Registration number:
|
G.P.S Marine Holdings Limited
|
|
Brebners
|
G.P.S Marine Holdings Limited
Contents
|
Company Information |
|
|
Strategic Report |
|
|
Directors' Report |
|
|
Statement of Directors' Responsibilities |
|
|
Independent Auditor's Report |
|
|
Consolidated Income Statement |
|
|
Consolidated Statement of Comprehensive Income |
|
|
Consolidated Statement of Financial Position |
|
|
Statement of Financial Position |
|
|
Consolidated Statement of Changes in Equity |
|
|
Statement of Changes in Equity |
|
|
Consolidated Statement of Cash Flows |
|
|
Notes to the Financial Statements |
G.P.S Marine Holdings Limited
Company Information
|
Directors |
J B Spencer G J Spencer D J J Spencer J F G Spencer |
|
Company secretary |
J B Spencer |
|
Registered office |
|
|
Auditor |
|
G.P.S Marine Holdings Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the group is that of marine towage, dredging and marine and civil engineering.
Fair review of the business
GPS Marine Contractors Limited remained the principal operating company of the Group during financial year 2024, operations on the rivers Thames and Medway remained the largest part of the business by turnover, although operations carried out by the seagoing fleet through the Landfall Marine Contractors BV pool made Landfall the largest single trading partner.
During 2024 utilisation levels for the river fleet held up reasonably well despite very limited employment arising from major projects, consolidating GPS Marine’s position as the largest multi-cargo barge transport contractor on the Thames and Medway.
The tonnage of cargo carried on the Thames and Medway was almost 300,000 tonnes lower in 2024 than in 2023 because tonnage of cargo from major projects was almost completely non-existent. However, the tonnage of cargo from long term business was generally in line with 2023. GPS Marine Contractors Limited continued to have one tug and one small flat top barge on charter on the Tideway Tunnel Project during 2024, but other than this, activity on the project was virtually non-existent. During the first 3 quarters of 2024, various elements of the river Thames fleet were, from time to time, laid up as demand for the services provided by the group fluctuated.
In 2017 and 2018 many special and docking surveys were brought forward to ensure craft availability through the Tideway contract. Although some effects of this were felt in 2022, the consequences of this were much more acutely felt during 2023 and continued to be experienced during 2024 with the Ramsgate slipway facility constantly occupied during the year by GPS Marine craft. Repair, maintenance and modification costs remained elevated in 2024, although these will reduce in 2025 leaving the Ramsgate facility able to take on some outside business, despite some craft still requiring interim class and renewal surveys. While much of the class renewal cost has been capitalised in the year and will be written off over the coming survey cycles, a significant proportion of these costs has been taken onto the P&L account during 2024.
With GPS Marine Contractors Limited’s construction activity having ceased during 2021, all construction activity in 2024 was undertaken by GPS Marine and Civil Services Ltd, an associated undertaking. During 2024 GPS Marine and Civil Services Ltd managed to grow its turnover to slightly over £20m but delivered a significantly lower profit margin than in previous years, largely as a result of a large and difficult contract at London Gateway Port.
Dredging activity in 2024 was non-existent, largely due to the disproportionate nature of permitting costs for the type of small dredging campaigns to which the group is best suited.
The workboat market continued to improve during 2024 and the GPS Avenger achieved almost 75% utilisation during 2024 at elevated day rates compared with 2023. During the year the GPS Battler underwent special survey and the uncapitalised element of the costs associated with the survey weighed on results. Nonetheless, the vessel achieved 80% utilisation outside the survey period, before being sold on 30 August 2024 to an Australian operator for a figure equal to the price paid for the vessel in 2014. The new build, larger and more capable, replacement vessel, also named GPS Battler, was final delivered on 3 October 2024, but did not become operational for a further 2 weeks after delivery. The loss of almost 2 months trading for one of the group’s workboats also weighed heavily on the year’s operating results because the crew were retained and costs of ownership continued to accrue in the period. The new vessel’s day rate has proved to be consistently 80% above those of the original vessel with similar operating costs. Despite being new to the market, the new GPS Battler achieved 70% utilisation following her entry into service on 19 October ’24.
G.P.S Marine Holdings Limited
Strategic Report for the Year Ended 31 December 2024
A new build 50m x 18m flat top barge built by TAB Marine was added to the fleet in April 2024 and commenced operations in June. Utilisation of the GPS Marine fleet of pontoon barges improved during 2024, at an average of 86% up from 77% last year, with rates similar to, or slightly higher than, those being achieved during 2023. On 31st December all 5 barges were employed, with 3 barges were still employed on long term charters, albeit with two of those likely to expire during 2025.
