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Registration number: 13100802

GPS Marine and Civil Services Ltd Unaudited Financial Statements for the Year Ended 31 December 2024
Brebners Chartered Accountants 1 Suffolk Way Sevenoaks Kent TN13 1YL

GPS Marine and Civil Services Ltd

Statement of Financial Position as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 4 | 635,522 | 178,151
Current assets |  |  |
Debtors | 5 | 7,212,841 | 3,878,655
Cash at bank and in hand |  | - | 349,620
|  | 7,212,841 | 4,228,275
Creditors: Amounts falling due within one year | 6 | (5,298,414) | (2,493,457)
Net current assets |  | 1,914,427 | 1,734,818
Total assets less current liabilities |  | 2,549,949 | 1,912,969
Creditors: Amounts falling due after more than one year | 6 | (84,889) | -
Provisions for liabilities |  | (158,402) | (44,024)
Net assets |  | 2,306,658 | 1,868,945
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Share premium reserve |  | 39,980 | 39,980
Retained earnings |  | 2,266,578 | 1,828,865
Shareholders' funds |  | 2,306,658 | 1,868,945

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

The directors of GPS Marine and Civil Services Ltd have elected not to include a copy of the income statement within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, s444.

Approved and authorised by the Board on 3 September 2025 and signed on its behalf by:

GPS Marine and Civil Services Ltd

Statement of Financial Position as at 31 December 2024

......................................... Mr A S Cook Director | ......................................... Mr P L Day Director | ......................................... Mr J B Spencer Director

Company registration number: 13100802

GPS Marine and Civil Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
GPS Marine House
Upnor Road
Lower Upnor
Rochester
Kent
ME2 4UY

The principal activity of the company is that of civil engineering construction projects.

2 | Accounting policies

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' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the year ended 31 December 2024 and had net assets at that date of £2,306,658.
The company has continued to trade profitably subsequent to 31 December 2024.
After making enquires, the directors have a reasonable expectation that the company has adequate resources to meet its financial obligations as they become due and therefore the financial statements have been prepared on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue based upon the stage of contractual completion once the amount can be reliably measured and it is probable that future economic benefit will flow to the entity.

GPS Marine and Civil Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant and machinery | 7.7% reducing balance
Furniture, fittings and equipment | 25% Straight line
Motor vehicles | 25% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

GPS Marine and Civil Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Finance leases and hire purchase

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made 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 lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.
The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

GPS Marine and Civil Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

3 | Staff numbers

The average number of persons employed by the company during the year, was 11 (2023 - 8).

4 | Tangible assets

| Furniture, fittings and equipment £ | Motor vehicles £ | Plant and machinery £ | Total £
Cost or valuation
At 1 January 2024 | 7,898 | - | 187,943 | 195,841
Additions | 480 | 76,498 | 423,670 | 500,648
At 31 December 2024 | 8,378 | 76,498 | 611,613 | 696,489
Depreciation
At 1 January 2024 | 1,974 | - | 15,716 | 17,690
Charge for the year | 2,045 | 12,462 | 28,770 | 43,277
At 31 December 2024 | 4,019 | 12,462 | 44,486 | 60,967
Carrying amount
At 31 December 2024 | 4,359 | 64,036 | 567,127 | 635,522
At 31 December 2023 | 5,924 | - | 172,227 | 178,151

5 | Debtors

| 2024 £ | 2023 £
Trade debtors | 2,716,520 | 1,634,156
Amounts owed by group undertakings | 128,873 | 118,291
Other debtors | 4,367,448 | 2,126,208
| 7,212,841 | 3,878,655

GPS Marine and Civil Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6 | Creditors

Creditors: amounts falling due within one year

| 2024 £ | 2023 £
Loans and borrowings | 134,581 | -
Trade creditors | 3,814,135 | 1,914,523
Amounts owed to group undertakings | 37,073 | 49,619
Taxation and social security | 222,422 | 258,544
Accruals and deferred income | 1,087,011 | 270,771
Other creditors | 3,192 | -
| 5,298,414 | 2,493,457

Creditors: amounts falling due after more than one year

| Note | 2024 £ | 2023 £
Loans and borrowings | 7 | 84,889 | -

7 | Loans and borrowings

Current loans and borrowings

| 2024 £ | 2023 £
Bank overdrafts | 123,331 | -
Hire purchase obligations | 11,250 | -
| 134,581 | -

Non-current loans and borrowings

| 2024 £ | 2023 £
Hire purchase obligations | 84,889 | -

Amounts falling due under hire purchase contracts are secured on the assets involved
Bank overdrafts are secured by a fixed and floating charge over the assets and undertakings of the company.

8 | Related party transactions

In accordance with FRS 102 paragraph 1AC.35 exemption is taken not to disclose transactions over amounts falling due with companies wholly owned within the group.