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Registered number: 06213613










GLEEDS INTERNATIONAL LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GLEEDS INTERNATIONAL LIMITED
 

COMPANY INFORMATION


Directors
S M Dicks 
G E Harle 
M J Rowley 
S Senior 
R P Steer 




Registered number
06213613



Registered office
Aurora, Finzels Reach
Counterslip

Bristol

BS1 6BX




Independent auditors
Gerald Edelman LLP
Chartered Accountants & Statutory Auditor

73 Cornhill

London

EC3V 3QQ





 
GLEEDS INTERNATIONAL LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Directors' Responsibilities Statement
5
Independent Auditors' Report
6 - 9
Consolidated Statement of Comprehensive Income
10
Consolidated Statement of Financial Position
11
Company Statement of Financial Position
12
Consolidated Statement of Changes in Equity
13 - 14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16
Notes to the Financial Statements
17 - 33


 
GLEEDS INTERNATIONAL LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present the Strategic Report of Gleeds International Limited for the year ended 31 December 2023.

Business review
 
For the year ended 31 December 2023, revenue decreased by 29% to £21,518,000 (2022: £30,119,000). 
Operating loss for the year was £560,000 (2022: £4,214,000 profit), generating an operating margin of (3)% (2022: 14%).  
No dividend was declared during the year (2022: £nil). The directors do not recommend the payment of a final dividend (2022: £nil). 
At the year end, net assets have decreased to £2,138,000 (2022: £2,996,000).

Key financial performance indicators
 
The directors consider net revenue, operating profit and cash to revenue conversion to be the key financial performance indicators. We track these KPIs through the reporting of monthly actuals but equally importantly through our forward forecast lens to ensure proactive steps are identified and to ensure the health of the overall business.
We also track a variety of non-financial KPIs that are important to us as a business including metrics reporting on our performance for Diversity & Inclusion, Employee Wellbeing, Sustainability and Social Value.

Principal risks and uncertainties
 
The principal risk areas potentially impacting on the Gleeds International Group are:
Key clients and frameworks - A significant proportion of Gleeds International revenue is dependent on a number of key clients and it being designated an approved supplier by those clients and other purchasing organisations. We mitigate these risks by ensuring we have regular meaningful dialogue with our clients, investing in securing appointments to key framework contracts and maintaining close business relationships with key partners.
Market & international risk - Gleeds International is exposed to risks associated with doing business in different jurisdictions around the world which include: social or political instability, fluctuations in currency, exchange rates, changes in law and the challenges presented by the outcome of the UK’s EU Referendum.
Liquidity & treasury - A significant adverse reduction in cash generated from operations or in Gleeds’ credit rating could reduce our cash resources or limit our ability to borrow or increase the cost of borrowing, which in turn could limit our ability to make the investments required to support our growth plans. Gleeds has low levels of external gearing. We produce detailed 12 month rolling cash forecasts based P&L Budgets / forecasts agreed throughout the business enabling us to take early remedial action should it be required. Our Finance and Risk committees regularly review all areas of our cost base and have contingency plans ready should they be needed to protect the business. 

Future developments

On 24 December 2024 the Gleeds (Head Office) partnership was merged with the Gleeds UK partnership. On 1 January 2025 the trade and assets of Gleeds UK was transferred to Gleeds LLP, including the ownership of Gleeds International Holdings Limited, the owner of Gleeds International Limited.

Page 1

 
GLEEDS INTERNATIONAL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board on 2 May 2025 and signed on its behalf.



G E Harle
Director

Page 2

 
GLEEDS INTERNATIONAL LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the group during the financial year was the provision of management consultancy services focused on construction and real estate sector.

Directors

The directors who served during the year were:

S M Dicks 
G E Harle 
M J Rowley 
S Senior 
R P Steer 

Directors’ indemnities

The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.

Going concern

Management has assessed whether the Gleeds International Group and the company is a going concern. As the company is part of the Gleeds group of companies, management has considered the overall Gleeds Group’s performance in making its assessment of the going concern assumption.
 
The Director’s have assessed the Group’s financial position as part of the Group’s refinancing and are confident the Group can support the company’s financial position for a period of at least twelve months from the signing date of the financial statements. Despite recent increases in inflation and the cost of living, and even in the event of a significant downturn in trading revenue, the Group and the Company will continue to be able to meet its liabilities as they fall due and remain within its banking covenants.
 
