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REGISTERED NUMBER: 11884270 (England and Wales)














Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2024

for

GSMT Holdings Limited

GSMT Holdings Limited (Registered number: 11884270)

Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2024










Page

Company information 1

Group strategic report 2

Report of the directors 3 to 4

Report of the independent auditors 5 to 8

Consolidated income statement 9

Consolidated statement of financial position 10

Company statement of financial position 11

Consolidated statement of changes in equity 12

Company statement of changes in equity 13

Consolidated statement of cash flows 14

Notes to the consolidated statement of cash flows 15

Notes to the consolidated financial statements 16 to 29


GSMT Holdings Limited

Company Information
for the Year Ended 31 March 2024







Directors: N Bowers
I Smith
Mrs M Hughes
B Ward





Registered office: Lodge Farm
Knights End Road
Floods Ferry
March
Cambridgeshire
PE15 0YN





Registered number: 11884270 (England and Wales)





Auditors: Moore Thompson
27 Market Place
Market Deeping
Peterborough
Cambridgeshire
PE6 8EA

GSMT Holdings Limited (Registered number: 11884270)

Group Strategic Report
for the Year Ended 31 March 2024


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

We aim to present a balanced review of the group's performance and development during the year that is consistent with the size and nature of our business and that also covers the principal risks and uncertainties faced by the group.

Review of business
The Invasion of Ukraine by Russia in February 2022 pushed the demand for various raw materials to unprecedented highs which in turn lead to a huge spike in both the demand and the price during 2022. The group has continued to trade strongly.

Principal risks and uncertainties
The management of the business and the execution of the group's strategy are subject to a number of risks.

The key business risks affecting the group are considered to relate to maintaining the customer base, matching product supply to demand throughout the year in an ever changing market place. The supply demand of material has been somewhat restricted shipping constraints, imminent cost increases with the ban of use of rebated fuels and increasing regulatory burden.

The group uses various financial instruments including loans/overdrafts, cash and management of working capital in order to finance its operations. The directors review and agree policies to manage the key risks envisaged in respect of each instrument, these policies remain unchanged from previous years.

Liquidity Risk - The group manages it's liquidity risk by maintaining adequate reserves and bank facilities, including stock loans with its bankers HSBC, by monitoring cash flows and its working capital requirements.

Credit Risk - The group's main financial assets are trade receivables and cash and bank balances. Those assets represent the company's main exposure to credit risk, which is that a counterparty will fail to discharge its obligations, resulting in financial loss to the company. The directors believe that credit risk is both limited and mitigated as a result of a significant proportion of credit sales being paid prior to stock being released.

Foreign Currency Risk - The group does conduct a growing level of trade outside the UK, the group would undertake hedging/forward currency contracts where appropriate to minimise the exchange rate exposure.

Interest Rate Risk - The group funds its operations through a combination of retained profits, internally generated cash, asset-backed finance arrangements and banking facilities. Interest rate swap instruments would be utilised to mitigate this risk where appropriate.

Financial key performance indicators
KPI's for the group are measured on daily cash flow forecasts and monthly management information, monthly meetings take place by both management and Directors to assess the KPI. The group is also assessed regularly by the Environment Agency and FORS to ensure compliance of the highest level.

Other key performance indicators
Where appropriate the directors set indicators to measure its non-financial performance in a number of ways in line with other groups similar in size and nature to GSMT Holdings Ltd.

On behalf of the board:





B Ward - Director


28 March 2025

GSMT Holdings Limited (Registered number: 11884270)

Report of the Directors
for the Year Ended 31 March 2024


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

Principal activity
The principal activity of the company during the period was a holding company to the Group.

Dividends
The total distribution of dividends for the year ended 31 March 2024 will be £735,039.

