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REGISTERED NUMBER: 10439527 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

GWS HOLDINGS LIMITED

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 8

Consolidated Income Statement 12

Consolidated Other Comprehensive Income 13

Consolidated Balance Sheet 14

Company Balance Sheet 15

Consolidated Statement of Changes in Equity 17

Company Statement of Changes in Equity 18

Consolidated Cash Flow Statement 19

Notes to the Consolidated Cash Flow Statement 20

Notes to the Consolidated Financial Statements 22


GWS HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mr F J Barron
Mrs K Barron





REGISTERED OFFICE: Thistle Road
Littleburn Industrial Estate
Langley Moor
Co. Durham
DH7 8HJ





REGISTERED NUMBER: 10439527 (England and Wales)





AUDITORS: Momentum Taxation & Accountancy Limited
Statutory Auditor
Harelands Courtyard Offices
Moor Road
Melsonby
Richmond
North Yorkshire
DL10 5NY

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024


The directors present their strategic report of the company and the group for the year ended 31 May 2024.

REVIEW OF BUSINESS
The principal activities of the company are that of civil engineering, bulk earthmoving, landfill and demolition.

After many years of continued growth and investment, the last financial year saw a decrease in turnover of 10% (2023 - +34%). This was foreseen by the company due to the previous years growth being exceptional.

In line with expectations and due to higher material and labour costs the gross profit decreased from £10.3m (19.81%) last year to £7.3m (15.64% ) this year.

PRINCIPAL RISKS AND UNCERTAINTIES
The process of identifying risks which the company is faced with is addressed by the directors and senior management team on an ongoing basis through the setting out of policies, procedures and adequate controls to mitigate against such. The principal risk at present is the continued increase in costs and the imminent rise in employment taxes.
Margins on contracts have tightened and are monitored on a regular basis. These risks and any of our clients delaying payments could expose the company to financial risk through cash flow. These matters are continually reviewed and we are prepared as much as possible for any circumstances that may arise.

Any significant increase in bank interest rates, fuel or further tax rises will have a detrimental effect on future figures as margins could be reduced.

The company finances its operations through retained profits and bank borrowings and we are not exposed to any foreign exchange fluctuations. Management's objectives in relation to its finances is to manage working capital to meet day to day obligations.


GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

SECTION 172(1) STATEMENT
The directors of the company must act in accordance with a set of general duties that are detailed in Section 172 of the UK Companies Act 2006.

Specifically, the Act requires each director to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole, and in doing so have regard (amongst other matters) to:

The likely consequences of any decisions in the long term
The interests of the company's employees
The need to foster the company's business relationships with suppliers, customers, and others
The impact of the company's operations on the community and environment
The desirability of the company maintaining a reputation for high standards of business conduct; and
The need to act fairly as between shareholders of the company.

The directors have acted in a way that they consider, in good faith, to be most likely to promote the success of the Company for the benefits of all stakeholders; fostering high standards, good governance, an appropriate code of conduct and the need to act fairly for all members of the Company. The directors consider that the Company's key stakeholders are its clients, owners, employees, suppliers and the local community. It is considered vital that strong relationships are built with key stakeholders, which are both meaningful and mutually beneficial. Appropriate due diligence is done before entering into new relationships with any key supplier to ensure the propriety of business operations, including considerations of environmental and social responsibilities.


GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

KEY PERFORMANCE INDICATORS
In continuing economically challenging times the business has delivered another strong set of results for the year.

The summary below shows how the key measures in the trading company compare against prior years. We remain pleased with the performance and progress of the company and that it continues to move in the right direction.

Performance is measured with reference to the following KPI's below :-

2024 2023 2022
Turnover £46.6m £51.7m £38.5m
Turnover % increase/ -decrease -10.0% 34.4% 33.5%
Gross Margin as a % of sales 14.2% 18.4% 12.5%
Operating profit as a % of sales 4.5% 10.0% 3.5%

Growth has been strong for a number of years but after the exceptional increase in the previous financial year turnover has decreased and expectations are that future years will increase again but at a slower rate.

The key performance indicators used by the directors and management to gain an understanding of the development and performance of the company include monthly management accounts, monthly contract reviews and weekly senior management meetings including the performance of individual contracts and sites. These meetings include Construction Cost Review, Defects, Site Variations, Profitability, Client Satisfaction, Health and Safety and Employment.