Early in 2024 the business received an approach from its competitor bunker barge operation on the Thames for the purchase of its 2 bunker barges and Ship Bunkering Services Ltd, in due course the sale was completed in April 2024 for £1.4m. This was a strategic sale as the barges were of the single skin type, and therefore in danger of being outlawed by new legislation, and consolidation in a weakening local bunker market was seen by the directors as being inevitable.
Later in the year, an approach was made to buy the barges GPS 1901 and GPS 1902 out of trade and the Company also received an approach to purchase the small tug “GPS Illyria”, which had seen progressively less employment as the Tideway project wound down. With the barges having special survey due and with the likelihood, given their age, that the surveys would be very expensive, the barges were sold at a substantial profit over their written down value. Because the tug “GPS Illyria” was perceived as being too small for the Company’s main operations, it was decided to accept an offer for her that produced a profit of £111K.
LRN Engineering operated from the main GPS Marine premises at Upnor during 2024, but results continued to disappoint with turnover and results similar to those in 2023.
RESULTS AND PERFORMANCE
Turnover and profit during 2024 decreased Compared with 2023 levels, partly due to an almost complete absence of major project work on the Thames and Medway, although underlying long-term business held up well and GPS Marine and Civil Services Ltd generated a significant amount of business in support of its projects for GPS Marine Contractors Limited. As set out above, results were boosted by the strategic disposal of some assets, although the fleets capability was increased over the year, and it’s average age was reduced. Turnover was down by 6% on 2023 but profit before tax rose to £268K. The Group’s financial performance in 2024 was impaired by a slow start to the year and costs associated with a heavy maintenance burden, being deprived of income from one workboat for 2.5 summer months whilst continuing to suffer the full costs of ownership in the period.
During 2024, shareholders’ funds increased to £14.5M from £14.1M a year earlier. Total debt increased to £6.20M from £3.48M over the year due to the purchase of the new 50 x 18m flat top barge and the new Eurocarrier 2495 to replace the original GPS Battler.
The group's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2024 |
2023 |
|
Turnover |
£ 000 |
13.90 |
14.79 |
|
Gross profit |
% |
14.16 |
22.11 |
|
Return on Capital employed |
% |
.95 |
.05 |
Non-financial KPIs
The group seeks to ensure that responsible business practice is fully integrated into the management of all its operations and into the culture of all parts of its business. It believes that the consistent adoption of reasonable business practice is essential for operational excellence and maintained compliance within the industry sector which in turn ensures the delivery of its core objective of sustained profitability.
The directors consider there are collectively numerous non-financial performance indicators but that individually none are key.
G.P.S Marine Holdings Limited
Strategic Report for the Year Ended 31 December 2024
Principal risks and uncertainties
The Group continues to be the largest operator of tugs and barges on the Thames and Medway, it is easily the most diverse and capable marine contractor based on the Thames and Medway. No significant major projects, other than the Lower Thames Crossing, are on the horizon, and it is unlikely that this project will deliver any significant amount of business for the GPS Marine Group.
The October 2024 budget caused the Group to pause all planned investment, and the directors are very pessimistic about the budget’s likely effects on the UK economy and the UK markets in which it operates. Taken with unavoidable increases in labour costs mandated in the budget that will come into effect in April 2025 the existential threat to all family business posed by the Chancellors changes to Business Property Relief which demand that money that would otherwise be used for investment must be set aside to cover future IHT liabilities, 2025 and the years beyond that will be challenging for GPS Marine, and SMEs in general.
Flowing from the negative effects of the 2024 Autumn Statement on business is the risk that during 2025 (and probably beyond), insolvency amongst UK businesses will become more prevalent and, therefore, risks associated with incurring bad debts as a result of client insolvency will increase significantly.
The complete absence of any major projects that are likely to make use of river transport on the Thames and Medway is a concern for future growth, although efforts to generate more long-term freight transport by working with current and potential future clients to reactivate protected wharves is finally showing signs of delivering new business, which may see freight moving in 2025.
The new vessels purchased in 2024 made use of Euro denominated finance and by the end of 2024 vessel finance was split 60/40 in favour of Euro finance. This approach means that vessels earning Euros generally earn Euros and provides a spread of risk between Euribor monthly and BoE Base Rate as the reference rate for interest charges.
