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Registered number: 07769221









GLOSTER MEP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
GLOSTER MEP LIMITED
 
 
COMPANY INFORMATION


Directors
M Aldridge 
S Burnop 
I Cunningham 
J O'Leary 
D Parnell 
J Regan 




Company secretary
S Burnop



Registered number
07769221



Registered office
Number 22 Mount Ephraim

Tunbridge Wells

Kent

TN4 8AS




Independent auditors
Barnes Roffe Audit Limited
Chartered Accountants & Statutory Auditor

1st Floor

73-81 Southwark Bridge Road

London

SE1 0NQ




Bankers
Natwest Bank plc
1st Floor

440 Strand

London

WC2R 0QS





 
GLOSTER MEP LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 7
Independent auditors' report
 
8 - 11
Statement of comprehensive income
 
12
Balance sheet
 
13
Statement of changes in equity
 
14
Notes to the financial statements
 
15 - 27


 
GLOSTER MEP LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their strategic report accompanying the financial statements for the year ended 30 September 2024.

Business review
 
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.

Page 1

 
GLOSTER MEP LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Principal risks and uncertainties
 
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. 

Financial key performance indicators
 
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.

Page 2

 
GLOSTER MEP LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Directors' statement of compliance with duty to promote the success of the company
 
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.



M Aldridge
Director

Date: 26 June 2025

Page 3

 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies 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 2006They 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.

Results and dividends

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).

Directors

The directors who served during the year were:

M Aldridge 
S Burnop 
I Cunningham 
J O'Leary 
D Parnell 
J Regan 

Page 4

 
GLOSTER MEP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Future developments

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.

Engagement with suppliers, customers and others

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.

Page 5

 
GLOSTER MEP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

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. 

Page 6

 
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.
 





M Aldridge
Director

Date: 26 June 2025

Page 7

 
GLOSTER MEP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOSTER MEP LIMITED
 

Opinion


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 policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.


Conclusions relating to going concern


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


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


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


Page 8

 
GLOSTER MEP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOSTER MEP LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the 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.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 9

 
GLOSTER MEP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOSTER MEP LIMITED (CONTINUED)


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 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.
 
Page 10

 
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.


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 2006Our 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.





Duncan Stannett (Senior statutory auditor)
for and on behalf of
Barnes Roffe Audit Limited
Chartered Accountants
Statutory Auditor
1st Floor
73-81 Southwark Bridge Road
London
SE1 0NQ
 

26 June 2025
Page 11

 
GLOSTER MEP LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

Turnover
 4 
54,171,536
50,754,967

Cost of sales
  
(46,038,635)
(43,333,517)

Gross profit
  
8,132,901
7,421,450

Administrative expenses
  
(4,236,732)
(4,750,509)

Operating profit
 5 
3,896,169
2,670,941

Interest receivable and similar income
 9 
9,000
44

Interest payable and similar expenses
 10 
(16,400)
(28,235)

Profit before tax
  
3,888,769
2,642,750

Tax on profit
 11 
(893,755)
(515,582)

Profit for the financial year
  
2,995,014
2,127,168

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 15 to 27 form part of these financial statements.

Page 12

 
GLOSTER MEP LIMITED
REGISTERED NUMBER: 07769221

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
118,909
198,583

Investments
 15 
9,235,617
9,235,617

  
9,354,526
9,434,200

Current assets
  

Debtors: amounts falling due after more than one year
 16 
150,000
150,000

Debtors: amounts falling due within one year
 16 
20,063,612
25,412,463

Cash at bank and in hand
 17 
4,431,610
2,080,922

  
24,645,222
27,643,385

Creditors: amounts falling due within one year
 18 
(17,043,106)
(20,187,890)

Net current assets
  
 
 
7,602,116
 
 
7,455,495

Total assets less current liabilities
  
16,956,642
16,889,695

  

Net assets
  
16,956,642
16,889,695


Capital and reserves
  

Called up share capital 
 19 
1,000
1,000

Revaluation reserve
  
6,958,590
6,958,590

Profit and loss account
  
9,997,052
9,930,105

  
16,956,642
16,889,695


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Aldridge
Director

Date: 26 June 2025

The notes on pages 15 to 27 form part of these financial statements.

Page 13

 
GLOSTER MEP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 October 2023
1,000
6,958,590
9,930,105
16,889,695



Profit for the year
-
-
2,995,014
2,995,014

Dividends
-
-
(2,928,067)
(2,928,067)


At 30 September 2024
1,000
6,958,590
9,997,052
16,956,642



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 October 2022
1,000
-
7,802,937
7,803,937



Profit for the year
-
-
2,127,168
2,127,168

Surplus on revaluation of other fixed assets
-
6,958,590
-
6,958,590


At 30 September 2023
1,000
6,958,590
9,930,105
16,889,695


The notes on pages 15 to 27 form part of these financial statements.

Page 14

 
GLOSTER MEP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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..

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 15

 
GLOSTER MEP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.6

Intangible assets

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.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any 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.