ON BEHALF OF THE BOARD:





Mrs K Barron - Director


21 February 2025

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 May 2024 will be £ 169,200 .

RESEARCH AND DEVELOPMENT
The group has undertaken research and development in relation to technical engineering solutions provided and value engineering proposals for their contractors.

FUTURE DEVELOPMENTS
The board and senior management are always looking at potential opportunities to expand the business further. Due to increased expansion over a number of years the directors felt that the business had outgrown its current operating premises and in early 2025 invested in much larger premises which gives both increased office and workshop space as well as larger storage space for our heavy plant and machinery.

This large investment could open further income streams and business opportunities along with the potential of building up a larger customer base, tender for larger contracts and have the capability to take on more work.

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

Mr F J Barron
Mrs K Barron

FINANCIAL INSTRUMENTS
The group manages the liquidity and interest risks associated with their activities.

The group has various financial assets and liabilities such as trade debtors and trade creditors arising from its operations.

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cashflow interest rate risk on floating rate deposits.

Investments of cash surpluses are made through banks approved by the directors.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.


GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
Disclosures relating to the Group's engagement with suppliers, customers and others have been made in
the Group Strategic Report under the heading "Section 172 (1) statement"

STREAMLINED ENERGY AND CARBON REPORTING
Detailed below are Scope 1 & 2 emissions with fuel consumption converted into CO2e using the government published conversion factors. CO2e, kilogrammes of carbon dioxide equivalent, is a common industry metric used to to convert all fuel types into a standard unit of measure.

Our energy consumption has been collected from supplier invoices.

The below data includes UK consumption of electricity, heating oil and transport fuels where the company is responsible for these fuels.

There has been no third party verification carried out on the presentation of the emissions data.

The energy consumed and associated emissions for the company during the financial year are as follows:

FUEL

UOM

Usage'000

Kg/CO2e'000
ProportionCO2
e 2024

Road Diesel Litre 2,014 4,993 58.1%
Machine Diesel Litre 1,436 3,567 41.5%
Unleaded Petrol Litre 3 6 0.1%
Heating Oil Litre 2 5 0.1%
Electricity KWH 58 12 0.2%
8,583 100%

The intensity metric adopted is kg CO2e per £1 of sales. Total sales in the year were £47,611,827 leading to an emissions intensity for the year of 0.18kg CO2e per £1 of sales.


GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024

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;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Momentum Taxation & Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs K Barron - Director


21 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GWS HOLDINGS LIMITED


Opinion
We have audited the financial statements of GWS Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 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 31 May 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GWS HOLDINGS LIMITED


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.

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 seven, 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
GWS HOLDINGS 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:

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. We also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our audit procedures were designed to respond to risks of material misstatement in the financial statements,recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery,misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the more remote that the non-compliances (eg with laws and regulations) are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GWS HOLDINGS LIMITED


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.




Peter Cartwright (Senior Statutory Auditor)
for and on behalf of Momentum Taxation & Accountancy Limited
Statutory Auditor
Harelands Courtyard Offices
Moor Road
Melsonby
Richmond
North Yorkshire
DL10 5NY

21 February 2025

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   

TURNOVER 46,592,126 51,746,336

Cost of sales 39,305,325 41,495,285
GROSS PROFIT 7,286,801 10,251,051

Administrative expenses 4,839,695 4,770,692
2,447,106 5,480,359

Other operating income 85,274 86,309
OPERATING PROFIT 4 2,532,380 5,566,668

Interest receivable and similar income 195,957 10,758
2,728,337 5,577,426

Interest payable and similar expenses 5 277,932 132,965
PROFIT BEFORE TAXATION 2,450,405 5,444,461

Tax on profit 6 (159,453 ) 951,721
PROFIT FOR THE FINANCIAL YEAR 2,609,858 4,492,740
Profit attributable to:
Owners of the parent 2,609,858 4,492,740

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,609,858 4,492,740


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,609,858

4,492,740

Total comprehensive income attributable to:
Owners of the parent 2,609,858 4,492,740

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

CONSOLIDATED BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 11,432,661 9,312,879
Investments 10 - -
11,432,661 9,312,879