The directors continue to note a tendency amongst suppliers not to give credit and for most suppliers to be working on ever tighter credit terms. Clients continue to stretch or simply ignore agreed payment terms and demand ever longer credit terms. These factors are an obvious consequence of the pressures facing the UK economy, but their effect is to squeeze cash flow, which creates risk for the business.
Potential disruption in the World economy caused by President Trump, conflict in Europe, and bond market effects on national governments’ ability to undertake infrastructure projects all create risk for the business because it relies heavily on major dredging and civil engineering projects both at home and in Europe.
G.P.S Marine Holdings Limited
Strategic Report for the Year Ended 31 December 2024
FINANCIAL INSTRUMENTS
Price Risk, Credit Risk, Liquidity Risk and Cash Flow Risk.
During 2024, rates charged for the services provided by the company in the Thames and Medway have remained stable or increased slightly, and the effect of fuel prices having returned to close to 2019 levels largely countered cost increases due to inflation. The main emphasis during 2024 was to keep utilisation levels of operational vessels high and, despite some craft being laid up for periods during the year, utilisation levels in 2024, were in line with expectations.
Levels of utilisation in the offshore and project support sector outside the UK were broadly sustained at 2023 levels and rates continued to strengthen.
Credit risk eased during 2024 due to reducing inflation and slowly falling (although still restrictive) interest rates.
Credit insurers continued to display a clear reluctance to insure businesses in the construction, demolition and maritime sectors and so the directors determined that it was not beneficial or cost effective to carry credit insurance to mitigate the risk of clients failing to pay valid invoices. In the local market the business has continued mainly to trade with long established clients and in the offshore market the business trades with many multinational clients, and GPS Marine Contractors Limited also carries Freight Demurrage and Defence insurance provided Shipowners Mutual P&I Association to assist with legal costs of any contractual litigation that does become necessary to secure payment from clients.
Liquidity risk was continued in 2024 due to some clients continuing to ignore payment terms, while suppliers’ terms remained short. Non-payment and late payment continued to constitute significant risks to liquidity during 2024, but lower inflation and an eventual easing of fiscal policy reduce these risks somewhat by the October 2024, whereafter everything changed again for the worst.
The directors continued to maintain independence from the major aggregate and building materials clients during 2024 and will continue to do so in 2025. With no major contract work in sight, the emphasis in 2024 was on maintaining and developing established long-term contracts, developing new long term freight business with both new and existing strategic partners, this will continue in 2025. As has been the case since 2017, during 2024 all non-Thames specific equipment will continue to be traded through the Landfall Marine Contractors BV pool structure to ensure maximum diversity across different projects, markets and types of business, to manage the risks outlined above and minimise their effects. This strategy will continue in 2025 and is crucial to positioning the business beyond 2025, when all current and known major project work eventually ceases.
KEY PERFORMANCE INDICATORS
BUSINESS ENVIRONMENT
The river Thames micro-economy, where the Group carries out much of its activity in the UK, continues to be much as it was during 2024, but with ever less major infrastructure project activity. The directors are confident that underlying freight volumes will hold up during 2025 and may be added to by new long term business emanating from Royal Primrose Wharf (with Tunnel Wharf possibly only coming on stream in 2026).
Dredging activity was non-existent during 2024 and will undoubtedly be subdued in 2025. It is unlikely that dredging activity will pick up unless the regulatory regime is relaxed and dredgings disposal costs reduce.
Despite the market for workboats and pontoons in the offshore wind, dredging and marine construction sectors outside the core Thames / Medway market being consistently firm during 2024, the directors think the market will weaken in 2025. The distance towage market in 2024 was robust, continuing a trend first seen in 2021. This market too may weaken in 2025.
G.P.S Marine Holdings Limited
Strategic Report for the Year Ended 31 December 2024
STRATEGY
The new Labour Governments strong anti-business (especially anti SME and family business) policies have determined that it will be difficult to maintain the pace of growth and development that the business has achieved in recent years. Indeed, the directors consider that, even if it were possible, which is doubtful, it would be wrong to seek to grow the business significantly in the current political and economic climate. The directors feel that this is a time to reduce headcount, cut all unnecessary costs, bring as many functions as possible in house, and make a virtue of consolidation and minimising risks to the business.
