,229,629 | 1,229,629 |
2,023,157 | 2,065,690 |
CURRENT ASSETS |
Debtors | 13 | 1,483,954 | 631,537 |
Cash at bank and in hand | 8,836,309 | 9,916,919 |
10,320,263 | 10,548,456 |
CREDITORS |
Amounts falling due within one year | 14 | (10,550,980 | ) | (11,164,059 | ) |
NET CURRENT LIABILITIES | (230,717 | ) | (615,603 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES | 1,792,440 | 1,450,087 |
CAPITAL AND RESERVES |
Called up share capital | 16 | 1,010 | 1,010 |
Other reserves | 32,876 | 32,876 |
Retained earnings | 1,758,554 | 1,416,201 |
SHAREHOLDERS' FUNDS | 1,792,440 | 1,450,087 |
The financial statements were approved by the director and authorised for issue on 16 January 2025 and were signed by: |
Mr D S Reynolds - Director |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Company Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (6,294 | ) | (9,227 | ) |
The financial statements were approved by the director and authorised for issue on |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 30 April 2022 | 1,010 | 2,367,643 | 32,876 | 2,401,529 |
Changes in equity |
Dividends | - | (3,451,283 | ) | - | (3,451,283 | ) |
Total comprehensive income | - | 2,499,841 | - | 2,499,841 |
Balance at 30 April 2023 | 1,010 | 1,416,201 | 32,876 | 1,450,087 |
Changes in equity |
Dividends | - | (2,409,916 | ) | - | (2,409,916 | ) |
Total comprehensive income | - | 2,752,269 | - | 2,752,269 |
Balance at 30 April 2024 | 1,010 | 1,758,554 | 32,876 | 1,792,440 |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Company Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 30 April 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 April 2023 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 April 2024 |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Consolidated Cash Flow Statement |
for the Year Ended 30 April 2024 |
Period |
30.4.22 |
Year Ended | to |
30.4.24 | 30.4.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,264,656 | 4,034,253 |
Tax paid | (939,275 | ) | (702,773 | ) |
Net cash from operating activities | 325,381 | 3,331,480 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (101,372 | ) | (184,960 | ) |
Purchase of tangible fixed assets | - | (72,994 | ) |
Purchase of fixed asset investments | (30,000 | ) | - |
Interest received | 427,561 | 113,193 |
Net cash from investing activities | 296,189 | (144,761 | ) |
Cash flows from financing activities |
Amount introduced by director | 707,736 | - |
Equity dividends paid | (2,409,916 | ) | (3,451,283 | ) |
Net cash from financing activities | (1,702,180 | ) | (3,451,283 | ) |
Decrease in cash and cash equivalents | (1,080,610 | ) | (264,564 | ) |
Cash and cash equivalents at beginning of year |
2 |
9,916,919 |
10,181,483 |
Cash and cash equivalents at end of year | 2 | 8,836,309 | 9,916,919 |
Guild Corporate Services Group Limited (Registered number: 05106109) |
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 |
Period |
30.4.22 |
Year Ended | to |
30.4.24 | 30.4.23 |
£ | £ |
Profit before taxation | 3,710,233 | 3,125,407 |
Depreciation charges | 143,905 | 151,378 |
Increase in amounts owed by associates | (29,801 | ) | - |
Write off of Investments | 30,000 | - |
Finance income | (427,561 | ) | (113,193 | ) |
3,426,776 | 3,163,592 |
(Increase)/decrease in trade and other debtors | (431,811 | ) | 41,492 |
(Decrease)/increase in trade and other creditors | (1,730,309 | ) | 829,169 |
Cash generated from operations | 1,264,656 | 4,034,253 |
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 | 8,836,309 | 9,916,919 |
Period ended 30 April 2023 |
30.4.23 | 30.4.22 |
£ | £ |
Cash and cash equivalents | 9,916,919 | 10,181,483 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.5.23 | Cash flow | At 30.4.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 9,916,919 | (1,080,610 | ) | 8,836,309 |
9,916,919 | (1,080,610 | ) | 8,836,309 |
Total | 9,916,919 | (1,080,610 | ) | 8,836,309 |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Guild Corporate Services Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated Group financial statements consist of the financial statements of the parent company, Guild Corporate Services Group Limited, together with all entities controlled by the parent company (its subsidiaries) and the Group's share of its interest in joint ventures and associates. |