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

N Bowers
B Ward

Other changes in directors holding office are as follows:

I Smith - appointed 20 November 2023
Mrs M Hughes - appointed 1 November 2023

Streamlined energy and carbon reporting
Carbon footprint
2023 - 2024 2022 - 2023


Value
Carbon
(tonnes)

Value

Carbon (tonnes)
Scope 1 - Emissions from operations that are owned or controlled by the reporting group

Company vehicles
1,063,672
litres

2,840
1,091,423
litres

2,903
Total scope 1 2,840 2,903

Scope 2 - Emissions from the generation of purchased or acquired electricity

Purchased electricity
105,670
kWh

21.88

88,631 kWh

18.24
Renewable energy 476 kWh (0.10)
Total scope 2 21.88 18.14

Total carbon emissions (tonnes) 2,862 2,921

Intensity factor
Tonnes CO2e/£Turnover 0.00003 0.00003

We continue to evaluate the most accurate way to capture and report carbon for a business of our type, that
is heavily reliant on travel. The other key element is our use of 100% renewable electricity. The registered office premises, the groups head office, is powered completely by renewable energy via an on site wind turbine. Therefore the groups carbon footprint is lower than what is stated above. The wind turbine is owned by a third party and access to reach the wind turbine is via the head office's premises. In exchange for access, the head office has permission from the owner to use the wind turbine for all site power. Unfortunately, there is no way of measuring the renewable energy usage because the group does not have access to this data. We regularly reinvests in newer, more energy efficient vehicles with lower emissions, in order to reduce our carbon footprint. As an organisation we will continue to embrace the use of virtual meetings where appropriate to our business.

As required by the legislation we have also included one intensity measure for both periods of reporting. This
measure is tonnes of CO2e/£. We will consider the development of further intensity measures in the future.

We have used the relevant DEFRA carbon conversion factor based on the year of reporting.


GSMT Holdings Limited (Registered number: 11884270)

Report of the Directors
for the Year Ended 31 March 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies 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, Moore Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





B Ward - Director


28 March 2025

Report of the Independent Auditors to the Members of
GSMT Holdings Limited


Disclaimer of opinion
We were engaged to audit the financial statements of GSMT Holdings Limited (the ‘parent company’) and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated income statement, Consolidated other comprehensive income, Consolidated statement of financial position, Company statement of financial position, Consolidated statement of changes in equity, Company statement of changes in equity, Consolidated statement of cash flows and Notes to the consolidated statement of cash flows, 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).

We do not express an opinion on the accompanying financial statements of the company. Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

Basis for disclaimer of opinion
We were unable to obtain all evidence for a non-trading subsidiary company, Propco (Stoke) Ltd, during the year. We were unable to confirm the year end bank balance, VAT liability, directors loan account or bank loans balance. We requested access to the bank statements multiple times together with the accounting records and they have not been provided. We are aware that the bank account has been closed but do not know whether any further bank accounts exist. The shareholders also approached the director of Propco (Stoke) Ltd to obtain the bank statements and accounting records but the director failed to respond. Two shareholders of the parent company were appointed as directors of this non-trading subsidiary in October 2024 to ensure that the company complies with it's filing deadlines and to make an attempt to obtain information which has not been provided by the original director. The original director of this subsidiary is in breach of the Companies Act s.499 and the group continues to take legal advice in relation to this. Consequently we were unable to determine whether the assets and liabilities of Propco (Stoke) Ltd are misstated. We have not been able to obtain sufficient and appropriate evidence to support the closing bank balance, directors loan account, VAT liability or bank loans of Propco (Stoke) Ltd. From the information we have obtained directly from the bank where the closed bank account was held, it is believed that the balances stated above are both material and pervasive.

There are no material errors to report for any other subsidiaries. All other subsidiary audit reports are unmodified.

Sufficient and appropriate audit evidence has been obtained for the parent company, GSMT Holdings Ltd. Propco (Stoke) Ltd does not require an audit in its own right, therefore, as an individual entity it has no requirement to submit an audit report. However, the potential balance sheet balances for Propco (Stoke) Ltd are material to the group and therefore audit work is required upon consolidation.



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.

Opinions on other matters prescribed by the Companies Act 2006
Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have been unable to form an opinion, whether based on work undertaken in the course of the audit:

- the information given in the strategic report and directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and directors' report have been prepared in accordance with applicable legal standards.

Report of the Independent Auditors to the Members of
GSMT Holdings Limited


Matters on which we are required to report by exception
Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the strategic report or the directors’ report.

Arising from the limitation of our work referred to above:
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit;
- we were unable to determine whether adequate accounting records have been kept; and
- returns adequate for our audit have not been received from branches not visited by us.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law have not been made.



