Company registration number 05065859 (England and Wales)
GTA INTERIOR LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GTA INTERIOR LIMITED
COMPANY INFORMATION
Directors
Mr C Brand
Mrs S B Brand
Secretary
Mr C Brand
Company number
05065859
Registered office
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
Auditor
Sumer Audit
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
Business address
6 Temple Bar Business Park
Strettington
Chichester
West Sussex
PO18 0LA
GTA INTERIOR LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
GTA INTERIOR LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Review of the business
Turnover for FY24 has decreased by £12.8m to £22.3m from £35.1m in FY23, a decrease of 36.4%. However compared to FY22 (£18.5m) it is an increase of £3.8m. The directors attribute this to timing of significant projects over FY23 and FY24 and a small number or larger, one off projects in FY23. When combining the last two financial years it is their opinion that this is a continuation of the growth seen by the company following the impact of COVID-19 as companies are looking to improve their office environments as both employer and employee attitudes towards office space have evolved. Most companies have taken on a hybrid working approach and in the majority of cases staff are still wanting to be in the office for a good portion of the working week, so office spaces need to be attractive, comfortable and flexible.
Gross margin % has decreased from 25.8% in FY23 to 19.2% in FY24. The high figure in FY23 was predominantly due to cost savings achieved from larger projects specific to that year. As above, when comparing the current year to FY22 we see an increase from 17.8% in FY22, and when combining the Gross Margin % from the past two years we see an increase overall which we attribute to the introduction of a pre-construction team during FY23.
Profit before tax for FY24 has dropped significantly to £524k from £6.37m in FY23 which is mainly due to the turnover and GM % movements mentioned above. In addition there has been an increase in overheads from £2.7m in FY23 to £3.8m in FY24 which is predominantly due to the company continuing to make staff hires in key areas following the growth of the company which will aid in future-proofing the company and setting GTA Interior up for the years to come.
The decrease in net assets from £5.5m to £2.6m can mainly be attributed to the contributions made to the Employee Ownership Trust in the year
Principal risks and uncertainties
The directors have identified the following principal risks and uncertainties affecting the company:
Customer and Commercial risk
The business is aware that producing a high quality end product to our customer is paramount, and therefore that failing to deliver such a result could have negative consequences, both financially and reputationally. Each potential project opportunity is assessed thoroughly to ensure that it falls within our team’s skillset and aligns with our culture and vision. The company’s highly trained and experienced staff ensure that projects are delivered to the highest standards so as to promote our company ethos. During the past year we have reviewed our processes and have implemented a new Pre-construction team to ensure our commercial proposals remain competitive.
Supply chain risk
The business relies on specialist subcontractors to carry out elements of work on our behalf. There is always a risk that these subcontractors may fail due to financial pressures or fail to complete work for reasons unconnected with GTA Interior. The management team monitors and mitigates this risk through regular meetings with principals of our suppliers and continual assessment of performance on each project. The business also ensures that the value and complexity of work placed with subcontractors is monitored to ensure no undue reliance is placed on any one subcontractor.
GTA INTERIOR LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Key performance indicators
The company monitors its performance using a number of measures. These include:
| | |
| | |
Average project turnover* | | |
| | |
| | |
| | |
*Excludes contracts under £30k.
Despite the £12.8m reduction in turnover, the average project turnover has only dropped marginally. This shows that the business strategy has not changed and that the majority of the company’s revenue is driven by activity and not by one off, large projects. It is worth noting that a large contributor to FY23’s revenue was a small number of these larger scale projects.
The decrease in Gross margin % is reflective of the higher margins achievable from certain, larger scale projects in FY23. However when compared to FY22 also the higher margins are due to increased emphasis on costings and efficiencies in the year.
Debtor days have increased in FY24 but further investigation into this figure shows that this is due to timing of invoices raised near the year end which skews the FY24 figure. There is no concerns regarding debtor recoverability and the directors are satisfied that the current process remains sufficient.
Creditor days have also increased in FY24 but again this can be attributed to significant project activity and timing of invoices around the year end. The company continues to build and maintain strong relationships within our supply chain.
The directors consider that although these indicators are less strong that the previous year, the underlying figures support the strong performance of the company over the past few years and are indications that the growth experienced over the past few years is sustainable and can continue.
Mr C Brand
Director
27 June 2025
GTA INTERIOR LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company continued to be that of interior design.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr C Brand
Mrs S B Brand
Financial instruments
Financial risk management objectives and policies
The company operates management policies designed to minimise its exposure to financial risk.
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Credit risk
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade receivables are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Future developments
The directors believe that there are no future developments that require disclosure.
Auditor
The auditor, Sumer Audit, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr C Brand
Director
27 June 2025
GTA INTERIOR LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;
make judgements 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 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.
GTA INTERIOR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GTA INTERIOR LIMITED
- 5 -
Opinion
We have audited the financial statements of GTA Interior 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, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the 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.
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 Auditor's 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
GTA INTERIOR LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GTA INTERIOR LIMITED
- 6 -
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, 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.
