REGISTERED NUMBER: 07423677 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GCD 2024 LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

-

5,898,186

Investments

5

-

401,000

Investment property

6

8,000,000

4,000,000

8,000,000

10,299,186

CURRENT ASSETS

Debtors

7

2,795,311

209,298

Cash at bank

3,961,765

259,919

6,757,076

469,217

CREDITORS

Amounts falling due within one year

8

1,042,808

3,074,515

NET CURRENT ASSETS/(LIABILITIES)

5,714,268

(2,605,298

)

TOTAL ASSETS LESS CURRENT LIABILITIES

13,714,268

7,693,888

CREDITORS

Amounts falling due after more than one year

9

-

(357,512

)

PROVISIONS FOR LIABILITIES

(125,000

)

(125,000

)

NET ASSETS

13,589,268

7,211,376

CAPITAL AND RESERVES

Called up share capital

1,001

1,001

Revaluation reserve

10

-

1,091,240

Retained earnings

10

13,588,267

6,119,135

SHAREHOLDERS' FUNDS

13,589,268

7,211,376

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

Mrs K Tiltman - Director

1.	STATUTORY INFORMATION

GCD 2024 Limited is a private company limited by shares and incorporated in England, registered number 07423677. Its registered office is Unit 81 Gibbons Industrial Park, Dudley Road, Kingswinford, West Midlands, DY6 8XF.

The financial statements are presented in Sterling, which is the functional currency of the company.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents rental income and associated recharges to external third party tenants. In prior years this also included rental income and associated recharges to group companies, however the company is no longer part of a group.

Freehold property

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

not provided

Plant and machinery etc

-

not provided and between 4% and 12.50% on cost

Under the transitional provisions of FRS 102 (March 2018) Triennial Review provisions the company transferred properties let to group companies out of investment property and treated them as freehold land and buildings with a transition date of 1 January 2018, using the market value at that date as deemed cost. The company elected to carry these properties using the valuation model.

Following the sale of the trading subsidiary, who this property is still let to, these premises have been reclassified as investment property.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both.Investment properties are stated at fair value.

Any gains or losses arising from the changes in the fair value are recognised in profit and loss in the period that they arise and no depreciation is provided in respect of investment properties.

Financial instruments

Basic financial liabilities, including trade and other debtors and creditors, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts or payments discounted at a market rate of interest.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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

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

Pension costs and other post-retirement benefits

The company makes contributions to a number of pension schemes. The main scheme for employees was established in September 1994 and is a hybrid scheme, being defined contribution in nature with benefits subject to requisite testing to guarantee minimum pensions. For this reason, the scheme is accounted for as a defined benefit scheme in accordance with FRS102.

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. Any difference between the charge to the profit and loss account and the contributions paid to the scheme is shown as an asset or liability in the balance sheet.

The company also 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.

Going concern

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised are tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in the creditors net of the finance charges allocated to future periods. the finance elements of the rental payments is charged to the profit and loss account so as to produce a constant periodic rate of change on the net obligation outstanding in each period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

3,500,000

3,351,893

6,851,893

Additions

-

24,000

24,000

Disposals

-

(3,254,939

)

(3,254,939

)

Transfer to ownership

(3,500,000

)

(120,954

)

(3,620,954

)

At 31 December 2024

-

-

-

DEPRECIATION

At 1 January 2024

-

953,707

953,707

Charge for year

-

(953,707

)

(953,707

)

At 31 December 2024

-

-

-

NET BOOK VALUE

At 31 December 2024

-

-

-

At 31 December 2023

3,500,000

2,398,186

5,898,186

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 January 2024

401,000

Disposals

(401,000

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

401,000

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

4,000,000

Revaluations

379,046

Transfer to ownership

3,620,954

At 31 December 2024

8,000,000

NET BOOK VALUE

At 31 December 2024

8,000,000

At 31 December 2023

4,000,000

The trading estate owned by the company was revalued by directors at market value on an existing use basis. This was previously split across investment property let out by the company and freehold property utilised by the group, but following the sale of the subsidiary company is now all treated as investment property.

