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REGISTERED NUMBER: 07725087 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024

FOR

G T P (MIDLANDS) HOLDINGS LIMITED

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024










Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 9

Consolidated Statement of Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash Flows 16 to 17

Notes to the Consolidated Financial Statements 18 to 35


G T P (MIDLANDS) HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024







DIRECTORS: B Brown
I M Freeman
R J Grant





REGISTERED OFFICE: Unit 1
Wellington Business Park
Hixon
Staffordshire
ST18 0HP





REGISTERED NUMBER: 07725087 (England and Wales)





AUDITORS: Sumer Auditco Limited
Chartered Accountants & Statutory Auditors
Stone House
Stone Road Business Park
Stoke-on-Trent
ST4 6SR

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

GROUP STRATEGIC REPORT
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


The directors present their strategic report of the company and the group for the period to 30 September 2024.

PRINCIPAL ACTIVITY AND REVIEW OF BUSINESS
The principal activity of the company is that of a holding company.

The principal activity of the subsidiary company in the year is the supply of Hardwood and Softwood machined timber products.

We aim to present a balanced, comprehensive review of the development of our group during the period and its position at the period end. Our review is consistent with the size and nature of our group and is written in the context of the risks and uncertainties that we face.

KEY PERFORMANCE INDICATORS
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole; being turnover, margins and shareholder funds.

During the year the group experienced a decrease in turnover of 4.9%.

Turnover 2024 Turnover 2023
£10,232,982 £10,760,595


The volume of sales achieved was similar to prior years.

The change in total sales income relates to an overall decrease in sales prices, led by global market conditions. A scarcity of product coming out of Russia led to a shortage of supply of larch that pushed prices up in 2023. A change in the product sales mix in 2023 led to a move towards other cladding products at a lower margin than larch, such as Thermo Radiata and Redwood products.

The Directors remain focussed on achieving acceptable gross margin targets. The gross margins in the year have decreased:

Gross Margin Gross Margin
2024 2023
27.7% 27.8%

The margin has decreased slightly due to a change in the product mix, in addition to increasing staff numbers in the yard.

Stockholding in the year decreased slightly. Some old and slower moving lines have been sold in the year and stock not replaced.

Stock 2024 Stock 2023
£2,243,298 £2,396,643

The expectation is for stock levels to remain around the same level during 2025.


G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

GROUP STRATEGIC REPORT
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


The Directors have made decisions which have enabled the group to remain in a strong financial position at the end of the year, despite a downturn in the market.

Shareholder
Funds 2024
Shareholder
Funds 2023
£2,501,187 £2,617,032

The expectation is that during 2025 shareholder funds will remain at around the same level.

The group continues to maintain its position as a leading supplier to the timber industry and remains committed to providing excellent customer service and quality products.

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors are aware of the uncertainty within the timber trade, especially around Siberian larch stocks and manage these risks by regulating stock levels and ensuring that any price fluctuations are reflected in the sales price.

The group has CBILS loans and utilises an Invoice Discounting Facility and overdraft with Royal Bank of Scotland

The group is confident of continuing CBILS loan repayments with the agreed repayment schedule. The CBILS loans continue to be paid down and are due to run to term in 2026. The directors continue to maintain adequate cashflow and review reasonable financing options for the group.

Some of the group's customers may be exposed to rises in interest rates but the group is protected by holding a credit insurance product, in place to reduce any potential exposure to bad debts.

The Directors remain focussed on gross profit and net profit margins and remain optimistic about future growth even in light of industry challenges.

GOING CONCERN
Despite a downturn in trade in the current financial period the group will continue to be supported financially through its institutional lenders. The business has seen an upturn in sales during 2025 and the company retains sufficient working capital to continue to trade for the foreseeable future.

FUTURE PLANS
The roll out of a detailed Sales and Marketing Plan in 2024 enabled the group to retain market share.

The group has been successful in applications for tenders for council and other large products and has been rewarded with orders in 2025.

During 2025 the group focus is on increasing net margins by reducing costs.

