Company registration number: 14032506
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Directors present their strategic report for the year ended 31 March 2025.
GIA Surveyors Ltd is a company incorporated on the 7th of April 2022. The company commenced trading on 6 October 2023, so the profit and loss results for the comparative period only reflect six months of trading.
GIA Surveyors Ltd are a leading firm of surveyors specialised in rights of light, daylight, solar design and neighbourly matters, we also offer a full range of wind assessments and commercial building surveying services across all property types.
We work with architects, owners, occupiers, developers, and planning consultants across both the public and private sectors. With a network of offices across the UK and Ireland in Belfast, Birmingham, Bristol, Dublin, London, and Manchester.
GIA Surveyors Ltd employs over 127 members of staff and is managed strategically by a Board of 9 Directors to whom a wider group of Directors and Head of Departments report into to ensure all aspects of the business are carefully controlled.
There were significant economic challenges experienced during the financial year largely due to inflation and higher interest rates. The property industry has been negatively impacted by these economic factors, which softened demand in the industry, while also raised operating costs for our clients and ourselves.
GIA Surveyors Ltd are a leading firm of surveyors specialised in rights of light, daylight, solar design and neighbourly matters, we also offer a full range of wind assessments and commercial building surveying services across all property types.
We work with architects, owners, occupiers, developers, and planning consultants across both the public and private sectors. With a network of offices across the UK and Ireland in Belfast, Birmingham, Bristol, Dublin, London, and Manchester.
GIA Surveyors Ltd employs over 127 members of staff and is managed strategically by a Board of 9 Directors to whom a wider group of Directors and Head of Departments report into to ensure all aspects of the business are carefully controlled.
There were significant economic challenges experienced during the financial year largely due to inflation and higher interest rates. The property industry has been negatively impacted by these economic factors, which softened demand in the industry, while also raised operating costs for our clients and ourselves.
Our aim is to continue to be the market leader in our core services as well as expand our presence in our regional areas.
The company relies on software and internally generated technology to perform its daily operations, as such we will continue to invest in research and development with the aim of becoming more efficient in our internal processes as well as exploring new lines of business that complement our core services.
The directors have worked on detailed business plans during the year to enable the business to grow and succeed in the future and to realise the ambitions of future talent in the business.
The company relies on software and internally generated technology to perform its daily operations, as such we will continue to invest in research and development with the aim of becoming more efficient in our internal processes as well as exploring new lines of business that complement our core services.
The directors have worked on detailed business plans during the year to enable the business to grow and succeed in the future and to realise the ambitions of future talent in the business.
Any risks and uncertainties identified in our business were documented, reviewed, and revised at Board level.
Within the industry, our staff are required to visit many different third-party sites to satisfy our clients commercial property requirements. Therefore Health & Safety of all our staff is a top risk and top priority. Having a strong culture backed up by high quality continued training and induction programs helps us to keep awareness elevated and to make sure staff are always healthy and safe.
The industry we operate in, is a medium size industry with ever increasing numbers of competitors. We have seen an increase in smaller entities with lower operating costs undercutting larger companies. Competitors are improving their technology which could potentially take away our competitive advantage. To mitigate this risk, we continuously monitor the market and perform competitor analysis, and we rigorously seek feedback from our clients, especially on lost jobs. We are also able to adapt to our clients’ new requirements throughout the life of our projects and ensure new specifications are adhered to.
The uncertainties in the economy as well as international conflicts present risk to our business with foreign investment being reduced and with some of our services being affected. Our aim is to mitigate this risk by continuing to expand geographically into new areas within the UK and Ireland
Cash flow risk: The directors carefully monitor the cash levels of the group to ensure that there are always cash funds available to meet the day to day working capital requirements of the business.
Within the industry, our staff are required to visit many different third-party sites to satisfy our clients commercial property requirements. Therefore Health & Safety of all our staff is a top risk and top priority. Having a strong culture backed up by high quality continued training and induction programs helps us to keep awareness elevated and to make sure staff are always healthy and safe.
The industry we operate in, is a medium size industry with ever increasing numbers of competitors. We have seen an increase in smaller entities with lower operating costs undercutting larger companies. Competitors are improving their technology which could potentially take away our competitive advantage. To mitigate this risk, we continuously monitor the market and perform competitor analysis, and we rigorously seek feedback from our clients, especially on lost jobs. We are also able to adapt to our clients’ new requirements throughout the life of our projects and ensure new specifications are adhered to.
The uncertainties in the economy as well as international conflicts present risk to our business with foreign investment being reduced and with some of our services being affected. Our aim is to mitigate this risk by continuing to expand geographically into new areas within the UK and Ireland
Cash flow risk: The directors carefully monitor the cash levels of the group to ensure that there are always cash funds available to meet the day to day working capital requirements of the business.
Page 1
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
During FY25 the company achieved a turnover of £17,547,112 (2024 - £8,377,742) with a healthy gross profit of 54% (2024 - 53.6%), the gross profit is the same as FY24. Note that the comparative profit and loss only represents 6 months’ worth of trading in the prior year.
The company has achieved an EBITDA of £2,604,932 (2024 - £894,133) with an EBITDA margin of 15%, the EBITDA margin is 4% higher than the prior period. We have managed to achieve an improvement in EBITDA margin through an increase in gross profit.
