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REGISTERED NUMBER: 03377352 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

GP PLUMBING & HEATING ENGINEERS LIMITED

GP PLUMBING & HEATING ENGINEERS LIMITED (REGISTERED NUMBER: 03377352)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


GP PLUMBING & HEATING ENGINEERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: S Gibbs
D Gibbs
R Oliveira
R Sheppard
M Long





SECRETARY: S Gibbs





REGISTERED OFFICE: Unit 9A Ashdown Business Park
Michael Way
Maresfield
Uckfield
East Sussex
TN22 2DU





REGISTERED NUMBER: 03377352 (England and Wales)





AUDITORS: LMDB Limited
t/a LMDB Accountants
Statutory Auditors
Railview Lofts
19c Commercial Road
Eastbourne
East Sussex
BN21 3XE

GP PLUMBING & HEATING ENGINEERS LIMITED (REGISTERED NUMBER: 03377352)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their strategic report for the year ended 31 August 2024.

REVIEW OF BUSINESS
During the period the company maintained its market share and achieved an increase in turnover of 3.5%. This has been achieved whilst maintaining a healthy profit margin.

The company is still experiencing increased costs in labour, materials and fuel which are putting a squeeze on profit margins within the UK construction industry. However, as a result of the continued hard work of the company's directors and employees, the profit and margins achieved in the period represent a strong trading performance.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's business is dependent upon the health of the construction sector. Currently there exists many external factors which are having an impact on the UK construction sector. These include skill shortages in the labour market, increased material and fuel costs due to high inflation and a slowdown in the UK housing market. In addition to these industry factors, the company has also experienced an increase in wages costs due to the increase in the minimum wage and National Insurance rates. However, despite these challenges the company is still maintaining its market share whilst still achieving healthy profit margins.

There has been a push by the UK Government to meet sustainability targets. We continue to research renewable energies so that we are prepared for any change, and challenges this technology brings with it.

FINANCIAL KEY PERFORMANCE INDICATORS
The Income Statement shows that turnover has increased to £19.1m from £18.5m in 2023.

Despite the squeeze in profit margins experienced by many companies within the construction industry in the period, the company has achieved a strong trading performance with pre-tax profit of just over £2m achieved (2023 - £2.25m). This was achieved at a healthy profit margin with a gross profit margin of 15% for the period (2023 - 16%) and pre-tax profit at just over 10.5% (2023 - 12.2%).

The directors are pleased with the trading results for the period and continue to take the necessary steps to ensure that healthy profits will continue to be achieved from current projects and those panned for the future.

ON BEHALF OF THE BOARD:





D Gibbs - Director


23 April 2025

GP PLUMBING & HEATING ENGINEERS LIMITED (REGISTERED NUMBER: 03377352)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of plumbing and heating engineers

DIVIDENDS
The total distribution of dividends for the year ended 31 August 2024 will be £1,528,111.

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

S Gibbs
D Gibbs
R Oliveira
R Sheppard
M Long

DONATIONS
During the year, donations of £12,205 (2023 - £7,456) were made. None of these donations were made to political parties in the UK or overseas.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GP PLUMBING & HEATING ENGINEERS LIMITED (REGISTERED NUMBER: 03377352)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





D Gibbs - Director


23 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GP PLUMBING & HEATING ENGINEERS LIMITED

Opinion
We have audited the financial statements of GP Plumbing & Heating Engineers Limited (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GP PLUMBING & HEATING ENGINEERS LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GP PLUMBING & HEATING ENGINEERS LIMITED


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

- Enquiry of management and those charged with governance on the actual and potential litigation and claims, and also any instances of non-compliance with laws and regulations.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- Professional scepticism in the course of the audit and with audit sampling in material audit areas.

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GP PLUMBING & HEATING ENGINEERS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




S Murray FCCA (Senior Statutory Auditor)
for and on behalf of LMDB Limited
t/a LMDB Accountants
Statutory Auditors
Railview Lofts
19c Commercial Road
Eastbourne
East Sussex
BN21 3XE

29 April 2025

GP PLUMBING & HEATING ENGINEERS LIMITED (REGISTERED NUMBER: 03377352)

INCOME STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £    £   

TURNOVER 19,143,042 18,495,572

Cost of sales 16,270,442 15,539,002
GROSS PROFIT 2,872,600 2,956,570

Administrative expenses 861,494 697,808
OPERATING PROFIT 4 2,011,106 2,258,762

Interest receivable and similar income 1,560 243
2,012,666 2,259,005

Interest payable and similar expenses 5 - 2,733
PROFIT BEFORE TAXATION 2,012,666 2,256,272

Tax on profit 6 507,488 490,414
PROFIT FOR THE FINANCIAL YEAR 1,505,178 1,765,858

GP PLUMBING & HEATING ENGINEERS LIMITED (REGISTERED NUMBER: 03377352)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,505,178 1,765,858


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,505,178

1,765,858

GP PLUMBING & HEATING ENGINEERS LIMITED (REGISTERED NUMBER: 03377352)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 564,258 500,566

