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REGISTERED NUMBER: 08240846 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

GMS GROUP OF COMPANIES LIMITED

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

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










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


GMS GROUP OF COMPANIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTOR: N J Male





REGISTERED OFFICE: Admiral House
Waterfront East
Brierley Hill
West Midlands
DY5 1XG





REGISTERED NUMBER: 08240846 (England and Wales)





AUDITORS: Blackthorns
Chartered Accountants
and Registered Auditors
Admiral House
Waterfront East
Brierley Hill
West Midlands
DY5 1XG

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024


The director presents his strategic report of the company and the group for the year ended 31 August 2024.

REVIEW OF BUSINESS
The group provides, on a national basis, security services encompassing licensed activities such as manned guarding, mobile patrols, key holding and emergency response, as well as certain property support and maintenance services.

The group's consolidated profit after tax is £206,289 (2023 - £24,089.

PRINCIPAL RISKS AND UNCERTAINTIES
The key principal risk and uncertainty facing the group is a rising cost base which is driven by factors outside its control. This predominantly relates to employment law legislation and the groups policy to provide competitive employment contracts to its workforce.

The director does not believe there to be any other significant risks.

KEY PERFORMANCE INDICATORS
The group manages all of its functions centrally with key performance indicators outlined below:

- Turnover, Gross Profit and ACS Audit scoring
- Operations : client satisfaction and customer complaints
- Officer: Annual appraisal and 360 feedback
- Environment: ISO14001, environment

ON BEHALF OF THE BOARD:





N J Male - Director


23 May 2025

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 AUGUST 2024


The director presents his 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 company is that of a holding company.

The principal activity of the group is the provision of security services.

DIVIDENDS
Dividends of £181,589 (2023 - £176,289) were paid during the year.

FUTURE DEVELOPMENTS
The director expects the general level of activity to increase in the forthcoming year. This is as a result of key account growth and contract wins, as well as diversifying into other niche areas.

The director does not foresee any changes to the principal activities of the group.

DIRECTOR
N J Male held office during the whole of the period from 1 September 2023 to the date of this report.

EMPLOYEE INVOLVEMENT
The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information on matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

DISABLED EMPLOYEES
The group's policy in respect of disabled persons is that their applications for employment are always fully and fairly considered, bearing in mind the aptitudes and abilities of the applicant concerned. In the event of a member of staff becoming disabled, every effort is made to ensure that employment within the group continues and where necessary, appropriate training is arranged. It is the group's policy that training, career development and promotion of disabled persons should, as far as possible, be identical with that of all other employees in a similar position.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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.


GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 AUGUST 2024

STATEMENT OF DIRECTOR'S RESPONSIBILITIES - continued
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

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

ON BEHALF OF THE BOARD:





N J Male - Director


23 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GMS GROUP OF COMPANIES LIMITED


Opinion
We have audited the financial statements of GMS Group of Companies Limited (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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GMS GROUP OF COMPANIES LIMITED


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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on pages three and four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry we did not identify any risks of non compliance with laws and regulations that would impact on the company's ability to trade or have a material impact on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006 and UK tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risk was regarding the value of the investment in subsidiaries. Audit procedures performed included:


-
discussions with management, including consideration of known or suspected instances of non-compliance
with laws and regulations and fraud;

-

reviewing correspondence for any issues of non-compliance;

identifying and testing journal entries both at the year end and during the year, in particular any journal entries
posted with unusual account combinations and posted by senior management:

-
challenging assumptions and judgements made by management in their significant accounting estimates and
judgements: and

-

review of the going concern position of subsidiary companies

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GMS GROUP OF COMPANIES LIMITED


There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, 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 or collusion.

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.

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.