The directors will focus on developing and consolidating core, long term business on the Thames and Medway and developing existing relationships and new strategic partnerships. As deemed necessary elements of the existing fleet will be modified to better meet known future demand and to develop opportunities in light freight and in the European inland market, and efforts to extract more income from existing business by carrying out cargo handling operations will continue. The business will seek to provide more marine logistics and marine support to GPS Marine and Civil Services Ltd.’s tidal and coastal operations.
GPS Marine will also seek to consolidate its position in the market for offshore workboats and pontoons through continued participation in the Landfall Marine Contractors BV pool. The directors will continue to work collaboratively with Landfall Marine Contractors BV as this approach has delivered positive results for the company’s workboat and pontoon fleets by providing good access to European markets.
FUTURE DEVELOPMENTS
Through working collaboratively with new and established cargo interests, the development of new freight flows from safeguarded wharves on the Thames remains a long-term aim and focus of attention and effort. The directors will continue to work to develop long term sustainable business and to develop any major project opportunities that arise.
Efforts will continue to broaden the business’ core income streams, particularly by using the Ramsgate slipway facility for third party work. The business will aim to further strengthen and consolidate its position in the Thames, while simultaneously developing its construction offering through GPS Marine and Civil Services Ltd and continuing to develop its participation in EU markets through the relationship with Landfall Marine Contractors BV.
Approved by the
.........................................
Director
G.P.S Marine Holdings Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the for the year ended 31 December 2024.
Directors of the group
The directors who held office during the year were as follows:
Dividends
During the year the company declared and paid interim dividends of £300,000 (2023: £200,000). No final dividend is proposed.
Directors' liabilities
The group maintains Directors' and Officers' liability insurance for Directors and Officers as permitted by section 233 of the Companies Act 2006.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Disclosure of information in the strategic report
The business review and financial risk management policies have been reported upon in the Strategic Report.
Approved by the
.........................................
Director
G.P.S Marine Holdings Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company 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 apply them consistently; |
|
• |
make judgements and accounting estimates that are reasonable and prudent; |
|
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
|
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
G.P.S Marine Holdings Limited
Independent Auditor's Report to the Members of
G.P.S Marine Holdings Limited
Opinion
We have audited the financial statements of G.P.S Marine Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the company's 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 auditor 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
G.P.S Marine Holdings Limited
Independent Auditor's Report to the Members of
G.P.S Marine Holdings Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
|
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
|
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
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 8], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the Group and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006), UK corporate taxation laws, environmental legislation, health and safety legislation, anti-bribery legislation, data protection legislation, UK and international maritime regulations including SOLAS, MARPOL regulations and international Hazardous Materials Convention . These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
G.P.S Marine Holdings Limited
Independent Auditor's Report to the Members of
G.P.S Marine Holdings Limited
We understood how the Group is complying with relevant legislation by making enquiries of management. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.
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 auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
1 Suffolk Way
Kent
TN13 1YL
G.P.S Marine Holdings Limited
Consolidated Income Statement for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
|
|
|
|
Income from shares in associate undertaking |
|
|
|
|
Other interest receivable and similar income |
- |
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
66,635 |
22,803 |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit/(loss) for the financial year |
|
( |
|
|
Profit/(loss) attributable to: |
|||
|
Owners of the company |
|
( |
|
|
Minority interests |
( |
( |
|
|
|
( |
G.P.S Marine Holdings Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Profit/(loss) for the year |
|
( |
|
Foreign currency translation gains |
|
|
|
Total comprehensive income for the year |
|
|
|
Total comprehensive income attributable to: |
||
|
Owners of the company |
|
|
|
Minority interests |
( |
( |
|
|
|
G.P.S Marine Holdings Limited
Consolidated Statement of Financial Position as at 31 December 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Intangible assets |
- |
|
|
|
Tangible assets |
|
|
|
|
Investments |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
199 |
199 |
|
|
Revaluation reserve |
1,033,343 |
1,033,343 |
|
|
Retained earnings |
13,449,862 |
13,037,887 |
|
|
Equity attributable to owners of the company |
14,483,404 |
14,071,429 |
|
|
Minority interests |
3,090 |
10,371 |
|
|
Shareholders' funds |
14,486,494 |
14,081,800 |
Approved and authorised by the
.........................................
Director
Company registration number: 06467166
G.P.S Marine Holdings Limited
Statement of Financial Position as at 31 December 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investments |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
199 |
199 |
|
|
Revaluation reserve |
1,033,343 |
1,033,343 |
|
|
Retained earnings |
8,549,327 |
8,399,786 |
|
|
Shareholders' funds |
9,582,869 |
9,433,328 |
The company made a profit after tax for the financial year of £449,541 (2023 - loss of £630,150).