Responsibilities of directors
As explained more fully in the Statement of directors' responsibilities set out on page four, 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.

Auditors' responsibilities for the audit of the financial statements
Our responsibility is to conduct an audit of the company’s financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor’s report.

However, because of the matter described in the basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

We are independent of the company 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.



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
GSMT Holdings Limited


Other matters which we are required to address
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- 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;
- we identified the laws and regulations applicable to the company through discussions with directors
and other management, and from our commercial knowledge and experience of the client group's
sector.
- we focused on specific laws and regulations which we considered may have a direct material effect on
the financial statements or the operations of the company.
- we assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team
remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journals entries to identify unusual transactions;
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatement that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Report of the Independent Auditors to the Members of
GSMT 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.




Mark Hildred (Senior Statutory Auditor)
for and on behalf of Moore Thompson
27 Market Place
Market Deeping
Peterborough
Cambridgeshire
PE6 8EA

28 March 2025

GSMT Holdings Limited (Registered number: 11884270)

Consolidated Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

Turnover 93,026,634 96,728,788

Cost of sales 83,877,625 88,108,242
Gross profit 9,149,009 8,620,546

Administrative expenses 5,713,997 7,060,567
3,435,012 1,559,979

Other operating income 1,029,888 90,952
Operating profit 5 4,464,900 1,650,931

Interest receivable and similar income 32,857 -
4,497,757 1,650,931

Interest payable and similar expenses 7 795,650 419,223
Profit before taxation 3,702,107 1,231,708

Tax on profit 8 136,306 1,288,837
Profit/(loss) for the financial year 3,565,801 (57,129 )

GSMT Holdings Limited (Registered number: 11884270)

Consolidated Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 11 248,208 281,313
Tangible assets 12 17,275,919 17,697,470
Investments 13 846,455 -
Investment property 14 - 495,239
18,370,582 18,474,022

Current assets
Stocks 15 3,341,426 3,795,217
Debtors 16 6,186,537 6,463,542
Cash at bank 6,727,374 3,742,250
16,255,337 14,001,009
Creditors
Amounts falling due within one year 17 12,734,900 13,629,233
Net current assets 3,520,437 371,776
Total assets less current liabilities 21,891,019 18,845,798

Creditors
Amounts falling due after more than one
year

18

(8,095,722

)

(8,058,075

)

Provisions for liabilities 22 (1,782,149 ) (1,605,338 )
Net assets 12,013,148 9,182,385

Capital and reserves
Called up share capital 23 100 100
Other reserves 24 1,840,379 1,840,379
Retained earnings 24 8,847,496 6,487,947
10,687,975 8,328,426

Non-controlling interests 1,325,173 853,959
Total equity 12,013,148 9,182,385

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:




B Ward - Director



N Bowers - Director


GSMT Holdings Limited (Registered number: 11884270)

Company Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 11 - -
Tangible assets 12 85,249 85,249
Investments 13 8,653,332 8,653,332
Investment property 14 - 495,239
8,738,581 9,233,820

Current assets
Debtors 16 279,847 67,825
Cash at bank 58,239 4,380
338,086 72,205
Creditors
Amounts falling due within one year 17 2,308,721 3,395,614
Net current liabilities (1,970,635 ) (3,323,409 )
Total assets less current liabilities 6,767,946 5,910,411

Creditors
Amounts falling due after more than one
year

18

6,080,241

5,653,108
Net assets 687,705 257,303

Capital and reserves
Called up share capital 23 100 100
Retained earnings 687,605 257,203
687,705 257,303

Company's profit for the financial year 438,402 271,903

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





B Ward - Director


GSMT Holdings Limited (Registered number: 11884270)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Other
capital earnings reserves
£    £    £   
Balance at 1 April 2022 100 6,736,092 1,840,379

Changes in equity
Dividends - (234,000 ) -
Total comprehensive income - (14,145 ) -
Balance at 31 March 2023 100 6,487,947 1,840,379

Changes in equity
Dividends - (735,039 ) -
Total comprehensive income - 3,094,588 -
Balance at 31 March 2024 100 8,847,496 1,840,379
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 April 2022 8,576,571 896,943 9,473,514