Victoria Brassington BA FCA (Senior Statutory Auditor)
for and on behalf of Blackthorns
Chartered Accountants
and Registered Auditors
Admiral House
Waterfront East
Brierley Hill
West Midlands
DY5 1XG

27 May 2025

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

31.8.24 31.8.23
Notes £    £    £   

TURNOVER 20,379,104 15,800,766

Cost of sales 17,698,067 13,760,675
GROSS PROFIT 2,681,037 2,040,091

Administrative expenses 2,117,402 1,995,254
OPERATING PROFIT 4 563,635 44,837

Income from shares in group undertakings - (7,073 )
Income from interest in associated
undertakings

3,845

19,983
Interest receivable and similar income 887 -
4,732 12,910
568,367 57,747

Interest payable and similar expenses 5 217,762 158,118
PROFIT/(LOSS) BEFORE TAXATION 350,605 (100,371 )

Tax on profit/(loss) 6 144,316 (124,460 )
PROFIT FOR THE FINANCIAL YEAR 206,289 24,089
Profit attributable to:
Owners of the parent 206,289 24,089

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

31.8.24 31.8.23
Notes £    £   

PROFIT FOR THE YEAR 206,289 24,089


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

206,289

24,089

Total comprehensive income attributable to:
Owners of the parent 206,289 24,089

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

CONSOLIDATED BALANCE SHEET
31 AUGUST 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 48,989 129,662
Tangible assets 10 100,287 164,945
Investments 11
Interest in associate 39,208 53,873
188,484 348,480

CURRENT ASSETS
Debtors 12 5,303,770 4,980,183
Cash at bank and in hand 119,864 842,378
5,423,634 5,822,561
CREDITORS
Amounts falling due within one year 13 5,163,112 5,642,575
NET CURRENT ASSETS 260,522 179,986
TOTAL ASSETS LESS CURRENT
LIABILITIES

449,006

528,466

CREDITORS
Amounts falling due after more than one
year

14

(23,805

)

(117,590

)

PROVISIONS FOR LIABILITIES 18 (5,000 ) (6,000 )
NET ASSETS 420,201 404,876

CAPITAL AND RESERVES
Called up share capital 19 381 381
Share premium 20 546,582 546,582
Retained earnings 20 (126,762 ) (142,087 )
SHAREHOLDERS' FUNDS 420,201 404,876

The financial statements were approved by the director and authorised for issue on 23 May 2025 and were signed by:





N J Male - Director


GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

COMPANY BALANCE SHEET
31 AUGUST 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 1,050,267 1,093,426
1,050,267 1,093,426

CURRENT ASSETS
Debtors 12 150 150
Cash in hand 100 100
250 250
CREDITORS
Amounts falling due within one year 13 503,554 546,713
NET CURRENT LIABILITIES (503,304 ) (546,463 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

546,963

546,963

CAPITAL AND RESERVES
Called up share capital 19 381 381
Other reserves 20 546,582 546,582
SHAREHOLDERS' FUNDS 546,963 546,963

Company's profit for the financial year 181,589 176,289

The financial statements were approved by the director and authorised for issue on 23 May 2025 and were signed by:





N J Male - Director


GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

CONSOLIDATED 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 381 10,113 546,582 557,076

Changes in equity
Dividends - (176,289 ) - (176,289 )
Total comprehensive income - 24,089 - 24,089
Balance at 31 August 2023 381 (142,087 ) 546,582 404,876

Changes in equity
Dividends - (190,964 ) - (190,964 )
Total comprehensive income - 206,289 - 206,289
Balance at 31 August 2024 381 (126,762 ) 546,582 420,201

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

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

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 September 2022 381 - 546,582 546,963

Changes in equity
Dividends - (176,289 ) - (176,289 )
Total comprehensive income - 176,289 - 176,289
Balance at 31 August 2023 381 - 546,582 546,963

Changes in equity
Dividends - (181,589 ) - (181,589 )
Total comprehensive income - 181,589 - 181,589
Balance at 31 August 2024 381 - 546,582 546,963

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

31.8.24 31.8.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 926,891 (1,131,773 )
Interest paid (216,157 ) (150,655 )
Interest element of hire purchase payments
paid

