Registered number: 06213794
GLEEDS AMERICAS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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GLEEDS AMERICAS HOLDINGS LIMITED
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COMPANY INFORMATION
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M J Rowley (appointed 28 February 2024)
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P J Bradbury (appointed 28 February 2024)
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GLEEDS AMERICAS HOLDINGS LIMITED
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CONTENTS
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Directors' Responsibilities Statement
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Independent Auditor's Report
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Statement of Changes in Equity
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Notes to the Financial Statements
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GLEEDS AMERICAS HOLDINGS LIMITED
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present the Strategic Report of Gleeds Americas Holdings Limited for the year ended 31
December 2023.
During the year the company continued to act as a holding company. The directors believe that its investments are performing satisfactorily.
The loss for the financial year amounted to £59 (2022: £56). The company had net assets of £359,308 (2022: £359,368). There were no dividends paid out during the year (2022: nil).
Principal risks and uncertainties
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The company is acting as a holding company for several limited liability companies and the key identified business risk is considered to be the state of the construction and real estate markets of those investments, which continue to be closely monitored by directors.
Financial key performance indicators
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The directors are of the opinion that using Key Performance Indicators is not necessary for an understanding of the business.
This report was approved by the board on 1 May 2025 and signed on its behalf.
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G E Harle
Director
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Page 1
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GLEEDS AMERICAS HOLDINGS LIMITED
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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 principal activity of the company during the financial year was that of a holding company.
The parent company does not have any operating activity. It has negligible administrative expenses. The company will pay dividends to its parent, back-to-back, if it receives them from its subsidiaries and has sufficient distributable reserves. As a result, there are no cash flow considerations for the parent company. The Directors have assessed the Group’s finance position as part of the Gleeds partnership 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.
The following directors of the company were also partners in the Gleeds UK and Gleeds (Head Office) partnerships: R P Steer, S Senior and G E Harle.
The company has no direct employees (2022: none).
The directors who served during the year were:
Financial risk management
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The company's operations expose it to a variety of financial risks, including the effects of interest rate risk and liquidity risk. The policies in place to mitigate the potential impact of these financial risks are as follows.
Liquidity risk
The company actively maintains an appropriate level of cash reserves that are available for operations.
Future developments
The directors expect the level of activity of the company's investments to continue to improve year on year due to organic growth within each country and each sector.
Gleeds UK, the ultimate controlling party of Gleeds Americas Holdings Limited 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.
Disclosure of information to auditor
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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 Company's auditor is 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 Company's auditor is aware of that information.
Page 2
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GLEEDS AMERICAS HOLDINGS LIMITED
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Post balance sheet events
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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 Holdings (1995) Limited, which is the controlling party of Gleeds Americas Holdings Limited.
On 9 October 2024 BDO LLP were appointed as auditor for the year ended 31 December 2023 and will be proposed for reappointment in accordance with Section 485 of the Companies Act 2006. The financial statements of the company were not previously audited.
This report was approved by the board and signed on its behalf.
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G E Harle
Director
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Page 3
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GLEEDS AMERICAS HOLDINGS LIMITED
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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 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 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 for the Company's financial statements and then apply them consistently;
∙make judgments 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 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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GLEEDS AMERICAS HOLDINGS LIMITED
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLEEDS AMERICAS HOLDINGS LIMITED
Qualified opinion on the financial statements
In our opinion, except for the effects of the matter described in the Basis for qualified opinion section, the financial statements:
∙give a true and fair view of the state of the Company’s affairs as at 31 December 2023 and its 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.
We have audited the financial statements of Gleeds Americas Holdings Limited (“the Company”) for the year ended 31 December 2023 which comprise Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows and Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in the preparation of the financial statements 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).
Basis for qualified opinion
As explained in note 2.1 the Company has not prepared group financial statements for the Company and its subsidiary undertakings, as is required in accordance with section 399 of the Companies Act 2006 and FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Had Group financial statements been prepared then additional financial statements would have been presented in addition to those prepared, which are those of the Company only.
The Directors’ report and Strategic report do not consider the effects of the failure to prepare group financial statements and only include the results of the Company. As these should include the results of the Group, the business review, key performance indicators, going concern assessment and financial risk management sections do not comply with the applicable legal requirements.
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 Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
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.
Other Matter
The corresponding figures included within the financial statements are unaudited.
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.
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GLEEDS AMERICAS HOLDINGS LIMITED
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLEEDS AMERICAS HOLDINGS LIMITED
Other information
The Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report 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.
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.