Page 16

 
GLOSTER MEP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (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:

Leasehold property
-
Straight line over the lease term
Fixtures and fittings
-
20% straight line
Office equipment
-
33.33% straight line

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.

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.10

Long-term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been instructed by the customer. Full provision is made for losses on all contracts in the year in which they are first forseen.
The balance due is shown as "Amounts recoverable on contracts", and included in debtors due within less than one year.

Page 17

 
GLOSTER MEP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

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.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments


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.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.16

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.17

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 18

 
GLOSTER MEP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors have made key assumptions regarding the stage of completion, future costs to complete and collectability of billings of some long term contracts. The amount receivable from customers on such contracts at the end of the reporting period has been stated at £10,863,686 (2023:£14,140,209).


4.


Turnover

The whole of the turnover is attributable to the principal activity of the business..

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
91,756
97,206

Other operating lease rentals
610,742
711,484

Pension costs
290,671
290,856


6.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors and their associates:


2024
2023
£
£

Fees payable to the company's auditors and their associates for the audit of the company's financial statements
21,250
20,500

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

Page 19

 
GLOSTER MEP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
7,253,512
4,795,104

National insurance
479,577
538,276

Pension costs
290,671
290,856

8,023,760
5,624,236


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Direct and administrative
97
105


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
48,006
55,237

48,006
55,237



9.


Interest receivable

2024
2023
£
£


Other interest receivable
9,000
44

9,000
44

Page 20

 
GLOSTER MEP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
3,707
28,235

Other interest payable
12,693
-

16,400
28,235


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,024,492
604,892

Adjustments in respect of previous periods
(130,737)
(89,310)


Total current tax
893,755
515,582

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,888,769
2,642,750


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
972,192
581,622

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
34,345
13,311

Capital allowances for year in excess of depreciation
17,955
12,559

Adjustments to tax charge in respect of prior periods
(130,737)
(89,310)

Group relief
-
(2,600)

Total tax charge for the year
893,755
515,582

Page 21

 
GLOSTER MEP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends paid
2,928,067
-

2,928,067
-


13.


Intangible assets




Goodwill

£



Cost


At 1 October 2023
100,000



At 30 September 2024

100,000



Amortisation


At 1 October 2023
100,000



At 30 September 2024

100,000



Net book value



At 30 September 2024
-



At 30 September 2023
-



Page 22

 
GLOSTER MEP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2023
114,844
163,719
307,076
585,639


Additions
-
576
11,506
12,082



At 30 September 2024

114,844
164,295
318,582
597,721



Depreciation


At 1 October 2023
57,868
115,204
213,984
387,056


Charge for the year
22,969
20,950
47,837
91,756



At 30 September 2024

80,837
136,154
261,821
478,812



Net book value



At 30 September 2024
34,007
28,141
56,761
118,909



At 30 September 2023
56,976
48,515
93,092
198,583

Page 23

 
GLOSTER MEP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
9,235,617



At 30 September 2024
9,235,617





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

Gloster MEP (Global) Limited
Republic of Ireland
Ordinary
100%

The aggregate of the share capital and reserves as at 30 September 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Gloster MEP (Global) Limited
3,977,983
(93,535)

Page 24

 
GLOSTER MEP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
150,000
150,000

150,000
150,000


2024
2023
£
£

Due within one year

Trade debtors
4,601,906
6,231,759

Amounts owed by group undertakings
2,726,753
2,429,090

Amounts owed by related companies
-
684,794

Other debtors
1,223,170
1,576,839

Prepayments and accrued income
648,097
349,772

Amounts recoverable on long-term contracts
10,863,686
14,140,209

20,063,612
25,412,463



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,431,610
2,080,922

4,431,610
2,080,922



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
14,349,417
16,974,200

Corporation tax
1,337,077
930,795

Other taxation and social security
246,798
290,683

Other creditors
57,252
754,760

Accruals and deferred income
1,052,562
1,237,452

17,043,106
20,187,890


Page 25

 
GLOSTER MEP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



250 (2023 - 250) Ordinary A shares of £1.00 each
250
250
750 (2023 - 750) Ordinary B shares of £1.00 each
750
750

1,000

1,000



20.


Pension commitments

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.


21.


Commitments under operating leases

At 30 September 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£



Not later than 1 year
219,698
219,698

Later than 1 year and not later than 5 years
54,924
274,622

274,622
494,320

2024
2023

£
£

Other


Not later than 1 year
9,077
24,292

Later than 1 year and not later than 5 years
15,364
24,441

24,441
48,733

Page 26

 
GLOSTER MEP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Related party transactions

At the year end £1,721,703 (2023: £2,429,090) was owed by Maya5 Limited, the parent company.  
At the year end £nil 
(2023: £317,229) was owed to Gloster S-Worx Limited, £Nil (2023: £684,794) was owed by Revive Capital Limited, and £397,247 (2023: £Nil) was owed by Gloster MEP (Global) Limited, all associated undertakings. 
The balances have subsequently been repaid since the year end.


23.


Controlling party

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.

 
Page 27