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02954707







G K R SCAFFOLDING LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 OCTOBER 2024

































G K R SCAFFOLDING LIMITED
 
COMPANY INFORMATION


Directors
L Rowswell 
N Rowswell 




Registered number
02954707



Registered office
200 Tower Bridge Road

London

SE1 2UN




Independent auditors
S&W Partners Audit Limited

Brockbourne House

77 Mount Ephraim

Tunbridge Wells

Kent

TN4 8BS




Accountants
Thain Osborne & Co
Chartered Accountants

94a High Street

Sevenoaks

Kent

TN13 1LP





G K R SCAFFOLDING LIMITED

CONTENTS



Page
Strategic Report
 
 
1 - 4
Directors' Report
 
 
5 - 6
Independent Auditors' Report
 
 
7 - 10
Statement of Income and Retained Earnings
 
 
11
Balance Sheet
 
 
12
Notes to the Financial Statements
 
 
13 - 26


G K R SCAFFOLDING LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

Introduction
 
The directors present their strategic report and the financial statements for the year ended 31 October 2024. 

Business review
 
In the year ended 31st October 2024, sales increased by 31.5% and there was a slight improvement in the gross profit percentage. Distribution costs increased at 22%. and the company made a profit after tax of £7,247,683 (2023 - £2,562,663). The balance sheet remains strong with £23,539,866 of net assets and £6,115,748 of cash at bank. The directors are satisfied with the results.
The revenue for this financial year increased from target despite predicted decline in the construction output for the UK in 2024. 2025's Construction output is forecasted to rise by 5% along with GKRs target from 2024 with a strong pipeline going into 2025. 
Distribution costs increased by 22% but les than the sales increase of 31.5% in the reporting period which demonstrated some efficiency savings taking into account an increased market HVO Fuel cost to previous period and increased Fleet vehicle costs to meet the demand of safer HGV vehicles on the road.
Purchase volume of new materials during 2024 was considerably higher than the previous reported year with high investment in system scaffold. This is to be expected to reduce throughout the next reporting period with the business being able to optimise use of our own materials supply.
Sustainability & Environment

GKR Scaffolding Ltd remain committed to minimising their impact on the environment through continual investment in their Sustainability Programme and commits to reduce scope 1 and scope 2 GHG emissions 42% by 2030 from a 2022 base year, and to measure and reduce its scope 3 emissions. GKR Scaffolding Ltd commits to reach net-zero by 2045. As part of this, GKR Scaffolding Ltd commits to reduce scope 1+2+3 emissions 90% by 2045 from a 2022 base year. All the above targes are validated and published with Science Based targets initiative.
GKR have also committed to Pledge to Net Zero.
GKR meet Streamlined Energy and Carbon Reporting (SECR) qualification in the UK. GKR have opted to use the Operational Control boundary definition to define their carbon footprint boundary. The reporting period for the compliance is 1st November 2023 to 31st October 2024. Included within that boundary are Scope 1 & 2 emissions, as well as Scope 3 emissions from gas, electricity and company fleet in the UK. the GHG Protocol Corporate Accounting & Reporting Standard and UK Governments GHG Conversion Factors for Company Reporting have been used as part of the carbon emissions calculation.
The results show that GKR's total energy use and total Greenhouse Gas (GHG) emissions amounted to 1,510,722 kWh and 56 tonnes of CO2e respectively in the 2024 financial year in the UK. GKR have chosen 'Tonnes of CO2e per million turnover' as an intensity metric as this is an appropriate metric for the business. The Company will compare their performance over time with this metric. 

