ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: SC243711

GMS INVESTMENTS LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

GMS INVESTMENTS LIMITED

COMPANY INFORMATION

Directors	Mr Gordon Bow
	Mrs Maisie Bow


Company secretary	Mrs Maisie Bow


Registered number	SC243711


Registered office	6 Youngs Road
	East Mains Industrial Estate
	Broxburn
	West Lothian
	EH52 5LY


Independent auditors	Sumer Auditco Limited
	Chartered Accountants & Statutory Auditors
	Pentland House
	Saltire Centre
	Glenrothes
	Fife
	KY6 2AH

GMS INVESTMENTS LIMITED

CONTENTS

	Page
Group strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 6
Consolidated statement of comprehensive income	7
Consolidated statement of financial position	8
Company statement of financial position	9
Consolidated statement of changes in equity	10 - 11
Company statement of changes in equity	12
Consolidated statement of cash flows	13 - 14
Consolidated analysis of net debt	14
Notes to the financial statements	15 - 36

GMS INVESTMENTS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

The directors present the strategic report for the year ended 31 March 2025.

Business review

The directors report a small loss on ordinary activities before taxation of £5,812 (2024 - £424,947 profit). The Group saw an increase in Turnover from £10,439,972 in 2024 to £13,673,040 in 2025. Group Shareholders' Funds now stand at £9,138,516 (2024 - £9,519,393) and, as such, the Group remains on a firm financial footing.
The plant and transport necessary for the Group's day to day activities has benefited from substantial investment in the current year of £12,641,822 (2024 - £3,697,770). The continued procurement of new plant and transport to maintain an up-to-date fleet and equipment remains an on-going strategy of the Board.
The directors recognise that the engineering and plant hire markets are still extremely competitive, and they have acknowledged such conditions when establishing the Group's targets for 2026. The position has become more challenging because of the current economic climate, however, with the firm foundation of excellent staff and good quality plant and transport linked to structured management and good financial discipline, the directors are optimistic about this year's trading.

Principal risks and uncertainties

The key risks and uncertainties facing the business are:
Credit risk
The company aims to mitigate credit risk by having a policy that requires credit checks on potential clients. The amount of exposure to any individual customer is regularly reassessed by the Board.
Liquidity risk
The company aims to mitigate liquidity risk by managing cash generation form its operations and applying cash collection targets. In addition, the company has an overdraft facility in place to manage short term timing differences between payments and receipts.
Contract risk
The company aims to mitigate contract risk through robust pricing procedures supported by effective operational management.

Financial key performance indicators

The company's key financial and other performance indicators during the year were as follows:
Unit 2025 2024
Gross profit percentage % 48 46
Average debtor collection days Days 73 73

This report was approved by the board on 22 December 2025 and signed on its behalf.

Mr Gordon Bow

Director

Page 1

GMS INVESTMENTS LIMITED

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.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation and minority interests, amounted to £97,612 (2024 - profit £239,749).

Dividends of £143,264 have been paid to ordinary shareholders during the year (2024 - £150,000).

Directors

The directors who served during the year were:

Mr Gordon Bow

Mrs Maisie Bow

Future developments

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. lt has done so in respect of future developments.

Page 2

GMS INVESTMENTS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 22 December 2025 and signed on its behalf.

Mr Gordon Bow

Director

Page 3

GMS INVESTMENTS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GMS INVESTMENTS LIMITED

Opinion

We have audited the financial statements of GMS Investments Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statements 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).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2025 and of the Group's loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent 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.

Page 4

GMS INVESTMENTS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GMS INVESTMENTS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent Company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 5

GMS INVESTMENTS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GMS INVESTMENTS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group 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:

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 designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could 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. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, 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.

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 Auditors' report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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.

