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REGISTERED NUMBER: SC262465 (Scotland)










Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended

30 June 2024

for

G R CONTRACTS LTD.

G R CONTRACTS LTD. (REGISTERED NUMBER: SC262465)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 9

Balance Sheet 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


G R CONTRACTS LTD.

Company Information
for the Year Ended 30 June 2024







DIRECTORS: G McColl
R Savage
J Greenock
J MacDonald



REGISTERED OFFICE: 13 Canyon Road
Netherton Industrial Estate
Wishaw
ML2 0EG



REGISTERED NUMBER: SC262465 (Scotland)



AUDITORS: WDM Associates (Statutory Auditors)
Oakfield House
378 Brandon Street
Motherwell
ML1 1XA



BANKERS: The Royal Bank of Scotland
East Kilbride (A) branch
24/25 Princes Square
East Kilbride
G74 1LJ

G R CONTRACTS LTD. (REGISTERED NUMBER: SC262465)

Strategic Report
for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

REVIEW OF BUSINESS
The results for the year show an operating profit of £2,782,403 (2023 - £1,773,222).


During the year the business achieved an operating profit of £2,782,403 (2023 - £1,773,222) which the directors consider an excellent result. The directors have invested time in reviewing business practice to ensure the best value to client.

KEY PERFORMANCE INDICATORS
Given the straightforward nature of the business, the directors are of the opinion that analysis using KPI's is not necessary in the report for an understanding of the development, performance or position in the business.

FUTURE OUTLOOK
We believe the company is well positioned for further growth due to the strengths of our customer and supplier relationships.

ON BEHALF OF THE BOARD:





G McColl - Director


27 March 2025

G R CONTRACTS LTD. (REGISTERED NUMBER: SC262465)

Report of the Directors
for the Year Ended 30 June 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of steel fabricators and erectors.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of £160 per share.

The total distribution of dividends for the year ended 30 June 2024 will be £ 3,200,000 .

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

G McColl
R Savage

Other changes in directors holding office are as follows:

J Greenock and J MacDonald were appointed as directors after 30 June 2024 but prior to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
No political donations were made during the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

G R CONTRACTS LTD. (REGISTERED NUMBER: SC262465)

Report of the Directors
for the Year Ended 30 June 2024


AUDITORS
The auditors, WDM Associates (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G McColl - Director


27 March 2025

Report of the Independent Auditors to the Members of
G R Contracts Ltd.

Opinion
We have audited the financial statements of G R Contracts Ltd. (the 'company') for the year ended 30 June 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the 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 company's affairs as at 30 June 2024 and of its 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 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. 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
G R Contracts Ltd.


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
G R Contracts Ltd.


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

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

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:


-
Enquiry of management and those charged with governance around actual and potential litigation and claims
as well as actual, suspected and alleged fraud;

-
Assessing the extent of compliance with the laws and regulations considered to have a direct material
effect on the financial statements of the operations of the entity through enquiry and inspection;

-
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations;



-
Performing audit work over the risk of management bias and override of controls, including testing of
journal entries and other adjustments for appropriateness, evaluating the business rationale of significant
transactions outside the normal course of business and reviewing accounting estimates for indicators of
potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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
G R Contracts Ltd.


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.




Graham Bonomy (Senior Statutory Auditor)
for and on behalf of WDM Associates (Statutory Auditors)
Oakfield House
378 Brandon Street
Motherwell
ML1 1XA

27 March 2025

G R CONTRACTS LTD. (REGISTERED NUMBER: SC262465)

Statement of Income and Retained Earnings
for the Year Ended 30 June 2024

2024 2023
Notes £    £   

TURNOVER 16,198,500 17,423,185

Cost of sales (11,838,077 ) (14,322,319 )
GROSS PROFIT 4,360,423 3,100,866

Administrative expenses (1,579,132 ) (1,330,479 )
2,781,291 1,770,387

Other operating income 1,112 2,835
OPERATING PROFIT 4 2,782,403 1,773,222

Interest receivable and similar income 60,078 19,965
PROFIT BEFORE TAXATION 2,842,481 1,793,187

Tax on profit 5 (721,087 ) (246,500 )
PROFIT FOR THE FINANCIAL YEAR 2,121,394 1,546,687

Retained earnings at beginning of year 2,990,924 2,444,237

Dividends 6 (3,200,000 ) (1,000,000 )

RETAINED EARNINGS AT END OF
YEAR

1,912,318

2,990,924

G R CONTRACTS LTD. (REGISTERED NUMBER: SC262465)

Balance Sheet
30 June 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 7 642,412 377,039

CURRENT ASSETS
Stocks 8 1,457,122 3,205,266
Debtors 9 925,918 692,254
Cash at bank and in hand 2,143,630 1,695,343
4,526,670 5,592,863
CREDITORS
Amounts falling due within one year 10 (3,100,790 ) (2,892,994 )
NET CURRENT ASSETS 1,425,880 2,699,869
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,068,292

3,076,908

PROVISIONS FOR LIABILITIES 12 (135,974 ) (65,984 )
NET ASSETS 1,932,318 3,010,924

CAPITAL AND RESERVES
Called up share capital 13 20,000 20,000
Retained earnings 14 1,912,318 2,990,924
SHAREHOLDERS' FUNDS 1,932,318 3,010,924

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:




G McColl - Director



R Savage - Director


G R CONTRACTS LTD. (REGISTERED NUMBER: SC262465)

Cash Flow Statement
for the Year Ended 30 June 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,375,790 1,479,670
Tax refunded (365,052 ) 26,226
Net cash from operating activities 4,010,738 1,505,896