Auditor's 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 auditor's 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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:
Obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;
Obtaining an understanding of the company’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud; and
Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the company and our sector-specific experience.
As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: compliance with the UK Companies Act.
GTA INTERIOR LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GTA INTERIOR LIMITED
- 7 -
In addition to the above, our procedures to respond to risks identified included the following:
Making enquiries of management about any known or suspected instances of non-compliance with laws and regulations and fraud;
Reviewing contract reporting and ensuring controls are adhered to;
Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to amounts recoverable on long term contracts, retentions, contract valuations; and
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor's 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.
Alex Chidwick FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
27 June 2025
Chartered Accountants
Statutory Auditor
Worthing
Sumer Audit is the trading name of Sumer Auditco Limited
GTA INTERIOR LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
22,346,291
35,120,570
Cost of sales
(18,065,634)
(26,069,087)
Gross profit
4,280,657
9,051,483
Administrative expenses
(3,759,398)
(2,679,363)
Operating profit
4
521,259
6,372,120
Interest receivable and similar income
2,822
288
Profit before taxation
524,081
6,372,408
Tax on profit
7
(90,145)
(1,425,856)
Profit for the financial year
433,936
4,946,552
The profit and loss account has been prepared on the basis that all operations are continuing operations.
GTA INTERIOR LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
50,934
67,589
Current assets
Debtors
10
5,724,650
7,687,200
Cash at bank and in hand
967,378
5,414,547
6,692,028
13,101,747
Creditors: amounts falling due within one year
11
(4,127,447)
(7,670,334)
Net current assets
2,564,581
5,431,413
Total assets less current liabilities
2,615,515
5,499,002
Provisions for liabilities
Deferred tax liability
12
11,400
15,700
(11,400)
(15,700)
Net assets
2,604,115
5,483,302
Capital and reserves
Called up share capital
14
3,846
3,846
Share premium account
3,804
3,804
Profit and loss reserves
2,596,465
5,475,652
Total equity
2,604,115
5,483,302
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
Mr C Brand
Mrs S B Brand
Director
Director
Company registration number 05065859 (England and Wales)
GTA INTERIOR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
3,846
3,804
529,100
536,750
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
4,946,552
4,946,552
Balance at 30 September 2023
3,846
3,804
5,475,652
5,483,302
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
433,936
433,936
Contributions to employee ownership trust
8
-
-
(3,313,123)
(3,313,123)
Balance at 30 September 2024
3,846
3,804
2,596,465
2,604,115
GTA INTERIOR LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
19
(1,093,906)
5,088,117
Income taxes paid
(1,550,149)
(228,230)
Net cash (outflow)/inflow from operating activities
(2,644,055)
4,859,887
Investing activities
Purchase of tangible fixed assets
(1,813)
(31,284)
Other loans made
(1,509,000)
Repayment of other loans
1,509,000
Interest received
2,822
288
Net cash generated from/(used in) investing activities
1,510,009
(1,539,996)
Financing activities
Contributions paid
(3,313,123)
Net cash used in financing activities
(3,313,123)
-
Net (decrease)/increase in cash and cash equivalents
(4,447,169)
3,319,891
Cash and cash equivalents at beginning of year
5,414,547
2,094,656
Cash and cash equivalents at end of year
967,378
5,414,547
GTA INTERIOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
1
Accounting policies
Company information
GTA Interior Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.
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.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties,true and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover from contracts is recognised by reference to the stage of completion. The stage of completion is calculated by comparing costs incurred as a proportion of total costs. Where the outcome cannot be estimated reliably, turnover is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
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:
Leasehold improvements
10% on a straight line basis per annum
Fixtures and fittings
10% & 25% on a straight line basis per annum
Computers
25% on a straight line basis per annum
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.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
GTA INTERIOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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.
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
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.
GTA INTERIOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Construction contracts
Revenue derived from construction services includes a judgement of the stage of completion at the period end. This judgement is used to determine the amount of revenue and profit to recognise in relation to each contract which is still ongoing at the end of the reporting period. For contracts which are independently valued, the stage of completion is calculated based on the assessment of qualified quantity surveyors of the costs incurred for work performed in conjunction with expected final contract costs and overall profitability. For contracts which are based on an agreed payment schedule, invoices are raised in line with this payment plan and accruals/deferrals are recognised so as to ensure that income and costs are recognised appropriately in line with the stage of completion of a particular project.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Interior design contracts
22,346,291
35,120,570
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
15,457,413
17,899,295
North America
442,089
11,171,920
Europe
1,130,376
2,881,416
Southeast Asia
358,314
1,832,737
Australasia
4,459,591
548,721
South Africa
498,508
786,481
22,346,291
35,120,570
GTA INTERIOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Turnover and other revenue
(Continued)
- 15 -
2024
2023
£
£
Other revenue
Interest income
2,822
288
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
68,037
(1,596)
Fees payable to the company's auditor for the audit of the company's financial statements
36,000
35,000
Depreciation of owned tangible fixed assets
18,468
15,448
Operating lease charges
233,673
125,212
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Admin
5
4
Sales
4
3
Design
7
6
Construction
5
5
Total
21
18
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,702,999
1,297,454
Social security costs
223,449
159,725
Pension costs
62,512
57,637
1,988,960
1,514,816
GTA INTERIOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
356,693
102,566
Company pension contributions to defined contribution schemes
39,767
38,885
396,460
141,451
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
266,491
-
Company pension contributions to defined contribution schemes
19,884
-
No figure has been included for the highest paid director in the comparative period as total directors' remuneration was under £200,000.