Fair value at 31 December 2024 is represented by:

£

Valuation in 2015

(2,469

)

Valuation in 2019

412,777

Valuation in 2021

1,400,000

Valuation in 2024

379,046

Cost

5,810,646

8,000,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

396,881

123,814

Other debtors

2,398,430

85,484

2,795,311

209,298

Other debtors include an amount of £720,000 which is due between one and two years (2023 - £Nil).

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

79,258

45,326

Amounts owed to group undertakings

-

2,491,054

Taxation and social security

520,541

98,165

Other creditors

443,009

439,970

1,042,808

3,074,515

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Other creditors

-

357,512

10.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 January 2024

6,119,135

1,091,240

7,210,375

Profit for the year

6,442,892

6,442,892

Revaluation of property

1,091,240

(1,091,240

)

-

Actuarial (gains) / losses on

pension scheme

61,000

-

61,000

Asset curtailment on

pension scheme

(126,000

)

-

(126,000

)

At 31 December 2024

13,588,267

-

13,588,267

On the reclassification of land and buildings as investment property, the revaluation reserve relating to the land and buildings element of the property of £1,091,240 has been reclassified as retained reserves.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Victoria Brassington BA FCA (Senior Statutory Auditor)

for and on behalf of Blackthorns

12.	EMPLOYEE BENEFIT OBLIGATIONS

In June 2024, in anticipation of, and as a requirement for the sale of United Steels Limited, GCD 2024 Limited acquired the pension obligations attaching to the United Steels Nexus Savings Scheme.

The transfer of the Scheme necessitated a legal process of a Change of Principal Employer from United Steels Limited to GCD 2024 Limited [formerly United Steels Holding Company Limited]. In addition, the process involved entering into a Flexible Apportionment Arrangement [FAA]. The process involved the support of a number of professional and legal advisers and required The Pension Regulator Approval.

The company makes contributions to a number of pension schemes. The main scheme for employees was established in September 1994 and is a hybrid scheme, being defined contribution in nature with benefits subject to requisite testing to guarantee minimum pensions. Since 31 December 1999 the scheme has ceased future accrual of benefits and no employees' contributions have been received in the scheme.

An executive scheme is also operated and is a defined contribution scheme.

The assets of the schemes are held separately to those of the company.

Hybrid scheme

Contributions of £62,577 were made during the year (2023 - £61,000) to the scheme.

A qualified independent actuary has updated the results of the valuation as at 31 December 2023 to 31 December 2024 to obtain the following figures in accordance with Financial Reporting Standard No. 102 ("FRS102").

The amounts recognised in profit or loss are as follows:

Defined benefit

pension plans

31.12.24

31.12.23

£

£

Current service cost

-

-

Net interest from net defined benefit asset/liability

(8,000

)

-

Past service cost

-

-

(8,000

)

-

Actual return on plan assets

22,000

-

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit

pension plans

31.12.24

31.12.23

£

£

Interest cost

55,000

-

Obligations acquired on

transfer of scheme

815,000

-

Actuarial losses/(gains)

(102,000

)

-

Benefits paid

(122,000

)

-

646,000

-

Changes in the fair value of scheme assets are as follows:

Defined benefit

pension plans

31.12.24

31.12.23

£

£

Assets acquired on transfer

of scheme

815,000

-

Contributions by employer

63,000

-

Expected return

63,000

-

Actuarial gains/(losses)

(41,000

)

-

Benefits paid

(122,000

)

-

Curtailments

(132,000

)

-

646,000

-

The amounts recognised in other comprehensive income are as follows:

Defined benefit

pension plans

31.12.24

31.12.23

£

£

Actuarial gains/(losses)

(61,000

)

-

Asset curtailment on pension scheme

126,000

-

65,000

-

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit

pension plans

31.12.24

31.12.23

£

£

Equities

167,000

-

Bonds

401,000

-

Other

339,000

-

Asset curtailment

(261,000

)

-

646,000

-

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

31.12.24

31.12.23

Discount rate

5.55%

-

Inflation

3.10%

-

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is The Estate of G J Cashmore which owns 100% of the issued share capital.