Page 1

G K R SCAFFOLDING LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

The intensity metric for the financial year 2024 was 1.4 CO2e/£m compared to 1.4 CO2e/£m in 2023. Below is the energy consumption and GHG emissions summary outlining the year on year analysis

2024
2023
Scope 1 emissions/tCO2e

36

21
 
Scope 2 emissions (location-based)/tCO2e

20

22
 
Total gross Scope 1 & Scope 2 emissions/tCO2e

56

43
 
Total energy consumption used to calculate about emissions (kWh) (Scope 1 & 2)

1,510,722

1,695,456
 
Turnover (£m)

41.2

31.4
 
Intensity ratio: tCO2e (gross scope 1 & 2)/Turnover (£m)
Methodology is Tonnes of CO2 equivalent dividend by Turnover in £m

1.4

1.4
 
Emissions from employee business travel for which the group does not own or control (grey fleet) (Scope 2)/tCO2e

0.0

0.0
 
Total gross Scope 1, 2, & 3 emissions/tCO2 (Inc. grey fleet)

56

43
 
Energy consumption used to calculate above emissions: kWh (inc grey fleet)

1,510,722

1,939,073
 

The Group is ISO 50001 accredited. As part of this accreditation, the Group has a robust and effective framework for improving energy efficiency. Continual improvement is paramount to the Group, with short, medium, and longer-term targets set as part of retaining the Standard and their commitment to the environment.
During the reporting period, the Group has implemented a number of energy saving initiatives to reduce their associated emissions. These are discussed further in the Strategic Report under the heading Sustainability & Environment.
 
Recycling of Scaffold sheeting reducing product to landfill.
Introduction of Electric Forklifts to lower Scope 1 emissions further.
Purchased 100% green electricity through Renewable Energy Guarantees of Origin (REGO).
Certification of Carbon Neutrality in July 2023.
ISO 500001: internationally recognised standard that provides a practical way to improve energy                            efficiency through the development of an energy management system (EnMs).
Procurement of lower thickness steel scaffold tubes (~18% lighter) therefore contributing to significant      Scope 3 emission savings. Furthermore, GKR have procured re-used steel tubes, helping to eliminate emissions related to extraction of additional raw materials and thus reduce the carbon impact.
Recycled workwear and PPE items now being used across the business.

Principal risks and uncertainties
 
Resource Management
Improvements in both forecasting and operational planning continue to enable the business to optimise use of existing assets to minimise purchase of new materials during peak price increases.
Additionally, as the business directly employs the majority of its workforce, a clear retention strategy is in place to reduce churn and maintain the skill levels required within the business. This enables GKR to provide high quality supervision and consistent teams for projects.
GKR has improved its in-house training provision under the GKR Academy and doubled the number of apprentices as its commitment to bringing more school/higher education leavers into the industry.
 
Page 2

G K R SCAFFOLDING LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Commercial Risk
There is a commercial risk of non-payment of work and disputes arising from delays. However, GKR mainly work with Tier 1 contractors and have established good relationships with client commercial teams.
GKR's IMS System ensures that checks are carried out on all new clients including assessing credit risk and credit limits and a selective tendering process to filter our projects of higher commercial risk.

Health & Safety Risk
Health and Safety is a significant risk to the business with both a commercial and reputational impact. GKR’s strong safety record is a distinguishing factor when clients choose to work with GKR, and increasingly the investment in mental health and general wellbeing support is being valued.
GKR Scaffolding employ a competent internal team with our H&S Director being a Chartered Member of IOSH and sits on the H&S committee for the National Access and Scaffold Confederation (NASC). Our H&S team continually monitor and measure the performance of all of the live projects to ensure we are achieving high performance.
All staff have industry recognised qualifications and are trained to be safe and competent in their role. They are also trained above industry standard through in-house training programmes within the GKR Academy which includes Risk Aversion Training in Virtual Reality.
GKR has also renewed its Professional Indemnity insurance at a value required by contractors. 

Financial key performance indicators

Key financial performance indicators for the Company are turnover, gross margins and net profit margins which are regularly reported on and reviewed.

 

2024
2023

£
£



Turnover
41,233,983
31,342,178
Gross profit margin
49.1%
41.8%
Net profit margin
17.6%
8.2%

Key non-financial performance indicators
 
Energy usage targets are set as key non-financial performance indicators to ensure that there are continual improvements of the carbon footprint of the Company. This is measured by reviewing electricity, gas and fleet.