The directors are considered to be the only key management personnel of the company.
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
183,629
1,282,762
Adjustments in respect of prior periods
(92,571)
Double tax relief
3,387
139,394
Total current tax
94,445
1,422,156
Deferred tax
Origination and reversal of timing differences
(4,300)
3,700
Total tax charge
90,145
1,425,856
GTA INTERIOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
7
Taxation
(Continued)
- 17 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
524,081
6,372,408
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
131,020
1,402,454
Tax effect of expenses that are not deductible in determining taxable profit
48,309
51,909
Tax effect of utilisation of tax losses not previously recognised
(28,050)
Adjustments in respect of prior years
(92,571)
Double tax relief
3,387
Rounding
(457)
Taxation charge for the year
90,145
1,425,856
8
Distributions
2024
2023
£
£
Contributions to employee ownership trust
Amounts paid
3,313,123
9
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 October 2023
71,000
39,511
99,906
210,417
Additions
1,813
1,813
At 30 September 2024
71,000
39,511
101,719
212,230
Depreciation and impairment
At 1 October 2023
37,274
39,101
66,453
142,828
Depreciation charged in the year
7,100
214
11,154
18,468
At 30 September 2024
44,374
39,315
77,607
161,296
Carrying amount
At 30 September 2024
26,626
196
24,112
50,934
At 30 September 2023
33,726
410
33,453
67,589
GTA INTERIOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,850,616
3,285,632
Corporation tax recoverable
172,942
Other debtors
1,048,705
3,927,696
Prepayments and accrued income
342,329
341,348
5,414,592
7,554,676
2024
2023
Amounts falling due after more than one year:
£
£
Gross amounts owed by contract customers
310,058
132,524
Total debtors
5,724,650
7,687,200
11
Creditors: amounts falling due within one year
2024
2023
£
£
Payments received on account
905,283
Trade creditors
3,411,665
3,379,215
Corporation tax
1,282,762
Other taxation and social security
652,516
1,005,742
Other creditors
5,266
4,382
Accruals and deferred income
58,000
1,092,950
4,127,447
7,670,334
12
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
11,400
16,800
Other deferred tax liabilities
-
(1,100)
11,400
15,700
GTA INTERIOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12
Deferred taxation
(Continued)
- 19 -
2024
Movements in the year:
£
Liability at 1 October 2023
15,700
Credit to profit or loss
(4,300)
Liability at 30 September 2024
11,400
The directors have considered the deferred tax liabilities set out above and concluded that it is not possible to state the estimated liabilities which will reverse in the next 12 months. This is due to the level of reversal being dependant on the events which are not yet known.
13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
62,512
57,637
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
14
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
3,846 Ordinary A shares of £1 each
3,846
3,846
3,846
3,846
Ordinary A shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.
15
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
143,702
127,502
Between two and five years
115,052
258,754
258,754
386,256
GTA INTERIOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
16
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mrs S B Brand -
-
629,500
589,250
(1,218,750)
-
Mr C Brand -
-
879,500
359,250
(1,238,750)
-
1,509,000
948,500
(2,457,500)
-
The director has provided a limited guarantee, dated 29 June 2009, of £25,000 (2023 - £25,000) to the company's bankers.
17
Related party transactions
Transactions with related parties
The company has loan balances due to/from other companies that are related parties by virtue of common control. There are no repayment terms for these loans and interest has not been charged, they are all treated as being repayable on demand:
At the year end, £Nil (2023 - £492,127) was due from GTA Interior Holdings One Limited. There were loans made within the period totalling £107,556 (2023 - £1,010,000) to this related party.
At the year end, £1,265 (2023 - £1,265) was due to Giving Assets 4 Kilos Ltd. There was loans made within the period totalling £Nil (2023 - £1,060) to this related party.
18
Ultimate controlling party
GTA Interior EOT Limited holds the shares in the company in its capacity as corporate trustee for the GTA Interior Employee Ownership Trust. It does not produce consolidated accounts as there is no requirement to do so. The registered office of the entity is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.
The ultimate controlling parties are the trustees of the GTA Interior Employee Ownership Trust.
19
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit for the year after tax
433,936
4,946,552
Adjustments for:
Taxation charged
90,145
1,425,856
Investment income
(2,822)
(288)
Depreciation and impairment of tangible fixed assets
18,468
15,448
Movements in working capital:
Decrease/(increase) in debtors
626,492
(2,841,363)
(Decrease)/increase in creditors
(2,260,125)
1,541,912
Cash (absorbed by)/generated from operations
(1,093,906)
5,088,117
GTA INTERIOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
20
Analysis of changes in net funds
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
5,414,547
(4,447,169)
967,378
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