ON BEHALF OF THE BOARD:





B Brown - Director


8 July 2025

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

REPORT OF THE DIRECTORS
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


The directors present their report with the financial statements of the company and the group for the period 28 September 2023 to 30 September 2024.

DIVIDENDS
Particulars of recommended dividends are detailed in the notes to the financial statements.

EVENTS SINCE THE END OF THE PERIOD
Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 28 September 2023 to the date of this report.

B Brown
I M Freeman
R J Grant

DISCLOSURE IN THE STRATEGIC REPORT
The Group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the Group's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 relating to future developments and financial risk management.

The strategic report can be found on page 2 of these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

REPORT OF THE DIRECTORS
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


AUDITORS
The auditors are deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





B Brown - Director


8 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G T P (MIDLANDS) HOLDINGS LIMITED


Opinion
We have audited the financial statements of G T P (MIDLANDS) HOLDINGS LIMITED (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's profit for the period 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 group 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 group's and the parent 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G T P (MIDLANDS) HOLDINGS LIMITED


Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G T P (MIDLANDS) HOLDINGS LIMITED


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

o the nature of the industry and sector, control environment and business performance including the design of the Group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
o results of our enquiries of management about their own identification and assessment of the risks of irregularities;
o any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual,
suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and
regulations;
o the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

Based on this approach, we were able to assess the Group risks and ensure the risks were considered throughout all areas of audit testing. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information.

Audit response to risks identified

As a result of performing the above, we identified Health and Safety compliance risk and compliance with the FSC and PEFC standard as key audit matters related to the potential risk of fraud or irregularities.

Our procedures to respond to risks identified included the following:
o reviewing any audits completed by regulatory bodies in the year and the outcomes of these to ensure no breach of laws and regulations;
o reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
o enquiring of management concerning actual and potential litigation and claims;
o performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
o obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
o in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G T P (MIDLANDS) HOLDINGS LIMITED

Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express and opinion on the consolidated financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 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 a Report of the Auditors 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.




Michelle Coates (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited
Chartered Accountants & Statutory Auditors
Stone House
Stone Road Business Park
Stoke-on-Trent
ST4 6SR

8 July 2025

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024

Period
28.9.23
to Year Ended
30.9.24 27.9.23
Notes £    £   

TURNOVER 3 10,232,982 10,760,595

Cost of sales (7,397,090 ) (7,770,267 )
GROSS PROFIT 2,835,892 2,990,328

Distribution costs (704,989 ) (609,446 )
Administrative expenses (1,867,635 ) (1,990,899 )
263,268 389,983

Other operating income 7,656 64,379
OPERATING PROFIT 5 270,924 454,362


Interest payable and similar expenses 7 (233,148 ) (189,065 )
PROFIT BEFORE TAXATION 37,776 265,297

Tax on profit 8 (11,489 ) (72,022 )
PROFIT FOR THE FINANCIAL PERIOD 26,287 193,275

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2024

30.9.24 27.9.23
Notes £    £   
FIXED ASSETS
Intangible assets 11 19,644 4,998
Tangible assets 12 2,159,106 1,923,692
Investments 13 69,000 69,000
Investment property 14 - -
2,247,750 1,997,690

CURRENT ASSETS
Stocks 15 2,243,298 2,396,643
Debtors 16 3,415,593 2,958,391
Cash at bank and in hand 2,406 113,669
5,661,297 5,468,703
CREDITORS
Amounts falling due within one year 17 (4,454,728 ) (3,509,664 )
NET CURRENT ASSETS 1,206,569 1,959,039
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,454,319

3,956,729

CREDITORS
Amounts falling due after more than one
year

18

(823,590

)

(1,203,636

)

PROVISIONS FOR LIABILITIES 22 (129,542 ) (136,059 )
NET ASSETS 2,501,187 2,617,034

CAPITAL AND RESERVES
Called up share capital 23 200 200
Revaluation reserve 24 44,532 -
Retained earnings 24 2,456,455 2,616,834
SHAREHOLDERS' FUNDS 2,501,187 2,617,034