(1,605

)

(7,463

)
Tax paid 63,481 (38,610 )
Net cash from operating activities 772,610 (1,328,501 )

Cash flows from investing activities
Purchase of tangible fixed assets (1,304 ) (5,588 )
Purchase of fixed asset investments 14,665 (2,264 )
Sale of tangible fixed assets - 54,500
Interest received 887 -
Dividends received 3,845 12,910
Net cash from investing activities 18,093 59,558

Cash flows from financing activities
New loans in year - 2,799
Loan repayments in year (90,194 ) (89,062 )
Capital repayments in year (6,733 ) (86,528 )
Amount introduced by directors 47,024 60,619
Amount withdrawn by directors (20,363 ) (8,554 )
Equity dividends paid (190,964 ) (176,289 )
Net cash from financing activities (261,230 ) (297,015 )

Increase/(decrease) in cash and cash equivalents 529,473 (1,565,958 )
Cash and cash equivalents at beginning of
year

2

(2,057,182

)

(491,224

)

Cash and cash equivalents at end of year 2 (1,527,709 ) (2,057,182 )

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

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


1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.8.24 31.8.23
£    £   
Profit/(loss) before taxation 350,605 (100,371 )
Depreciation charges 103,476 162,347
Loss on disposal of fixed assets - 16,743
Diminution in value of goodwill 43,159 -
Finance costs 217,762 158,118
Finance income (4,732 ) (12,910 )
710,270 223,927
Increase in trade and other debtors (405,172 ) (458,899 )
Increase/(decrease) in trade and other creditors 621,793 (896,801 )
Cash generated from operations 926,891 (1,131,773 )

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 119,864 842,378
Bank overdrafts (1,647,573 ) (2,899,560 )
(1,527,709 ) (2,057,182 )
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 842,378 1,124,582
Bank overdrafts (2,899,560 ) (1,615,806 )
(2,057,182 ) (491,224 )


GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

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


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 842,378 (722,514 ) 119,864
Bank overdrafts (2,899,560 ) 1,251,987 (1,647,573 )
(2,057,182 ) 529,473 (1,527,709 )
Debt
Finance leases (20,199 ) 6,733 (13,466 )
Debts falling due within 1 year (89,952 ) 3,703 (86,249 )
Debts falling due after 1 year (103,563 ) 86,491 (17,072 )
(213,714 ) 96,927 (116,787 )
Total (2,270,896 ) 626,400 (1,644,496 )

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

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


1. STATUTORY INFORMATION

GMS Group of Companies Limited is a private company, limited by shares, registered in England and Wales, registered number 08240846. Its registered office is Admiral House, Waterfront East, Brierley Hill, West Midlands, DY5 1XG.

The financial statements are presented in Sterling, which is the functional currency of the company.

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 company has taken advantage of the exemption under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.

As permitted by FRS 102 section 1.12, the group has taken advantage of the disclosure exemption available for aggregate remuneration of key management personnel and related party transactions in relation to wholly owned group companies.

Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

Critical accounting judgements and key sources of estimation uncertainty
The group makes estimates and assumptions concerning the future. The directors are also required to exercise judgement in the process of applying the group's accounting policies. 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.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

In preparing these financial statements the director has made the following judgements:

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

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


2. ACCOUNTING POLICIES - continued

Recoverability of trade debtors
Trade and other debtors are recognised to the extent that they are judged recoverable. The director review is performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain.

The director makes allowances for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. The director specifically analyses historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such differences will impact the carrying value of debtors and the charge in the statement of income and retained earnings.

Leasing
The company determines whether leases entered into by the company as a lessee are operating or finance leases. These decisions depend on the assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the balance sheet.

Provisions
A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

Taxation
There are many transactions and calculations for which the ultimate tax determination is uncertain. The company recognises liabilities for anticipated tax issues based on estimates of whether additional taxes will be due.