Changes in equity
Dividends (234,000 ) - (234,000 )
Total comprehensive income (14,145 ) (42,984 ) (57,129 )
Balance at 31 March 2023 8,328,426 853,959 9,182,385

Changes in equity
Dividends (735,039 ) - (735,039 )
Total comprehensive income 3,094,588 471,213 3,565,801
Balance at 31 March 2024 10,687,975 1,325,172 12,013,147

GSMT Holdings Limited (Registered number: 11884270)

Company Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 100 (6,700 ) (6,600 )

Changes in equity
Dividends - (8,000 ) (8,000 )
Total comprehensive income - 271,903 271,903
Balance at 31 March 2023 100 257,203 257,303

Changes in equity
Dividends - (8,000 ) (8,000 )
Total comprehensive income - 438,402 438,402
Balance at 31 March 2024 100 687,605 687,705

GSMT Holdings Limited (Registered number: 11884270)

Consolidated Statement of Cash Flows
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,328,092 4,971,923
Interest paid (659,471 ) (262,035 )
Interest element of hire purchase
payments paid

(136,179

)

(157,188

)
Tax paid (265,085 ) (696,127 )
Net cash from operating activities 3,267,357 3,856,573

Cash flows from investing activities
Purchase of intangible fixed assets - (188,457 )
Purchase of tangible fixed assets (3,901,265 ) (5,341,970 )
Revaluation of fixed assets - (6,170,102 )
Sale of tangible fixed assets 2,874,045 1,005,587
Government grants received 18,000 18,000
Interest received 32,857 -
Net cash from investing activities (976,363 ) (10,676,942 )

Cash flows from financing activities
New loans in year 3,054,944 8,565,152
Capital repayments in year (1,016,554 ) (2,461,631 )
Amount introduced by directors 126,867 10,929
Amount withdrawn by directors (599,909 ) 88,457
Equity dividends paid (735,039 ) (234,000 )
HP interest paid (136,179 ) (157,187 )
Net cash from financing activities 694,130 5,811,720

Increase/(decrease) in cash and cash equivalents 2,985,124 (1,008,649 )
Cash and cash equivalents at
beginning of year

2

3,742,250

4,750,899

Cash and cash equivalents at end of
year

2

6,727,374

3,742,250

GSMT Holdings Limited (Registered number: 11884270)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 31 March 2024


1. Reconciliation of operating profit to cash generated from operations

2024 2023
£    £   
Operating profit 4,464,900 1,650,931
Depreciation charges 1,975,067 1,229,534
Profit on disposal of fixed assets (1,339,642 ) (537,519 )
Other operating income - (442,327 )
(Increase)/decrease owed by associates (449,587 ) (46,874 )
4,650,738 1,853,745
Decrease in stocks 453,791 1,787,383
Decrease in trade and other debtors 876,914 2,479,088
Decrease in trade and other creditors (1,653,351 ) (1,148,293 )
Cash generated from operations 4,328,092 4,971,923

2. Cash and cash equivalents

The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 6,727,374 3,742,250
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 3,742,250 4,750,899


3. Analysis of changes in net debt

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 3,742,250 2,985,124 6,727,374
3,742,250 2,985,124 6,727,374
Debt
Finance leases (2,872,912 ) (71,614 ) (2,944,526 )
Debts falling due within 1 year (1,887,098 ) (447,921 ) (2,335,019 )
Debts falling due after 1 year (6,086,544 ) (6,266 ) (6,092,810 )
(10,846,554 ) (525,801 ) (11,372,355 )
Total (7,104,304 ) 2,459,323 (4,644,981 )

GSMT Holdings Limited (Registered number: 11884270)

Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2024


1. Statutory information

GSMT 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. Accounting policies

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

Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

GSMT Holdings Limited (Registered number: 11884270)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


3. Accounting policies - continued

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

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

ii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors, and historical experience.

iii) Stock

Wholesale waste and scrap metals are held on the Kings Lynn and March sites

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on a straight line basis
Long leasehold - 15% - 33% on reducing balance and 2% on a straight line basis
Plant and machinery - 25% on reducing balance and 20% on reducing balance
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

GSMT Holdings Limited (Registered number: 11884270)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


3. Accounting policies - continued

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 statement of financial position date.