2024
2023

kWh
kWh



Electricity
95,000
115,000
Gas
84,000
75,000
Fleet
920,000
890,000
 

Page 3

G K R SCAFFOLDING LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Directors' statement of compliance with duty to promote the success of the Company
 
The directors, in line with their duties under Section 172 of the Companies Act 2006, act individually and collectively in the way 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 have regard to the stakeholders and amongst other matters; the:
• likely consequences of any decisions in the long-term;
• interests of the Company’s employees;
• need to foster the Company’s business relationships with suppliers, customers and others;
• impact of the Company’s operations on the community and environment;
• desirability of the Company maintaining a reputation for high standards of business conduct; and
• need to act fairly as between members of the Company.
The Company’s business strategy is focussed on achieving success for the Company in the long term. This strategy considers the impact of relevant factors and stakeholder interests. The directors promote a culture of upholding the highest standards of conduct and ensures its core values are communicated to its employees and are embedded in its policies and procedures.
The directors recognise that building strong long-term relationships with its stakeholders will help deliver its strategy. The directors consider the core stakeholders to be its employees, customers, suppliers and the local communities in which it operates.
Protecting the health, safety and wellbeing of its employees and everyone who comes into contact with the business is the main priority. Furthermore, the directors are committed to a diverse and inclusive working environment and ensuring all employees have the necessary skills and training required to carry out their roles and to develop.
The Company aims to develop long term mutually beneficial relationships with its customers. The Company engages with its customers on a continuous basis which allows it to better understand their needs thus ensuring its long-term success. 
The suppliers and subcontractors are integral to its operations and the Company aims to be fair in their dealings with them and to make payment within agreed terms.


This report was approved by the board and signed on its behalf.



L Rowswell
Director

Date: 2 July 2025

Page 4

G K R SCAFFOLDING LIMITED
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

The directors present their report and the financial statements for the year ended 31 October 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 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 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 £7,247,683 (2023 - £2,562,663).

A dividend of £1,892,629 (2023 - £1,488,273) has been paid in the year. 

Directors

The directors who served during the year were:

L Rowswell 
N Rowswell 

Greenhouse gas emissions, energy consumption and energy efficiency action

The full Streamlined Energy and Carbon Reporting (SECR) disclosure is included under business review of the strategic report.

Page 5

G K R SCAFFOLDING LIMITED
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
 
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.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

This report was approved by the board and signed on its behalf.
 





L Rowswell
Director

Date: 2 July 2025

Page 6

G K R SCAFFOLDING LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G K R SCAFFOLDING LIMITED

Opinion


We have audited the financial statements of G K R Scaffolding Limited (the 'Company') for the year ended 31 October 2024, which comprise the Statement of income and retained earnings, the Balance sheet 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:


give a true and fair view of the state of the Company's affairs as at 31 October 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 7

G K R SCAFFOLDING LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G K R SCAFFOLDING 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 5, 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 8

G K R SCAFFOLDING LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G K R SCAFFOLDING 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:
         
We obtained a general understanding of the Company’s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity’s policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Company’s industry and regulation. 
We understand that the Company complies with the framework through:  
 
Outsourcing accounts preparation and tax compliance to external experts.  
Significant health and safety training is carried out internally, and from external experts, ensuring all staff are suitably trained to carry out their role safely.
Internal and external audits are carried out on sites that the entity operates from, ensuring that quality at the standard required. 

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Company’s ability to conduct its business, and/or where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of key significance in the context of the Company, and were reviewed in conjunction with other important laws and regulations the Company is subject to:  
 
The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements.   
The Work at Height Regulations 2005. 
Health and Safety at Work etc Act 1974.
Safety, Health and welfare at work (construction) Regulations 2019.
Reporting of Injuries, Dieseases and Dangerous Occurrences Regulations 2013 (RIDDOR).
 
The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:  
 
Outstanding applications may be irrecoverable and would therefore be overstating income in the period, or the stage of completion could be incorrectly calculated, leading to revenue being recognised in the wrong period.  
Manipulation of the financial statements, especially revenue, via fraudulent journal entries.
Revenues may be overstated or cut-off incorrectly and therefore recognised in the incorrect period.
Non-compliance with laws and regulations could impact the going concern status of the Company, or lead to material omissions of fines and penalties.
Scaffolding materials within tangible fixed assets may be materially misstated.

These areas were communicated to the other members of the engagement team not present at the discussion.  
 