The financial statements were approved by the Board of Directors and authorised for issue on 8 July 2025 and were signed on its behalf by:





B Brown - Director


G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

COMPANY STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2024

30.9.24 27.9.23
Notes £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 69,140 69,140
Investment property 14 1,495,149 1,325,314
1,564,289 1,394,454

CURRENT ASSETS
Debtors 16 275,686 559,213
Cash at bank 757 10,600
276,443 569,813
CREDITORS
Amounts falling due within one year 17 (106,151 ) (84,056 )
NET CURRENT ASSETS 170,292 485,757
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,734,581

1,880,211

CREDITORS
Amounts falling due after more than one
year

18

(490,788

)

(564,813

)

PROVISIONS FOR LIABILITIES 22 (14,844 ) -
NET ASSETS 1,228,949 1,315,398

CAPITAL AND RESERVES
Called up share capital 23 200 200
Revaluation reserve 24 44,532 -
Retained earnings 24 1,184,217 1,315,198
SHAREHOLDERS' FUNDS 1,228,949 1,315,398

Company's profit for the financial year 100,217 146,180

The financial statements were approved by the Board of Directors and authorised for issue on 8 July 2025 and were signed on its behalf by:





B Brown - Director


G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 28 September 2022 200 2,682,059 - 2,682,259

Changes in equity
Dividends - (258,500 ) - (258,500 )
Total comprehensive income - 193,275 - 193,275
Balance at 27 September 2023 200 2,616,834 - 2,617,034

Changes in equity
Dividends - (186,666 ) - (186,666 )
Total comprehensive income - 26,287 44,532 70,819
Balance at 30 September 2024 200 2,456,455 44,532 2,501,187

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 28 September 2022 200 1,427,518 - 1,427,718

Changes in equity
Dividends - (258,500 ) - (258,500 )
Total comprehensive income - 146,180 - 146,180
Balance at 27 September 2023 200 1,315,198 - 1,315,398

Changes in equity
Transfer to reserve - (44,532 ) 44,532 -
Dividends - (186,666 ) - (186,666 )
Total comprehensive income - 100,217 - 100,217
Balance at 30 September 2024 200 1,184,217 44,532 1,228,949

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024

Period
28.9.23
to Year Ended
30.9.24 27.9.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 921,323 1,277,593
Interest paid (196,146 ) (172,685 )
Interest element of hire purchase
payments paid

(37,002

)

(16,380

)
Tax paid 70,522 (347,536 )
Net cash from operating activities 758,697 740,992

Cash flows from investing activities
Purchase of intangible fixed assets (16,250 ) (4,998 )
Purchase of tangible fixed assets (286,084 ) (86,631 )
Sale of tangible fixed assets 30,222 12,250
Net cash from investing activities (272,112 ) (79,379 )

Cash flows from financing activities
Loan repayments in year (239,475 ) (231,001 )
Capital repayments in year (126,806 ) (109,037 )
Amount withdrawn by directors (240,148 ) (187,028 )
Net cash from financing activities (606,429 ) (527,066 )

(Decrease)/increase in cash and cash equivalents (119,844 ) 134,547
Cash and cash equivalents at
beginning of period

2

113,669

(20,878

)

Cash and cash equivalents at end of
period

2

(6,175

)

113,669

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

Period
28.9.23
to Year Ended
30.9.24 27.9.23
£    £   
Profit before taxation 37,776 265,297
Depreciation charges 126,570 125,213
Profit on disposal of fixed assets (4,518 ) (1,142 )
Reversal of impairment of property (40,624 ) -
Finance costs 233,148 189,065
352,352 578,433
Decrease in stocks 153,345 1,827,771
(Increase)/decrease in trade and other debtors (470,775 ) 18,049
Increase/(decrease) in trade and other creditors 886,401 (1,146,660 )
Cash generated from operations 921,323 1,277,593