CURRENT ASSETS
Stocks 11 87,303 79,478
Debtors 12 10,091,854 9,852,721
Cash at bank and in hand 4,366,155 4,733,771
14,545,312 14,665,970
CREDITORS
Amounts falling due within one year 13 7,958,729 9,394,841
NET CURRENT ASSETS 6,586,583 5,271,129
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,019,244

14,584,008

CREDITORS
Amounts falling due after more than
one year

14

(3,695,462

)

(3,185,430

)

PROVISIONS FOR LIABILITIES 18 (2,372,747 ) (1,888,201 )
NET ASSETS 11,951,035 9,510,377

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 11,950,935 9,510,277
SHAREHOLDERS' FUNDS 11,951,035 9,510,377

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2025 and were signed on its behalf by:



Mrs K Barron - Director


GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

COMPANY BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,179,749 1,773,963
Investments 10 200 200
1,179,949 1,774,163

CURRENT ASSETS
Debtors 12 1,356,407 760,871
Cash at bank 3,058,823 1,542,958
4,415,230 2,303,829
CREDITORS
Amounts falling due within one year 13 11,137 79,583
NET CURRENT ASSETS 4,404,093 2,224,246
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,584,042

3,998,409

CREDITORS
Amounts falling due after more than
one year

14

(879,246

)

-

PROVISIONS FOR LIABILITIES 18 (45,932 ) (35,208 )
NET ASSETS 4,658,864 3,963,201

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

COMPANY BALANCE SHEET - continued
31 MAY 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 4,658,764 3,963,101
SHAREHOLDERS' FUNDS 4,658,864 3,963,201

Company's profit for the financial year 864,863 1,840,915


The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2025 and were signed on its behalf by:




Mr F J Barron - Director



Mrs K Barron - Director


GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 100 5,198,437 5,198,537

Changes in equity
Dividends - (180,900 ) (180,900 )
Total comprehensive income - 4,492,740 4,492,740
Balance at 31 May 2023 100 9,510,277 9,510,377

Changes in equity
Dividends - (169,200 ) (169,200 )
Total comprehensive income - 2,609,858 2,609,858
Balance at 31 May 2024 100 11,950,935 11,951,035

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 100 2,303,086 2,303,186

Changes in equity
Dividends - (180,900 ) (180,900 )
Total comprehensive income - 1,840,915 1,840,915
Balance at 31 May 2023 100 3,963,101 3,963,201

Changes in equity
Dividends - (169,200 ) (169,200 )
Total comprehensive income - 864,863 864,863
Balance at 31 May 2024 100 4,658,764 4,658,864

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,589,442 5,627,274
Interest paid (6,588 ) (9,815 )
Interest element of hire purchase
payments paid

(271,344

)

(123,150

)
Tax paid 285,867 233,574
Net cash from operating activities 2,597,377 5,727,883

Cash flows from investing activities
Purchase of tangible fixed assets (1,099,012 ) (973,788 )
Sale of tangible fixed assets 814,178 298,152
Interest received 195,957 10,758
Net cash from investing activities (88,877 ) (664,878 )

Cash flows from financing activities
Loan repayments in year (62,500 ) (59,273 )
Capital repayments in year (2,648,194 ) (1,195,109 )
Amount introduced by directors - 100
Amount withdrawn by directors 3,778 (6,586 )
Equity dividends paid (169,200 ) (180,900 )
Net cash from financing activities (2,876,116 ) (1,441,768 )

(Decrease)/increase in cash and cash equivalents (367,616 ) 3,621,237
Cash and cash equivalents at beginning
of year

2

4,733,771

1,112,534

Cash and cash equivalents at end of
year

2

4,366,155

4,733,771

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 2,450,405 5,444,461
Depreciation charges 1,618,724 1,722,987
Profit on disposal of fixed assets (136,707 ) (20,229 )
Movement in AROC/WIP 995,852 (870,700 )
Finance costs 277,932 132,965
Finance income (195,957 ) (10,758 )
5,010,249 6,398,726
Increase in stocks (7,825 ) (10,854 )
Increase in trade and other debtors (1,234,987 ) (1,677,067 )
(Decrease)/increase in trade and other creditors (1,177,995 ) 916,469
Cash generated from operations 2,589,442 5,627,274

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 31 May 2024
31/5/24 1/6/23
£    £   
Cash and cash equivalents 4,366,155 4,733,771
Year ended 31 May 2023
31/5/23 1/6/22
£    £   
Cash and cash equivalents 4,733,771 1,112,534


GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/6/23 Cash flow changes At 31/5/24
£    £    £    £   
Net cash
Cash at bank
and in hand 4,733,771 (367,616 ) 4,366,155
4,733,771 (367,616 ) 4,366,155
Debt
Finance leases (5,305,722 ) 2,648,194 - (5,974,491 )
Debts falling due
within 1 year (62,500 ) (3,227 ) - (65,727 )
Debts falling due
after 1 year (99,800 ) 65,727 - (34,073 )
(5,468,022 ) 2,710,694 - (6,074,291 )
Total (734,251 ) 2,343,078 - (1,708,136 )

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

GWS Holdings 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.

2. ACCOUNTING POLICIES

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

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ
from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Significant judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of tangible assets
Determine whether there are indicators of impairment of tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual balances are assessed annually and may vary depending on a number of factors. In reassessing asset lives, factors such as technological innovation, product life cycles and maintenance programs are taken into account.

Valuation of trade debtors
Determine trade debtors are accurately provided for. Factors taken into consideration include confirmation that outstanding balances are recoverable, and amounts represent bona fide sales.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation and asset impairment
Estimates included within these financial statements include depreciation and asset impairment (for example provisions against debtors.) None of the estimates made in the preparation of these financial statements are considered to carry significant estimation uncertainty, nor bear significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. 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.

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 reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that the total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.

Non-contract Sales
Sales comprise the fair value of the consideration received or receivable for the rendering of services in the ordinary course of the company's activities. Sales are presented, net of value added tax, rebates and discounts.

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 - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 7,559,811 6,283,828
Social security costs 715,503 655,183
Other pension costs 155,688 136,397
8,431,002 7,075,408

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Directors 3 3
Administration staff 11 14
Site staff 159 155
173 172

The average number of employees by undertakings that were proportionately consolidated during the year was 173 (2023 - 172 ) .

2024 2023
£    £   
Directors' remuneration 47,293 46,283

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

Money purchase schemes 4 4

4. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 8,472 19,740
Depreciation - owned assets 372,538 476,666
Depreciation - assets on hire purchase contracts 1,246,184 1,246,322
Profit on disposal of fixed assets (136,707 ) (20,229 )
Auditors' remuneration 14,150 12,200

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 6,588 9,815
Hire purchase 271,344 123,150
277,932 132,965

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 357,963
Adjustment to prior years tax (643,999 ) (233,405 )
Total current tax (643,999 ) 124,558

Deferred tax 484,546 827,163
Tax on profit (159,453 ) 951,721

7. 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.


8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 169,200 180,900

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


9. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 June 2023 130,190 12,995,318 41,805
Additions - 3,730,001 -
Disposals - (926,259 ) -
At 31 May 2024 130,190 15,799,060 41,805
DEPRECIATION
At 1 June 2023 20,830 4,872,897 25,331
Charge for year 2,604 1,353,099 2,471
Eliminated on disposal - (371,936 ) -
At 31 May 2024 23,434 5,854,060 27,802
NET BOOK VALUE
At 31 May 2024 106,756 9,945,000 14,003
At 31 May 2023 109,360 8,122,421 16,474

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


9. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 2,296,634 57,891 15,521,838
Additions 685,387 587 4,415,975
Disposals (371,557 ) - (1,297,816 )
At 31 May 2024 2,610,464 58,478 18,639,997
DEPRECIATION
At 1 June 2023 1,239,588 50,313 6,208,959
Charge for year 258,068 2,480 1,618,722
Eliminated on disposal (248,409 ) - (620,345 )
At 31 May 2024 1,249,247 52,793 7,207,336
NET BOOK VALUE
At 31 May 2024 1,361,217 5,685 11,432,661
At 31 May 2023 1,057,046 7,578 9,312,879

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


9. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 June 2023 11,208,967 1,396,860 12,605,827
Additions 3,378,320 313,424 3,691,744
Disposals (288,748 ) (146,918 ) (435,666 )
At 31 May 2024 14,298,539 1,563,366 15,861,905
DEPRECIATION
At 1 June 2023 3,705,268 760,492 4,465,760
Charge for year 1,075,969 170,215 1,246,184
Eliminated on disposal (144,568 ) (121,723 ) (266,291 )
At 31 May 2024 4,636,669 808,984 5,445,653
NET BOOK VALUE
At 31 May 2024 9,661,870 754,382 10,416,252
At 31 May 2023 7,503,699 636,368 8,140,067