All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group. |
All intra-transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
Entities in which the Group holds an interest and which are jointly controlled by the Group and one or more other ventures under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the Group has a participating interest and over whose operating and financial policies in the Group exercises a significant influence, are treated as associates. |
Significant judgements and estimates |
In the application of the Group's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of the 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. |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents the net charges received or receivable for the compliance services provided in the normal course of business, and is shown net of VAT and other sales related taxes. |
Intangible assets |
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. |
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. |
Amortisation 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: |
Intellectual property | Straight line over 5 years |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost of valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Plant and equipment | 25% on reducing balance, written off in full after 5 years |
Fixtures and fittings | 25% on reducing balance, written off in full after 5 years |
Computers | 25% on reducing balance, written off in full after 5 years |
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. |
Investment property |
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase costs and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting date. The surplus or deficit on revaluation is recognised in profit or loss. |
Where fair value cannot be determined without undue cost or effort, investment property is accounted for as tangible fixed assets. |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Group 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 Group's balance sheet when the Group 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 |
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. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
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 |
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. |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Equity instruments |
Equity instruments issued by the Group 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 Group. |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
3. | EMPLOYEES AND DIRECTORS |
Period |
30.4.22 |
Year Ended | to |
30.4.24 | 30.4.23 |
£ | £ |
Wages and salaries | 2,610,703 | 2,803,703 |
Social security costs | 275,958 | 537,885 |
Other pension costs | 72,950 | 192,253 |
2,959,611 | 3,533,841 |
The average number of employees during the year was as follows: |
Period |
30.4.22 |
Year Ended | to |
30.4.24 | 30.4.23 |
Administration |
The average number of employees by undertakings that were proportionately consolidated during the year was 1 (2023 - 1 ) . |
Period |
30.4.22 |
Year Ended | to |
30.4.24 | 30.4.23 |
£ | £ |
Director's remuneration | 105,040 | 105,040 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
30.4.22 |
Year Ended | to |
30.4.24 | 30.4.23 |
£ | £ |
Depreciation - owned assets | 68,913 | 108,637 |
Patents and licences amortisation | 74,992 | 42,742 |
Auditors' remuneration | 37,709 | 56,394 |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
5. | AMOUNTS WRITTEN OFF INVESTMENTS |
Period |
30.4.22 |
Year Ended | to |
30.4.24 | 30.4.23 |
£ | £ |
Amounts written off |
investments | 30,000 | - |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
30.4.22 |
Year Ended | to |
30.4.24 | 30.4.23 |
£ | £ |
Current tax: |
UK corporation tax | 957,964 | 625,566 |
Tax on profit | 957,964 | 625,566 |
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: |
Period |
30.4.22 |
Year Ended | to |
30.4.24 | 30.4.23 |
£ | £ |
Profit before tax | 3,710,233 | 3,125,407 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19.492 %) |