As such the directors have concluded that no material uncertainty exists in relation to going concern and are satisfied that the company has adequate resources to continue to operate for the foreseeable future. The Group and the Company therefore continues to adopt the going concern basis in preparing its financial statements.

Provision of information to the auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Group and the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Group and the Company's auditors are aware of that information.

Auditors

The auditorsGerald Edelman LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 3

 
GLEEDS INTERNATIONAL LIMITED
 

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

This report was approved by the board on 2 May 2025 and signed on its behalf.
 





G E Harle
Director

Page 4

 
GLEEDS INTERNATIONAL LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 Group and the Company and of the profit or loss of the Group and the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group and the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK 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 Group and 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 Group and the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Page 5

 
GLEEDS INTERNATIONAL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLEEDS INTERNATIONAL LIMITED
 

Opinion


We have audited the financial statements of Gleeds International Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 December 2023 and of the Group's loss 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 6

 
GLEEDS INTERNATIONAL LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLEEDS INTERNATIONAL LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Strategic and Directors' report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Strategic and Directors' reportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report 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 Strategic Report and the Directors' Report.


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:


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 Directors' Responsibilities Statement set out on page 5, 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 is 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.


Page 7

 
GLEEDS INTERNATIONAL LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLEEDS INTERNATIONAL LIMITED (CONTINUED)

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 an Auditors' Report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our audit procedures were primarily directed towards testing the accounting systems in operation upon which we have based our assessment of the financial statements for the year ended 31 December 2023.
We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.
The extent to which the audit was considered capable of detecting irregularities including fraud
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud
and non-compliance with laws and regulations, our procedures included the following:
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
Enquiring of management of whether they are aware of any non-compliance with laws and regulations.
Enquiring of management whether they have knowledge of any actual, suspected or alleged fraud.
Enquiring of management their internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations.
Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; posting of unusual journals.
Obtaining understanding of the legal and regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations we considered in this context included UK Companies Act 2006, tax legislation and employment law.

Audit response to risks identified
Fraud due to management override
To address the risk of fraud through management bias and override of controls, we:
Performed analytical procedures to identify any unusual or unexpected relationships.
Auditing the risk of management override of controls, including through testing journal entries for appropriateness.
Assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias.
Investigated the rationale behind significant or unusual transactions.

Irregularities and non-compliance with laws and regulations
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but are not limited to:
Agreeing financial statements disclosures to underlying supporting documentation.
Enquiring of management as to actual and potential litigation claims.

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in
Page 8

 
GLEEDS INTERNATIONAL LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLEEDS INTERNATIONAL LIMITED (CONTINUED)

accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.
Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors of Gleeds International Limited.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


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 2006Our 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 an Auditors' Report 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.





Talha Farrukh FCCA, ACA (Senior Statutory Auditor)
  
for and on behalf of
Gerald Edelman LLP
 
Chartered Accountants
Statutory Auditor
  
73 Cornhill
London
EC3V 3QQ

2 May 2025
Page 9

 
GLEEDS INTERNATIONAL LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated
2023
2022*
Note
£000
£000

  

Turnover
 4 
21,518
30,119

Cost of sales
  
(13,417)
(24,238)

Gross profit
  
8,101
5,881

Administrative expenses
  
(8,520)
(1,457)

Other operating income/(expense)
  
(141)
(210)

Operating (loss)/profit
  
(560)
4,214

Interest receivable and similar income
  
(166)
(3)

(Loss)/profit before taxation
  
(726)
4,211

Tax on (loss)/profit
 9 
10
(2,084)

(Loss)/profit for the financial year
  
(716)
2,127

  

Currency translation difference on foreign currency net investments
  
(142)
53

Other comprehensive income for the year
  
(142)
53

Total comprehensive income for the year
  
(858)
2,180

(Loss)/profit for the year attributable to:
  

Non-controlling interests
  
(2)
3

Owners of the parent Company
  
(714)
2,124

  
(716)
2,127

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
(2)
3

Owners of the parent Company
  
(856)
2,177

  
(858)
2,180

The notes on pages 17 to 33 form part of these financial statements.

* Details of the prior year restatements are included in note 18.