The director's estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

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


2. ACCOUNTING POLICIES - continued

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

Rendering of services

Turnover from a contract to provide services is recognised when all of the following conditions are satisfied:

- the group has transferred the significant risks and rewards of ownership to the buyer;
- the group retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the services provided;
- the amount of turnover can be measured reliably;
- it is probable that the group will receive consideration due under the transaction;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill is the difference between amounts paid on the acquisition of an asset and the fair value of the identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life as follows:

Goodwill - 10 years

Goodwill relates to the acquisition of certain trade and assets. The director believes that 10 years is a reasonable assumption due to the forecast plan for the business acquired.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on cost and 20% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on cost and 20% on cost
Computer equipment - 25% on cost

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

At each reporting date the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying value exceeds the recoverable amount.

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

Gains and losses are determined by comparing the proceeds with the carrying amount and are recognised in the consolidated profit and loss account.

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

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


2. ACCOUNTING POLICIES - continued

Investments in associates
Investments in subsidiaries are measured at cost less accumulated impairment.

An entity is treated as an associate undertaking where the group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.

In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investor's share of the profit or loss, other comprehensive income and the equity of the associate. The consolidated profit and loss includes the group's share of operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the group. In the consolidated balance sheet, the interests in associated undertakings are shown as the group's share of the identifiable net assets, including any unamortised premium paid on the acquisition.

Any premium on acquisition is dealt with in accordance with the goodwill policy.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets, obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

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


2. ACCOUNTING POLICIES - continued

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.

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

In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the groups cash management.

Going concern
The financial statements have been prepared on the going concern basis under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK, and the Companies Act 2006. The director has prepared forecasts and budgets for a period of 12 months from the date of the signing of these financial statements and beyond. The cash flow forecasts and budgets indicate that the group has sufficient facilities in place to remain in operational existence for the foreseeable future. Therefore the going concern basis for the preparation of the financial statements is considered to be appropriate.

Financial instruments
Basic financial liabilities, including trade and other debtors, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

3. EMPLOYEES AND DIRECTORS
31.8.24 31.8.23
£    £   
Wages and salaries 12,535,362 10,250,613
Social security costs 1,127,234 914,240
Other pension costs 200,014 187,860
13,862,610 11,352,713

The average number of employees during the year was as follows:
31.8.24 31.8.23

Administrative 18 18
Guards and security 418 397
436 415

31.8.24 31.8.23
£    £   
Director's remuneration 40,601 13,520

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

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


3. EMPLOYEES AND DIRECTORS - continued

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

Money purchase schemes 1 1

4. OPERATING PROFIT

The operating profit is stated after charging:

31.8.24 31.8.23
£    £   
Hire of plant and machinery 3,359 3,517
Other operating leases 207,281 175,288
Depreciation - owned assets 65,962 84,548
Loss on disposal of fixed assets - 16,743
Goodwill amortisation 77,800 77,800
Auditors' remuneration 21,500 21,500
Donations 19,520 25,242
Fees payable to the group's auditors in respect of other services 9,570 5,590

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.8.24 31.8.23
£    £   
Bank loan interest 4,488 5,620
Other interest payable 211,457 145,035
Other interest payable 212 -
Hire purchase interest 1,605 7,463
217,762 158,118

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
31.8.24 31.8.23
£    £   
Current tax:
UK corporation tax 128,760 (29,894 )
Adjustments in respect of
previous periods 16,556 (77,966 )
Total current tax 145,316 (107,860 )

Deferred tax (1,000 ) (16,600 )
Tax on profit/(loss) 144,316 (124,460 )

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

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


6. TAXATION - continued

Reconciliation of total tax charge/(credit) 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:

31.8.24 31.8.23
£    £   
Profit/(loss) before tax 350,605 (100,371 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 21 %)

87,651

(21,078

)