Greg Stapley (Senior Statutory Auditor)

for and on behalf of

Sumer Auditco Limited

Chartered Accountants & Statutory Auditors

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH

22 December 2025

Page 6

GMS INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
	£	£


Turnover	4	13,673,040	10,439,972
Cost of sales		(7,044,043)	(5,686,823)
Gross profit		6,628,997	4,753,149
Administrative expenses		(6,048,353)	(4,360,556)
Other operating income	5	14,439	314,893
Operating profit	6	595,083	707,486
Interest receivable and similar income	10	29,754	31,322
Interest payable and similar expenses	11	(630,649)	(313,861)
(Loss)/profit before taxation		(5,812)	424,947
Tax on (loss)/profit	12	(91,801)	(185,196)
(Loss)/profit for the financial year		(97,613)	239,751


Total comprehensive income for the year		(97,613)	239,751

(Loss)/profit for the year attributable to:
Non-controlling interests	(1)	2
Owners of the parent Company	(97,612)	239,749
	(97,613)	239,751

Total comprehensive income for the year attributable to:
Non-controlling interest	(1)	2
Owners of the parent Company	(97,612)	239,749
	(97,613)	239,751

There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.

The notes on pages 15 to 36 form part of these financial statements.

Page 7

GMS INVESTMENTS LIMITED

REGISTERED NUMBER: SC243711

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
		£		£

Fixed assets
Intangible assets	15		791,908		-
Tangible assets	16		22,124,350		14,109,690
Investments	17		61,274		61,274
Investment property	18		683,241		683,241
			23,660,773		14,854,205
Current assets
Stocks	19	170,154		162,932
Debtors: amounts falling due within one year	20	2,999,759		3,166,978
Cash at bank and in hand	21	1,103,146		950,898
		4,273,059		4,280,808
Creditors: amounts falling due within one year	22	(7,746,488)		(4,538,492)
Net current liabilities			(3,473,429)		(257,684)
Total assets less current liabilities			20,187,344		14,596,521
Creditors: amounts falling due after more than one year	23		(9,815,016)		(3,963,008)
Provisions for liabilities
Deferred taxation	26	(1,233,812)		(1,114,120)
			(1,233,812)		(1,114,120)
Net assets			9,138,516		9,519,393

Capital and reserves
Called up share capital	27	75,000	75,000
Share premium account	28	75,000	75,000
Profit and loss account	28	9,908,155	10,149,031
Non-controlling interests		(919,639)	(779,638)
		9,138,516	9,519,393

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 December 2025.

Mr Gordon Bow

Director

The notes on pages 15 to 36 form part of these financial statements.

Page 8

GMS INVESTMENTS LIMITED

REGISTERED NUMBER: SC243711

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
		£		£

Fixed assets
Investments	17		514,403		189,403
Investment Property	18		1,583,241		1,583,241
			2,097,644		1,772,644
Current assets
Debtors: amounts falling due within one year	20	889,640		978,786
Cash at bank and in hand	21	515,976		535,999
		1,405,616		1,514,785
Creditors: amounts falling due within one year	22	(343,542)		(98,697)
Net current assets			1,062,074		1,416,088
Total assets less current liabilities			3,159,718		3,188,732

Provisions for liabilities
Deferred taxation	26	(67,101)		(65,833)
			(67,101)		(65,833)
Net assets			3,092,617		3,122,899

Capital and reserves
Called up share capital	27	75,000	75,000
Share premium account	28	75,000	75,000
Profit and loss account		2,942,617	2,972,899
		3,092,617	3,122,899

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 December 2025.

Mr Gordon Bow

Director

The notes on pages 15 to 36 form part of these financial statements.

Page 9


		GMS INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Share premium account	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£
At 1 April 2024	75,000	75,000	10,149,031	10,299,031	(779,638)	9,519,393
Comprehensive income for the year
Loss for the year	-	-	(97,612)	(97,612)	(1)	(97,613)
Total comprehensive income for the year	-	-	(97,612)	(97,612)	(1)	(97,613)
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(143,264)	(143,264)	(140,000)	(283,264)
At 31 March 2025	75,000	75,000	9,908,155	10,058,155	(919,639)	9,138,516

The notes on pages 15 to 36 form part of these financial statements.