Page 9

G K R SCAFFOLDING LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G K R SCAFFOLDING LIMITED (CONTINUED)

The procedures we carried out to gain evidence in the above areas included:  
 
Agreement of signed application dates to ensure that they are included in the correct period, and tracing through to receipt to ensure that they are recoverable. 
Testing journal entries, focusing particularly on postings to unexpected or unusual accounts and those posted at unusual times.  
Occurrence testing over income, starting from inside the accounting system to outside, ensuring sales are correctly recorded and occurred. 
Review of board minutes, legal expenses which have been incurred and discussion with management to ensure no omissions were made.
Review of ongoing projects at the year-end and supporting documentation from the contractor to prove scaffolding was on site at the year-end, helping to prove the balance is materially stated.
 
Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities.  
 
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.





Matthew Neill BA (Hons) MA FCA (Senior Statutory Auditor)
  
for and on behalf of
S&W Partners Audit Limited
 
Statutory auditors
  
Brockbourne House
77 Mount Ephraim
Tunbridge Wells
Kent
TN4 8BS

 
Date: 
8 July 2025
Page 10

G K R SCAFFOLDING LIMITED
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
Note
£
£

  

Turnover
 4
41,233,983
31,342,178

Cost of sales
  
(20,984,794)
(18,234,468)

Gross profit
  
20,249,189
13,107,710

Distribution costs
  
(997,987)
(817,515)

Administrative expenses
  
(9,696,318)
(8,989,904)

Other operating income
  
57,943
13,895

Operating profit
 5
9,612,827
3,314,186

Interest receivable and similar income
 8
198,675
111,507

Interest payable and similar expenses
  
(40,340)
-

Profit before tax
  
9,771,162
3,425,693

Tax on profit
 9
(2,523,479)
(863,030)

Profit after tax
  
7,247,683
2,562,663

  

  

Retained earnings at the beginning of the year
  
18,144,472
17,070,082

Profit for the year
  
7,247,683
2,562,663

Dividends declared and paid
  
(1,892,629)
(1,488,273)

Retained earnings at the end of the year
  
23,499,526
18,144,472

The notes on pages 13 to 26 form part of these financial statements.

Page 11

G K R SCAFFOLDING LIMITED
REGISTERED NUMBER:02954707

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
 

Tangible assets
 10
8,891,990
6,337,902

Investments
 11
1,828,548
1,486,882

  
10,720,538
7,824,784

Current assets
  

Stocks
  
2,850
8,117

Debtors: amounts falling due after more than one year
 12
2,561,934
1,951,479

Debtors: amounts falling due within one year
 12
9,812,799
8,453,169

Cash at bank and in hand
  
6,115,748
4,570,609

  
18,493,331
14,983,374

Creditors: amounts falling due within one year
 13
(4,254,976)
(4,024,878)

Net current assets
  
 
 
14,238,355
 
 
10,958,496

Total assets less current liabilities
  
24,958,893
18,783,280

Provisions for liabilities
  

Deferred tax
 14
(1,459,247)
(638,688)

  
 
 
(1,459,247)
 
 
(638,688)

Net assets
  
23,499,646
18,144,592


Capital and reserves
  

Called up share capital 
 15
120
120

Profit and loss account
 16
23,499,526
18,144,472

  
23,499,646
18,144,592


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




L Rowswell
Director

Date: 2 July 2025

The notes on pages 13 to 26 form part of these financial statements.

Page 12

G K R SCAFFOLDING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

G K R Scaffolding Limited is a private company, limited by shares, which is registered and domiciled in England and Wales. The registered office is 200 Tower Bridge Road, London, England, SE1 2UN. The principal place of business of the Company is Independent House, Arnolde Close, Medway City Estates, Rochester, Kent, ME2 4QW. The principal activity of the Company is the supply, installation and management of scaffolding projects. 

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 presentational and functional currency of the Company is pounds sterling. Amounts in these financial statements have been rounded to the nearest whole £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement 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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

The Company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the Company as an individual entity and not about its group.
This information is included in the consolidated financial statements of G K R Logistics Limited as at 31 October 2024 and these financial statements may be obtained from Companies House.

Page 13

G K R SCAFFOLDING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.3

Turnover

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

Rendering of services

Turnover from a contract to provide scaffolding 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 turnover 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.

