Company registration number 01248003 (England and Wales)
GPW DESIGN SERVICES LIMITED
TRADING AS GPW RECRUITMENT
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GPW DESIGN SERVICES LIMITED
TRADING AS GPW RECRUITMENT
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 7
GPW DESIGN SERVICES LIMITED
TRADING AS GPW RECRUITMENT
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
58,885
58,318
Current assets
Debtors
6
5,454,053
4,204,952
Cash at bank and in hand
95,804
52,483
5,549,857
4,257,435
Creditors: amounts falling due within one year
7
(5,153,100)
(3,856,056)
Net current assets
396,757
401,379
Total assets less current liabilities
455,642
459,697
Creditors: amounts falling due after more than one year
8
(60,000)
(180,000)
Provisions for liabilities
(14,310)
(14,310)
Net assets
381,332
265,387
Capital and reserves
Called up share capital
5,625
5,625
Capital redemption reserve
1,875
1,875
Profit and loss reserves
373,832
257,887
Total equity
381,332
265,387
The notes on pages 3 to 7 form part of these financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 13 June 2025 and are signed on its behalf by:
Mr WG Worsley
Director
Company registration number 01248003 (England and Wales)
GPW DESIGN SERVICES LIMITED
TRADING AS GPW RECRUITMENT
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
5,625
1,875
234,180
241,680
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
244,927
244,927
Distribution to Employee Ownership Trust
-
-
(221,220)
(221,220)
Balance at 31 December 2023
5,625
1,875
257,887
265,387
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
375,945
375,945
Distribution to Employee Ownership Trust
-
-
(260,000)
(260,000)
Balance at 31 December 2024
5,625
1,875
373,832
381,332
The notes on pages 3 to 7 form part of these financial statements.
GPW DESIGN SERVICES LIMITED
TRADING AS GPW RECRUITMENT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
GPW Design Services Limited is a private company limited by shares incorporated in England and Wales.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is stated net of discounts and VAT. Turnover from temporary placements is recognised upon receipt of a client approved timesheet or equivalent. Turnover from permanent placements, which is based on a percentage of the candidate's remuneration package, is recognised when candidates commence employment. No provision is made for the cancellation of placements shortly after the commencement of employment based on past experience. Turnover from payroll sales is recognised in line with the payroll processing date.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to property
10% on cost
Fixtures and fittings
15% on cost
Office equipment
25% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GPW DESIGN SERVICES LIMITED
TRADING AS GPW RECRUITMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,000
10,000
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
25
26
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
16,979
17,971
GPW DESIGN SERVICES LIMITED
TRADING AS GPW RECRUITMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Tangible fixed assets
Improvements to property
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
156,795
69,104
185,066
1,222
412,187
Additions
6,260
11,286
17,546
At 31 December 2024
156,795
75,364
196,352
1,222
429,733
Depreciation and impairment
At 1 January 2024
109,793
68,269
174,585
1,222
353,869
Depreciation charged in the year
9,836
477
6,666
16,979
At 31 December 2024
119,629
68,746
181,251
1,222
370,848
Carrying amount
At 31 December 2024
37,166
6,618
15,101
58,885
At 31 December 2023
47,002
835
10,481
58,318
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,180,773
3,938,343
Other debtors
240,100
241,939
Prepayments and accrued income
33,180
24,670
5,454,053
4,204,952
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9
4,257,632
3,009,650
Trade creditors
50,606
61,934
Corporation tax
92,194
38,619
Other taxation and social security
531,460
514,878
Other creditors
12,193
16,753
Accruals and deferred income
209,015
214,222
5,153,100
3,856,056
GPW DESIGN SERVICES LIMITED
TRADING AS GPW RECRUITMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
60,000
180,000
9
Loans and overdrafts
2024
2023
£
£
Bank loans
180,000
300,000
Bank overdrafts
4,137,632
2,889,650
4,317,632
3,189,650
Payable within one year
4,257,632
3,009,650
Payable after one year
60,000
180,000
Amounts due under 'Bank loans and overdrafts' include amounts due to RBS Invoice Finance Limited under an Invoice Discounting agreement. The debt is secured by way of a fixed and floating charge over the undertaking and all property and assets present and future of the Company including goodwill, book debts, uncalled capital, buildings, fixed plant and machinery. Also included within 'Bank loans and overdrafts' is a bank loan has security over all assets of the company.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 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.