Page 10


		GMS INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Share premium account	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£
At 1 April 2023	75,000	75,000	10,059,282	10,209,282	(627,640)	9,581,642
Comprehensive income for the year
Profit for the year	-	-	239,749	239,749	2	239,751
Total comprehensive income for the year	-	-	239,749	239,749	2	239,751
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(150,000)	(150,000)	(152,000)	(302,000)
At 31 March 2024	75,000	75,000	10,149,031	10,299,031	(779,638)	9,519,393

The notes on pages 15 to 36 form part of these financial statements.

Page 11

GMS INVESTMENTS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2024	75,000	75,000	2,972,899	3,122,899
Comprehensive income for the year
Profit for the year	-	-	112,982	112,982
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(143,264)	(143,264)
At 31 March 2025	75,000	75,000	2,942,617	3,092,617

The notes on pages 15 to 36 form part of these financial statements.

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2023	75,000	75,000	2,980,461	3,130,461
Comprehensive income for the year
Profit for the year	-	-	142,438	142,438
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(150,000)	(150,000)
At 31 March 2024	75,000	75,000	2,972,899	3,122,899

The notes on pages 15 to 36 form part of these financial statements.

Page 12

GMS INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

			2025	2024
			£	£

Cash flows from operating activities
(Loss)/profit for the financial year	(97,613)	239,751
Adjustments for:
Amortisation of intangible assets	64,296	-
Depreciation of tangible assets	3,242,311	2,366,336
Loss on disposal of tangible assets	(37,745)	(143,548)
Interest paid	630,649	313,861
Interest received	(29,754)	(31,322)
Taxation charge	91,801	185,196
Decrease in stocks	5,679	75,275
Decrease/(increase) in debtors	90,147	(102,350)
Increase in creditors	1,404,233	447,531
Corporation tax (paid)	(7,300)	-
Net cash generated from operating activities	5,356,704	3,350,730

Cash flows from investing activities
Cash outlay of business combinations	(325,000)	-
Purchase of tangible fixed assets	(12,641,822)	(3,697,770)
Sale of tangible fixed assets	1,603,233	1,370,099
Purchase of investment properties	-	(133,241)
Purchase of unlisted and other investments	-	(5,858)
Cash acquired from business combinations	235,593	-
Interest received	29,754	31,322
HP interest paid	(613,399)	(313,861)
Net cash from investing activities	(11,711,641)	(2,749,309)

Page 13

GMS INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

		2025	2024
		£	£


Cash flows from financing activities
Repayment of directors loan	(83,264)	-
Repayment of/new finance leases	6,888,249	(875,169)
Dividends paid	(143,264)	(150,000)
Interest paid	(17,250)	-
Dividends paid to non-controlling interests	(140,000)	(152,000)
Net cash used in financing activities	6,504,471	(1,177,169)
Net increase/(decrease) in cash and cash equivalents	149,534	(575,748)
Cash and cash equivalents at beginning of year	362,157	937,905
Cash and cash equivalents at the end of year	511,691	362,157

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,103,146	950,898
Bank overdrafts	(591,455)	(588,741)
	511,691	362,157

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 MARCH 2025


At 1 April 2024	Cash flows	Acquisition of subsidiaries	New finance leases	At 31 March 2025
£	£	£	£	£


Cash at bank and in hand	950,898	(83,345)	235,593	-	1,103,146
Bank overdrafts	(588,741)	(2,714)	-	-	(591,455)
Finance leases	(6,511,002)	5,481,288	(60,927)	(12,369,537)	(13,460,178)
	(6,148,845)	5,395,229	174,666	(12,369,537)	(12,948,487)

The notes on pages 15 to 36 form part of these financial statements.

