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Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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GLOSTER MEP LIMITED
COMPANY INFORMATION
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GLOSTER MEP LIMITED
CONTENTS
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GLOSTER MEP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The directors present their strategic report accompanying the financial statements for the year ended 30 September 2024.
Gloster MEP Limited continues to provide comprehensive MEP solutions primarily within the Greater London Commercial and Residential sectors, specializing in complex mechanical and electrical installations, design services, and project management.
The company is pleased to report another year of exceptional performance, driven by its strategic focus on quality over volume growth, operational efficiency, and disciplined cost control. This approach resulted in growth in turnover (up 6.7%) and in pre-tax profits (up 47.2%). Despite ongoing challenges within the construction industry, including economic uncertainties and sector-wide pressures, Gloster MEP has successfully maintained its market position through its disciplined approach to high-quality, well-margined projects and robust client relationships. The company continues to invest in Research and Development expenditure and apprenticeship programmes, fostering innovative solutions and developing the next generation of industry talent. The company's strong financial position, combined with a healthy pipeline of opportunities across both commercial refurbishment projects and residential developments, positions Gloster MEP well to capitalse on market opportunities while maintaining its commitment to profitable and sustainable growth.
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GLOSTER MEP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
In the current economic climate, the significant principal risks and uncertainties we face beyond the standard industry resource constraints are as follows;
Liquidity Control: The company closely manages its cash position through daily monitoring and monthly cashflow forecasting. Liquidity is sustained through accurate forecasting and retained profits, without reliance on external financing. A robust balance sheet and healthy cash reserves support financial stability and continued strength in the marketplace. Receivables Exposure: The company continues to manage credit risk carefully, with appropriate controls over customer exposure and the use of credit insurance where necessary. A focus on long-term partnerships and careful contract management supports reliable collections. Despite broader industry disruption during the period, the business was largely unaffected, with minimal operational or financial impact, highlighting the strength of our commercial discipline and risk management processes. Economic Volatility: The construction industry remains exposed to global economic uncertainty and inflationary pressures. The company mitigates these risks through strong supply chain relationships and robust processes, with a compact Board enabling quick, effective responses to changing conditions. The residential sector continues to face additional pressures from evolving building safety regulations, including Building Safety Regulator submissions for high-rise residential developments. These regulatory requirements have impacted project timelines and increased compliance costs across the sector. To address these challenges, the company has developed BSR specialist capabilities within its design team, enabling it to support customers through compliance requirements and mitigate potential project delays. This proactive approach strengthens the company's competitive position in the residential market.
The financial KPIs used to measure the company’s progress and performance are Turnover, Gross Profit margin both across the company and by project, Operating Profit margin, cash generation and net assets.
Turnover has increased in the year by 6.7%, Gross Profit margin increased to 15.0% (2023 – 14.6%), with Operating Profit at 7.2% (2023 – 5.3%), reflecting improved operational efficiency and disciplined overhead management as the business continues to optimize its cost base while maintaining investment in key growth areas. The company maintained strong net assets of £16.9m (2023: £16.8m) with a substantial improvement in cash position to £4.4m (2023: £2.0m), providing enhanced liquidity and financial flexibility for future growth opportunities.
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GLOSTER MEP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to:
• the likely consequences of any decision in the long term; • the interests of the Company’s employees; • the need to foster the Company’s business relationships with suppliers, customers and others; • the impact of the Company’s operations on the community and the environment; • the desirability of the Company maintaining a reputation for high standards of business conduct; and • the need to act fairly as between members of the Company (the “s.172(1) Matters”). Induction materials provided on appointment include an explanation of Directors’ duties, and the board is regularly reminded of the s.172(1) matters. The key matters that are consistently prevalent in the decision making process include: • ensuring corporate governance policies are adhered to, • long term objectives of the company; • setting the right culture at board level and throughout the subsidiaries of the group; and • increasing shareholder value. All of the above are at the forefront of the company’s decision-making processes.
This report was approved by the board and signed on its behalf.
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GLOSTER MEP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £2,995,014 (2023 - £2,127,168).
The company paid dividends during the year of £2,928,067 (2023: £Nil).
The directors who served during the year were:
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GLOSTER MEP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
At the year end the secured order book was:
• 2024/25 Secured Work totals £50.1m • 2025/26 Secured Work totals £14.3m The current volume of secured contracted work, combined with the business’s pipeline of projects in tender or negotiation, provides the capacity to focus on higher-yield, sustainable growth. The commercial sector remains active with continued demand for office refurbishments, upgrades driven by environmental compliance requirements, and new developments. The trend towards higher quality working environments and the need for existing buildings to meet evolving energy efficiency standards provides ongoing opportunities for the company's mechanical and electrical expertise. In the residential sector, London continues to offer substantial prospects through regeneration projects, conversion of commercial spaces to residential use, and the increasing requirement for housing stock improvements to meet new building safety and energy efficiency regulations. The company's investment in BSR specialist design capabilities positions it well to capitalise on opportunities in the high-rise residential market.
The company places strong emphasis on its relationships with suppliers, clients, and third parties, with all significant matters overseen by the board. These mutually beneficial partnerships are essential to delivering the company’s strategy and sustaining its market position.