Senior Statutory Auditor:
Katelyn Dutton
Statutory Auditor:
Sedulo Audit Limited
Date of audit report:
18 June 2025
GPW DESIGN SERVICES LIMITED
TRADING AS GPW RECRUITMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Name of related party
Nature of relationship
Key management personnel
Director
Other related parties
Employee Ownership Trust of which WG Worsley is a director
Other related parties
Investment company with common ownership
Other related parties
Small Self-Administered Scheme (SSAS), in which Mr W G and Mrs C Worsley are Trustees
Description of
Income
Payments
transaction
2024
2023
2024
2023
£
£
£
£
Key management personnel
Director's remuneration
-
-
38,261
29,100
Other related parties
Consideration for the acquisition of 74% of the share capital of the trading company
260,000
221,220
Other related parties
Recharges for Land Agent and marketing services
12,020
29,886
Other related parties
Property rentals and utilities paid to the related party
111,740
111,740
12
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
93,117
111,740
Between two and five years
93,117
93,117
204,857
13
Entity of Significant Control
On the 7th November 2019 the Company transitioned to become an employee-owned business. The Company is now majority owned by an employee ownership trust (EOT). The Trust now owns 74% of the shareholding and the existing shareholders have retained 26%.
2024-12-312024-01-01falsefalsefalse18 June 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr W G WorsleyMrs C P WorsleyMrs CP Worsley012480032024-01-012024-12-31012480032024-12-31012480032023-12-3101248003core:LeaseholdImprovements2024-12-3101248003core:FurnitureFittings2024-12-3101248003core:ComputerEquipment2024-12-3101248003core:MotorVehicles2024-12-3101248003core:LeaseholdImprovements2023-12-3101248003core:FurnitureFittings2023-12-3101248003core:ComputerEquipment2023-12-3101248003core:MotorVehicles2023-12-3101248003core:ShareCapital2024-12-3101248003core:ShareCapital2023-12-3101248003core:CapitalRedemptionReserve2024-12-3101248003core:CapitalRedemptionReserve2023-12-3101248003core:RetainedEarningsAccumulatedLosses2024-12-3101248003core:RetainedEarningsAccumulatedLosses2023-12-3101248003core:ShareCapital2022-12-3101248003core:CapitalRedemptionReserve2022-12-3101248003core:RetainedEarningsAccumulatedLosses2022-12-3101248003bus:Director12024-01-012024-12-3101248003core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31012480032023-01-012023-12-3101248003core:RetainedEarningsAccumulatedLosses2024-01-012024-12-3101248003core:LeaseholdImprovements2024-01-012024-12-3101248003core:FurnitureFittings2024-01-012024-12-3101248003core:ComputerEquipment2024-01-012024-12-3101248003core:MotorVehicles2024-01-012024-12-3101248003core:LeaseholdImprovements2023-12-3101248003core:FurnitureFittings2023-12-3101248003core:ComputerEquipment2023-12-3101248003core:MotorVehicles2023-12-31012480032023-12-3101248003core:CurrentFinancialInstruments2024-12-3101248003core:CurrentFinancialInstruments2023-12-3101248003core:Non-currentFinancialInstruments2024-12-3101248003core:Non-currentFinancialInstruments2023-12-3101248003core:ManagementRechargesServices2024-01-012024-12-3101248003core:RentalExpenseTransactions2024-01-012024-12-3101248003core:ManagementRechargesServices2023-01-012023-12-3101248003core:RentalExpenseTransactions2023-01-012023-12-3101248003core:WithinOneYear2024-12-3101248003core:WithinOneYear2023-12-3101248003core:BetweenTwoFiveYears2024-12-3101248003core:BetweenTwoFiveYears2023-12-3101248003bus:PrivateLimitedCompanyLtd2024-01-012024-12-3101248003bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-3101248003bus:FRS1022024-01-012024-12-3101248003bus:Audited2024-01-012024-12-3101248003bus:Director22024-01-012024-12-3101248003bus:CompanySecretary12024-01-012024-12-3101248003bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP