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REGISTERED NUMBER: 11785147 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

GP PLUMBING HOLDINGS LTD

GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


GP PLUMBING HOLDINGS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: D Gibbs
S Gibbs





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





REGISTERED NUMBER: 11785147 (England and Wales)





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

GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their strategic report of the company and the group 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 HOLDINGS LTD (REGISTERED NUMBER: 11785147)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2024

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

PRINCIPAL ACTIVITY
The principal activity of the group 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 by the group will be £649,139.

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

D Gibbs
S Gibbs

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 Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group'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 group's auditors are aware of that information.

GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2024


AUDITORS
The auditors, LMDB Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D Gibbs - Director


23 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GP PLUMBING HOLDINGS LTD

Opinion
We have audited the financial statements of GP Plumbing Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 August 2024 and of the group's 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 group 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 group's and 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GP PLUMBING HOLDINGS LTD


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

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

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

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GP PLUMBING HOLDINGS LTD


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

- 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 HOLDINGS LTD


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




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 HOLDINGS LTD (REGISTERED NUMBER: 11785147)

CONSOLIDATED 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 844,509 680,612
2,028,091 2,275,958

Other operating income 36,000 36,000
OPERATING PROFIT 4 2,064,091 2,311,958

Interest receivable and similar income 1,560 243
2,065,651 2,312,201

Interest payable and similar expenses 5 - 2,733
PROFIT BEFORE TAXATION 2,065,651 2,309,468

Tax on profit 6 523,567 504,418
PROFIT FOR THE FINANCIAL YEAR 1,542,084 1,805,050
Profit attributable to:
Owners of the parent 926,408 1,141,071
Non-controlling interests 615,676 663,979
1,542,084 1,805,050

GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,542,084 1,805,050


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,542,084

1,805,050

Total comprehensive income attributable to:
Owners of the parent 926,408 1,141,071
Non-controlling interests 615,676 663,979
1,542,084 1,805,050

GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

CONSOLIDATED BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 1,122,546 1,071,260
Investments 10 - -
Investment property 11 579,680 579,680
1,702,226 1,650,940

CURRENT ASSETS
Stocks 12 79,000 72,500
Debtors 13 4,337,659 4,046,868
Cash at bank 8,192,933 7,987,338
12,609,592 12,106,706
CREDITORS
Amounts falling due within one year 14 2,954,076 2,666,648
NET CURRENT ASSETS 9,655,516 9,440,058
TOTAL ASSETS LESS CURRENT LIABILITIES 11,357,742 11,090,998

PROVISIONS FOR LIABILITIES 16 82,412 92,937
NET ASSETS 11,275,330 10,998,061

CAPITAL AND RESERVES
Called up share capital 17 200 200
Retained earnings 18 11,275,130 10,997,861
SHAREHOLDERS' FUNDS 11,275,330 10,998,061

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 HOLDINGS LTD (REGISTERED NUMBER: 11785147)

COMPANY BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 558,288 570,694
Investments 10 100 100
Investment property 11 579,680 579,680
1,138,068 1,150,474

CURRENT ASSETS
Debtors 13 1,517,919 1,366,110
Cash at bank 4,819,993 4,656,904
6,337,912 6,023,014
CREDITORS
Amounts falling due within one year 14 40,895 38,606
NET CURRENT ASSETS 6,297,017 5,984,408
TOTAL ASSETS LESS CURRENT LIABILITIES 7,435,085 7,134,882

CAPITAL AND RESERVES
Called up share capital 17 200 200
Retained earnings 18 7,434,885 7,134,682
SHAREHOLDERS' FUNDS 7,435,085 7,134,882

Company's profit for the financial year 949,342 1,273,236

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2025 and were signed on its behalf by:





D Gibbs - Director


GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

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

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 September 2022 200 10,811,760 10,811,960 - 10,811,960

Changes in equity
Dividends - (954,970 ) (954,970 ) (663,979 ) (1,618,949 )
Total comprehensive income - 1,141,071 1,141,071 663,979 1,805,050
Balance at 31 August 2023 200 10,997,861 10,998,061 - 10,998,061

