Registered number: 12668934
FOR THE YEAR ENDED 31 MAY 2025
GIANT PRECISION CONTRACTS LIMITED
COMPANY INFORMATION
GIANT PRECISION CONTRACTS LIMITED
CONTENTS
GIANT PRECISION CONTRACTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
The directors present the strategic report for the year ended 31 May 2025.
The company’s principal activity during the financial year remained the provision of outsourced PAYE payroll and payment services, alongside dedicated support to individual contractors for payroll and payment processing. The directors intend to continue promoting this core activity.
Gross profit for the year was £1.9m (2024: £2.0m), with profit before taxation of £0.4m (2024: £0.7m).
The company operated in a challenging environment during the year. Despite this, we continued to invest in our proprietary platform. We continue to benefit from a resilient recurring revenue base while remaining alert to regulatory and market developments.
Performance indicators for the financial year are as follows:
The company operated in a challenging environment during the year. Despite this, we continued to invest in our proprietary platform. We continue to benefit from a resilient recurring revenue base while remaining alert to regulatory and market developments.
Performance indicators for the financial year are as follows:
Through our proprietary cloud-based platform and managed services, the company continues to deliver straightforward, compliance-driven workforce solutions. Guided by client needs, market trends, and regulation, we support an expanding our client base with efficient and reliable services.
We maintain high standards in product quality, environmental awareness, and data security, supported by ISO 27001, ISO 9001, ISO 14001, and Cyber Essentials Plus certifications. We also remain fully GDPR compliant with our October 2023 audit reaffirming strong data protection practices across operations.
We maintain high standards in product quality, environmental awareness, and data security, supported by ISO 27001, ISO 9001, ISO 14001, and Cyber Essentials Plus certifications. We also remain fully GDPR compliant with our October 2023 audit reaffirming strong data protection practices across operations.
Our investment planning and decision-making process considers both client needs and our solutions. We maintain a strong focus on quality processes and staff training, including certifications and IT security awareness, to ensure exceptional service.
We continue to invest in our business to keep pace with evolving tax and employment legislation, while also upgrading IT systems, expanding sales capabilities, and reviewing processes with AI and custom technologies to enhance efficiency, automation, and resilience.
We continue to invest in our business to keep pace with evolving tax and employment legislation, while also upgrading IT systems, expanding sales capabilities, and reviewing processes with AI and custom technologies to enhance efficiency, automation, and resilience.
Our investment planning and decision-making process considers both our clients’ needs and our solutions. We maintain a strong focus on quality processes and staff training to deliver exceptional customer service, while also advancing responsible business practices with an emphasis on ESG priorities, including compliance, governance, worker wellbeing and enhancing our information technology capabilities.
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GIANT PRECISION CONTRACTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
Our strategy at Giant Precision Contracts Limited continues to centre on providing outsourced PAYE payroll and payment services, alongside dedicated support to individual contractors in relation to payroll and payment processing.
Directors remain focused on driving organic growth through stronger client relationships. They are firm in their conviction that the Group is responsible for maintaining exemplary customer service, driving continuous innovation, and upholding core compliance values. These commitments are considered vital for sustaining and boosting revenue growth in the coming years.
Directors remain focused on driving organic growth through stronger client relationships. They are firm in their conviction that the Group is responsible for maintaining exemplary customer service, driving continuous innovation, and upholding core compliance values. These commitments are considered vital for sustaining and boosting revenue growth in the coming years.
The Board reviews daily cash flow forecasts and has assessed financial projections for the 12 months from the signing date of these statements. Based on this, it is satisfied the Group has sufficient resources to operate and meet its liabilities as they fall due.
The Company holds ISO 14001 certification and has achieved a score of 58 on the EcoVadis sustainability scorecard, demonstrating its commitment to reducing environmental impact and providing assurance to management, employees, and stakeholders that progress is being monitored and continuously improved.
“Giant Giving” is our flagship initiative supporting Great Ormond Street Hospital. We’re committed to raising both funds and awareness having raised over £50,000 between June 2023 and May 2025. This was achieved through active employee participation in fundraising activities, such as charity walks and hikes, alongside company-matched donations.
The Group adopts a structured, proactive risk management approach, holding regular cross-functional meetings to identify and address key risks. Evaluations consider internal and external factors, including PESTEL trends, competitor actions, and partnerships, using strategic frameworks to support continuous risk identification, assessment, and mitigation aligned with Group objectives.
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GIANT PRECISION CONTRACTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
Price risk
Operating in a competitive industry, the Group actively monitors market pricing and delivery models to maintain a responsive, sustainable strategy. The adoption of AI represents an opportunity to cut costs and offer competitive pricing.
Liquidity Risk
The Group maintains prudent liquidity management, ensuring operational cash reserves and strategic investment capacity. Timely, strategic investments have generated interest income, strengthening its financial position through efficient use of passive funds.
Credit risk
To protect cash flows, the Group adopts a proactive credit risk approach, evaluating customer creditworthiness and setting limits at onboarding. Insurance is obtained where needed. The credit control team regularly reviews arrangements to ensure effectiveness and address emerging risks.
Cash flow risk
The Group funds operations through retained earnings and cash, with treasury managing regulatory, liquidity, and credit risks. Cash flow forecasts, weekly to quarterly, are integrated into finance activities and shared with the Board for monitoring and decision-making.
Foreign currency risk
The Group’s foreign risk is currently low due to GBP transactions.
Data Protection and Cybersecurity risk
The Group enforces GDPR compliance through regular training and maintains ISO 27001 and Cyber Essentials Plus certifications. It has strengthened defences through penetration testing, infrastructure upgrades, and a security-first approach to protect sensitive data.
Inflation risk
UK economic uncertainty, especially inflation, poses a material risk. The Group is mitigating this by diversifying revenue, expanding its client base, and promoting bundled services to improve outcomes and margins.
Operating in a competitive industry, the Group actively monitors market pricing and delivery models to maintain a responsive, sustainable strategy. The adoption of AI represents an opportunity to cut costs and offer competitive pricing.
Liquidity Risk
The Group maintains prudent liquidity management, ensuring operational cash reserves and strategic investment capacity. Timely, strategic investments have generated interest income, strengthening its financial position through efficient use of passive funds.
Credit risk
To protect cash flows, the Group adopts a proactive credit risk approach, evaluating customer creditworthiness and setting limits at onboarding. Insurance is obtained where needed. The credit control team regularly reviews arrangements to ensure effectiveness and address emerging risks.
Cash flow risk
The Group funds operations through retained earnings and cash, with treasury managing regulatory, liquidity, and credit risks. Cash flow forecasts, weekly to quarterly, are integrated into finance activities and shared with the Board for monitoring and decision-making.
Foreign currency risk
The Group’s foreign risk is currently low due to GBP transactions.
Data Protection and Cybersecurity risk
The Group enforces GDPR compliance through regular training and maintains ISO 27001 and Cyber Essentials Plus certifications. It has strengthened defences through penetration testing, infrastructure upgrades, and a security-first approach to protect sensitive data.
Inflation risk
UK economic uncertainty, especially inflation, poses a material risk. The Group is mitigating this by diversifying revenue, expanding its client base, and promoting bundled services to improve outcomes and margins.
This section of the Strategic Report outlines how the directors have considered the matters stated in Section 172(1) of the Companies Act 2006 ('s172') while fulfilling their duty to promote the success of the company for the benefit of its shareholders. The Board acknowledges its obligations to enhance the firm's performance for the benefit of its members and all other stakeholders, who play a crucial role in the ongoing success of the company. The board ensures fair and equitable treatment of all stakeholders to ensure sustained business success. Regarding the matters outlined in Section 172 of the Act, the directors believe they have acted in good faith to advance the group's success on behalf of the stakeholders. We consider our employees, clients, suppliers, and regulatory bodies as the main stakeholders and the engagements we have with them are outlined below:
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GIANT PRECISION CONTRACTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
Employees are central to Giant Precision Group’s long-term success. We invest in their growth through structured training, professional certification support, and CPD assistance.
Our focus on well-being includes mental health support, medical benefits, flexible leave, and hybrid work options. We promote open communication via surveys, newsletters, meetings, and the intranet, while bi-annual appraisals and regular reviews support career progression.
This approach fosters a diverse, healthy, and high-performing workplace.
Our focus on well-being includes mental health support, medical benefits, flexible leave, and hybrid work options. We promote open communication via surveys, newsletters, meetings, and the intranet, while bi-annual appraisals and regular reviews support career progression.
This approach fosters a diverse, healthy, and high-performing workplace.
At Giant Precision Group, we recognise our clients as our greatest asset and the driving force behind our growth and innovation. We are committed to prioritising their interests in every decision.
Our client commitment includes:
Our client commitment includes:
∙Competitive offerings: We deliver innovative, tailored solutions, with ongoing enhancements to our software and portals.
∙Strong relationships: We focus on long-term partnerships through proactive communication, dedicated account managers, and real-time support.
∙Accessible support: Clients receive prompt assistance from knowledgeable teams to ensure smooth service delivery.
∙Transparency: We share timely, accurate information and offer webinars to help clients stay compliant and informed.
∙Continuous Improvement: Client feedback, including satisfaction surveys, shapes our service evolution.
We’ve also expanded globally through new subsidiaries to offer compliant, region-specific payroll solutions. These efforts strengthen trust, adaptability, and shared success.
We foster ethical, collaborative partnerships with suppliers, recognising their role in our service delivery and ESG goals.
We ensure fair, timely payments and maintain open communication with equitable terms to support long-term relationships. Our enhanced onboarding and compliance processes promote ethical sourcing and ESG alignment, including emissions transparency and regular service reviews.
These practices help build strong, sustainable supplier partnerships.
We ensure fair, timely payments and maintain open communication with equitable terms to support long-term relationships. Our enhanced onboarding and compliance processes promote ethical sourcing and ESG alignment, including emissions transparency and regular service reviews.
These practices help build strong, sustainable supplier partnerships.
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GIANT PRECISION CONTRACTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
At Giant Precision Group, we are committed to transparent, cooperative relationships with regulators, recognising their vital role in ensuring oversight and accountability. We fully comply with key regulatory frameworks, including FCSA accreditation, ISO certifications, and GDPR.
Our approach includes:
Our approach includes:
∙Active Communication: Ongoing dialogue with regulators through meetings, calls, and correspondence.
∙Audit Readiness: Welcoming site visits and maintaining readiness for compliance assessments.
∙Policy Engagement: Participating in consultations and contributing to regulatory developments.
∙Standards Adherence: Upholding sector standards and regulatory requirements.
∙ESG Planning: Established an internal ESG Focus Group to manage emerging disclosure and reporting obligations.
Through transparency and regulatory alignment, we remain committed to ethical, responsible, and compliant operations.
This report was approved by the board and signed on its behalf.
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GIANT PRECISION CONTRACTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
The directors present their report and the financial statements for the year ended 31 May 2025.
The results for the year are set out on page 1.
Ordinary dividends were £350,000 in 2025 (2024: £200,000). The directors do not recommend payment of a final dividend for the financial year.
Ordinary dividends were £350,000 in 2025 (2024: £200,000). The directors do not recommend payment of a final dividend for the financial year.
The directors who served during the year were:
The Group prudently manages cash and borrowing to maximise interest, minimise costs, and maintain liquidity.
Disabled persons
The Group is a Disability Confident Employer, committed to fair hiring and equal opportunities for disabled applicants. We review processes to remove barriers, train managers to provide support, and offer adjustments and training to ensure continued employment and development for employees with disabilities.
Disabled persons
The Group is a Disability Confident Employer, committed to fair hiring and equal opportunities for disabled applicants. We review processes to remove barriers, train managers to provide support, and offer adjustments and training to ensure continued employment and development for employees with disabilities.
The Group values employee involvement, using meetings, feedback, and reviews to drive performance and improvement, supported by ISO 9001-certified quality management practices.
Our people and their welfare
We foster a high-performing, engaged workforce through surveys, team meetings, flexible working, and professional development. Support includes 24/7 EAP access, mental health first aiders, a wellness reimbursement scheme, and optional extra leave. Regular training covers wellbeing, information security, DEIB, AI, and modern slavery to ensure awareness and alignment.
Employee voice and communication
The Group promotes transparency and trust through open communication and feedback channels. Employees help shape direction via regular reviews, development goals, and tailored learning. Communication and upskilling have expanded with digital growth. Team bonding and cross-functional collaboration foster cohesion and shared purpose across departments.
Diversity
Our DEIB strategy is embedded across operations and guided by insights from our DEIB survey. We continue to support underrepresented groups, including veterans as an Armed Forces Covenant partner, and run bias-aware recruitment with bi-annual DEIB training. Our workforce reflects strong gender, ethnic, and socio-economic diversity, with most employees representing younger generations.
Looking ahead, we aim to strengthen data practices, launch Employee Resource Groups (ERGs), and celebrate cultural awareness through events and storytelling to build a more inclusive workplace.
We foster a high-performing, engaged workforce through surveys, team meetings, flexible working, and professional development. Support includes 24/7 EAP access, mental health first aiders, a wellness reimbursement scheme, and optional extra leave. Regular training covers wellbeing, information security, DEIB, AI, and modern slavery to ensure awareness and alignment.