CURRENT ASSETS
Stocks 9 79,000 72,500
Debtors 10 2,819,740 2,680,758
Cash at bank 3,372,940 3,330,434
6,271,680 6,083,692
CREDITORS
Amounts falling due within one year 11 2,913,181 2,628,043
NET CURRENT ASSETS 3,358,499 3,455,649
TOTAL ASSETS LESS CURRENT LIABILITIES 3,922,757 3,956,215

PROVISIONS FOR LIABILITIES 12 82,412 92,937
NET ASSETS 3,840,345 3,863,278

CAPITAL AND RESERVES
Called up share capital 13 103 103
Share premium 14 52,425 52,425
Retained earnings 14 3,787,817 3,810,750
SHAREHOLDERS' FUNDS 3,840,345 3,863,278

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2025 and were signed on its behalf by:





D Gibbs - Director


GP PLUMBING & HEATING ENGINEERS LIMITED (REGISTERED NUMBER: 03377352)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 September 2022 103 3,942,916 52,425 3,995,444

Changes in equity
Dividends - (1,898,024 ) - (1,898,024 )
Total comprehensive income - 1,765,858 - 1,765,858
Balance at 31 August 2023 103 3,810,750 52,425 3,863,278

Changes in equity
Dividends - (1,528,111 ) - (1,528,111 )
Total comprehensive income - 1,505,178 - 1,505,178
Balance at 31 August 2024 103 3,787,817 52,425 3,840,345

GP PLUMBING & HEATING ENGINEERS LIMITED (REGISTERED NUMBER: 03377352)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,104,266 2,250,457
Interest paid - (2,733 )
Tax paid (349,788 ) (394,017 )
Net cash from operating activities 1,754,478 1,853,707

Cash flows from investing activities
Purchase of tangible fixed assets (388,518 ) (233,936 )
Sale of tangible fixed assets 190,074 44,240
Interest received 1,560 243
Net cash from investing activities (196,884 ) (189,453 )

Cash flows from financing activities
Amount introduced by directors 13,023 365,442
Equity dividends paid (1,528,111 ) (1,898,024 )
Net cash from financing activities (1,515,088 ) (1,532,582 )

Increase in cash and cash equivalents 42,506 131,672
Cash and cash equivalents at beginning of
year

2

3,330,434

3,198,762

Cash and cash equivalents at end of year 2 3,372,940 3,330,434

GP PLUMBING & HEATING ENGINEERS LIMITED (REGISTERED NUMBER: 03377352)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

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

2024 2023
£    £   
Profit before taxation 2,012,666 2,256,272
Depreciation charges 148,962 138,472
Profit on disposal of fixed assets (14,209 ) (13,602 )
Finance costs - 2,733
Finance income (1,560 ) (243 )
2,145,859 2,383,632
(Increase)/decrease in stocks (6,500 ) 15,500
(Increase)/decrease in trade and other debtors (138,983 ) 156,368
Increase/(decrease) in trade and other creditors 103,890 (305,043 )
Cash generated from operations 2,104,266 2,250,457

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 3,372,940 3,330,434
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 3,330,434 3,198,762


GP PLUMBING & HEATING ENGINEERS LIMITED (REGISTERED NUMBER: 03377352)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank 3,330,434 42,506 3,372,940
3,330,434 42,506 3,372,940
Total 3,330,434 42,506 3,372,940

GP PLUMBING & HEATING ENGINEERS LIMITED (REGISTERED NUMBER: 03377352)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

GP Plumbing & Heating Engineers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

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

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Accrued and deferred income provision - A provision is made to accrue or defer income in order to recognise income based on the stage of completion for each contract in accordance with S.23 of FRS102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland".

Whilst the directors have made every effort to reliably measure the stage of completion for individual contracts and then determine an accurate value of income, the inherent nature of the calculations requires a degree of estimation. There is a risk these estimations may prove inaccurate when the same calculations are performed at a later stage of the contract.

GP PLUMBING & HEATING ENGINEERS LIMITED (REGISTERED NUMBER: 03377352)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued

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

When calculating turnover the directors have applied the provisions of S.23 of FRS 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" and only recognises income in accordance with the stage of completion for each individual contract.

This is calculated by assessing the amount of work performed at the balance sheet date on each contract and comparing to the overall contractual obligations as defined at the outset of each contract. This assessment provides an indication of the stage of completion for a contract which is then compared to the overall value of the contract to determine the amount of income to be recognised at the balance sheet date.

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

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

GP PLUMBING & HEATING ENGINEERS LIMITED (REGISTERED NUMBER: 03377352)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are initially measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision will be established when there is objective evidence that the company will not be able to collect all amounts due. Cash and cash equivalents are classified as basic financial instruments and comprise cash at bank and short-term bank deposits with an original maturity of three months or less which are an integral part of the company's cash management.

Financial liabilities issued by the company are classified in accordance with the substance of the contractual arrangements entered into and meet the definitions of a financial liability.