 
2.4

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery
-
20% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
33.3% reducing balance

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.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value.

Page 14

G K R SCAFFOLDING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.7

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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.8

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.

 
2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. 
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.10

 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 the Statement of income and retained earnings 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.

 
2.11

 Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 15

G K R SCAFFOLDING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.12

 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Page 16

G K R SCAFFOLDING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in Note 2, the directors are required to make judgements, estimates and assumptions which affect the reported amounts of assets, liabilities, revenues and expenses. The directors base their judgements, estimates and assumptions on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates under different judgements or assumptions.
Turnover from scaffolding services
Turnover from scaffolding services provided is recognised based on management's estimate of the stage of completion of the contract to provide such services. In preparing this estimate, management review the independent certification of work done, the progress of work against contracted timescales and the costs incurred against the budget, including reviews of the anticipated final result of the contracts. The Company has control and review procedures in place to monitor and evaluate the estimates being made to ensure that they are consistent and appropriate. These are included in accrued income which is £6,784,313 (2023: £6,328,303).
Doubtful debts and variations of scope
Accrued income from scaffolding services includes variations to the original scope of contracted work which are not always agreed in advance. As such, some of this work is not always recoverable and management only include an estimate of the value expected to be realised within accrued income. This is estimated by calculating the full turnover relating to the valuations and including a provision for the element that is not recoverable. Management apply judgement to this provision using their experience of similar variations completed in the past and their knowledge of ongoing relationships with their customers. The value of the holdback provision included within the accounts is £944,000 (2023: £1,598,000).
Useful economic life of plant and machinery
Plant and machinery includes scaffolding materials which are purchased in bulk and often are modified during their use. Due to this the useful economic life is constantly changing and therefore management apply their judgement to depreciate the remaining assets. Management apply an estimated useful life of 5 years, with a residual value of nil and consider that all scaffolding equipment would either have been destroyed or need to be replaced by the end of this 5 year period. The net book value of plant and machinery is £8,724,870 (2023: £6,198,222).


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Supply of scaffolding services
41,233,983
31,342,178


All turnover arose within the United Kingdom.

Page 17

G K R SCAFFOLDING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Operating profit

The operating profit is stated after charging:

2024
As restated 2023
£
£

Depreciation of tangible fixed assets
3,499,820
2,831,052

Auditors' remuneration
31,000
27,350

Cost of defined contribution scheme
218,273
218,558

Other operating lease rentals
1,378,844
883,995

Profit on sale of tangible assets
(57,539)
(149,435)


6.


Employees

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


2024
2023
£
£

Wages and salaries
13,437,579
11,834,467

Social security costs
1,478,310
1,298,496

Cost of defined contribution scheme
218,273
218,558

15,134,162
13,351,521


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


        2024
        2023
            No.
            No.







Administration
31
30



Scaffolders and Drivers
224
200

255
230

Page 18

G K R SCAFFOLDING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
392,456
297,948


During the year retirement benefits were accruing to 2 directors (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £216,478 (2023 - £166,673).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,761 (2023 - £1,753).


8.


Interest receivable

2024
2023
£
£


Interest receivable from group companies
149,408
56,973

Other interest receivable
49,267
54,534

198,675
111,507

Page 19

G K R SCAFFOLDING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,703,833
340,501

Adjustments in respect of previous periods
(913)
(6,788)


Total current tax
1,702,920
333,713

Deferred tax


Origination and reversal of timing differences
820,559
529,317


Taxation on profit on ordinary activities
2,523,479
863,030

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
9,771,162
3,425,693


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.52%)
2,442,791
771,470

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
118,626
106,934

Deferred tax not recognised
12,576
35,774

Non-taxable income
(49,601)
(44,360)

Adjustments in respect of prior periods
(913)
(6,788)

Total tax charge for the year
2,523,479
863,030

Page 20

G K R SCAFFOLDING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

10.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 November 2023
13,921,250
285,529
232,267
14,439,046


Additions
5,968,774
52,479
34,198
6,055,451


Disposals
(2,679,375)
-
(45,351)
(2,724,726)