927,558 |
609,204 |
Effects of: |
Expenses not deductible for tax purposes | 55,749 | 22,382 |
Capital allowances in excess of depreciation | (25,343 | ) | (6,020 | ) |
Total tax charge | 957,964 | 625,566 |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
8. | DIVIDENDS |
Period |
30.4.22 |
Year Ended | to |
30.4.24 | 30.4.23 |
£ | £ |
Ordinary shares of 1p each |
Final | 2,409,916 | 3,451,283 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
licences |
£ |
COST |
At 1 May 2023 | 321,276 |
Additions | 101,372 |
At 30 April 2024 | 422,648 |
AMORTISATION |
At 1 May 2023 | 48,926 |
Amortisation for year | 74,992 |
At 30 April 2024 | 123,918 |
NET BOOK VALUE |
At 30 April 2024 | 298,730 |
At 30 April 2023 | 272,350 |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 |
and 30 April 2024 | 10,849 | 72,995 | 413,800 | 497,644 |
DEPRECIATION |
At 1 May 2023 | 10,849 | 8,759 | 363,501 | 383,109 |
Charge for year | - | 18,614 | 50,299 | 68,913 |
At 30 April 2024 | 10,849 | 27,373 | 413,800 | 452,022 |
NET BOOK VALUE |
At 30 April 2024 | - | 45,622 | - | 45,622 |
At 30 April 2023 | - | 64,236 | 50,299 | 114,535 |
11. | FIXED ASSET INVESTMENTS |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
£ | £ | £ | £ |
Shares in group undertakings | - | - |
Loans to undertakings in which the company has a participating interest |
449,176 |
449,176 |
449,176 | 449,176 |
Additional information is as follows: |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Group |
Loans to |
associates |
£ |
At 1 May 2023 |
and 30 April 2024 | 449,176 |
Company |
Loans to |
associates |
£ |
At 1 May 2023 |
and 30 April 2024 |
Name of undertaking |
Registered office |
Class of shares held |
% Held direct |
CWG Services Limited | England & Wales | Ordinary | 100 |
The Construction Workers Guild Limited | England & Wales | Ordinary | 100 |
The Guild of Construction Workers Limited | England & Wales | Ordinary | 100 |
Guild Freelancing Limited | England & Wales | Ordinary | 100 |
Guild Assist Limited | England & Wales | Ordinary | 100 |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 | 1,229,629 |
NET BOOK VALUE |
At 30 April 2024 | 1,229,629 |
At 30 April 2023 | 1,229,629 |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
£ | £ | £ | £ |
Trade debtors | 744,482 | 205,785 |
Amounts owed by associates | 29,801 | - |
Other debtors | 91,911 | 243,211 |
Tax | 403,642 | 12,837 |
Prepayments and accrued income | 214,118 | 169,704 |
1,483,954 | 631,537 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
£ | £ | £ | £ |
Trade creditors | 44,480 | 154,581 |
Amounts owed to group undertakings | - | - |
Tax | 636,555 | 227,061 |
Social security and other taxes | 6,520,434 | 8,262,068 |
VAT | 447,517 | 363,545 | - | - |
Other creditors | 531,538 | 391,235 |
Directors' current accounts | 707,736 | - | - | - |
Accrued expenses | 1,662,720 | 1,765,569 |
10,550,980 | 11,164,059 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
30.4.24 | 30.4.23 |
£ | £ |
Within one year | 214,400 | 194,400 |
Between one and five years | 160,000 | 162,000 |
374,400 | 356,400 |
Guild Corporate Services Group Limited (Registered number: 05106109) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
16. | CALLED UP SHARE CAPITAL |
Group and company |
Allotted, issued and fully paid: | 2024 | 2023 |
Number: | Class | Nominal value: | £ | £ |
100,000 | Ordinary A | 1p | 1,000 | 1,000 |
100 | Ordinary W | 1p | 1 | 1 |
500 | Ordinary X | 1p | 5 | 5 |
100 | Ordinary Y | 1p | 1 | 1 |
300 | Ordinary Z | 1p | 3 | 3 |
1,010 | 1,010 |
Ordinary A Class shares have full voting rights and entitlement to dividends and share in surplus assets of the company. |
Ordinary W, X, Y & Z Class shares have no voting rights, are entitled to dividends, but have no entitlement to share in surplus assets of the company. |
17. | 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. |
During the year, the group was invoiced £240.6m (2023: £Nil) from associated entities for services provided. |
Dividends amounting to £2,409,916 (2023: £3,451,283) were paid to the director, Mr D Reynolds. |
18. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr D S Reynolds. |