Financial assets are de-recognised when:
- the contractual right to the cash flows from the financial asset expire or are settled; or
- the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset; or
- the company, despite having retained some but not all off significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are de-recognised only when the obligation specified in the contract is discharged, cancelled or expires

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,639,478 1,778,513
Social security costs 164,784 164,362
Other pension costs 104,710 30,438
1,908,972 1,973,313

GP PLUMBING & HEATING ENGINEERS LIMITED (REGISTERED NUMBER: 03377352)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

3. EMPLOYEES AND DIRECTORS - continued

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

Directors 5 5
Administration 3 3
Direct labour 28 33
36 41

2024 2023
£    £   
Directors' remuneration 45,480 45,480
Directors' pension contributions to money purchase schemes 70,257 257

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

Money purchase schemes 5 5

The directors form the entirety of key management personnel.

4. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 148,961 138,472
Profit on disposal of fixed assets (14,209 ) (13,602 )
Auditors' remuneration 6,551 6,278

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
HMRC interest - 2,733

GP PLUMBING & HEATING ENGINEERS LIMITED (REGISTERED NUMBER: 03377352)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 518,013 471,715

Deferred tax (10,525 ) 18,699
Tax on profit 507,488 490,414

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

2024 2023
£    £   
Profit before tax 2,012,666 2,256,272
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 21.515%)

503,167

485,437

Effects of:
Expenses not deductible for tax purposes 4,299 2,439
Capital allowances in excess of depreciation - (184 )
Depreciation in excess of capital allowances 22 -
Change in tax rate on timing differences - 2,722
Total tax charge 507,488 490,414

7. DIVIDENDS

20242023
££
A - E Ordinary shares of £1 each1,528,1111,898,024
1,528,1111,898,024

GP PLUMBING & HEATING ENGINEERS LIMITED (REGISTERED NUMBER: 03377352)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

8. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 September 2023 6,895 906,628 913,523
Additions 3,100 385,418 388,518
Disposals - (300,734 ) (300,734 )
At 31 August 2024 9,995 991,312 1,001,307
DEPRECIATION
At 1 September 2023 2,738 410,219 412,957
Charge for year 1,685 147,276 148,961
Eliminated on disposal - (124,869 ) (124,869 )
At 31 August 2024 4,423 432,626 437,049
NET BOOK VALUE
At 31 August 2024 5,572 558,686 564,258
At 31 August 2023 4,157 496,409 500,566

9. STOCKS
2024 2023
£    £   
Stocks 79,000 72,500

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 443,959 376,939
Accrued income 2,319,178 2,258,265
Prepayments 56,603 45,554
2,819,740 2,680,758

GP PLUMBING & HEATING ENGINEERS LIMITED (REGISTERED NUMBER: 03377352)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,631,824 1,670,322
Tax 424,084 255,859
Social security and other taxes 114,474 112,637
Other creditors 99,036 93,370
Pension liability 8,059 8,823
Directors' current accounts 397,471 384,448
Accrued expenses 238,233 102,584
2,913,181 2,628,043

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 82,412 92,937

Deferred
tax
£   
Balance at 1 September 2023 92,937
Provided during year (10,525 )
Balance at 31 August 2024 82,412

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
75 A Ordinary £1 75 75
25 B Ordinary £1 25 25
1 C ordinary £1 1 1
1 D Ordinary £1 1 1
1 E Ordinary £1 1 1
103 103

GP PLUMBING & HEATING ENGINEERS LIMITED (REGISTERED NUMBER: 03377352)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

14. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 September 2023 3,810,750 52,425 3,863,175
Profit for the year 1,505,178 1,505,178
Dividends (1,528,111 ) (1,528,111 )
At 31 August 2024 3,787,817 52,425 3,840,242

Retained earnings
Retained earnings comprises the balance of profits or losses accumulated over the life of the company.

Share premium
Share premium comprises the excess of consideration received over the nominal value of the share capital.

15. ULTIMATE PARENT COMPANY

GP Plumbing Holdings Limited is regarded by the directors as being the company's ultimate parent company.

GP Plumbing Holdings Limited owns 97% of the share capital of GP Plumbing & Heating Engineers Limited.

Consolidated accounts incorporating the results of the company are prepared by the company's parent GP Plumbing Holdings Limited (No:11785147), registered office:

Unit 9A Ashdown Business Park
Michael Way
Maresfield
Uckfield
East Sussex
TN22 2DU

Consolidated accounts can be obtained from Companies House.

16. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Rents payable 36,000 36,000

Rents are payable under a tenancy at will arrangement.

GP PLUMBING & HEATING ENGINEERS LIMITED (REGISTERED NUMBER: 03377352)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

16. RELATED PARTY DISCLOSURES - continued

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
£    £   
Amount due to related parties 397,471 384,448

The amounts owed are repayable on demand and without payment of interest.

The ultimate controlling party is D Gibbs by virtue of his 75% shareholding in the ultimate parent company.