Other Companies Act 2006 reporting
Except for the effects of the matter described in the Basis for Qualified Opinion section of our report, 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.
∙the Strategic report and the Directors’ report have been prepared in accordance with applicable legal requirements.
Except for the matter described in the Basis for Qualified Opinion section of our report, 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 and 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 by the Company, or returns adequate for our audit;
∙have not been received from branches not visited by us; or
∙the Company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of Directors’ remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Statement of Directors Responsibilities, 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 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.
Auditor’s 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 auditor’s 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 financial statements.
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GLEEDS AMERICAS HOLDINGS LIMITED
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLEEDS AMERICAS HOLDINGS LIMITED
Extent to which the audit was capable of detecting irregularities, including fraud
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:
∙Obtaining an understanding of the legal and regulatory frameworks that are applicable to the Company. These include, but are not limited to, compliance with the Companies Act, United Kingdom Generally Accepted Accounting Practice and the tax legislation.
∙Making enquiries of management of the Company policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; and
°Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.
∙Reviewing minutes of the board of directors in order to identify any instances of fraud or non-compliance with laws and regulations.
∙Assessing the susceptibility of the financial statements to material misstatement, including how fraud might occur in the financial statements and any potential indicators of fraud. We identified potential for fraud in the following areas and performed the following procedures:
°Communicating relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
°Management override of controls: we evaluated managements’ incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates and judgements. Audit procedures performed included identifying and testing journal entries, in particular any journal entries between unusual balance combinations and post year end journals.
Non-compliance with laws and regulations
Based on:
∙Our understanding of the Company and the industry in which it operates;
∙Discussion with management and those charged with governance; and
∙Obtaining and understanding of the Company’s policies and procedures regarding compliance with laws and regulations,
we considered the significant laws and regulations to be Financial Reporting Standard applicable to the UK and republic of Ireland (FRS 102) and Companies Act 2006.
The Company is also subject to laws and regulations where the consequence of non compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations.
Our procedures in respect of the above included:
∙Review of minutes of meeting of those charged with governance for any instances of non-compliance with laws and regulations;
∙Review of financial statement disclosures and agreeing to supporting documentation.
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GLEEDS AMERICAS HOLDINGS LIMITED
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLEEDS AMERICAS HOLDINGS LIMITED
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
∙Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;
∙Obtaining an understanding of the Company’s policies and procedures relating to:
°Detecting and responding to the risks of fraud; and
°Internal controls established to mitigate risks related to fraud.
∙Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud;
∙Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
Based on our risk assessment, we considered the area most susceptible to fraud to be management bias in accounting estimates.
Our procedures in respect of the above included a review of estimates and judgements applied by Management in the financial statements to assess their appropriateness and the existence of systematic bias.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk /auditorsresponsibilities. This description forms part of our auditor’s 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 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 auditor’s 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.
Sarah Applegate (Senior statutory auditor)
For and on behalf of BDO LLP, Statutory Auditor
Bristol, UK
01 May 2025
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
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GLEEDS AMERICAS HOLDINGS LIMITED
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PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
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Loss for the financial year
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There are no items of other comprehensive income for 2023 or 2022 other than the loss for the year. As a result, no separate Statement of Comprehensive Income has been presented.
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The notes on pages 14 to 21 form part of these financial statements.
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Page 9
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GLEEDS AMERICAS HOLDINGS LIMITED
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BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Equity attributable to owners of the parent Company
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 May 2025.
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G E Harle
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The notes on pages 14 to 21 form part of these financial statements.
Page 10
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GLEEDS AMERICAS HOLDINGS LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Comprehensive income for the year
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Comprehensive income for the year
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The notes on pages 14 to 21 form part of these financial statements.
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Page 11
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GLEEDS AMERICAS HOLDINGS LIMITED
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
Cash flows from operating activities
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Loss for the financial year
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(Increase)/decrease in amounts owed by groups
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Increase in amounts owed to groups
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Net cash generated by/(used in) operating activities
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Net increase/(decrease) in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 14 to 21 form part of these financial statements.
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Page 12
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GLEEDS AMERICAS HOLDINGS LIMITED
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
The notes on pages 14 to 21 form part of these financial statements.
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Page 13
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GLEEDS AMERICAS HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Gleeds Americas Holdings Limited (the "company") acted as a holding company for a number of Group
companies registered in North America and South America.
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
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Basis of preparation of financial statements
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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.