Page 10

 
GLEEDS INTERNATIONAL LIMITED
REGISTERED NUMBER:06213613

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

As restated
2023
2022*
Note
£000
£000

Fixed assets
  

Tangible assets
 10 
14
4

Investments
 11 
95
142

  
109
146

Current assets
  

Debtors: amounts falling due within one year
 12 
8,386
12,947

Cash at bank and in hand
 13 
1,558
4,083

  
9,944
17,030

Creditors: amounts falling due within one year
 14 
(7,915)
(14,180)

Net current assets
  
 
 
2,029
 
 
2,850

Total assets less current liabilities
  
2,138
2,996

Provisions for liabilities
  

Net assets excluding pension asset
  
2,138
2,996

Net assets
  
2,138
2,996


Capital and reserves
  

Called up share capital 
 16 
150
150

Other reserves
 17 
749
891

Profit and loss account
 17 
1,212
1,926

Equity attributable to owners of the parent Company
  
2,111
2,967

Non-controlling interests
  
27
29

  
2,138
2,996


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 May 2025.




G E Harle
Director

The notes on pages 17 to 33 form part of these financial statements.

* Details of the prior year restatements are included in note 18.

Page 11

 
GLEEDS INTERNATIONAL LIMITED
REGISTERED NUMBER:06213613

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000*

Fixed assets
  

Investments
 11 
117
164

  
117
164

Current assets
  

Debtors: amounts falling due within one year
 12 
15,876
13,730

Cash at bank and in hand
 13 
81
-

  
15,957
13,730

Creditors: amounts falling due within one year
 14 
(13,537)
(12,324)

Net current assets
  
 
 
2,420
 
 
1,406

Total assets less current liabilities
  
2,537
1,570

  

  

Net assets excluding pension asset
  
2,537
1,570

Net assets
  
2,537
1,570


Capital and reserves
  

Called up share capital 
 16 
150
150

Profit and loss account brought forward
  
1,420
444

Profit for the year
  
967
976

Profit and loss account carried forward
  
2,387
1,420

  
2,537
1,570


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 May 2025.


G E Harle
Director

The notes on pages 17 to 33 form part of these financial statements.

* Details of the prior year restatements are included in note 18.

Page 12

 

GLEEDS INTERNATIONAL LIMITED
 
 
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£000
£000
£000
£000
£000
£000


At 1 January 2023 (as previously stated)
150
854
1,122
2,126
28
2,154


Prior year adjustment*
-
37
804
841
1
842


At 1 January 2023 (as restated)
150
891
1,926
2,967
29
2,996





Loss for the year
-
-
(714)
(714)
(2)
(716)


Currency translation differences
-
(142)
-
(142)
-
(142)



At 31 December 2023
150
749
1,212
2,111
27
2,138



The notes on pages 17 to 33 form part of these financial statements.

* Details of the prior year restatements are included in note 18. The proft and loss account adjustment of £804,000 includes £201,000 in relation relation to 2021 and £603,000 in relation to 2022.

Page 13

 

GLEEDS INTERNATIONAL LIMITED
 
 
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022



Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£000
£000
£000
£000
£000
£000


At 1 January 2022 (as previously stated)
150
838
(399)
589
26
615


Prior year adjustment*
-
-
201
201
-
201


At 1 January 2022 (as restated)
150
838
(198)
790
26
816





Profit for the year
-
-
2,124
2,124
3
2,127


Currency translation differences
-
53
-
53
-
53



At 31 December 2022
150
891
1,926
2,967
29
2,996



The notes on pages 17 to 33 form part of these financial statements.

* Details of the prior year restatements are included in note 18.

Page 14

 
GLEEDS INTERNATIONAL LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 January 2022
150
444
594


Comprehensive income for the year

Profit for the year
-
976
976



At 1 January 2023
150
1,420
1,570


Comprehensive income for the year

Profit for the year
-
967
967


At 31 December 2023
150
2,387
2,537


The notes on pages 17 to 33 form part of these financial statements.

Page 15

 
GLEEDS INTERNATIONAL LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated
2023
2022
£000
£000*

Cash flows from operating activities

(Loss)/profit for the financial year
(716)
2,127

Adjustments for:

Depreciation of tangible assets
3
2

Interest paid
166
3

Taxation charge
(10)
2,084

Decrease/(increase) in debtors
3,241
(5,022)

(Decrease)/increase in creditors
(3,821)
3,406

Share of operating loss in associates
47
22

Corporation tax (paid)
(181)
(316)

Net cash generated from operating activities

(1,271)
2,306


Cash flows from investing activities

Purchase of tangible fixed assets
(13)
(3)

Net cash from investing activities

(13)
(3)

Cash flows from financing activities

Interest paid
(166)
(3)

Net cash used in financing activities
(166)
(3)

Net (decrease)/increase in cash and cash equivalents
(1,450)
2,300

Cash and cash equivalents at beginning of year
3,639
897

Foreign exchange gains and losses
(753)
442

Cash and cash equivalents at the end of year
1,436
3,639


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,558
4,083

Bank overdrafts
(122)
(444)

1,436
3,639


The notes on pages 17 to 33 form part of these financial statements.

