REGISTERED NUMBER: 07513166 (England and Wales)

Report of the Directors and

Unaudited Consolidated Financial Statements

for the Year Ended 30 May 2025

for

GILPIN DEMOLITION GROUP LIMITED

Page

Company Information

1

Report of the Directors

2

Consolidated Income Statement

3

Consolidated Other Comprehensive Income

4

Consolidated Statement of Financial Position

5

Company Statement of Financial Position

7

Consolidated Statement of Changes in Equity

9

Company Statement of Changes in Equity

10

Notes to the Consolidated Financial Statements

11

DIRECTORS:

SA Gilpin

N Gambles

REGISTERED OFFICE:

Ground Floor

Keble House

Southernhay Gardens

Exeter

Devon

EX1 1NT

REGISTERED NUMBER:

07513166 (England and Wales)

ACCOUNTANTS:

Gravita Western Limited

Keble House

Southernhay Gardens

Exeter

Devon

EX1 1NT

The directors present their report with the financial statements of the company and the group for the year ended 30 May 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of demolition contractors and asbestos removal.

DIRECTORS

The directors shown below have held office during the whole of the period from 31 May 2024 to the date of this report.

SA Gilpin

N Gambles

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

SA Gilpin - Director

2 December 2025

TURNOVER

8,705,992

8,031,728

Cost of sales

(5,908,209

)

(5,712,835

)

GROSS PROFIT

2,797,783

2,318,893

Administrative expenses

(1,704,712

)

(1,912,947

)

1,093,071

405,946

Other operating income

-

8,831

OPERATING PROFIT

1,093,071

414,777

Interest receivable and similar income

2,641

1,575

1,095,712

416,352

Interest payable and similar expenses

(101,522

)

(76,711

)

PROFIT BEFORE TAXATION

994,190

339,641

Tax on profit

5

(114,619

)

(101,199

)

PROFIT FOR THE FINANCIAL YEAR

879,571

238,442

Profit attributable to:

Owners of the parent

879,571

238,442

PROFIT FOR THE YEAR

879,571

238,442

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

879,571

238,442

Total comprehensive income attributable to:

Owners of the parent

879,571

238,442

FIXED ASSETS

Intangible assets

7

182,146

182,146

Tangible assets

8

4,163,203

2,974,370

Investments

9

-

-

4,345,349

3,156,516

CURRENT ASSETS

Stocks

37,300

34,000

Debtors

10

1,590,633

978,035

Cash at bank

254,534

232,163

1,882,467

1,244,198

CREDITORS

Amounts falling due within one year

11

(2,012,378

)

(1,638,440

)

NET CURRENT LIABILITIES

(129,911

)

(394,242

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,215,438

2,762,274

CREDITORS

Amounts falling due after more than one year

12

(1,073,156

)

(614,182

)

PROVISIONS FOR LIABILITIES

(579,476

)

(464,857

)

NET ASSETS

2,562,806

1,683,235

CAPITAL AND RESERVES

Called up share capital

111

111

Share premium

1

1

Other reserves

499,998

499,998

Retained earnings

2,062,696

1,183,125

2,562,806

1,683,235

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 May 2025.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30 May 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

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

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2025 and were signed on its behalf by:

SA Gilpin - Director

FIXED ASSETS

Intangible assets

7

-

-

Tangible assets

8

-

-

Investments

9

500,200

500,200

500,200

500,200

CURRENT ASSETS

Debtors

10

10

10

CREDITORS

Amounts falling due within one year

11

(100

)

(100

)

NET CURRENT LIABILITIES

(90

)

(90

)

TOTAL ASSETS LESS CURRENT LIABILITIES

500,110

500,110

CAPITAL AND RESERVES

Called up share capital

111

111

Share premium

1

1

Other reserves

499,998

499,998

500,110

500,110

Company's profit for the financial year

-

-

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 May 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2025 and were signed on its behalf by:

SA Gilpin - Director

Called up

share

Retained

Share

Other

Total

capital

earnings

premium

reserves

equity

£

£

£

£

£

Balance at 31 May 2023

111

944,683

1

499,998

1,444,793

Changes in equity

Profit for the year

-

238,442

-

-

238,442

Total comprehensive income

-

238,442

-

-

238,442

Balance at 30 May 2024

111

1,183,125

1

499,998

1,683,235

Changes in equity

Profit for the year

-

879,571

-

-

879,571

Total comprehensive income

-

879,571

-

-

879,571

Balance at 30 May 2025

111

2,062,696

1

499,998

2,562,806

Called up

share

Retained

Share

Other

Total

capital

earnings

premium

reserves

equity

£

£

£

£

£

Balance at 31 May 2023

111

-

1

499,998

500,110

Changes in equity

Profit for the year

-

-

-

-

-

Balance at 30 May 2024

111

-

1

499,998

500,110

Changes in equity

Profit for the year

-

-

-

-

-

Balance at 30 May 2025

111

-

1

499,998

500,110

1.	COMPANY INFORMATION

Gilpin Demolition Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The principal place of business is The Horsefields, Clay Pits Way, Newton Abbot, Devon, TQ12 3RR

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 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 on the historical cost convention. The principal accounting policies adopted are set out below.

Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 May 2025.

Subsidiary undertakings are included using the acquisitions method of accounting. Under this method the group profit and loss account includes the results of subsidiaries from the date of acquisition and to the date of sale outside the group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

No profit and loss account is presented for the company as permitted by section 408 of the Companies Act 2006.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Turnover

Turnover represents net invoiced sales, net of value added tax. In addition turnover includes an estimate of costs incurred under contract but not invoiced. Such costs are included as accrued income in debtors.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Negative goodwill is also included on the balance sheet and amortised on a straight line basis over its useful economic life.

If a subsidiary, associate or business is subsequently sold or closed, any goodwill arising on acquisition that was written off directly to reserves or that has not been amortised through the profit and loss account is taken into account in determining the profit or loss on sale or closure.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Amortisation method and rate

Goodwill

over 10 - 20 years

Tangible fixed assets

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

Freehold property

-

5% on cost and Not depreciated

Plant and machinery

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance and 20% on cost

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised 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, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and loss account, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 group operates a defined contribution pension scheme for some staff. Contribution payable to the group's pension scheme are charged to the profit and loss account in the period to which they relate.

Judgements and estimates

The financial statements include significant judgements and estimates as follows:

- Amortisation of goodwill

- Depreciation of tangible assets

- Costs incurred under contracts

This has already been explained in the accounting policy note.

Lease obligations and hire purchase

Lease arrangements that transfer substantially all the risks and rewards of ownership to the lessee are treated as finance leases. Assets held under finance leases or hire purchase are capitalised within tangible fixed assets and depreciated over the shorter of the lease term and the useful life of the asset. Payments are apportioned between capital and interest expense to achieve a constant rate of interest charge on the outstanding obligation.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 69 (2024 - 65 ) .

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Deferred tax

114,619

101,199

Tax on profit

114,619

101,199

6.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

7.	INTANGIBLE FIXED ASSETS

Group

Negative

Goodwill

goodwill

Totals

£

£

£

COST

At 31 May 2024

and 30 May 2025

488,746

(4,995

)

483,751

AMORTISATION

At 31 May 2024

and 30 May 2025

306,600

(4,995

)

301,605

NET BOOK VALUE

At 30 May 2025

182,146

-

182,146

At 30 May 2024

182,146

-

182,146

8.	TANGIBLE FIXED ASSETS

Group

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 31 May 2024

653,280

2,899,688

2,037,162

31,084

5,621,214

Additions

-

1,263,945

876,378

-

2,140,323

Disposals

-

(360,006

)

(600,159

)

-

(960,165

)

At 30 May 2025

653,280

3,803,627

2,313,381

31,084

6,801,372

DEPRECIATION

At 31 May 2024

186,297

1,291,888

1,140,732

27,927

2,646,844

Charge for year

32,664

200,520

296,949

631

530,764

Eliminated on disposal

-

(120,234

)

(419,205

)

-

(539,439

)

At 30 May 2025

218,961

1,372,174

1,018,476

28,558

2,638,169

NET BOOK VALUE

At 30 May 2025

434,319

2,431,453

1,294,905

2,526

4,163,203

At 30 May 2024

466,983

1,607,800

896,430

3,157

2,974,370

9.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 31 May 2024

and 30 May 2025

500,200

NET BOOK VALUE

At 30 May 2025

500,200

At 30 May 2024

500,200

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Sam Gilpin Demolition Limited

Registered office: Keble House, Southenhay Gardens, Exeter, EX1 1NT

Nature of business: Demolition contractors

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£

£

Aggregate capital and reserves

1,981,355

1,476,613

Profit for the year

504,740

332,311

Gilpin Environmental Ltd.

Registered office: Keble House, Southenhay Gardens, Exeter, EX1 1NT

Nature of business: Asbestos removal

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£

£

Aggregate capital and reserves

461,428

309,864

Profit for the year

151,564

41,248

Gilpin Marine and Plant Hire Limited

Registered office: Keble House, Southenhay Gardens, Exeter, EX1 1NT

Nature of business: Hiring of plant and equipment

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£

£

Aggregate capital and reserves

17,101

(175,284

)

Profit/(loss) for the year

192,385

(135,127

)

Each entity is deemed to be a subsidiary of Gilpin Demolition Group Limited as 100% of the share capital is fully owned by the company.

Each subsidiary has been included in these consolidated financial statements.

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£

£

£

£

Trade debtors

1,070,863

746,762

-

-

Other debtors

312,240

85,567

10

10

VAT

49,934

61,078

-

-

Prepayments and accrued income

157,596

84,628

-

-

1,590,633

978,035

10

10

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£

£

£

£

Bank loans and overdrafts

69,667

76,000

-

-

Hire purchase contracts (see note 13)

1,090,128

489,118

-

-

Trade creditors

352,659

549,314

-

-

Amounts owed to group undertakings

-

-

100

100

Tax

13,598

13,598

-

-

Social security and other taxes

166,446

126,048

-

-

Other creditors

175,674

209,225

-

-

Directors' current accounts

3,321

2,650

-

-

Accruals and deferred income

140,885

172,487

-

-

2,012,378

1,638,440

100

100