Page 14

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

GMS Investments Limited is a limited liability company incorporated in Scotland, registration number SC243711. The registered office address is 6 Youngs Road, East Mains Industrial Estate, Broxburn, West Lothian EH52 5LY.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

ln accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Page 15

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Finance leases and hire purchase contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 16

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 17

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life of 10 years.

Page 18

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:

Depreciation is provided on the following basis:

Land and buildings	-	0-10% straight line and 5% reducing balance
Plant and machinery	-	15-25% reducing balance
Motor vehicles	-	25% reducing balance
Furniture, fittings and equipment	-	20-25% reducing balance

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.
Depreciation is not provided in respect of the Group's investment property reclassified as freehold property on consolidation. It is the directors belief that the residual value of these assets is at least equal to the book value. Having regard to this, it is considered that the depreciation of any such property would not be material.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.14

Valuation of investments

Investments in subsidiaries and other fixed assets are measured at cost less accumulated impairment.

2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 19

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.20

Financial instruments

The Group 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 Group's Statement of financial position when the Group 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.

2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 20

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The most significant estimations within the Group's financial statements relates to investment property, depreciation and lease arrangements.
The directors review the carrying value of investment properties on a regular basis and make use of independent external valuers when considered necessary in order to assist them. As part of their regular reviews any potential uplifts in value or impairments required to ensure the carrying values remain accurate are considered.
The directors review depreciation rates on a regular basis to ensure that the policy rates remain appropriate and fairly charge the cost of fixed assets over their predicted useful lives for each specific category of fixed asset.
The company enters into hire purchase contracts and other lease arrangements for the use of plant and equipment. The classification of such leases as operating or finance leases requires the company to determine, based on evaluation of the terms and conditions of the arrangements, where it retains or acquires the significant risk and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the Balance Sheet.

General plant hire	9,003,124	7,992,402
Engineering works	2,394,566	2,447,570
Construction works	2,275,350	-
	13,673,040	10,439,972

All turnover arose within the United Kingdom.

5.	Other operating income
		2025	2024
		£	£

Management charges receivable	5,351	300,000
Net rents receivable	9,088	9,088
Insurance claims receivable	-	5,805
	14,439	314,893

Page 21

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Depreciation of tangible fixed assets	3,242,311	2,366,336
(Profit)/Loss on disposal of tangible fixed assets	(37,745)	(143,548)
Operating lease rentals	211,133	184,000

7.	Auditors' remuneration
		2025	2024
		£	£

	Audit of the financial statements of the group and company	5,500	4,800
	Audit of the financial statements of the company's subsidiaries	24,500	15,100

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2025	2024
		£	£


Wages and salaries	3,503,349	3,262,976
Social security costs	357,828	332,976
Cost of defined contribution scheme	108,438	102,548
	3,969,615	3,698,500

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Direct labour	74	72	-	-
Administration staff	16	17	-	-
Directors	5	5	2	2

	95	94	2	2

Page 22

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	379,591	349,004
Group contributions to defined contribution pension schemes	39,992	33,934
	419,583	382,938

	During the year retirement benefits were accruing to 4 directors (2024 - 4) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £89,487 (2024 - £80,899).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,387 (2024 - £1,579).

The directors are considered to be the company's Key Management Personnel.