* Details of the prior year restatements are included in note 18.

Page 16

 
GLEEDS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Gleeds International Limited (the "company") and its subsidiaries was engaged in the provision of quantity surveying and project management services in real estate and construction sector.
The Company is a private company limited by shares and is incorporated and domiciled in the United Kingdom and registered in England and Wales. The address of its registered office is Aurora, Finzels Reach, Counterslip, Bristol, BS1 6BX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

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 Statement of Financial Position, 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 Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

Management has assessed whether the Gleeds International Group and the company is a going concern. As the company is part of the Gleeds group of companies, management has considered the overall Gleeds Group’s performance in making its assessment of the going concern assumption.
 
The Director’s have assessed the Group’s financial position as part of the Group’s refinancing and are confident the Group can support the company’s financial position for a period of at least twelve months from the signing date of the financial statements. Despite recent increases in inflation and the cost of living, and even in the event of a significant downturn in trading revenue, the Group and the Company will continue to be able to meet its liabilities as they fall due and remain within its banking covenants.
 
As such the directors have concluded that no material uncertainty exists in relation to going concern and are satisfied that the company has adequate resources to continue to operate for the foreseeable future. The Group and the Company therefore continues to adopt the going concern basis in preparing its financial statements.

Page 17

 
GLEEDS INTERNATIONAL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

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 Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiary undertakings are measured at cost less accumulated impairment and associated undertakings are measured at fair value.  Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.

Investments in Associates and Participating interests are remeasured to fair value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 18

 
GLEEDS INTERNATIONAL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.10

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.
Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 19

 
GLEEDS INTERNATIONAL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 20

 
GLEEDS INTERNATIONAL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Group and the Company operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements 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.
Trade debtor provisions
Management provides for debts based on a combination of age and other known factors which might affect the recoverability of the debtor.  Management continues to chase all debts unless there is a legal reason that a debt cannot be recovered.
Revenue for professional services
When calculating fee revenue for professional services management may be required to make specific estimates as to the progress towards satisfaction of performance obligations. A different assessment of the outrun on a contract may result in a different value being determined for revenue.
Deferred Taxation
Gleeds International Limited and Gleeds Del Peru S.A.C have recognised a deferred tax asset related to Peruvian tax legislation, which imposes restrictions on the period over which tax losses can be utilised. Management exercises judgement in forecasting future taxable profits to assess the extent to which it is probable that sufficient taxable profits will be available to utilise the recognised losses. The amount of the deferred tax asset recognised is based on these estimates of future profitability.

Page 21

 
GLEEDS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

The whole of the turnover is attributable to the principal activity of the group. Turnover arose as follows:.

2023
2022
£000
£000

Rest of the world
21,518
30,119

21,518
30,119



5.


Operating (loss)/profit

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

As restated
2023
2022
£000
£000

Exchange differences
47
(604)

Depreciation
3
2


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£000
£000

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
65
40

Page 22

 
GLEEDS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

The remuneration for employee directors is paid by one of the Gleeds Employment Services companies, which is then recharged to Gleeds UK. Gleeds UK subsequently makes a recharge for these costs and other expenses to the applicable trading companies, however, no specific allocation for the company's share of an individual directors' remuneration is made. In respect of the directors who are also equity partners of Gleeds UK, the company bears a share of the notional charge which is recharged from Gleeds UK to the company. These costs form part of a central cost allocation and are not deemed Director’s remuneration in substance.


Staff costs were as follows:


Group
Group
2023
2022
£000
£000


Wages and salaries
5,487
2,190

5,487
2,190


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administative
56
24


8.


