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REGISTERED NUMBER: 13182436 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

GB Corporate Holdings Limited

GB Corporate Holdings Limited (Registered number: 13182436)

Contents of the Consolidated Financial Statements
for the year ended 31 December 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 16


GB Corporate Holdings Limited

Company Information
for the year ended 31 December 2024







Directors: S Adams
M E Edwards
C Greenall
M A Stedman





Registered office: Beech Lane
Skylon View
Rotherwas Industrial Estate
Hereford
HR2 6FG





Registered number: 13182436 (England and Wales)





Auditors: Acre Accountancy Limited
Statutory Auditor
Certified Accountants
Unit 2 Foley Works
Foley Trading Estate
Hereford
Herefordshire
HR1 2SF

GB Corporate Holdings Limited (Registered number: 13182436)

Group Strategic Report
for the year ended 31 December 2024


The directors present their strategic report of the company and the group for the year ended 31 December 2024.

Review of business
The principal activity of the company is that of property maintenance for the Defence Infrastructure Organisation (DIO), Local Authorities and Housing Associations, undertaking general repairs, building upgrades and capital works programmes.

As suggested in the 2024 Group Strategic Report, the general election did result in a change in government which triggered a review of spending. In terms of the company's activities within the Defence accommodation sector, budgets were place on hold with the exception of core (necessary) services. This resulted in a reduced volume of work in the 2nd half of the year, in particular capital spend projects. It is anticipated that new budgets will be in place ready for new tax year 25/26, where an increase in activity is expected. Of note, Government commitments are currently being made to significantly increase spending in Defence over the next 5 years.

Outside of the Defence contracts, GB has built on its existing relationships with a number of Housing Associations and Local Authorities. The last 12 months have shown further growth in this part of the business exceeding set targets for the year. Long term contracts have also been secured for a number of different projects starting in April 25, meaning a continued pipeline of work.

In spite of the challenges presented by some of GB's client's ability to spend as a result of the change in government following the general election, the financial performance of the organisation has stayed positive.

In terms of other highlights in 2024, due to continued trading success, the company purchased a new head office while keeping the existing building for future use. With the new buildings significant increase in size, the company has clearly demonstrated its intention for continued growth. Aligned to this, GB has also undertaken a company-wide rebranding exercise that visually represents our professional aspirations.

The company continues to maintain memberships and accreditations to support and guide the business. This includes but is not limited to ISO9001, ISO14001, Constructionline Gold, Gas Safe and NICEIC membership alongside CHAS, Trustmark and SafeContractor accreditations.

Development and performance

The company uses a number of measures to assess the on-going financial and operational health of the businesses: -
- Monthly and weekly operational management reports
- Overall and Divisional Management Account reporting
- Productivity reports
- Health and Safety reports
- Cashflow monitoring inc. debtor reports and monthly WIP assessment

Included within the above are embedded key performance indicators highlighting any areas of the business that may need priority action.

With all aspects of the business under constant review (in relation to the wider industry) any opportunities for growth are identified and considered in detail. The firm foundations of GB provide confidence to invest where appropriate in order to develop and offer the current range of diverse but appropriate services to its customers.


GB Corporate Holdings Limited (Registered number: 13182436)

Group Strategic Report
for the year ended 31 December 2024

Principal risks and uncertainties
GB Electrical and Building Services is exposed to risks and uncertainties which may have material and adverse effects on its reputation, performance and financial position. The directors have identified that the most significant risks facing the business are;

1. External uncontrolled events that could impact aspects of the business. i.e. market downturn/recession, global tensions etc affect pricing and availability of materials and skilled labour.
2. Increases in minimum wage and NI contribution for colleagues within the business.
3. Increases in taxation with potentially more to follow puts increased pressure on opportunities for reinvestment.