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


9. TANGIBLE FIXED ASSETS - continued

Company
Plant and
machinery
£   
COST
At 1 June 2023 2,588,096
Disposals (527,500 )
At 31 May 2024 2,060,596
DEPRECIATION
At 1 June 2023 814,133
Charge for year 208,191
Eliminated on disposal (141,477 )
At 31 May 2024 880,847
NET BOOK VALUE
At 31 May 2024 1,179,749
At 31 May 2023 1,773,963

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 200
NET BOOK VALUE
At 31 May 2024 200
At 31 May 2023 200

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


10. FIXED ASSET INVESTMENTS - continued

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

Subsidiaries

Groundwork Services (Durham) Limited
Registered office: Thistle Road, Littleburn Industrial Estate, Langley Moor, Durham DH7 8HJ
Nature of business: Groundworks
%
Class of shares: holding
Ordinary 100.00

GWS Demolition Ltd
Registered office: Thistle Road, Littleburn Industrial Estate, Langley Moor, Durham DH7 8HJ
Nature of business: Demolition services
%
Class of shares: holding
Ordinary 100.00


11. STOCKS

Group
2024 2023
£    £   
Stocks 87,303 79,478

12. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,975,991 3,531,093 - -
Amounts recoverable on contract 2,474,003 3,469,855 - -
Other debtors 2,929,786 1,960,929 791,407 574,178
Shareholders loan 565,000 - 565,000 -
VAT 732,732 854,672 - -
Prepayments 414,342 36,172 - -
10,091,854 9,852,721 1,356,407 574,178

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


12. DEBTORS - continued

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings - - - 186,693

Aggregate amounts 10,091,854 9,852,721 1,356,407 760,871

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 15) 65,727 62,500 - -
Hire purchase contracts (see note 16) 2,313,102 2,220,092 - -
Trade creditors 4,895,979 5,535,134 - -
Tax - 358,132 - 76,722
Social security and other taxes 179,149 132,213 - -
Other creditors 62,403 467,919 - -
Directors' loan accounts 4,738 960 4,738 960
Accrued expenses 437,631 617,891 6,399 1,901
7,958,729 9,394,841 11,137 79,583

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

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 15) 34,073 99,800 - -
Hire purchase contracts (see note 16) 3,661,389 3,085,630 - -
Amounts owed to group undertakings - - 879,246 -
3,695,462 3,185,430 879,246 -

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


15. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 65,727 62,500
Amounts falling due between two and five years:
Bank loans - 2-5 years 34,073 99,800

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 2,313,102 2,220,092
Between one and five years 3,661,389 3,085,630
5,974,491 5,305,722

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Hire purchase contracts 5,974,491 5,305,722

Hire Purchase creditors are secured on the assets to which they relate.

Lloyds Bank plc hold the following security for Groundwork Service (Durham) Ltd :-

A debenture dated 19/01/2001
An omnibus guarantee and letter of set-off dated 18/03/2021

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


18. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 2,536,786 1,888,201 45,932 35,208
Tax losses carried forward (164,039 ) - - -
2,372,747 1,888,201 45,932 35,208

Group
Deferred
tax
£   
Balance at 1 June 2023 1,888,201
Charge to Income Statement during year 484,546
Balance at 31 May 2024 2,372,747

Company
Deferred
tax
£   
Balance at 1 June 2023 35,208
Provided during year 10,724
Balance at 31 May 2024 45,932

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10 Ordinary B £1 10 10
90 Ordinary A £1 90 90
100 100

GWS HOLDINGS LIMITED (REGISTERED NUMBER: 10439527)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


20. RESERVES

Group
Retained
earnings
£   

At 1 June 2023 9,510,277
Profit for the year 2,609,858
Dividends (169,200 )
At 31 May 2024 11,950,935

Company
Retained
earnings
£   

At 1 June 2023 3,963,101
Profit for the year 864,863
Dividends (169,200 )
At 31 May 2024 4,658,764


21. ULTIMATE CONTROLLING PARTY

The controlling party is K & F Barron.

The ultimate controlling party is K & F Barron.