10.	Interest receivable
		2025	2024
		£	£

Bank and other interest receivable

29,754

31,322

11.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	39	-
Other loan interest payable	17,211	-
Finance leases and hire purchase contracts	613,399	313,861
	630,649	313,861

Page 23

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Corporation tax
Current tax on profits for the year	14,671	-
	14,671	-

Total current tax	14,671	-

Deferred tax
Deferred tax - current year	80,465	149,114
Deferred tax - prior year	(3,335)	36,082
Total deferred tax	77,130	185,196


	Tax on (loss)/profit	91,801	185,196

(Loss)/profit on ordinary activities before tax

(5,812)

424,947

(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	(1,453)	106,237
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	61,996	38,937
Effect of amortisation of goodwill on consolidation	16,074	-
Group relief	703	3,143
Deferred tax adjustments in respect of prior periods	(3,335)	36,082
Depreciation on non-qaulifying assets	989	797
Other differences leading to an increase (decrease) in the tax charge	17,765	-
Marginal relief	(938)	-
Total tax charge for the year	91,801	185,196

Page 24

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.	Dividends
		2025	2024
		£	£

Dividends paid on Ordinary A shares held in the parent company	83,264	100,000
Dividends paid on Ordinary B shares held in the parent company	30,000	25,000
Dividends paid on Ordinary C shares held in parent company	30,000	25,000
	143,264	150,000

Dividends of £140,000 have been paid to non-controlling interest shareholders during the year (2024 - £152,000).

14.	Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £112,982 (2024 - £142,438).

15.	Intangible assets
	Group

		Goodwill
		£
	Cost
	Additions	856,204
	At 31 March 2025	856,204
	Amortisation
	Charge for the year	64,296
	At 31 March 2025	64,296
	Net book value
	At 31 March 2025	791,908

The company has no intangible assets.

Page 25

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

16.	Tangible fixed assets
	Group

	Freehold property	Plant and machinery	Motor vehicles	Office equipment	Other fixed assets	Total
	£	£	£	£	£	£
Cost or valuation
At 1 April 2024	700,056	19,204,492	1,626,613	115,383	146,581	21,793,125
Additions	-	11,801,702	828,172	11,948	-	12,641,822
Subsidiary acquisition	32,216	142,329	56,000	5,859	-	236,404
Disposals	-	(3,062,494)	(392,428)	(5,909)	-	(3,460,831)
At 31 March 2025	732,272	28,086,029	2,118,357	127,281	146,581	31,210,520
Depreciation
At 1 April 2024	55,039	6,842,521	707,609	78,266	-	7,683,435
Charge for the year	6,885	2,870,169	354,131	11,126	-	3,242,311
Subsidiary acquisition	10,042	31,510	9,175	4,195	-	54,922
Disposals	-	(1,636,474)	(253,227)	(4,797)	-	(1,894,498)
At 31 March 2025	71,966	8,107,726	817,688	88,790	-	9,086,170
Net book value
At 31 March 2025	660,306	19,978,303	1,300,669	38,491	146,581	22,124,350
At 31 March 2024	645,017	12,361,971	919,004	37,117	146,581	14,109,690

Included within the net book value of land and buildings above is £587,475 (2024 - £587,475) in respect of freehold land and buildings and £72,831 (2024 - £57,542) in respect of long leasehold land and buildings. The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Plant and machinery	13,680,989	11,318,954
Motor vehicles	1,142,577	766,102
	14,823,566	12,085,056

Page 26

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

17.	Fixed asset investments
	Group

		Unlisted investments
		£
	Cost or valuation
	At 1 April 2024	61,274
	At 31 March 2025	61,274

Page 27

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

	Company

		Unlisted investments
		£
	Cost or valuation
	At 1 April 2024	189,403
	Additions	325,000
	At 31 March 2025	514,403

Subsidiary undertakings
The following were direct and indirect subsidiary undertakings of the Company:
Name Registered Office Class of shares Holding
Gordon Bow Plant Hire Ltd 6 Youngs Road, East Ordinary shares 99.99%
   Mains Industrial Estate,
   Broxburn, West Lothian,
   EH52 5LY
Gordon Bow Engineering Limited 6 Youngs Road, East Ordinary shares 100%
   Mains Industrial Estate,
   Broxburn, West Lothian,
   EH52 5LY
GC Concrete Limited 1 Drovers Road, East Ordinary shares 100%
   Mains Industrial Estate,
   Broxburn, West Lothian,
   EH52 5ND
Gravel Rocks Aggregate Ltd 1 Drovers Road, East Ordinary shares 100%
   Mains Industrial Estate,
   Broxburn, West Lothian,
   EH52 5ND
Fleximix Concrete Ltd 1 Drovers Road, East Ordinary shares 100%
   Mains Industrial Estate,
   Broxburn, West Lothian,
   EH52 5ND
Fleximix Ltd 1 Drovers Road, East Ordinary shares 100%
   Mains Industrial Estate,
   Broxburn, West Lothian,
   EH52 5ND