The balance sheet showed a positive net asset position at 31 March 2025 of £21,955,048 (2024 - £22,045,112).
Debtors days were 74 at 31 March 2025, this is an improvement of 3 days from 31 March 24.
The company has achieved an EBITDA of £2,604,932 (2024 - £894,133) with an EBITDA margin of 15%, the EBITDA margin is 4% higher than the prior period. We have managed to achieve an improvement in EBITDA margin through an increase in gross profit.
The balance sheet showed a positive net asset position at 31 March 2025 of £21,955,048 (2024 - £22,045,112).
Debtors days were 74 at 31 March 2025, this is an improvement of 3 days from 31 March 24.
Our surveyors, design analysts and support teams are focused on delivering the best results. As leading experts in our fields, we deliver the knowledge, experience, and professionalism that our clients have come to rely on. As such, our people are our talent, and we genuinely care about their wellbeing inside and outside work. The Directors ensure there is a high level of visibility between the Board and our people and communication flows both ways.
The directors are aware of the importance of maintaining good business relationships with its clients, suppliers, and other stakeholders. We listen carefully to our clients’ needs and feedback to constantly improve our service and strive for long lasting business relationships.
The directors support and encourage initiatives that make a real positive difference for the environment, communities, and our people by expanding our apprenticeship and graduate scheme, implement an EV scheme and more recently introducing ourselves in solar PV farms.
The directors, in conjunction with the Group’s Board seek to maintain high standards business conduct by leading the way on strong cultural values and good governance.
The Directors and Group Board regularly communicates with our shareholders through regular meetings, internal newsletters and intranet.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £90,064 (2024 - loss £297,747).
There are no dividends to be declared for the year ended 31 March 2025 (2024 - nil).
The directors who served during the year were:
The directors have worked on detailed business plans during the year to enable the business to grow and succeed in the future and to realise the ambitions of future talent in the business.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Company's Strategic Report, the Company's Strategic Report Information required by schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GIA SURVEYORS LTD
We have audited the financial statements of GIA Surveyors LTD (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, 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).
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's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GIA SURVEYORS LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the 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 or the Directors' Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GIA SURVEYORS LTD (CONTINUED)
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:
∙The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
∙We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures.
∙The engagement lead assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
∙We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions; and,
°Misstatement of revenue due to assumptions and judgments made in relation to amounts recoverable under contracts.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GIA SURVEYORS LTD (CONTINUED)
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
Chartered Accountants
Statutory Auditor
Magna House
18-32 London Road
TW18 4BP
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025
Page 9
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 25 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
GIA Surveyors Limited is a private Company limited by shares and incorporated in England and Wales. The address of its registered office and principal place of business is disclosed on the company information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Lumen Topco Limited as at 31 March 2025 and these financial statements may be obtained from Companies House.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
the year, exclusive of Value Added Tax and trade discounts.
Revenue is recognised when the amount can be reliably measured and it is probable that future economic
benefits will flow. Revenue recognition occurs in the period in which services are rendered by reference to the
stage of completion, which is assessed on a milestone basis and time spent.
In all cases where the ability to recover fees on a matter is contingent, income will not be recognised until the
matter is completed.
Unbilled revenue on individual assignments is included as amounts recoverable on contracts within debtors.
Deferred income arises when the Company has invoiced in advance but does not yet have the right to recognise revenue as the performance obligations have not been satisfied.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Goodwill
Development costs
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
straight line basis over the term of the relevant lease except where another more systematic basis is more
representative of the time pattern in which economic benefits from the lease asset are consumed.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are addressed below.
Provisions against amounts recoverable under contracts
The directors perform a continual review over individual significant account balances on the amount recoverable on contracts. Where an amount is not expected to be recovered a provision is made to reduce the balance to its recoverable amount. Should the level of recovery be lower than estimated, this would impact future results and cash flows as the amounts invoiced would be lower than the carrying value of the amounts recoverable on contracts.
Amortisation of intangible assets
The amortisation period for goodwill and intangible fixed assets is evaluated based on their anticipated useful lives. Management reviews this, along with the residual values of the intangible fixed assets, throughout the financial period. As of 31 March 2025, the directors concluded that there were no significant changes in the useful lives and residual values. Any alterations in judgments could lead to a substantial adjustment in the Statement of Comprehensive Income.
Assumptions in Goodwill impairment review
Annually, the company considers whether goodwill is impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash-generating units (CGU). This requires estimation of the future cash flows from the CGU's and also selection of appropriate discount rates in order to calculate the net present value of those cash flows. The recoverable amount of the CGU is a source of significant estimation uncertainty and determining this involves the use of significant assumptions.
The calculations use cash flow projections based on financial budgets approved by the directors covering a five-year period. Cash flows beyond the five-year period are extrapolated using an estimated growth rate. If actual cash flows are not in line with budgeted cash flows, additional impairment of the CGU's net book value of £18,991,550 may result.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Share premium account
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £387,864 (2024 - £175,749) . Contributions totaling £65,626 (2024 - £129,507) were payable to the fund at the reporting date and are included in creditors.
Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The immediate and ultimate parent company, for which consolidated financial statements are drawn up, is Lumen Topco Limited, a company registered in England, with address 21 Upper Brook Street, London, W1K 7PY.
The directors are of the opinion that there is no ultimate controlling party.
The directors are of the opinion that there is no ultimate controlling party.
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