Interest receivable

2023
2022
£000
£000


Other interest receivable/(payable)
(166)
(3)

(166)
(3)

Page 23

 
GLEEDS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Taxation


2023
2022
£000
£000

Corporation tax


Current tax on profits for the year
286
187

Adjustments in respect of previous periods
-
(44)


286
143

Foreign tax


Foreign tax on income for the year
19
1,941

19
1,941

Total current tax
305
2,084

Deferred tax


Origination and reversal of timing differences
(33)
-

Tax losses carried forward
(282)
-

Total deferred tax
(315)
-


Tax on (loss)/profit
(10)
2,084
Page 24

 
GLEEDS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

As restated
2023
2022
£000
£000


(Loss)/profit on ordinary activities before tax
(726)
4,211


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
(171)
800

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
88
711

Higher rate taxes on overseas earnings
(62)
741

Adjustments to tax charge in respect of prior periods
(21)
(44)

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
-
(17)

R&D expenditure credits
1
10

Double taxation relief
-
(28)

Foreign taxation
3
28

Other differences leading to an increase (decrease) in the tax charge
152
(117)

Total tax charge for the year
(10)
2,084


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 25

 
GLEEDS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Tangible fixed assets

Group






Plant and machinery

£000



Cost or valuation


At 1 January 2023 (as previously stated)
10


Prior Year Adjustment
10


At 1 January 2023 (as restated)
20


Additions
13


Exchange adjustments
(1)



At 31 December 2023

32



Depreciation


At 1 January 2023 (as previously stated)
6


Prior Year Adjustment
10


At 1 January 2023 (as restated)
16


Charge for the year on owned assets
3


Exchange adjustments
(1)



At 31 December 2023

18



Net book value



At 31 December 2023
14



At 31 December 2022 (as restated)
4

The prior year cost and depreciation has been restated due to an error in the opening balance. This adjustment had no impact on the opening net book value

Page 26

 
GLEEDS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Fixed asset investments

Group





Investments in associates

£000



Cost or valuation


At 1 January 2023
142


Share of profit/(loss)
(47)



At 31 December 2023
95




Company





Investments in subsidiary companies
Investments in associates
Total

£000
£000
£000



Cost or valuation


At 1 January 2023
22
142
164


Share of profit/(loss)
-
(47)
(47)



At 31 December 2023
22
95
117





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Holding

Gleeds del Peru S.A.C
Peru
99.8%
Gleeds (QFC) LLC
Qatar
100%
Gleeds Consultancy Services WLL
Qatar
49%
Gleeds Construction Management Services SRL
Romania
52%

Gleeds Consultancy Services WLL has been consolidated as a subsidiary due to the ownership agreement with the other shareholders which grants control over the entity.

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:


Page 27

 
GLEEDS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Associates


The following were associates of the Company:


Name

Registered office

Holding

Gleeds Romania SRL
Romania
46%
Gleeds Albania SHPK
Albania
46%


Participating interests


The following were participating interests of the Company:


Name

Registered office

Holding

Gleeds Construction Consultancy Egypt S.A.E
Egypt
1%
Gleeds Ecuador Cia Ltda
Ecuador
1%
Gleeds Ceska Republika s.r.o
Czechia
1%

Registered addresses for the aforementioned investments are appended in note 20.


12.


Debtors

Group

Group
As restated
Company

Company
2023
2022
2023
2022
£000
£000
£000
£000


Trade debtors
2,317
2,055
373
513

Amounts owed by related parties
949
3,548
13,801
12,133

Other debtors
2,576
3,065
109
563

Prepayments and accrued income
1,942
2,524
1,030
160

Tax recoverable
281
1,755
281
361

Deferred taxation
321
-
282
-

8,386
12,947
15,876
13,730



13.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Cash at bank and in hand
1,558
4,083
81
-

Less: bank overdrafts
(122)
(444)
(122)
(444)

1,436
3,639
(41)
(444)


Page 28

 
GLEEDS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Creditors: Amounts falling due within one year

Group

Group
As restated
Company

Company
2023
2022
2023
2022
£000
£000
£000
£000

Bank overdrafts
122
444
122
444

Trade creditors
867
1,305
38
108

Amounts owed to related parties
3,787
5,286
13,132
10,105

Corporation tax
253
1,595
-
-

Other taxation and social security
228
693
-
693

Other creditors
284
1,980
-
819

Accruals and deferred income
2,374
2,877
245
155

7,915
14,180
13,537
12,324


Amounts due to group undertakings are unsecured, interest-free and repayable on demand.  The overdraft is secured by a cross guarantee given by certain other Gleeds companies.