Approved and authorised by the
|
......................................... |
Company registration number: 06467166
G.P.S Marine Holdings Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company
|
Share capital |
Revaluation reserve |
Retained earnings |
Total |
Non- controlling interests |
Total equity |
|
|
At 1 January 2024 |
|
|
|
|
|
|
|
Profit/(loss) for the year |
- |
- |
|
|
( |
|
|
Other comprehensive income |
- |
- |
|
|
- |
|
|
Total comprehensive income |
- |
- |
|
|
( |
|
|
Dividends |
- |
- |
( |
( |
- |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
|
Share capital |
Revaluation reserve |
Retained earnings |
Total |
Non- controlling interests |
Total equity |
|
|
At 1 January 2023 |
|
|
|
|
|
|
|
Loss for the year |
- |
- |
( |
( |
( |
( |
|
Other comprehensive income |
- |
- |
|
|
- |
|
|
Total comprehensive income |
- |
- |
|
|
( |
|
|
Dividends |
- |
- |
( |
( |
- |
( |
|
At 31 December 2023 |
|
|
|
|
|
|
G.P.S Marine Holdings Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
|
Share capital |
Revaluation reserve |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
Share capital |
Revaluation reserve |
Retained earnings |
Total |
|
|
At 1 January 2023 |
|
|
|
|
|
Loss for the year |
- |
- |
( |
( |
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2023 |
199 |
1,033,343 |
8,399,786 |
9,433,328 |
G.P.S Marine Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
|
Profit/(loss) for the year |
|
( |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Foreign exchange |
|
|
|
|
(Profit)/loss on disposal of tangible assets |
( |
|
|
|
Profit from disposals of investments |
( |
- |
|
|
Finance income |
- |
( |
|
|
Finance costs |
|
|
|
|
Income from associates |
( |
( |
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Decrease/(increase) in stocks |
|
( |
|
|
Decrease in trade and other debtors |
|
|
|
|
Decrease in trade and other creditors |
( |
( |
|
|
Cash generated from operations |
( |
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
- |
|
|
|
Proceeds from sale of subsidiaries |
|
- |
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Dividend from associate |
|
|
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
|
( |
|
|
Receipts from finance lease debtors |
- |
|
|
|
Payments to finance lease creditors |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
|
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 January 2024 |
|
|
|
|
Cash and cash equivalents at 31 December 2024 |
370,977 |
1,462,461 |
|
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the group is that of marine towage, dredging and marine and civil engineering.
|
Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 and key accounting estimates
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.
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December each year.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The group made a profit for the year ended 31 December 2024 of £115,207 and had net assets of £14,486,494 including cash at bank of £656,855 at that date.
The group traded profitably during the year and continues to do so in the current year. The group has strong cash reserves. The directors anticipate continuing profitability in the coming year.
The directors are of the opinion that the group has sufficient working capital to ensure that the group can meet its liabilities as they fall due, and as such the directors believe that the group will be able to continue to meet its financial obligations, as and when they fall due. Therefore the financial statements have been prepared on the going concern basis.
Revenue recognition
Revenue represents the fair value of amounts received and receivable for services provided net of discounts, rebates and value added tax.Turnover is recognised in the period that work is undertaken and is determined by the contract agreed with each customer. This is based on the tonnage of waste transported in the given period or other work undertaken in the period as determined by the underlying contract.
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Government grants
Grants relating to revenue are recognised in profit and loss on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Capital grants are recognised using the accrual method with the amount of the grant included with liabilities and released to profit and loss over the life of the asset for which the grant was provided.
Foreign currency transactions and balances
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 group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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. Vessel surveys are capitalised as incurred except where they are relating to routine repairs and maintenance.
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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 |
|
Furniture, fittings and equipment |
25% Reducing balance |
|
Motor vehicles |
25% Reducing balance |
|
Plant, machinery and vessels |
5% straight line and 15% to 25% reducing balance |
|
Freehold Buildings |
2% Straight line |
|
Leasehold Improvements |
Over the life of the lease |
|
Vessel survey costs / dry docking |
Over 5 to 6 years |
The directors consider the residual value of freehold buildings to be such that no depreciation charge arises.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Leases
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 group’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 group 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.