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

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

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

Hire purchase and leasing commitments
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.

Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to statement of income and retained earnings at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Consolidated Statement of Income and Retained Earnings in the same period as the related expenditure.

GSMT Holdings Limited (Registered number: 11884270)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


3. Accounting policies - continued

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary
items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in statement of income and retained earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

4. Employees and directors
2024 2023
£    £   
Wages and salaries 2,514,270 2,398,952
Social security costs 285,325 310,039
Other pension costs 58,009 59,004
2,857,604 2,767,995

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

Production and drivers 55 19
Administrative 10 11
Management 13 15
78 45

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

2024 2023
£    £   
Directors' remuneration 188,949 253,082

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

Defined benefit schemes 4 6

GSMT Holdings Limited (Registered number: 11884270)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


5. Operating profit

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

2024 2023
£    £   
Hire of plant and machinery (111,821 ) (246,572 )
Depreciation - owned assets 1,941,958 1,196,428
Profit on disposal of fixed assets (1,339,642 ) (537,519 )
Goodwill amortisation 33,105 33,106
Auditors' remuneration 73,500 70,000
Foreign exchange differences (141,968 ) (100,626 )

6. Exceptional items

Costs included in the previous years consolidated income statement totalling £2,158,534 relates to security and waste management fees invoiced by the Environment Agency to the non trading subsidiary Propco (Stoke) Ltd. The fees and debt incurred are subject to legal action being taken against the Environment Agency in relation to the manner in which the debt and costs have been incurred.

7. Interest payable and similar expenses
2024 2023
£    £   
Bank interest - 12,439
Bank loan interest 619,734 241,418
Other interest payable 39,737 1,677
Interest payable - 6,501
Hire purchase 136,179 157,188
795,650 419,223

8. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 254,978 149,064
Tax effect on losses - 1,496
Over provision from prior year (295,483 ) -
Total current tax (40,505 ) 150,560

Deferred tax 176,811 1,138,277
Tax on profit 136,306 1,288,837

GSMT Holdings Limited (Registered number: 11884270)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


8. Taxation - continued

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

2024 2023
£    £   
Profit before tax 3,702,107 1,231,708
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19 %)

925,527

234,025

Effects of:
Expenses not deductible for tax purposes 25,231 11,235
Capital allowances in excess of depreciation (695,780 ) (251,862 )
Utilisation of tax losses - 157,162
Adjustments to tax charge in respect of previous periods (295,483 ) -
Deferred tax movement 176,811 1,138,277

Total tax charge 136,306 1,288,837

9. 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.


10. Dividends

2024 2023
£    £   

Dividends paid on equity capital 735,039 284,000

11. Intangible fixed assets

Group
Goodwill
£   
Cost
At 1 April 2023
and 31 March 2024 331,056
Amortisation
At 1 April 2023 49,743
Amortisation for year 33,105
At 31 March 2024 82,848
Net book value
At 31 March 2024 248,208
At 31 March 2023 281,313

GSMT Holdings Limited (Registered number: 11884270)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


12. Tangible fixed assets

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
Cost
At 1 April 2023 10,253,462 565,748 6,286,722
Additions - - 3,426,165
Disposals (545,772 ) - (2,454,734 )
Reclassification/transfer - - -
At 31 March 2024 9,707,690 565,748 7,258,153
Depreciation
At 1 April 2023 309,401 192,835 1,861,973
Charge for year 99,953 109,585 1,302,497
Eliminated on disposal (81,132 ) - (1,610,471 )
Reclassification/transfer - - -
At 31 March 2024 328,222 302,420 1,553,999
Net book value
At 31 March 2024 9,379,468 263,328 5,704,154
At 31 March 2023 9,944,061 372,913 4,424,749

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Cost
At 1 April 2023 52,605 2,855,989 838,627 20,853,153
Additions 15,126 421,733 38,241 3,901,265
Disposals (395 ) (716,381 ) - (3,717,282 )
Reclassification/transfer 8,337 (846,455 ) (8,337 ) (846,455 )
At 31 March 2024 75,673 1,714,886 868,531 20,190,681
Depreciation
At 1 April 2023 52,604 798,082 (59,212 ) 3,155,683
Charge for year 4,786 362,554 62,583 1,941,958
Eliminated on disposal (395 ) (490,881 ) - (2,182,879 )
Reclassification/transfer 874 - (874 ) -
At 31 March 2024 57,869 669,755 2,497 2,914,762
Net book value
At 31 March 2024 17,804 1,045,131 866,034 17,275,919
At 31 March 2023 1 2,057,907 897,839 17,697,470

Freehold land and buildings owned by Port Sutton Bridge Ltd has been revalued on an open market basis on 28 June 2022 by Gerald Eve LLP at £8,200,000. If these had not been revalued, the land and buildings would have been included at the historical cost of £2,904.121.

GSMT Holdings Limited (Registered number: 11884270)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


12. Tangible fixed assets - continued

Company
Freehold
property
£   
Cost
At 1 April 2023
and 31 March 2024 85,249
Net book value
At 31 March 2024 85,249
At 31 March 2023 85,249

GSMT Holdings Limited (Registered number: 11884270)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


13. Fixed asset investments

Subsidiary undertakings

The following were subsidiary undertakings of the Company:

Name Registered office Class of shares Holding


Gold Star Metal Traders Ltd


Lodge Farm, Knights End
Road, Floods Ferry, Cambs,
PE15 0YN


Ordinary


100%


GSMT Ltd


Lodge Farm, Knights End
Road, Floods Ferry, Cambs,
PE15 0YN


Ordinary


76%


Propco (Stoke) Ltd


Lodge Farm, Knights End
Road, Floods Ferry, Cambs,
PE15 0YN


Ordinary


75%


GSMT Services Ltd


Lodge Farm, Knights End
Road, Floods Ferry, Cambs,
PE15 0YN


Ordinary


100%

Port Sutton Bridge Ltd

West Bank, Sutton Bridge,
Spalding, Lincs, PE12 9QR

Ordinary

100%
Port Sutton Bridge Agencies
Ltd

West Bank, Sutton Bridge,
Spalding, Lincs, PE12 9QR

Ordinary

100%

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:




Name


Aggregate of share
capital and
reserves


Profit/(loss


)
Gold Star Metal Traders Ltd £7,643,811 £1,310,567
GSMT Ltd £5,726,788 £1,620,574
Propco (Stoke) Ltd (£1,855,545 ) £329,102
GSMT Services Ltd £100 £nil
Port Sutton Bridge Ltd £6,690,805 £406,144

Port Sutton Bridge Agencies Ltd results have been consolidated with it's parent company, Port Sutton Bridge Ltd.

The accounting reference date for Propco (Stoke) Ltd does not align with the group year end date due to when the company was incorporated. This date has not been changed. Management accounts have been prepared up to the group's year end for audit and consolidation purposes.

GSMT Holdings Limited (Registered number: 11884270)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


14. Investment property

Group
Total
£   
Fair value
At 1 April 2023 495,239
Disposals (495,239 )
At 31 March 2024 -
Net book value
At 31 March 2024 -
At 31 March 2023 495,239


15. Stocks

Group
2024 2023
£    £   
Stocks 3,186,616 3,795,217
Goods in transit 154,810 -
3,341,426 3,795,217

16. Debtors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 3,708,576 3,087,919 - 780
Amounts owed by group undertakings - - 273,798 67,045
Other debtors 65,856 44,942 4,257 -
Accrued income 2,277 - - -
Directors' current accounts 599,909 - - -
VAT - 760,737 - -
Prepayments and accrued income 1,809,919 2,569,944 1,792 -
6,186,537 6,463,542 279,847 67,825

GSMT Holdings Limited (Registered number: 11884270)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


17. Creditors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 19) 2,335,019 1,887,098 11,477 706,012
Hire purchase contracts (see note 20) 1,037,114 1,007,881 - -
Trade creditors 5,572,231 7,201,476 13,627 46,176
Amounts owed to group undertakings - - 1,985,061 2,589,209
Amounts owed to associates 449,587 - - -
Corporation tax 782,937 1,088,527 - -
Social security and other taxes 105,047 93,919 13,668 -
VAT 15,386 - 15,988 28,217
Other creditors 644,530 1,108,042 - 4,000
Directors' loan accounts 698,956 572,089 - 4,000
Accruals and deferred income 1,094,093 670,201 268,900 18,000
12,734,900 13,629,233 2,308,721 3,395,614

Obligations under finance lease and hire purchase contracts of £1,037,114 (2023 - £1,007,881) are secured on the assets to which they relate.

