Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present the Strategic Report of Gleeds International Limited for the year ended 31 December 2023.
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).
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.
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.
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.
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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.
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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.
The directors who served during the year were:
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.
The auditors, Gerald Edelman LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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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.
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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 2006. They 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLEEDS INTERNATIONAL LIMITED
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 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 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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLEEDS INTERNATIONAL LIMITED (CONTINUED)
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' report. 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. 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.
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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLEEDS INTERNATIONAL LIMITED (CONTINUED)
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
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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.
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
73 Cornhill
EC3V 3QQ
2 May 2025
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 May 2025.
The notes on pages 17 to 33 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 May 2025.
The notes on pages 17 to 33 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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:
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.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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:
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.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The whole of the turnover is attributable to the principal activity of the group. Turnover arose as follows:.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
9.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Other reserves
Profit and loss account
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The registered offices of the subsidiary undertakings, associated undertakings, and participating interests are as follows:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The two partnerships, 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.
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