Changes in equity
Dividends - (649,139 ) (649,139 ) (615,676 ) (1,264,815 )
Total comprehensive income - 926,408 926,408 615,676 1,542,084
Balance at 31 August 2024 200 11,275,130 11,275,330 - 11,275,330

GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2022 200 6,816,416 6,816,616

Changes in equity
Dividends - (954,970 ) (954,970 )
Total comprehensive income - 1,273,236 1,273,236
Balance at 31 August 2023 200 7,134,682 7,134,882

Changes in equity
Dividends - (649,139 ) (649,139 )
Total comprehensive income - 949,342 949,342
Balance at 31 August 2024 200 7,434,885 7,435,085

GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,169,872 2,310,904
Interest paid - (2,733 )
Tax paid (363,792 ) (406,625 )
Net cash from operating activities 1,806,080 1,901,546

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
Loan to company under common control (151,809 ) (532,398 )
Equity dividends paid (649,139 ) (954,970 )
Dividends paid non-controlling interests (615,676 ) (663,979 )
Net cash from financing activities (1,403,601 ) (1,785,905 )

Increase/(decrease) in cash and cash equivalents 205,595 (73,812 )
Cash and cash equivalents at beginning of
year

2

7,987,338

8,061,150

Cash and cash equivalents at end of year 2 8,192,933 7,987,338

GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

NOTES TO THE CONSOLIDATED 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 2,065,651 2,309,468
Depreciation charges 161,368 150,878
Profit on disposal of fixed assets (14,209 ) (13,602 )
Finance costs - 2,733
Finance income (1,560 ) (243 )
2,211,250 2,449,234
(Increase)/decrease in stocks (6,500 ) 15,500
(Increase)/decrease in trade and other debtors (138,983 ) 156,369
Increase/(decrease) in trade and other creditors 104,105 (310,199 )
Cash generated from operations 2,169,872 2,310,904

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 8,192,933 7,987,338
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 7,987,338 8,061,150


GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

NOTES TO THE CONSOLIDATED 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 7,987,338 205,595 8,192,933
7,987,338 205,595 8,192,933
Total 7,987,338 205,595 8,192,933

GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

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

1. STATUTORY INFORMATION

GP Plumbing Holdings Ltd 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 General Information page.

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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

Basis of consolidation
The financial statements of GP Plumbing Holdings Limited and its one subsidiary company, GP Plumbing & Heating Engineers Limited' are consolidated, on a line-by-line basis, to produce the Group financial statements. The consolidated entity is referred to as ’the Group’.

GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

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

2. ACCOUNTING POLICIES - continued

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.

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 done 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.

Lease income under operating leases is generally credited to profit or loss on a straight-line basis over the lease term

GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Freehold property represents commercial buildings held at fair value.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 Consolidated 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.

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

GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

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

2. ACCOUNTING POLICIES - continued

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

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

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

GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

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

3. EMPLOYEES AND DIRECTORS - continued

Directors remuneration is disclosed for directors of all group companies, who form the entirety of the management personnel.

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

4. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 161,367 150,879
Profit on disposal of fixed assets (14,209 ) (13,602 )
Auditors' remuneration 10,649 10,181

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

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 534,092 485,719

Deferred tax (10,525 ) 18,699
Tax on profit 523,567 504,418

GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

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

6. TAXATION - continued

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

2024 2023
£    £   
Profit before tax 2,065,651 2,309,468
Profit multiplied by the standard rate of corporation tax in the UK of 25
% (2023 - 21.515 %)

516,413

496,882

Effects of:
Expenses not deductible for tax purposes 7,401 5,108
Capital allowances in excess of depreciation - (184 )
Depreciation in excess of capital allowances 22 -
Change in tax rate on timing differences - 2,722
Marginal tax relief (269 ) (110 )
Total tax charge 523,567 504,418