Structured communication ensures consistent client engagement throughout project lifecycles. Regular satisfaction reviews help uphold service standards, address issues promptly, and support continuous improvement. Supply chain relationships are carefully managed, with long-term partnerships enabling efficient planning, competitive pricing, and reliable delivery. Ongoing engagement through meetings and collaborative planning fosters strong, productive ties with suppliers. The company also acknowledges its wider social and environmental responsibilities, supporting local businesses where possible and considering the impact of its operations on surrounding communities.
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GLOSTER MEP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The company views compliance with environmental legislation and the adoption of responsible practices as essential to its operations. It remains committed to implementing new measures that minimise the environmental impact of its activities.
Examples of energy efficiency action taken by the company during 2023/2024:
1)Material Reuse and Recycling: The company actively promotes circular practices across all sites by encouraging supplier take-back schemes and reallocating surplus materials to other projects. These initiatives are supported with incentives to drive site-wide participation.
2) Supplier Optimisation: The company continues to prioritise working with local suppliers to reduce transport-related emissions and ensure that all supply chain partners meet the Fleet Operator Recognition Scheme (FORS) standards, supporting cleaner, safer logistics. 3) Internal Awareness and Training: The company regularly communicates environmental policies across the company through internal bulletins, training sessions, and the company’s intranet newsletter. These efforts promote awareness and engagement with our sustainability goals at all levels of the organisation. 4) Sustainable Strip Out Practices: The company, primarily in refurbishment projects, collaborates with clients and main contractors to encourage and reward the recycling of systems, products, and equipment being replaced. 5) Premises Environmental Performance: The company remains committed to enhancing the energy efficiency of its premises. Plans are in place to upgrade systems at the head office, replacing outdated or inefficient equipment with modern, energy-efficient alternatives. These improvements aim to reduce energy consumption and support overall environmental performance.
The company’s recent carbon footprint analysis indicates that electricity (55.2%) and gas (39.1%) consumption are the primary areas for improvement. To reduce its carbon footprint, the company is focusing on these areas and implementing strategies for annual carbon emission reductions through both direct actions and offsetting measures.
As a leader in mechanical and electrical project management with strong design capabilities, the business continues to prioritise energy efficiency and carbon reduction across all projects. In 2024, GMEP was appointed to deliver the design and build of a major commercial decarbonisation scheme in London, leading to a framework agreement to support a developer’s wider portfolio. We also contributed to industry knowledge by presenting at client-led sustainability forums, reinforcing our commitment to reducing carbon impact both within the business and across the sector.
After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.
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GLOSTER MEP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
This report was approved by the board and signed on its behalf.
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GLOSTER MEP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOSTER MEP LIMITED
We have audited the financial statements of Gloster MEP Limited (the 'company') for the year ended 30 September 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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GLOSTER MEP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOSTER MEP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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GLOSTER MEP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOSTER MEP LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
•The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector; • The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows: o Companies Act 2006 o FRS102. o GDPR o Employment legislation o Tax legislation o UK Health & Safety Legislations and CDM Regulations 2015 o IET Wiring Regulations. • We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence; • Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: • Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud; • Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; • Reviewing the financial statements and testing the disclosures against supporting documentation; • Performing analytical procedures to identify any unusual or unexpected trends or anomalies; • Inspecting and testing journal entries to identify unusual or unexpected transactions; • Assessing whether judgement and assumptions made in determining significant accounting estimates, were indicative of management bias; and • Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business. The areas that we identified as being susceptible to misstatement through fraud were: • Management bias in the estimates and judgements made; • Management override of controls; and • Posting of unusual journals or transactions.
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GLOSTER MEP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOSTER MEP LIMITED (CONTINUED)
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 Auditors' report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
1st Floor
73-81 Southwark Bridge Road
London
SE1 0NQ
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GLOSTER MEP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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GLOSTER MEP LIMITED
REGISTERED NUMBER: 07769221
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 27 form part of these financial statements.
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GLOSTER MEP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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GLOSTER MEP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Gloster MEP Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is 22 Mount Ephraim, Tunbridge Wells, England, TN4 8AS. The principal activity of the company during the year has been that of mechanical and electrical fit-out contractors.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Maya5 Limited as at 30 September 2024 and these financial statements may be obtained from its registerd office..
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GLOSTER MEP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the statement of comprehensive income over its useful economic life of 10 years.
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GLOSTER MEP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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 on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. The balance due is shown as "Amounts recoverable on contracts", and included in debtors due within less than one year.
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GLOSTER MEP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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GLOSTER MEP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The whole of the turnover is attributable to the principal activity of the business..
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GLOSTER MEP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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GLOSTER MEP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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GLOSTER MEP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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GLOSTER MEP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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GLOSTER MEP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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GLOSTER MEP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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GLOSTER MEP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The company offers a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £290,671 (2023: £290,856). Contributions totalling £34,860 (2023: £56,424) were payable to the fund at the balance sheet date and are included in other creditors.
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GLOSTER MEP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The company's immediate parent undertaking is Maya5 Limited, a company incorporated in England and Wales. Maya5 Limited prepares financial statements consolidating the results of Gloster MEP Limited and are available to view to the public and may be obtained from Companies House.
There is no one ultimate controlling party.
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