Cash flows from investing activities
Purchase of tangible fixed assets (422,529 ) (127,724 )
Sale of tangible fixed assets - 5,000
Interest received 60,078 19,965
Net cash from investing activities (362,451 ) (102,759 )

Cash flows from financing activities
Equity dividends paid (3,200,000 ) (1,000,000 )
Net cash from financing activities (3,200,000 ) (1,000,000 )

Increase in cash and cash equivalents 448,287 403,137
Cash and cash equivalents at beginning
of year

2

1,695,343

1,292,206

Cash and cash equivalents at end of
year

2

2,143,630

1,695,343

G R CONTRACTS LTD. (REGISTERED NUMBER: SC262465)

Notes to the Cash Flow Statement
for the Year Ended 30 June 2024

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

2024 2023
£    £   
Profit before taxation 2,842,481 1,793,187
Depreciation charges 155,732 130,300
Loss/(profit) on disposal of fixed assets 1,424 (1,779 )
Finance income (60,078 ) (19,965 )
2,939,559 1,901,743
Decrease/(increase) in stocks 1,748,144 (1,309,741 )
(Increase)/decrease in trade and other debtors (233,664 ) 1,068,342
Decrease in trade and other creditors (78,249 ) (180,674 )
Cash generated from operations 4,375,790 1,479,670

2. CASH AND CASH EQUIVALENTS

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

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 2,143,630 1,695,343
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 1,695,343 1,292,206


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 1,695,343 448,287 2,143,630
1,695,343 448,287 2,143,630
Total 1,695,343 448,287 2,143,630

G R CONTRACTS LTD. (REGISTERED NUMBER: SC262465)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

G R Contracts Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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


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.

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

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Work in progress
Work in progress is valued at the lower of cost and estimated selling price less costs to sell. Cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably
- it is probable that the Company will receive the consideration due
- the costs incurred can be measured reliably
- the revenue is recognised according to the stage of completion on the contract by reference to valuations agreed with customers.

Basic financial instruments
Basic financial instruments, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.


G R CONTRACTS LTD. (REGISTERED NUMBER: SC262465)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Hire purchase and leasing commitments
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 company operates a defined contribution pension scheme. Contributions payable to the company'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 2,851,921 2,946,556
Social security costs 302,380 318,567
Other pension costs 235,613 140,967
3,389,914 3,406,090

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

Management and administration 6 7
Workshop and site 66 72
72 79

G R CONTRACTS LTD. (REGISTERED NUMBER: SC262465)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 34,505 30,445
Directors' pension contributions to money purchase schemes 98,000 60,204

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

Money purchase schemes 2 2

4. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 577,787 713,200
Other operating leases 240,000 195,000
Depreciation - owned assets 155,732 130,300
Loss/(profit) on disposal of fixed assets 1,424 (1,779 )
Auditors' remuneration 5,510 5,250

5. 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 651,097 227,399

Deferred tax 69,990 19,101
Tax on profit 721,087 246,500

G R CONTRACTS LTD. (REGISTERED NUMBER: SC262465)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. TAXATION - continued

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

2024 2023
£    £   
Profit before tax 2,842,481 1,793,187
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 20.490%)

710,620

367,424

Effects of:
Expenses not deductible for tax purposes 8,972 3,161
Capital allowances in excess of depreciation (68,495 ) (5,600 )
Adjustments to tax charge in respect of previous periods - (137,586 )
Movement in deferred tax 69,990 19,101
Total tax charge 721,087 246,500

6. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final 3,200,000 1,000,000

7. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2023 90,045 1,352,648 21,920 33,000 1,497,613
Additions - 212,743 2,081 207,705 422,529
Disposals - (4,500 ) - - (4,500 )
At 30 June 2024 90,045 1,560,891 24,001 240,705 1,915,642
DEPRECIATION
At 1 July 2023 79,170 1,019,382 13,774 8,248 1,120,574
Charge for year 5,981 89,084 2,554 58,113 155,732
Eliminated on disposal - (3,076 ) - - (3,076 )
At 30 June 2024 85,151 1,105,390 16,328 66,361 1,273,230
NET BOOK VALUE
At 30 June 2024 4,894 455,501 7,673 174,344 642,412
At 30 June 2023 10,875 333,266 8,146 24,752 377,039

G R CONTRACTS LTD. (REGISTERED NUMBER: SC262465)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

8. STOCKS
2024 2023
£    £   
Work-in-progress 1,457,122 3,205,266

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 355,831 73,565
Amounts owed by group undertakings 217,610 216,141
Other debtors 10,305 10,044
VAT 295,362 344,660
Prepayments 46,810 47,844
925,918 692,254

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,227,215 2,326,481
Tax 651,097 365,052
Social security and other taxes 109,565 86,039
Accrued expenses 112,913 115,422
3,100,790 2,892,994

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 316,957 294,862
Between one and five years 1,136,300 1,093,389
1,453,257 1,388,251

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 135,974 65,984

Deferred
tax
£   
Balance at 1 July 2023 65,984
Charge to Income Statement during year 69,990
Balance at 30 June 2024 135,974

G R CONTRACTS LTD. (REGISTERED NUMBER: SC262465)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
20,000 Ordinary £1 20,000 20,000

14. RESERVES
Retained
earnings
£   

At 1 July 2023 2,990,924
Profit for the year 2,121,394
Dividends (3,200,000 )
At 30 June 2024 1,912,318

15. ULTIMATE PARENT COMPANY

G R Holdings (Scotland) Ltd is regarded by the directors as being the company's ultimate parent company.

16. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 34,505 (2023 - £ 30,445 ) was paid.