Page 28

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

18.	Investment property
	Group

		Investment property
		£
	Valuation
	At 1 April 2024	683,241
	At 31 March 2025	683,241

	Company

		Investment property
		£
	Valuation
	At 1 April 2024	1,583,241
	At 31 March 2025	1,583,241

In September 2022 investment property was valued by Shepherd Commercial. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors are of the opinion that there has been no changes to the valuation since this date and the valuation is representative of the current fair value.

19.	Stocks
		Group	Group
		2025	2024
		£	£

Raw materials and consumables	25,060	23,070
Work in progress	121,115	124,000
Finished goods and goods for resale	23,979	15,862
	170,154	162,932

Page 29

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

20.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	2,720,756	2,055,038	36,281	40,921
Amounts owed by group undertakings	-	-	831,993	250,754
Other debtors	131,688	719,839	21,366	687,111
Prepayments and accrued income	147,315	392,101	-	-
	2,999,759	3,166,978	889,640	978,786

Included within other debtors due within one year is a loan to Mr G Bow, a director, amounting to £nil (2024 - £83,264). Amounts advanced during the year amounted to £nil and amounts repaid amounted to £83,264 (2024 - £nil). Interest totalling £nil (2024 - £2,621) was charged on the loan during the year.

21.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Cash at bank and in hand	1,103,146	950,898	515,976	535,999
Less: bank overdrafts	(591,455)	(588,741)	-	-
	511,691	362,157	515,976	535,999

22.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank overdrafts	591,455	588,741	-	-
Trade creditors	2,766,102	835,011	984	7,084
Corporation tax	1,358	1,358	1,358	1,358
Other taxation and social security	119,640	185,619	22,717	20,371
Net obligations under finance lease and hire purchase contracts	3,734,162	2,636,994	-	-
Other creditors	278,796	43,076	251,600	-
Accruals and deferred income	254,975	247,693	66,883	69,884
	7,746,488	4,538,492	343,542	98,697

Net obligations under finance lease and hire purchase contracts are secured by the relevant assets.

Page 30

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

23.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	2024
		£	£

Net obligations under finance lease and hire purchase contracts	9,726,016	3,874,008
Government grants received	89,000	89,000
	9,815,016	3,963,008

Net obligations under finance lease and hire purchase contracts are secured by the relevant assets.

24.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2025	2024
		£	£

Within one year	3,734,162	2,636,994
Between 1-5 years	9,726,016	3,874,008
	13,460,178	6,511,002

25.	Financial instruments
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Financial assets
Financial assets measured at fair value through profit or loss	1,103,146	950,898	515,976	535,999
Financial assets that are debt instruments measured at amortised cost	2,861,572	2,759,845	889,640	978,786
	3,964,718	3,710,743	1,405,616	1,514,785

	Financial liabilities
	Financial liabilities measured at amortised cost	3,891,328	1,082,704	319,467	76,968

	Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.
	Financial assets that are debt instruments measured at amortised cost comprise trade debtors and other debtors.
	Financial liabilities measured at amortised cost comprise trade creditors, accruals, bank overdrafts, and other creditors.