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 30 September 2024
30.9.24 28.9.23
£    £   
Cash and cash equivalents 2,406 113,669
Bank overdrafts (8,581 ) -
(6,175 ) 113,669
Year ended 27 September 2023
27.9.23 28.9.22
£    £   
Cash and cash equivalents 113,669 4,198
Bank overdrafts - (25,076 )
113,669 (20,878 )


G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 28.9.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 113,669 (111,263 ) 2,406
Bank overdrafts - (8,581 ) (8,581 )
113,669 (119,844 ) (6,175 )
Debt
Finance leases (447,080 ) 126,806 (320,274 )
Debts falling due within 1 year (270,763 ) (27,444 ) (298,207 )
Debts falling due after 1 year (883,363 ) 266,920 (616,443 )
(1,601,206 ) 366,282 (1,234,924 )
Total (1,487,537 ) 246,438 (1,241,099 )

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


1. STATUTORY INFORMATION

G T P (MIDLANDS) HOLDINGS LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The principal activity of the company is that of a holding company.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention and valuation of assets.

The financial statements are prepared in sterling, which is the functional currency of the entity.

GOING CONCERN
Despite a downturn in trade in the current financial period the group will continue to be supported financially through its institutional lenders. The business has seen an upturn in sales during 2025 and the company retains sufficient working capital to continue to trade for the foreseeable future.

BASIS OF CONSOLIDATION
The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively. As a consolidated statement of comprehensive income is published, a separate statement of comprehensive income for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Property valuations
As described in the notes to the financial statements, the directors believe, based on professional advice, the investment property to be stated at fair value as at 30 September 2024.

Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Estimated useful lives and residual values of fixed assets
The annual depreciation charge of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.

REVENUE RECOGNITION
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development is amortised evenly over its estimated useful life of five years.

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold improvements - Straight line over 6 years
Plant and machinery - 2 5% straight line, 12.5% straight line and 10% straight line
Fixtures and fittings - straight line over 3 years
Motor vehicles - straight line over 3 years

All fixed assets are initially recorded at cost.

Depreciation on freehold buildings is not provided as any uncharged depreciation for the year, and any accumulated uncharged depreciation, would be immaterial in aggregate as a result of the group's policy to maintain its properties in good condition, which substantially prolongs their useful economic life and the estimated high residual value of the properties.

Tangible assets which are not depreciated are reviewed for impairment annually by the directors in accordance with Section 17 of FRS 102.

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

INVESTMENTS IN ASSOCIATES
Investments in associate undertakings are recognised at cost.

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

INVESTMENT PROPERTY
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. Deferred tax is provided on these movements.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to
produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

TAXATION
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchases contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

EMPLOYEE BENEFITS
The company provides a range of benefits to employees.

Short term benefits, including holiday pay, are recognised as an expense in the profit and loss account in the period in which they are incurred.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

Period
28.9.23
to Year Ended
30.9.24 27.9.23
£    £   
Sale of goods 10,232,982 10,760,595
10,232,982 10,760,595

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


4. EMPLOYEES AND DIRECTORS
Period
28.9.23
to Year Ended
30.9.24 27.9.23
£    £   
Wages and salaries 1,256,315 1,009,122
Social security costs 132,261 98,429
Other pension costs 93,882 215,001
1,482,458 1,322,552

The average number of employees during the period was as follows:
Period
28.9.23
to Year Ended
30.9.24 27.9.23

Warehouse, Drivers and Office staff 33 27
Directors 3 3
36 30

Period
28.9.23
to Year Ended
30.9.24 27.9.23
£    £   
Directors' remuneration 52,131 25,272
Directors' pension contributions to money purchase schemes 67,000 192,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
28.9.23
to Year Ended
30.9.24 27.9.23
£    £   
Hire of plant and machinery 40,207 18,736
Other operating leases 99,722 132,869
Depreciation - owned assets 124,966 125,213
Profit on disposal of fixed assets (4,518 ) (1,142 )
Patents and licences amortisation 875 -
Website development amortisation 729 -
Foreign exchange differences (7,656 ) (64,379 )