The bank loan of £2,659,283 (2023 - £1,887,098) are secured by a charge on the group's land and buildings and by a fixed floating charge over all other assets which are held by the group.

An Unlimited Multilateral Guarantee dated 27 May 2020 has been given to the company bankers by GSMT Holdings Ltd in respect of all loans and facilities within the group.

18. Creditors: amounts falling due after more than one year

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 19) 6,092,810 6,086,544 6,080,241 5,653,108
Hire purchase contracts (see note 20) 1,907,412 1,865,031 - -
Payments on account 7,000 - - -
Deferred government grants 88,500 106,500 - -
8,095,722 8,058,075 6,080,241 5,653,108

Obligations under finance lease and hire purchase contracts of £1,907,412 (2023 - £1,865,031) are secured on the assets to which they relate.

The bank loan of £5,768,546 (2023 - £6,086,544) are secured by a charge of the group's land and buildings and by a fixed floating charge over all other assets which are held by the group.

GSMT Holdings Limited (Registered number: 11884270)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


19. Loans

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 2,335,019 1,887,098 11,477 706,012
Amounts falling due between one and two years:
Bank loans - 1-2 years 24,310 756,929 13,489 335,741
Amounts falling due between two and five years:
Bank loans - 2-5 years 6,068,500 5,329,615 6,066,752 5,317,367

20. Leasing agreements

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 1,037,114 1,007,881
Between one and five years 1,907,412 1,865,031
2,944,526 2,872,912

21. Secured debts

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 8,427,829 7,973,642
Hire purchase contracts 2,944,526 2,872,912
11,372,355 10,846,554

The bank loans are secured by a charge of the group's land and buildings and by a fixed and floating charge over all other assets of the group.

The obligations due under finance lease and hire purchase contracts are secured upon the individual assets to which the liability relates.

GSMT Holdings Limited (Registered number: 11884270)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


22. Provisions for liabilities

Group
2024 2023
£    £   
Deferred tax 1,782,149 1,605,338

Group
Deferred
tax
£   
Balance at 1 April 2023 1,605,338
Provided during year 176,811
Balance at 31 March 2024 1,782,149

The Finance Act 2021 was substantially enacted in May 2021 and has increased the corporation tax rate to from 19% to 25% with effect from 1 April 2023. The deferred taxation balances have been measured using the rates expected to apply in the reporting periods when the timing differences reverse.

23. Called up share capital

Allotted, called up and fully paid 2023 2022
£    £   

Ordinary shares of £1 each 40 40
Ordinary A shares of £1 each 40 40
Ordinary B shares of £1 each 10 10
Ordinary C shares of £1 each 10 10
100 100
Voting rights - all shares rank equally for voting purposes. On a show of hands each member has one vote and on a poll each member has one vote per share held.

Dividend rights - each share ranks equally for any dividend declared.

Rights to capital - each share ranks equally for any distribution made on a winding up.

Rights to redemption - the shares are not redeemable.

24. Reserves

Other reserves

The merger reserve arose as a result of the group reconstruction in a previous year which has been accounted for as a merger reserve. The amount represents the difference between the consideration and fair value of the assets transferred.

Profit and loss account

Includes all current and prior period retained profits and losses less any dividends paid.

GSMT Holdings Limited (Registered number: 11884270)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


25. Business combinations

During the previous year, the group acquired 100% of Port Sutton Bridge Ltd and Port Sutton Bridge Agencies Ltd. The business combination is consolidated as at 27 October 2022 and the goodwill in respect of this acquisition is being written off over ten years.

26. Ultimate controlling party

The ultimate controlling party is B Ward and N Bowers who between them own 80% of the issued share capital.