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Provision of services |
|
|
The analysis of the group's turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
|
Europe |
|
|
|
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2024 |
2023 |
|
|
Management charges |
|
|
|
Other operating income |
|
- |
|
Rent receivable |
|
|
|
|
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
|
2024 |
2023 |
|
|
Gain/(loss) on disposal of tangible assets |
|
( |
|
Gain from disposals of subsidiaries and associates |
|
- |
|
1,526,544 |
(60,362) |
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange losses |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
(Profit)/loss on disposal of property, plant and equipment |
( |
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Operations staff |
|
|
|
Administration and support |
|
|
|
Directors |
|
|
|
|
|
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Directors' remuneration administration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
305,767 |
300,077 |
During the year the number of directors who were receiving benefits was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditor's remuneration |
|
2024 |
2023 |
|
|
Audit of these financial statements |
2,500 |
2,500 |
|
Audit of the financial statements of subsidiaries |
12,000 |
12,000 |
|
|
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
|
All other assurance services |
|
|
|
|
|
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Taxation |
Tax charged/(credited) in the consolidated income statement
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
( |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of revenues exempt from taxation |
|
|
|
Deferred tax expense relating to changes in tax rates or laws |
|
|
|
Deferred tax expense from unrecognised temporary difference from a prior period |
|
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Tax increase from effect of unrelieved tax losses carried forward |
|
|
|
Effect of associate profit recorded net of tax |
( |
( |
|
Tax (decrease)/increase arising from overseas tax suffered/expensed |
( |
|
|
Total tax charge |
|
|
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Deferred tax
Group
Deferred tax provision comprises
|
2024 |
Asset |
Provision |
|
Accelerated capital allowances |
- |
|
|
Revaluation of freehold property |
- |
|
|
Tax losses carried forward |
|
- |
|
|
|
|
2023 |
Provision |
|
Accelerated capital allowances |
|
|
Revaluation of freehold property |
|
|
|
|
Intangible assets |
Group
|
Goodwill on acquisition |
|
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
At 31 December 2024 |
|
|
Amortisation |
|
|
At 1 January 2024 |
|
|
Amortisation charge |
|
|
At 31 December 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
- |
|
At 31 December 2023 |
|
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant, machinery and vessels |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Additions |
|
|
- |
|
|
|
Disposals |
- |
- |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 December 2024 |
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £2,775,000 (2023 - £2,775,000) in respect of freehold land and buildings and £77,992 (2023 - £59,187) in respect of short leasehold land and buildings.
Freehold property is included at a revalued amount as estimated by the directors amounting to £2,775,000 based upon a professional valuation obtained in March 2022 which the directors believe to be appropriate at 31 December 2024. If the freehold property were included under the historic cost method the carrying value would have been £1,425,634 (2023: £1,438,810)
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2024 |
2023 |
|
|
Plant and machinery |
247,248 |
290,880 |
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Company
|
Land and buildings |
Plant, machinery and vessels |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2024 |
- |
|
|
|
Charge for the year |
- |
|
|
|
Eliminated on disposal |
- |
( |
( |
|
At 31 December 2024 |
- |
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
|
|
|
At 31 December 2023 |
|
|
|
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Investments |
Group
Investment in associated companies
|
2024 |
2023 |
|
|
Cost or Valuation |
||
|
Group's share of net assets |
937,194 |
719,395 |
|
Associates |
||
|
£ |
||
|
At 1 January 2024 |
719,395 |
|
|
Share of associated undertaking profit |
367,799 |
|
|
Dividends received |
(150,000) |
|
|
At 31 December 2024 |
937,193 |
|
|
Carrying Amount |
||
|
At 31 December 2024 |
937,193 |
|
|
At 31 December 2023 |
719,395 |
Company
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
Disposals |
( |
|
At 31 December 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Holding |
Proportion of voting rights and shares held |
|||||
|
2024 |
2023 |
||||||
|
Subsidiary undertakings |
|||||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
Associates |
|||||||
|
|
Ordinary shares |
|
|
||||
|
|
Ordinary shares |
|
|
||||
|
|
Ordinary shares |
|
|
||||
|
|
Ordinary shares |
|
|
||||
|
|
Ordinary shares |
|
|
||||
The registered office for GPS Marine Holdings BV and GPS Marine Barges BV is at Scottstraat 12, 456BH Hulst, Netherlands. The registered office for all subsidiaries except GPS Marine Holdings BV and GPS Marine Barges BV is; GPS Marine House, Upnor Road, Lower Upnor, Rochester, Kent ME2 4UY.