The directors aim to ensure that financial and compliance risks to the business are minimised through effective management supported by business intelligence. This includes:

- Monthly Divisional and overall Management accounts reviewed by senior management team and budget holders
- Bi-Monthly senior management team review of performance and compliance
- Internal quality audits - weekly and monthly
- External (outsourced) Bi-annual quality audit
- Robust procurement practice including ongoing review of supplier's costs
- Forward sales to ensure work flow continuity
- Ensuring all assets are secure and adequately insured
- Weekly and monthly compliance reporting
- Employing qualified and competent colleagues
- Robust financial processes and procedures

On behalf of the board:





Director


8 July 2025

GB Corporate Holdings Limited (Registered number: 13182436)

Report of the Directors
for the year ended 31 December 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

Dividends
The total distribution of dividends for the period ended 31 December 2024 will be £3,764,999 (2023 - £2,570,679).

Directors
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

S Adams
M E Edwards
C Greenall
M A Stedman

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.

Auditors
The auditors, Acre Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





C Greenall - Director


8 July 2025

Report of the Independent Auditors to the Members of
GB Corporate Holdings Limited


Opinion
We have audited the financial statements of GB Corporate Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 31 December 2024 and of the group's 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 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.

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.

Report of the Independent Auditors to the Members of
GB Corporate Holdings Limited


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.

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.

We enquired with management about the legal framework that the company operates in. We also enquired about the risk of fraud and whether they were aware of any instances of fraud.

We communicated the outcome of this risk assessment with the audit team and planned our audit work accordingly. Our work in these areas is limited to analytical procedures and inspection of relevant documentation. Where a breach of operational regulations is not disclosed to us, or it is not evident from documentation that we receive during the audit, an audit will not detect that breach.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
GB Corporate Holdings Limited


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.




Robin Graham Mason FCCA (Senior Statutory Auditor)
for and on behalf of Acre Accountancy Limited
Statutory Auditor
Certified Accountants
Unit 2 Foley Works
Foley Trading Estate
Hereford
Herefordshire
HR1 2SF

8 July 2025

GB Corporate Holdings Limited (Registered number: 13182436)

Consolidated Statement of Comprehensive Income
for the year ended 31 December 2024

31/12/24 31/12/23
Notes £    £   

TURNOVER 22,042,200 31,896,836

Cost of sales (14,616,948 ) (22,160,677 )
GROSS PROFIT 7,425,252 9,736,159

Administrative expenses (2,112,493 ) (2,080,409 )
OPERATING PROFIT 5 5,312,759 7,655,750

Interest receivable and similar income 46,306 -
5,359,065 7,655,750

Interest payable and similar expenses 6 (60,519 ) (16,885 )
PROFIT BEFORE TAXATION 5,298,546 7,638,865

Tax on profit 7 (1,327,815 ) (1,806,394 )
PROFIT FOR THE FINANCIAL YEAR 3,970,731 5,832,471

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

3,970,731

5,832,471

Profit attributable to:
Owners of the parent 3,970,731 5,832,471

Total comprehensive income attributable to:
Owners of the parent 3,970,731 5,832,471

GB Corporate Holdings Limited (Registered number: 13182436)

Consolidated Balance Sheet
31 December 2024

31/12/24 31/12/23
Notes £    £   
FIXED ASSETS
Tangible assets 10 3,449,465 1,571,676
Investments 11 - -
3,449,465 1,571,676

CURRENT ASSETS
Stocks 12 118,450 165,502
Debtors 13 2,886,461 5,228,005
Cash at bank 4,847,544 5,163,920
7,852,455 10,557,427
CREDITORS
Amounts falling due within one year 14 (2,329,053 ) (3,215,335 )
NET CURRENT ASSETS 5,523,402 7,342,092
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,972,867

8,913,768

CREDITORS
Amounts falling due after more than one year 15 (338,585 ) (445,564 )

PROVISIONS FOR LIABILITIES 18 (198,096 ) (237,750 )
NET ASSETS 8,436,186 8,230,454

CAPITAL AND RESERVES
Called up share capital 19 100 100
Pre-acquisition reserves 20 726,237 726,237
Retained earnings 20 7,709,849 7,504,117
8,436,186 8,230,454

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:





M E Edwards - Director


GB Corporate Holdings Limited (Registered number: 13182436)

Company Balance Sheet
31 December 2024

31/12/24 31/12/23
Notes £    £   
FIXED ASSETS
Tangible assets 10 2,500,673 448,066
Investments 11 200 200
2,500,873 448,266