Employee voice and communication
The Group promotes transparency and trust through open communication and feedback channels. Employees help shape direction via regular reviews, development goals, and tailored learning. Communication and upskilling have expanded with digital growth. Team bonding and cross-functional collaboration foster cohesion and shared purpose across departments.
Diversity
Our DEIB strategy is embedded across operations and guided by insights from our DEIB survey. We continue to support underrepresented groups, including veterans as an Armed Forces Covenant partner, and run bias-aware recruitment with bi-annual DEIB training. Our workforce reflects strong gender, ethnic, and socio-economic diversity, with most employees representing younger generations.
Looking ahead, we aim to strengthen data practices, launch Employee Resource Groups (ERGs), and celebrate cultural awareness through events and storytelling to build a more inclusive workplace.
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GIANT PRECISION CONTRACTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
Corporate Governance
Giant Precision Group follows the Wates Principles, reinforcing accountability and ethical conduct. In 2024, we enhanced compliance, data security, and internal controls. As we grow globally, legal compliance and ESG remain priorities. We have launched an ESG Focus Group for sustainable, responsible growth.
Purpose and Leadership
We deliver compliant, client-focused services with dedicated support and tailored solutions. Feedback drives service and system enhancements. Employee engagement is fostered through reviews, updates, and structured input. Guided by ISO9001, we promote continuous improvement, aligning staff and client needs to build a resilient, responsive organisation.
Business Relationships
The Board ensures strong stakeholder relationships. Our client-first approach drives innovation and service quality via account managers and tailored platforms. Global operations support international clients. Supplier ties are strengthened through fair terms, due diligence, ESG collaboration, and transparent quarterly reviews.
Remuneration
Giant Precision Group maintains transparent pay structures aligned with our purpose and values. Policies address reputational and behavioural risks from inappropriate incentives, reinforcing our commitment to responsible corporate governance and ethical reward practices.
Culture
Our cultural values guide decisions and behaviour across the business. Reinforced by leadership, they shape a culture of accountability, attract talent, and drive improvement. Embedded throughout the employee lifecycle, this foundation supports ethical conduct, protects our reputation, and enables the achievement of strategic goals.
Training
Ongoing training and development plans are in place to ensure directors remain well-informed about company standards, policies, and strategic objectives.
Staff
Flexible working remains the Group’s preferred model, with remote work supported and office attendance based on business or personal need. Engagement is maintained through regular check-ins and briefings. Wellbeing is prioritised through Mental Health First Aiders, a 24/7 helpline, wellness reimbursements, an Employee Assistance Programme, extra leave options, and bi-annual surveys.
Opportunity and risk
The Group follows a structured, cross-functional approach to risk management, regularly reviewing risks against strategic goals. External factors—political, economic, technological, and environmental—are assessed using established frameworks. Price and inflation risks are addressed through innovation and diversification, while liquidity and credit risk are managed through forecasting, treasury controls, client assessments, and insurance. Data security is maintained via ISO 27001, GDPR compliance, Cyber Essentials Plus certification, and penetration testing. With international expansion, foreign exchange exposure is also being reviewed to guide future controls.
Stakeholder relationships
Giant Precision Contracts Limited is a wholly owned subsidiary of Giant Precision Limited. Both directors of the company are also directors of Giant Precision Group and members of the board.
Streamlined energy and carbon report (SECR) 2024/2025
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GIANT PRECISION CONTRACTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
The Company remains committed to achieving net zero carbon emissions by 2050, in line with the UK Government’s national target. We aim to reach this goal by building on our history of innovation and through our self-delivery model.
Energy consumption
This report covers the financial year 2024/25 and reflects the operations of the Group. Following the closure of our office in April 2023, the majority of our workforce has transitioned to remote working. As a result, the Group has directly consumed or controlled minimal energy. Based on our best estimates, energy usage remained below 40,000 kWh, qualifying the Group as a low energy user under SECR guidelines. Therefore, full SECR disclosures are not required for the year.
In line with Section 414C(11) of the Companies Act 2006, and as referenced in this Directors’ Report, the Company has elected to include specific content within the Strategic Report. This includes the review of the business, key performance indicators, principal risks and uncertainties, business relationships, and details on future developments.
Auditor
Saffery LLP, who served as auditors for the previous financial year, have ceased to hold office. Cooper Parry LLP have been appointed as the company’s new auditors and, in accordance with section 510 of the Companies Act 2006, a resolution proposing their re-appointment will be put at a General Meeting.