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


6. AUDITORS' REMUNERATION
Period
28.9.23
to Year Ended
30.9.24 27.9.23
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

22,835

25,020

7. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
28.9.23
to Year Ended
30.9.24 27.9.23
£    £   
Bank loan interest 85,920 87,690
Interest payable 110,226 84,687
Interest on late payment of taxation - 308
Hire purchase interest 37,002 16,380
233,148 189,065

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
28.9.23
to Year Ended
30.9.24 27.9.23
£    £   
Current tax:
UK corporation tax 32,850 1,271
Adjustments to tax charge in respect of prior
periods

-

509
Total current tax 32,850 1,780

Deferred tax (21,361 ) 70,242
Tax on profit 11,489 72,022

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


8. TAXATION - continued

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
28.9.23
to Year Ended
30.9.24 27.9.23
£    £   
Profit before tax 37,776 265,297
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 25 %)

9,444

66,324

Effects of:
Expenses not deductible for tax purposes 201 6,141
Capital allowances in excess of depreciation - (550 )
Depreciation in excess of capital allowances 2,107 -
Adjustments to tax charge in respect of previous periods - 509
Change in rate - (402 )
Marginal relief (263 ) -
Total tax charge 11,489 72,022

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
Period
28.9.23
to Year Ended
30.9.24 27.9.23
£    £   
Ordinary shares of £1 each
Interim 186,666 258,500

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


11. INTANGIBLE FIXED ASSETS

Group
Patents
and Website
licences development Totals
£    £    £   
COST
At 28 September 2023 - 4,998 4,998
Additions 15,000 1,250 16,250
At 30 September 2024 15,000 6,248 21,248
AMORTISATION
Amortisation for period 875 729 1,604
At 30 September 2024 875 729 1,604
NET BOOK VALUE
At 30 September 2024 14,125 5,519 19,644
At 27 September 2023 - 4,998 4,998

12. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST OR VALUATION
At 28 September 2023 1,325,314 108,284 921,171
Additions 69,835 153,263 6,488
Disposals - - (9,685 )
Revaluations 59,376 - -
Reversal of impairments 40,624 - -
At 30 September 2024 1,495,149 261,547 917,974
DEPRECIATION
At 28 September 2023 - 54,142 455,691
Charge for period - 18,048 67,378
Eliminated on disposal - - (9,717 )
At 30 September 2024 - 72,190 513,352
NET BOOK VALUE
At 30 September 2024 1,495,149 189,357 404,622
At 27 September 2023 1,325,314 54,142 465,480

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


12. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 28 September 2023 121,817 126,629 2,603,215
Additions 5,150 51,348 286,084
Disposals - (27,250 ) (36,935 )
Revaluations - - 59,376
Reversal of impairments - - 40,624
At 30 September 2024 126,967 150,727 2,952,364
DEPRECIATION
At 28 September 2023 91,340 78,350 679,523
Charge for period 10,065 29,475 124,966
Eliminated on disposal - (1,514 ) (11,231 )
At 30 September 2024 101,405 106,311 793,258
NET BOOK VALUE
At 30 September 2024 25,562 44,416 2,159,106
At 27 September 2023 30,477 48,279 1,923,692

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:


Motor
vehicles
Fixtures and
Fittings
Plant and
Machinery

Total
£    £    £    £   
At 27 September 2024 3,833 9,896 368,745 382,474
At 27 September 2023 11,498 12,595 424,178 448,271

Cost or valuation at 30 September 2024 is represented by:

Freehold Short Plant and
property leasehold machinery
£    £    £   
Valuation in 2024 59,376 - -
Cost 1,435,773 261,547 917,974
1,495,149 261,547 917,974

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


12. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Valuation in 2024 - - 59,376
Cost 126,967 150,727 2,892,988
126,967 150,727 2,952,364

13. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 28 September 2023
and 30 September 2024 69,000
NET BOOK VALUE
At 30 September 2024 69,000
At 27 September 2023 69,000
Company
Shares in Interest
group in Unlisted
undertakings associate investments Totals
£    £    £    £   
COST
At 28 September 2023
and 30 September 2024 100 40 69,000 69,140
NET BOOK VALUE
At 30 September 2024 100 40 69,000 69,140
At 27 September 2023 100 40 69,000 69,140