CURRENT ASSETS
Debtors 13 390,000 78,745
Cash at bank 2,785,656 2,928,555
3,175,656 3,007,300
CREDITORS
Amounts falling due within one year 14 (2,850,743 ) (4,350 )
NET CURRENT ASSETS 324,913 3,002,950
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,825,786

3,451,216

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 2,825,686 3,451,116
2,825,786 3,451,216

Company's profit for the financial year 3,139,569 3,661,098

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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:





M E Edwards - Director


GB Corporate Holdings Limited (Registered number: 13182436)

Consolidated Statement of Changes in Equity
for the year ended 31 December 2024

Called up
share Retained Pre-acquisition Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 January 2023 100 4,242,325 726,237 4,968,662

Changes in equity
Dividends - (2,570,679 ) - (2,570,679 )
Total comprehensive income - 5,832,471 - 5,832,471
Balance at 31 December 2023 100 7,504,117 726,237 8,230,454

Changes in equity
Dividends - (3,764,999 ) - (3,764,999 )
Total comprehensive income - 3,970,731 - 3,970,731
Balance at 31 December 2024 100 7,709,849 726,237 8,436,186

GB Corporate Holdings Limited (Registered number: 13182436)

Company Statement of Changes in Equity
for the year ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 100 2,360,697 2,360,797

Changes in equity
Dividends - (2,570,679 ) (2,570,679 )
Total comprehensive income - 3,661,098 3,661,098
Balance at 31 December 2023 100 3,451,116 3,451,216

Changes in equity
Dividends - (3,764,999 ) (3,764,999 )
Total comprehensive income - 3,139,569 3,139,569
Balance at 31 December 2024 100 2,825,686 2,825,786

GB Corporate Holdings Limited (Registered number: 13182436)

Consolidated Cash Flow Statement
for the year ended 31 December 2024

31/12/24 31/12/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 7,032,266 6,287,822
Interest paid (21,868 ) (1,663 )
Interest element of hire purchase payments paid (38,651 ) (15,222 )
Tax paid (1,318,291 ) (1,461,959 )
Net cash from operating activities 5,653,456 4,808,978

Cash flows from investing activities
Purchase of tangible fixed assets (2,224,014 ) (724,461 )
Sale of tangible fixed assets 52,726 31,311
Interest received 46,306 -
Net cash from investing activities (2,124,982 ) (693,150 )

Cash flows from financing activities
Loan repayments in year (10,046 ) (9,276 )
New Finance leases 106,509 590,612
Capital repayments in year (176,314 ) (69,163 )
Equity dividends paid (3,764,999 ) (2,570,679 )
Net cash from financing activities (3,844,850 ) (2,058,506 )

(Decrease)/increase in cash and cash equivalents (316,376 ) 2,057,322
Cash and cash equivalents at beginning of
year

2

5,163,920

3,106,598

Cash and cash equivalents at end of year 2 4,847,544 5,163,920

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 December 2024


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

31/12/24 31/12/23
£    £   
Profit before taxation 5,298,546 7,638,865
Depreciation charges 292,570 251,948
Loss on disposal of fixed assets 929 22,319
Finance costs 60,519 16,885
Finance income (46,306 ) -
5,606,258 7,930,017
Decrease in stocks 47,052 22,846
Decrease/(increase) in trade and other debtors 2,341,544 (2,469,546 )
(Decrease)/increase in trade and other creditors (962,588 ) 804,505
Cash generated from operations 7,032,266 6,287,822

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 4,847,544 5,163,920
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 5,163,920 3,106,598


GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 December 2024


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank 5,163,920 (316,376 ) 4,847,544
5,163,920 (316,376 ) 4,847,544
Debt
Finance leases (590,728 ) 69,805 (520,923 )
Debts falling due within 1 year (9,500 ) (500 ) (10,000 )
Debts falling due after 1 year (18,724 ) 10,546 (8,178 )
(618,952 ) 79,851 (539,101 )
Total 4,544,968 (236,525 ) 4,308,443

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements
for the year ended 31 December 2024


1. STATUTORY INFORMATION

GB Corporate 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.