Complexities in working through a first-time consolidation have prevented the timely and satisfactory conclusion of the Group audit process, resulting in failure to prepare consolidated financial statements. To address this going forward, a dedicated Group Finance team has been put in place to focus on completing the required consolidations.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The parent company does not have any operating activity. It has negligible administrative expenses. The company will pay dividends to its parent, back-to-back, if it receives them from its subsidiaries and has sufficient distributable reserves. As a result, there are no cash flow considerations for the parent company. The Directors have assessed the Group’s finance position as part of the Gleeds partnership 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.
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Foreign currency translation
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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 that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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GLEEDS AMERICAS HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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 balance sheet date in the countries where the Company operates and generates income.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Cash and cash equivalents
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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 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 Company's cash management.
Page 15
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GLEEDS AMERICAS HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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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.
Impairment of investments
The company considers whether its investments in subsidiaries are impaired. An impairment occurs where the recoverable value of the investment (being the higher of their disposal value or future cash flows generated) is lower than the net book value. Any impairment charge is recognised in the Profit and Loss Account.
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GLEEDS AMERICAS HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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The audit fee for the year ended 31 December 2023 is £9,750 and will be paid by Gleeds UK on behalf of Gleeds Americas Holdings Limited. The financial statements of the company were not previously audited.
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The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).
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In respect of the directors who are also equity partners of Gleeds UK, they are remunerated by that partnership. Gleeds UK does not make a recharge to the company.
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Current tax on profits for the year
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Factors affecting tax charge for the year
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There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 23.5% (2022 - 19%).
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
Page 17
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GLEEDS AMERICAS HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Investments in subsidiary companies
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The movement of £58 represents the disposal of the 0.2% shareholding in Gleeds del Peru S.A.C.
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Direct subsidiary undertakings
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The following were direct subsidiary undertakings of the Company:
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115 Perimeter Center Place, Suite 800, Atlanta, GA 30346
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Gleeds Ecuador GLDS Cia. Ltda
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Avenida 12 de Octubre y Cordero, Edificio World Trade Centre, Oficina 1207, Quito 70517
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Gleeds Construction Consultancy Canada Inc
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401 West Georgia Street, Vancouver, British Columbia, Canada, V6B 5A1
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Av. General Cordova #313, Urb. Santa Cruz
Lima, Peru
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Indirect subsidiary undertakings
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The following were indirect subsidiary undertakings of the Company:
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115 Perimeter Center Place, Suite 800, Atlanta, GA 30346
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Gleeds Mexico Sociedad de Responsabilidad Limitada de CV
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Calle 200-5 Del Valle Orient, Avenida Eugenio Garza la Guera, Piso 6 A 10 Nuevo Leon, 66260
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Page 18
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GLEEDS AMERICAS HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Amounts owed by group undertakings
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Amounts owed by group undertakings include loans and balances due from subsidiaries and other
related entities, comprising non-interest-bearing loans.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Amounts owed to group undertakings include loans and balances due to subsidiaries and other
related entities, comprising non-interest-bearing loans.
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Page 19
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GLEEDS AMERICAS HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Financial assets that are debt instruments measured at amortised cost
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Financial liabilities measured at amortised cost
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Financial assets measured at amortised cost comprise amounts owed by group undertakings.
Financial liabilities measured at amortised cost comprise amounts owed to group undertakings.
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Allotted, called up and fully paid
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6,921 (2022 - 6,921) ordinary shares of £1.00 each
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Share premium account
The share premium account includes the premium on issue of equity shares, net of any issue costs.
Profit and loss account
The profit and loss account represents the accumulated profits, losses and distributions of the company.
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Related party transactions
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At the year end the company owed £11,620 (2022: £11,400) to the Gleeds UK partnership and companies.
At the year end the company was owed £35,557 (2022: £35,500) from the Gleeds UK partnership and companies.
No services were acquired from the Gleeds UK partnership or other Gleeds companies in the year (2022: nil)
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Page 20
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GLEEDS AMERICAS HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Gleeds International Holdings (1995) Limited, a company registered in the UK (Company number 03082140), owns 100% of the total issued share capital of Gleeds Americas Holdings Ltd.
The two partnerships, Gleeds UK and Gleeds (Head Office) own and control 100% of the total issued share capital of Gleeds International Holdings Limited, the controlling party of Gleeds International Holdings (1995) Limited, and are therefore the ultimate controlling parties of Gleeds Americas Holdings 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, and therefore also the ultimate ownership of Gleeds International Holdings (1995) Limited and Gleeds Americas Holdings Limited.
Page 21
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