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

SUBSIDIARY

Global Timber Products Limited
Registered office: Unit 1 Wellington Business Park, Hixon, Staffordshire, England, ST18 0HP
Nature of business: Supply of timber products
%
Class of shares: holding
Ordinary 100.00

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


13. FIXED ASSET INVESTMENTS - continued

ASSOCIATED COMPANY

POD Factory Limited
Registered office: Unit 1 Wellington Business Park, Hixon, Staffordshire, England, ST18 0HP
Nature of business: Production of glamping pods
%
Class of shares: holding
Ordinary 26.67


14. INVESTMENT PROPERTY
Company
Total
£   
FAIR VALUE
At 28 September 2023 1,325,314
Additions 69,835
Revaluations 59,376
Reversal of impairments 40,624
At 30 September 2024 1,495,149
NET BOOK VALUE
At 30 September 2024 1,495,149
At 27 September 2023 1,325,314

The investment property was valued on an open market basis on 30 August 2024 by Salloway Property Consultants.The directors believe this to be the fair value at 30 September 2024.

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2024 59,376
Cost 1,435,773
1,495,149

15. STOCKS

Group
30.9.24 27.9.23
£    £   
Stocks 2,243,298 2,396,643

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.24 27.9.23 30.9.24 27.9.23
£    £    £    £   
Trade debtors 1,861,441 1,917,959 - -
Amounts owed by group undertakings - - 275,626 558,653
Amounts owed by associates 1,255,300 743,081 60 60
Other debtors 8,544 25,789 - -
Directors' current accounts 220,894 167,412 - -
Tax - 67,057 - -
VAT - - - 500
Prepayments and accrued income 69,414 37,093 - -
3,415,593 2,958,391 275,686 559,213

Amounts owed by group undertakings and associates are unsecured, interest free and repayable on demand.

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.24 27.9.23 30.9.24 27.9.23
£    £    £    £   
Bank loans and overdrafts (see note 19) 306,788 270,763 105,316 83,756
Hire purchase contracts (see note 20) 113,127 126,807 - -
Trade creditors 2,168,946 1,455,999 - 300
Tax 36,315 - 835 -
Social security and other taxes 36,275 33,960 - -
VAT 151,201 114,670 - -
Other creditors 1,468,424 1,395,565 - -
Accruals and deferred income 173,652 111,900 - -
4,454,728 3,509,664 106,151 84,056

Hire purchase creditors are secured on the assets to which they relate.

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
30.9.24 27.9.23 30.9.24 27.9.23
£    £    £    £   
Bank loans (see note 19) 616,443 883,363 490,788 564,813
Hire purchase contracts (see note 20) 207,147 320,273 - -
823,590 1,203,636 490,788 564,813

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

The bank loans and overdraft are secured as detailed below:

A debenture dated 5 March 2010 in favour of Close Invoice Finance LTD, giving a fixed and floating charge over the undertaking and all property and assets present and future.

First Legal Charge dated 30 October 2014 is a fixed and floating charge covering all the property or undertaking of the company.

First Legal Charge dated 13 November 2014 over leasehold property known as 8 Woodland Road.

First Legal Charge dated 10 March 2015 is a fixed and floating charge covering all the property or undertaking of the company in favour of RBS Invoice Finance Limited.

The mortgage is secured by a legal charge dated 24 January 2020 over the freehold property at Hixon Airfield Industrial Estate, Unit 1, Wellington Business Park, Hixon, Stafford ST18 0PF in favour of The Royal Bank of Scotland.

19. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.9.24 27.9.23 30.9.24 27.9.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 8,581 - - -
Bank loans 298,207 270,763 105,316 83,756
306,788 270,763 105,316 83,756
Amounts falling due between one and two years:
Bank loans - 1-2 years 230,971 276,648 105,316 83,754
Amounts falling due between two and five years:
Bank loans - 2-5 years 315,948 376,919 315,948 251,263
Amounts falling due in more than five years:
Repayable by instalments
Bank loans payable more than
5 years by instalments 69,524 229,796 69,524 229,796
69,524 229,796 69,524 229,796

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


19. LOANS - continued

The loan in the parent company was taken out in January 2020 and is repayable over a 5 year term, bearing interest at 3.25% over base rate.

The subsidiary company took out two Coronavirus Business Interruption Loans. Loan interest for the first 12 months of the loan was funded by the UK Government, thereafter the interest is payable by the company.

The first loan was taken out in June 2020 and is repayable over a 5 year term, bearing interest at 3.89% over base rate.

The second loan was taken out in May 2021 and is repayable over a 5 year term, bearing interest at 6.03%.

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.9.24 27.9.23
£    £   
Gross obligations repayable:
Within one year 137,615 162,376
Between one and five years 232,605 370,220
370,220 532,596

Finance charges repayable:
Within one year 24,488 35,569
Between one and five years 25,458 49,947
49,946 85,516

Net obligations repayable:
Within one year 113,127 126,807
Between one and five years 207,147 320,273
320,274 447,080

Group
Non-cancellable operating leases
30.9.24 27.9.23
£    £   
Within one year 11,808 13,074
Between one and five years 13,561 25,368
25,369 38,442

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


21. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
30.9.24 27.9.23 30.9.24 27.9.23
£    £    £    £   
Bank overdraft 8,581 - - -
Bank loans 914,650 1,154,126 596,104 648,569
Hire purchase contracts 320,274 447,080 - -
1,243,505 1,601,206 596,104 648,569

22. PROVISIONS FOR LIABILITIES

Group Company
30.9.24 27.9.23 30.9.24 27.9.23
£    £    £    £   
Deferred tax
Accelerated capital allowances 114,698 136,059 - -
Other timing differences 14,844 - 14,844 -
129,542 136,059 14,844 -

Group
Deferred
tax
£   
Balance at 28 September 2023 136,059
Provided during period (6,517 )
Balance at 30 September 2024 129,542

Company
Deferred
tax
£   
Charge to Statement of Comprehensive Income during period 14,844
Balance at 30 September 2024 14,844

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: Nominal 27.9.24 27.9.23
Value: £ £
80 Ordinary A £1 80 80
80 Ordinary B £1 80 80
18 Ordinary C £1 18 18
10 Ordinary D £1 10 10
10 Ordinary E £1 10 10
2 Ordinary F £1 2 2

200 200
All shares rank pari passu. There are no restrictions on distribution of dividends and repayment of capital.

24. RESERVES

Revaluation reserve - This reserve records unrealised gains on tangible assets.

Profit and loss account - This reserve records retained earnings and accumulated losses.

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 30 September 2024 and the year ended 27 September 2023:

30.9.24 27.9.23
£    £   
B Brown
Balance outstanding at start of period 17,950 46,133
Amounts advanced 49,282 18,317
Amounts repaid (18,666 ) (46,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 48,566 17,950

R J Grant
Balance outstanding at start of period 83,656 105,911
Amounts advanced 99,073 83,745
Amounts repaid (84,000 ) (106,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 98,729 83,656

G T P (MIDLANDS) HOLDINGS LIMITED (REGISTERED NUMBER: 07725087)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 SEPTEMBER 2023 TO 30 SEPTEMBER 2024


25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

I M Freeman
Balance outstanding at start of period 65,806 86,840
Amounts advanced 91,793 84,966
Amounts repaid (84,000 ) (106,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 73,599 65,806

By virtue of the loan accounts, a liability to taxation exists under S455 CTA 2010 in the sum of £74,552 which will be repaid or discharged when the loans are repaid. The loans were repaid within nine months of the year end and, as such, no provision for the taxation has been made.

26. EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no material events up to the date of approval of the financial statements by the Board.

27. ULTIMATE CONTROLLING PARTY

There is no one controlling party in the parent company.