2. STATEMENT OF COMPLIANCE

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 are prepared in sterling, which is the functional currency of the the company. Monetary amounts in these financial statements are rounded to the nearest £.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

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

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - Over the period of the lease
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of Fixed Assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


3. ACCOUNTING POLICIES - continued
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employees' service lives on the basis of a constant percentage of earnings.

Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


3. ACCOUNTING POLICIES - continued

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

4. EMPLOYEES AND DIRECTORS
31/12/24 31/12/23
£    £   
Wages and salaries 3,862,267 3,963,893
Social security costs 378,408 381,455
Other pension costs 130,468 139,389
4,371,143 4,484,737

The average number of employees during the year was as follows:
31/12/24 31/12/23

Directors 4 4
Management 15 13
Admin 23 19
Other 80 93
122 129

31/12/24 31/12/23
£    £   
Directors' remuneration 39,410 47,004
Directors' pension contributions to money purchase schemes - 40,000

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


5. OPERATING PROFIT

The operating profit is stated after charging:

31/12/24 31/12/23
£    £   
Other operating leases 17,395 13,571
Depreciation - owned assets 292,570 251,948
Loss on disposal of fixed assets 929 22,319
Auditors' remuneration 17,850 17,000
Directors' remuneration and other benefits etc. 49,720 87,004

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31/12/24 31/12/23
£    £   
Bank loan interest 602 1,373
Other interest paid 21,266 290
Hire purchase 38,651 15,222
60,519 16,885

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/12/24 31/12/23
£    £   
Current tax:
UK corporation tax 1,367,469 1,701,160

Deferred tax (39,654 ) 105,234
Tax on profit 1,327,815 1,806,394

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31/12/24 31/12/23
£    £   
Profit before tax 5,298,546 7,638,865
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
25 %)

1,324,637

1,909,716

Effects of:
Expenses not deductible for tax purposes 1,417 1,874
Depreciation in excess of capital allowances 2,384 2,384
Enhanced taxation deduction arising from super deduction - (652 )
Deferred tax rate adjustment - 6,227
Effect of Hybrid rate of tax - (113,155 )
Marginal relief (623 ) -
Total tax charge 1,327,815 1,806,394

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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


9. DIVIDENDS

Class: 2024 2023
£ £
Interim dividends:
Ordinary B shares of £1 each 944,999 650,391
Ordinary C shares of £1 each 940,000 640,096
Ordinary D shares of £1 each 940,000 640,096
Ordinary E shares of £1 each 940,000 640,096
3,764,999 2,570,679

During the period, £3,764,999 (2023 £2,570,679) of dividends were paid to the directors of the company.

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


10. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and
property leasehold machinery
£    £    £   
Cost
At 1 January 2024 476,665 60,262 29,983
Additions 2,062,140 - -
Disposals - - -
At 31 December 2024 2,538,805 60,262 29,983
Depreciation
At 1 January 2024 28,599 25,994 16,073
Charge for year 9,533 4,283 2,782
Eliminated on disposal - - -
At 31 December 2024 38,132 30,277 18,855
Net book value
At 31 December 2024 2,500,673 29,985 11,128
At 31 December 2023 448,066 34,268 13,910

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Cost
At 1 January 2024 93,337 2,060,105 2,720,352
Additions 7,929 153,945 2,224,014
Disposals - (128,965 ) (128,965 )
At 31 December 2024 101,266 2,085,085 4,815,401
Depreciation
At 1 January 2024 78,745 999,265 1,148,676
Charge for year 3,600 272,372 292,570
Eliminated on disposal - (75,310 ) (75,310 )
At 31 December 2024 82,345 1,196,327 1,365,936
Net book value
At 31 December 2024 18,921 888,758 3,449,465
At 31 December 2023 14,592 1,060,840 1,571,676

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


10. TANGIBLE FIXED ASSETS - continued

Company
Freehold
property
£   
Cost
At 1 January 2024 476,665
Additions 2,062,140
At 31 December 2024 2,538,805
Depreciation
At 1 January 2024 28,599
Charge for year 9,533
At 31 December 2024 38,132
Net book value
At 31 December 2024 2,500,673
At 31 December 2023 448,066