Auditor
Saffery LLP, who served as auditors for the previous financial year, have ceased to hold office. Cooper Parry LLP have been appointed as the company’s new auditors and, in accordance with section 510 of the Companies Act 2006, a resolution proposing their re-appointment will be put at a General Meeting.
The Board comprises the Group Chief Financial Officer and the Group Chief Technology Officer, who are also directors of the company. Board meetings are held throughout the year, supported by management and departmental teams who provide timely, comprehensive information to aid in decision-making. The Board follows an agenda tailored to the scale and complexity of the business.
This report was approved by the board and signed on its behalf.
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GIANT PRECISION CONTRACTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2025
The directors are responsible for preparing the strategic report, the directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
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 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;
∙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.
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GIANT PRECISION CONTRACTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GIANT PRECISION CONTRACTS LIMITED
We have audited the financial statements of Giant Precision Contracts Limited (the 'company') for the year ended 31 May 2025, which comprise the profit and loss account, the balance sheet, 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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GIANT PRECISION CONTRACTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GIANT PRECISION CONTRACTS LIMITED (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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GIANT PRECISION CONTRACTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GIANT PRECISION CONTRACTS LIMITED (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:
Our assessment focused on key laws and regulations the entity has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.
During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
Our procedures in relation to fraud included but were not limited to: inquiries of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our tests include agreeing the financial statement disclosures to underlying supporting documentation.
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. In assessing the potential risks of material misstatement we obtained an understanding of; the entities operations, including the nature of its turnover sources and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. We did not identify any matters relating to non-compliance with laws and regulations relating to fraud.
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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GIANT PRECISION CONTRACTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GIANT PRECISION CONTRACTS LIMITED (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
Statutory Auditor
Broadwalk House
5th Floor
5 Appold Street
London
EC2A 2AG
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GIANT PRECISION CONTRACTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2025
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GIANT PRECISION CONTRACTS LIMITED
REGISTERED NUMBER: 12668934
BALANCE SHEET
AS AT 31 MAY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 26 form part of these financial statements.
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GIANT PRECISION CONTRACTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
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GIANT PRECISION CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Giant Precision Contracts Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fourth Floor, 90 High Holborn, London, England, WC1V 6LJ..
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 judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and the profit and loss account of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and the profit and loss account of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
∙Section 7 'Statement of Cash Flows' : Presentation of statement of cash flow and related notes and disclosures;
∙Section 11 'Basic Financial Instruments' and Section 12 Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collaterall loan defaults or breaches, details of hedges, hedging fair value changes recognised in the profit and loss account and in other comprehensive income.
∙Section 33 'Related Party Disclosures': Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Giant Precision Limited. These consolidated financial statements are available from its registered office, Fourth Floor, 90 High Holborn, London, England, WCIV 3LJ.
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GIANT PRECISION CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The directors also note that the company is reliant on the full or partial repayment of the intercompany balances in order to settle its liabilities as they fall due. Receipt of such monies ultimately relies on the provision of financial support from the ultimate parent company.
The directors also note that the company is reliant on the full or partial repayment of the intercompany balances in order to settle its liabilities as they fall due. Receipt of such monies ultimately relies on the provision of financial support from the ultimate parent company.
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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GIANT PRECISION CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
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GIANT PRECISION CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further exdudes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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GIANT PRECISION CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
Holiday Pay
Company operates both accrued and rolled up holiday pay schemes. All workers are given monthly reminders to take their holiday.
Bad Debt Provision
A provision is made for bad and doubtful debts, where management believes there is an issue in the recoverability of trade and other debtors. In the current year, management believe all balances to be recoverable end hence no provision is included within the financial statements.
Analysis of turnover by country of destination:
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GIANT PRECISION CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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GIANT PRECISION CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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GIANT PRECISION CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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GIANT PRECISION CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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Profit and loss account
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GIANT PRECISION CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Giant Precision Limited is the immediate parent company. Giant Precision Limited is the largest and smallest group in which Giant Precision Contracts Limited is a member and for which consolidated financial statements are prepared and publicly available. A copy of the group financial statements can be obtained from Giant Precision Limited, Fourth Floor, 90 High Holborn, London, England, WC1V 6LJ.
The company's ultimate controlling party is Matthew Brown, a director and majority shareholder of Giant Precision Limited.
The company's ultimate controlling party is Matthew Brown, a director and majority shareholder of Giant Precision Limited.
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