Page 29

 
GLEEDS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Deferred taxation


Group



2023


£000






Charged to profit or loss
315


Charged to other comprehensive income
6



At end of year
321

Company


2023


£000






Charged to profit or loss
282



At end of year
282

The deferred tax asset is made up as follows:

Group
Company
2023
2023
£000
£000

Tax losses carried forward
282
282

Timing Differences
39
-

321
282


16.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



150,000 (2022 - 150,000) Ordinary shares of £1.00 each
150
150


Page 30

 
GLEEDS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Reserves

Other reserves

Other reserves relate to the acquisition of Gleeds (QFC) LLC (£704,000, 2022: £704,000) and unrealised currency translation difference on foreign currency net investments (£45,000, 2022 Restated: £187,000).

Profit and loss account

The profit and loss account represents the accumulated profits, losses and distributions of the company.


18.


Prior year adjustment

During the financial year 2023 an exercise was completed to ensure that the Gleeds Del Peru S.A.C. foreign currency balances were correctly translated in line with FRS 102. The impact of this exercise is that the group intercompany payable has been restated from £5,860,000 to £5,286,000, other debtors has been restated from £3,022,000 to £3,065,00 and Other operating income has been restated from £814,000 to £210,000.
During the current years audit it was noted that the trade creditors in Gleeds Consultancy Services WLL incorrectly recognised 990,000 QAR in 2021 and 2022 and the comparative has been restated. The impact of this restatement is that trade creditors has been restated from £1,530,000 to £1,305,000 and the retained earnings brought forward has been restated from to £399,000 to £198,000.
The impact of the above two adjustments has resulted in the 2022 other reserves being restated from £854,000 to £891,000 due to translation differences.
 
As cited in note 10 the prior year tangible fixed asset cost and depreciation has been restated due to an error in the opening balance. This adjustment had no impact on the opening net book value.
The above adjustments affected the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Consolidated Statement of Changes in Equity and Consolidated Statement of Cash Flows for the prior year.


19.


Related party transactions

At the year end the company was owed by/(owed to) the following amounts from Gleeds UK partnership and companies:


2023
2022
£000
£000

Gleeds UK Partnership
(2,405)
(2,270)
Gleeds Saudi Arabia for Business Services
(141)
-
Gleeds Iberica S.A.
(142)
-
Gleeds (Polska) Sp. z.o.o.
(529)
-
Gleeds Gulf Engineering Consultants & Project Management
947
995
Gleeds Construction Consultancy Egypt S.A.E
(553)
(463)
Gleeds Hooloomann Consulting (India) Pvt Ltd
(18)
-
(2,841)
(1,738)

During the financial year, the group acquired services from the Gleeds partnerships and companies amounting to £4,073,000 (2022: £6,087,000).

Page 31

 
GLEEDS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.

Registered offices of subsidiary undertakings

The registered offices of the subsidiary undertakings, associated undertakings, and participating interests are as follows:
 

Gleeds del Peru S.A.C
Av. General Cordova # 313
Urb. Santa Cruz
Miraflores
Lima
Peru

Gleeds (QFC) LLC
Office 3
17th Floor Tower B
Shoumoukh Towers
Doha
Qatar


Gleeds Consultancy Services WLL
Office 3
17th Floor Tower B
Shoumoukh Towers
Doha
Qatar


Gleeds Construction Management Services SRL
Str Argetoaia nr 5
Parter
Biroul nr 1
Bucuresti Sector 2
Romania


Gleeds Romania SRL
Str Argetoaia nr 5
Sector 2
024011 Bucaresti
Romania


Gleeds Albania SHPK
Rr Abdi Toptani
Torre Drin No 63
Tirana
Albania


Gleeds Construction Consultancy Egypt S.A.E
44 Palestine Street
New Maadi
Cairo 11435
Egypt


Gleeds Ecuador Cia Ltda
Avenida 12 de Octubre y Cordero
Edficio World Trade Center, Torre A
Oficina 1207
Quito 170517
Ecuador


Gleeds Ceska Republika s.r.o
Konviktska 30
110 00 Praha 1
Czech Republic

Page 32

 
GLEEDS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Controlling party

Gleeds International Holdings Limited, a company registered in the Isle of Man, owns 100% of the total issued share capital of Gleeds International Limited.
The two partnerships, Gleeds UK and Gleeds (Head Office) own and control 100% of the total issued share capital of Gleeds International Holdings Limited and are therefore the ultimate controlling parties of Gleeds International Limited.
On 24 December 2024 the Gleeds (Head Office) partnership was merged with the Gleeds UK partnership. On 1 January 2025 the trade and assets of Gleeds UK was transferred to Gleeds LLP, including the ownership of Gleeds International Holdings Limited.


Page 33