At 31 October 2024

17,210,649
338,008
221,114
17,769,771



Depreciation


At 1 November 2023
7,723,028
192,680
185,435
8,101,143


Charge for the year on owned assets
3,442,126
30,687
27,007
3,499,820


Disposals
(2,679,375)
-
(43,807)
(2,723,182)



At 31 October 2024

8,485,779
223,367
168,635
8,877,781



Net book value



At 31 October 2024
8,724,870
114,641
52,479
8,891,990



At 31 October 2023
6,198,222
92,849
46,831
6,337,902

Page 21

G K R SCAFFOLDING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

11.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2023
1,486,882


Additions
341,666



At 31 October 2024
1,828,548





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Frindsbury Properties Limited
94a High Street, Sevenoaks, Kent, TN13 1LP
Ordinary
100%

Page 22

G K R SCAFFOLDING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

12.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
2,561,934
1,951,479


2024
As restated 2023
£
£

Due within one year

Trade debtors
1,840,052
1,193,427

Amounts owed by group undertakings
387,874
214,133

Other debtors
98,008
272,357

Prepayments
702,552
444,949

Accrued income
6,784,313
6,328,303

9,812,799
8,453,169


The Directors have reviewed the disclosure of outstanding applications and restated the 2023 balance to include the balance of £6,328,303 previously included in trade debtors, within accrued income.


13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,561,175
2,447,467

Corporation tax
1,489,173
340,501

Other taxation and social security
525,197
467,769

Other creditors
51,358
236,320

Accruals
628,073
532,821

4,254,976
4,024,878


Page 23

G K R SCAFFOLDING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

14.


Deferred taxation




2024
2023


£

£






At beginning of year
638,688
109,371


Charged to profit or loss
820,559
529,317



At end of year
1,459,247
638,688

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
1,459,247
638,688


15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



120 (2023 - 120) Ordinary shares of £1.00 each
120
120



16.


Reserves

Profit and loss account

The profit and loss account comprises all current and prior period retained profits and losses. 


17.


Contingent liabilities

Barclays Bank plc holds cross-guarantees in respect of all accounts held in the names of the companies within the Group, and has the right to the set-off of debit and credit balances on all accounts. The amounts owed by group companies under this guarantee at 31 October 2024 amounted to £Nil (2023 - £Nil) in respect of overdrafts.

Page 24

G K R SCAFFOLDING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

18.


Commitments under operating leases

At 31 October 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
914,568
808,512

Later than 1 year and not later than 5 years
2,419,420
848,385

3,333,988
1,656,897

The property operating lease had a break clause dated 06/11/2024, so at the October 2023 year end, commitment was only until this break date. This was not exercised, and hence the full commitment for the remaining 5 years of the lease has been recognised as a non-cancellable commitment at the October 2024 year end date.


19.


Related party transactions

During the year, the Company incurred management charges of £504,216 (2023: £480,000) plus VAT from G K & Y Rowswell Partnership, a partnership in which all company directors are partners. During the year, the Company paid £504,216 (2023: £480,000) in respect of these costs. 
In addition, the Company paid expenses of behalf of the partnership totalling £103,876 (2023: £177,109) and received £76,491 (2023: £176,209) in repayments. At the balance sheet date, the Company was owed £62,998 (2023: £35,613) by the partnership and is included within other debtors. 
Key management personnel compensation was £1,267,701 (2023: £1,081,978) in total. 


20.
Transactions with directors

In the current year, included within other debtors, are loans to the directors of the Company. The loans are interest free and repayable on demand. The movements during the year were as follows:


Directors' loans

£

Balance brought forward at 1 November 2022
31,514

Amounts advanced
5,568

Amounts repaid
(33,969)

Balance carried forward at 31 October 2023
3,113


Balance brought forward at 1 November 2023
3,113

Amounts advanced
14,040

Amounts repaid
(10,406)


Balance carried forward at 31 October 2024
6,747

Page 25

G K R SCAFFOLDING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

21.


Controlling party

The immediate and ultimate parent undertaking is G K R Logistics Limited, a company registered in England and Wales. L Rowswell and N Rowswell are directors of and control 94.29% of the shares in        G K R Logistics Limited. 

 
Page 26