The results of Net Zero (River Logistics) Ltd are excluded from the consolidated financial statements as they are immaterial to the group. All other subsidiary are reflected in the consolidated financial statements.
|
Disposals |
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Stocks |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Stock |
|
|
- |
- |
|
Debtors |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Trade debtors |
|
|
|
- |
|
Amounts owed by group undertakings |
- |
- |
|
|
|
Other debtors |
|
|
- |
|
|
Prepayments |
|
|
|
- |
|
Deferred tax assets |
|
- |
- |
- |
|
|
|
|
|
|
Trade debtors are stated after a diminution in value of £724,978 (2023: £708,533)
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Cash at bank |
|
|
|
|
|
Bank overdrafts |
( |
( |
- |
- |
|
Cash and cash equivalents in statement of cash flows |
370,977 |
1,462,461 |
449,698 |
697,250 |
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Creditors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to group undertakings |
- |
- |
|
|
|
|
Social security and other taxes |
|
|
|
- |
|
|
Other payables |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Corporation tax liability |
- |
16,650 |
- |
- |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Additional provisions |
|
|
|
At 31 December 2024 |
|
|
|
|
||
Company
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Additional provisions |
|
|
|
At 31 December 2024 |
|
|
|
|
||
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
99 |
|
99 |
|
|
|
100 |
|
100 |
|
|
|
|
|
|
There are no restrictions on the distribution of dividends or the repayment of capital.
The ordinary 'B' shares are non voting and carry no right to participate in the assets of the company on winding up.
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
|
|
Hire purchase obligations |
|
|
|
|
|
|
|
|
|
|
Current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
|
|
Bank overdrafts |
|
|
- |
- |
|
Hire purchase obligations |
|
|
|
|
|
|
|
|
|
|
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Bank loans and overdrafts are secured by a fixed charge over the group's freehold property and a fixed and floating charge over the assets and undertakings of the group and a fixed charge over certain barges and vessels. Liabilities arising under hire purchase contracts are secured on the assets concerned.
Group
Included in the loans and borrowings are the following amounts due after more than five years:
|
2024 |
2023 |
|
|
After more than five years payable by instalments |
|
|
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
|
Dividends |
Dividends paid
|
2024 |
2023 |
|||
|
Dividend of £ |
|
|
||
|
Dividend of £ |
|
|
||
|
|
|
|
Contingent liabilities |
The company has provided guarantees amounting to £1,720,000 (2023: £1,720,000) in respect of the bank liabilities of the subsidiary undertakings supported by a fixed and floating charge over the assets and undertakings of the company. No liability is expected to arise.
G.P.S Marine Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Analysis of changes in net debt |
Group
|
At 1 January 2024 |
Financing cash flows |
At 31 December 2024 |
|
|
Cash and cash equivalents |
|||
|
Cash |
1,462,652 |
(805,797) |
656,855 |
|
Overdrafts |
(192) |
(285,686) |
(285,878) |
|
1,462,460 |
(1,091,483) |
370,977 |
|
|
Borrowings |
|||
|
Long term borrowings |
(2,628,672) |
(2,678,934) |
(5,307,606) |
|
Short term borrowings |
(650,980) |
137,640 |
(513,340) |
|
(3,279,652) |
(2,541,294) |
(5,820,946) |
|
|
|
|||
|
( |
( |
( |
|
|
Related party transactions |
Exemption has been taken under FRS 102 paragraph 33.1A, not to disclose transactions or amounts falling due with companies that are wholly owned within the group.
During the year sales of £2,297,347 (2023: £1,248,347) were made to an associated undertaking. At 31 December 2024 an amount of £593,386 (2023: £246,836) was due to the group from the associated undertaking.
During the year aggregate purchases of £378,100 (2023: £407,642) were made from companies over which various directors, and their close family, exert significant influence. At 31 December 2024 an amount of £58,129 (2023: £58,129) was due to the group from the undertakings.
The directors consider that the key management personnel of the group companies are the directors. Key management compensation payable amounts to £342,187 (2023: £337,644).
The dividends paid in the year as shown in note 25 were paid to the directors and a company over which a director exerts significant influence.
At 31 December 2024 an amount of £100,000 (2023:£Nil) was due to the directors.
|
Control |
Ultimate control vests with Mr J B Spencer.