Effects of:
Expenses not deductible for tax purposes 16,128 22,628
Depreciation in excess of capital allowances 15,212 15,987
Adjustments to tax charge in respect of previous periods 16,556 (77,966 )
Deferred tax (1,000 ) (16,600 )
Non-deductible amortisation of goodwill arising on consolidation 9,379 16,338
Other tax adjustments 390 (1,187 )
R&D credits less amounts surrendered - (62,582 )
Total tax charge/(credit) 144,316 (124,460 )

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
31.8.24 31.8.23
£    £   
Ordinary shares of 0.10 each
Final 190,964 176,289

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

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


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 September 2023 596,462
Impairments (43,159 )
Reclassification/transfer 181,533
At 31 August 2024 734,836
AMORTISATION
At 1 September 2023 466,800
Amortisation for year 77,800
Charge written back (40,286 )
Reclassification/transfer 181,533
At 31 August 2024 685,847
NET BOOK VALUE
At 31 August 2024 48,989
At 31 August 2023 129,662

10. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 248,446 8,848 117,403 149,818 524,515
Additions - - - 1,304 1,304
Disposals - - (1,400 ) (19,829 ) (21,229 )
At 31 August 2024 248,446 8,848 116,003 131,293 504,590
DEPRECIATION
At 1 September 2023 110,817 7,669 99,134 141,950 359,570
Charge for year 53,224 1,179 8,449 3,110 65,962
Eliminated on disposal - - (1,400 ) (19,829 ) (21,229 )
At 31 August 2024 164,041 8,848 106,183 125,231 404,303
NET BOOK VALUE
At 31 August 2024 84,405 - 9,820 6,062 100,287
At 31 August 2023 137,629 1,179 18,269 7,868 164,945

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

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


10. TANGIBLE FIXED ASSETS - continued

Group

The net book value of assets held under finance lease or hire purchase contracts included above are plant and machinery £Nil (2023 - £Nil), motor vehicles of £Nil (2023 - £Nil) and fixtures, fittings and equipment £18,235 (2023 - £18,235).

11. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
£   
COST
At 1 September 2023 53,873
Additions (14,665 )
At 31 August 2024 39,208
NET BOOK VALUE
At 31 August 2024 39,208
At 31 August 2023 53,873
Company
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 September 2023 1,093,426 48,149 1,141,575
Impairments (43,159 ) - (43,159 )
At 31 August 2024 1,050,267 48,149 1,098,416
PROVISIONS
At 1 September 2023
and 31 August 2024 - 48,149 48,149
NET BOOK VALUE
At 31 August 2024 1,050,267 - 1,050,267
At 31 August 2023 1,093,426 - 1,093,426

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

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


11. FIXED ASSET INVESTMENTS - continued

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

Subsidiaries

Blackthorns 60 Limited (formerly GMS Realisations Limited)
Registered office: Admiral House, Waterfront East, Brierley Hill, West Midlands, DY5 1XG
Nature of business: Investment holding company
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 366,726 366,726

Blackthorns 61 Limited (formerly GMS Realisations Two Limited)
Registered office: Admiral House, Waterfront East, Brierley Hill, West Midlands, DY5 1XG)
Nature of business: Investment holding company
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 486,006 486,006

GMS Caretaking Services Limited
Registered office: Admiral House, Waterfront East, Brierley Hill, West Midlands, DY5 1XG
Nature of business: Management company
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 55,753 76,215
(Loss)/profit for the year (20,462 ) 89,445

GMS Recovery Services Limited
Registered office: Admiral House, Waterfront East, Brierley Hill, West Midlands, DY5 1XG
Nature of business: Secure document storage and destruction
%
Class of shares: holding
Ordinary 50.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 80,423 107,743
(Loss)/profit for the year (8,570 ) 18,673

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

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


11. FIXED ASSET INVESTMENTS - continued

Blackthorns 62 Limited (formerly GMS Technology Services Limited)
Registered office: Admiral House, Waterfront East, Brierley Hill, West Midlands, DY5 1XG
Nature of business: Not trading
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 1 1