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
Cost
At 1 January 2024
and 31 December 2024 200
Net book value
At 31 December 2024 200
At 31 December 2023 200

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

GB Electrical and Building Services Ltd
Registered office: Beech Lane, Skylon View, Rotherwas Industrial Estate, Hereford, HR2 6FG
Nature of business: Building, plumbing and electrical works
%
Class of shares: holding
Ordinary 100.00
31/12/24 31/12/23
£    £   
Aggregate capital and reserves 4,991,158 4,530,686
Profit for the year 3,577,611 5,557,987

GB Group (Corporate) Limited
Registered office: Beech Lane, Skylon View, Rotherwas Industrial Estate, Hereford, HR2 6FG
Nature of business: Building, plumbing and electrical works
%
Class of shares: holding
Ordinary 100.00
31/12/24 31/12/23
£    £   
Aggregate capital and reserves 619,441 248,753
Profit for the year 370,688 284,065


12. STOCKS

Group
31/12/24 31/12/23
£    £   
Stocks 118,450 165,502

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/12/24 31/12/23 31/12/24 31/12/23
£    £    £    £   
Trade debtors 1,212,038 3,461,122 - -
Amounts owed by group undertakings - - - 78,745
Other debtors 498 498 - -
VAT 329,959 33,632 390,000 -
Prepayments 1,343,966 1,732,753 - -
2,886,461 5,228,005 390,000 78,745

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/12/24 31/12/23 31/12/24 31/12/23
£    £    £    £   
Bank loans and overdrafts (see note 16) 10,000 9,500 - -
Hire purchase contracts (see note 17) 190,516 163,888 - -
Trade creditors 495,554 1,274,491 - -
Amounts owed to group undertakings - - 2,836,570 -
Tax 1,250,338 1,201,160 9,824 -
Social security and other taxes 154,251 256,385 - -
Other creditors 98 2,397 99 100
Natwest credit cards 13,996 20,622 - -
Directors' current accounts 4,250 4,250 4,250 4,250
Accruals and deferred income 210,050 282,642 - -
2,329,053 3,215,335 2,850,743 4,350

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

Group
31/12/24 31/12/23
£    £   
Bank loans (see note 16) 8,178 18,724
Hire purchase contracts (see note 17) 330,407 426,840
338,585 445,564

16. LOANS

An analysis of the maturity of loans is given below:

Group
31/12/24 31/12/23
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 9,500
Amounts falling due between two and five years:
Bank loans - 2-5 years 8,178 18,724

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31/12/24 31/12/23
£    £   
Net obligations repayable:
Within one year 190,516 163,888
Between one and five years 330,407 426,840
520,923 590,728

Group
Non-cancellable operating leases
31/12/24 31/12/23
£    £   
Within one year 1,622 1,622
Between one and five years 2,609 4,231
4,231 5,853

18. PROVISIONS FOR LIABILITIES

Group
31/12/24 31/12/23
£    £   
Deferred tax 198,096 237,750

Group
Deferred
tax
£   
Balance at 1 January 2024 237,750
Provided during year (39,654 )
Provision on acquisition
Tax rate adjustment
Balance at 31 December 2024 198,096

GB Corporate Holdings Limited (Registered number: 13182436)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024
Value: £

61 Ordinary B £1 61
13 Ordinary C £1 13
13 Ordinary D £1 13
13 Ordinary E £1 13
100

20. RESERVES

Group
Retained Pre-acquisition
earnings reserves Totals
£    £    £   

At 1 January 2024 7,504,117 726,237 8,230,354
Profit for the year 3,970,731 3,970,731
Dividends (3,764,999 ) (3,764,999 )
At 31 December 2024 7,709,849 726,237 8,436,086


21. PENSION COMMITMENTS

Defined contribution schemes
Group Group
2024 2023
£ £

Charge to profit or loss in respect of defined contribution schemes 130,523 139,389

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the year end the group had a pension liability of £nil (2023 £2,296).