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS

2024 2023
£ £
A - B Ordinary shares of £1 each 649,139 954,970
649,139 954,970

GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

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

9. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 September 2023 620,320 6,895 906,627 1,533,842
Additions - 3,100 385,418 388,518
Disposals - - (300,734 ) (300,734 )
At 31 August 2024 620,320 9,995 991,311 1,621,626
DEPRECIATION
At 1 September 2023 49,625 2,738 410,219 462,582
Charge for year 12,406 1,685 147,276 161,367
Eliminated on disposal - - (124,869 ) (124,869 )
At 31 August 2024 62,031 4,423 432,626 499,080
NET BOOK VALUE
At 31 August 2024 558,289 5,572 558,685 1,122,546
At 31 August 2023 570,695 4,157 496,408 1,071,260

Company
Freehold
property
£   
COST
At 1 September 2023
and 31 August 2024 620,320
DEPRECIATION
At 1 September 2023 49,626
Charge for year 12,406
At 31 August 2024 62,032
NET BOOK VALUE
At 31 August 2024 558,288
At 31 August 2023 570,694

GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

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

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 September 2023
and 31 August 2024 100
NET BOOK VALUE
At 31 August 2024 100
At 31 August 2023 100

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

GP Plumbing & Heating Engineers Limited
Registered office: Unit 9A, Ashdown Business Park, Michael Way, Maresfield, Uckfield, East Sussex, TN22 2DU
Nature of business: Plumbing & heating engineers
%
Class of shares: holding
A Ordinary 97.08
2024 2023
£    £   
Aggregate capital and reserves 3,840,345 3,863,278
Profit for the year 1,505,178 1,765,858


GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

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

11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 579,680
NET BOOK VALUE
At 31 August 2024 579,680
At 31 August 2023 579,680

Company
Total
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 579,680
NET BOOK VALUE
At 31 August 2024 579,680
At 31 August 2023 579,680

The freehold and investment property was valued on an open market value basis on 5 February 2020 by Howard Cundey.

12. STOCKS

Group
2024 2023
£    £   
Stocks 79,000 72,500

GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

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

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Other debtors 1,961,878 1,743,049 1,517,919 1,366,110
Accrued income 2,319,178 2,258,265 - -
Prepayments 56,603 45,554 - -
4,337,659 4,046,868 1,517,919 1,366,110

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 1,631,825 1,670,320 - -
Tax 440,163 269,863 16,079 14,004
Social security and other taxes 114,474 112,637 - -
VAT 3,287 3,300 3,287 3,300
Other creditors 109,836 104,170 10,800 10,800
Pension liability 8,059 8,823 - -
Directors' current accounts 397,471 384,448 - -
Accruals and deferred income 248,961 113,087 10,729 10,502
2,954,076 2,666,648 40,895 38,606

15. LEASING AGREEMENTS

The aggregate rent receivable in respect of non-cancellable operating leases is as follows:

2024 2023
£ £
Within one year - 36,000
Between one and five years 3,000 3,000
3,000 39,000

GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

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

16. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 82,412 92,937

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

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
150 Ordinary A £1 150 150
50 Ordinary B £1 50 50
200 200

The holders of both A and B ordinary shares are entitled to attend and vote at meetings and to participate in profits and assets of the company.

18. RESERVES

Group
Retained
earnings
£   

At 1 September 2023 10,997,861
Profit for the year 926,408
Dividends (649,139 )
At 31 August 2024 11,275,130

GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

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

18. RESERVES - continued

Company
Retained
earnings
£   

At 1 September 2023 7,134,682
Profit for the year 949,342
Dividends (649,139 )
At 31 August 2024 7,434,885


19. NON-CONTROLLING INTERESTS

Non-controlling
Interests
£

At 1 September 2024 -
Profit for the year 615,676
Share issue in year -
Dividends (615,676 )
At 31 August 2024 -

20. RELATED PARTY DISCLOSURES

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

The rental charges to the subsidiary are made through a tenancy at will arrangement.

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

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

GP PLUMBING HOLDINGS LTD (REGISTERED NUMBER: 11785147)

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

20. RELATED PARTY DISCLOSURES - continued

A company under common control
2024 2023
£    £   
Amount due from related party 1,517,919 1,366,110

The amount owed is interest free and repayable on demand.

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