GMS Security Services Limited
Registered office: The registered office is the same as GMS Group of Companies Limited
Nature of business: Security services
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 792,567 734,303
Profit/(loss) for the year 230,478 (16,171 )

GMS Property Services Limited
Registered office: The registered office is the same as GMS Group of Companies Limited
Nature of business: Property support services and maintenance
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 231,432 201,829
Profit for the year 29,703 19,278


12. DEBTORS

Group Company
31.8.24 31.8.23 31.8.24 31.8.23
£    £    £    £   
Amounts falling due within one year:
Trade debtors 4,371,844 4,064,528 - -
Amounts owed by group undertakings 18,923 - - -
Other debtors 156,444 155,808 150 150
Tax 30,000 111,585 - -
Prepayments and accrued income 479,715 405,725 - -
5,056,926 4,737,646 150 150

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

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


12. DEBTORS - continued

Group Company
31.8.24 31.8.23 31.8.24 31.8.23
£    £    £    £   
Amounts falling due after more than one year:
Other debtors 246,844 242,537 - -

Aggregate amounts 5,303,770 4,980,183 150 150

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.8.24 31.8.23 31.8.24 31.8.23
£    £    £    £   
Bank loans and overdrafts (see note 15) 1,733,822 2,989,512 - -
Hire purchase contracts (see note 16) 6,733 6,172 - -
Trade creditors 1,431,599 971,251 - -
Amounts owed to group undertakings - - 503,554 503,554
Amounts owed to associates 10,373 6,503 - -
Tax 129,212 2,000 - -
Social security and other taxes 288,054 263,756 - -
VAT 243,538 198,550 - -
Other creditors 882,059 825,838 - 43,159
Directors' current accounts 48,111 21,450 - -
Accruals and deferred income 389,611 357,543 - -
5,163,112 5,642,575 503,554 546,713

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
31.8.24 31.8.23
£    £   
Bank loans (see note 15) 17,072 103,563
Hire purchase contracts (see note 16) 6,733 14,027
23,805 117,590

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

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


15. LOANS

An analysis of the maturity of loans is given below:

Group
31.8.24 31.8.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,647,573 2,899,560
Bank loans 86,249 89,952
1,733,822 2,989,512
Amounts falling due between one and two years:
Bank loans - 1-2 years 15,102 86,491
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,970 17,072

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.8.24 31.8.23
£    £   
Net obligations repayable:
Within one year 6,733 6,172
Between one and five years 6,733 14,027
13,466 20,199

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.8.24 31.8.23
£    £   
Bank overdraft 1,647,573 2,899,560
Hire purchase contracts 13,466 20,199
1,661,039 2,919,759

The figure included in bank overdrafts is an invoice discounting facility which is secured against trade debtors.

Hire purchase liabilities are secured against the assets acquired.

GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

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


18. PROVISIONS FOR LIABILITIES

Group
31.8.24 31.8.23
£    £   
Deferred tax
Accelerated capital allowances 5,000 6,000

Group
Deferred
tax
£   
Balance at 1 September 2023 6,000
Credit to Income Statement during year (1,000 )
Balance at 31 August 2024 5,000

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
3,810 Ordinary 0.10 381 381

20. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 September 2023 (142,087 ) 546,582 404,495
Profit for the year 206,289 - 206,289
Dividends (190,964 ) - (190,964 )
At 31 August 2024 (126,762 ) 546,582 419,820

Company
Retained Other
earnings reserves Totals
£    £    £   

At 1 September 2023 - 546,582 546,582
Profit for the year 181,589 - 181,589
Dividends (181,589 ) - (181,589 )
At 31 August 2024 - 546,582 546,582


GMS GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 08240846)

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


21. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

22. ULTIMATE CONTROLLING PARTY

Until 28 October 2024 the group was controlled by N J Male and Mrs E Newman-Male.

On 28 October 2024, the share capital of this company was aquired by GMS Realisations Group Limited, a company registered in England and Wales.

GMS Realisations Group Limited is under the control of N J Male.