Page 31

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

26.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(1,114,120)
	Charged to profit or loss	(77,130)
	Subsidiary acquisition	(42,562)
	At end of year	(1,233,812)

Company

		2025
		£

	At beginning of year	(65,833)
	Charged to profit or loss	(1,268)
	At end of year	(67,101)

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

Accelerated capital allowances	(3,971,301)	(2,984,804)	(65,150)	(63,882)
Tax losses carried forward	2,737,088	1,870,178	(1,951)	(1,951)
Pension surplus	401	506	-	-
	(1,233,812)	(1,114,120)	(67,101)	(65,833)

27.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

74,998 (2024 - 74,998) Ordinary A shares of £1.00 each	74,998	74,998
1 (2024 - 1) Ordinary B share of £1.00	1	1
1 (2024 - 1) Ordinary C share of £1.00	1	1

	75,000	75,000

Page 32

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

28.

Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.
Included within the profit and loss reserve of the company is £547,500 (2024 - £547,500) of investment property gains which are non distributable.

Non-controlling interest

The non-controlling interest is in respect of 1 ordinary B share issued in Gordon Bow Plant Hire Limited.
During the year, dividends of £140,000 (2024 - £152,000) were paid to the holder of the ordinary B share resulting in a debit balance of non-controlling interest of £919,637 (2024 - £779,638).
The shares in Gordon Bow Plant Hire Limited do not have equal rights to voting and dividends.

Page 33

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

29.	Business combinations

The parent company acquired the entire shareholding in GC Concrete Limited, Fleximix Concrete Ltd, Fleximix Ltd and Gravel Rocks Aggreates Ltd for a consideration of £325,000.

Fixed Assets
Tangible	181,482	181,482
	181,482	181,482
Current Assets
Stocks	14,166	14,166
Debtors	382,330	382,330
Cash at bank and in hand	235,593	235,593
Total Assets	813,571	813,571
Creditors
Due within one year	(1,191,332)	(1,191,332)
Due after more than one year	(110,881)	(110,881)
Deferred taxation	(42,562)	(42,562)
Total Identifiable net liabilities	(531,204)	(531,204)


	Goodwill	856,204
	Total purchase consideration	325,000

	Consideration
					£


	Cash	325,000
	Total purchase consideration	325,000

	Cash outflow on acquisition
					£


	Purchase consideration settled in cash, as above	325,000
	Net cash outflow on acquisition	325,000

Page 34

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

29.Business combinations (continued)

	The goodwill arising on acquisition is attributable to the trade of the Company and its subsidiaries.
	The results of GC Concrete Limited, Fleximix Concrete Ltd, Fleximix Ltd and Gravel Rocks Aggregates Ltd. since acquisition are as follows:
				Current period since acquisition
				£

	Turnover	2,275,350
	Profit for the period since acquisition	112,484

30.	Contingent liabilities

At 31 March 2025, GMS Investments Limited has provided standard security over certain property in favour of Virgin Money Plc in relation to bank overdraft facilities within its subsidiary company Gordon Bow Plant Hire Limited in the amount of £591,455 (2024 - £588,741).

31.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £108,438 (2024 - £102,548). Contributions totalling £5,267 (2024 - £5,397) were payable to the fund at the reporting date.

32.	Commitments under operating leases
	At 31 March 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Not later than 1 year	214,000	184,000	120,000	120,000
Later than 1 year and not later than 5 years	120,000	240,000	120,000	240,000
	334,000	424,000	240,000	360,000

Page 35

GMS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

33.	Related party transactions
	The company has taken advantage of the exemption within FRS 102 from disclosing transactions with other companies that are wholly owned by the group headed by GMS Investments Limited.

		2025	2024
		£	£

Income from other related parties other than wholly owned group companies	636,753	868,129
Purchases to other related parties other than wholly owned group companies	555,602	551,507
Rent received from other related parties other than wholly owned group companies	37,000	64,000
Interest received from other related parties other than wholly owned group companies	-	22,404
Net trading balances due from/(to) other related parties other than wholly owned group companies	183,219	99,316
Loans due from/(to) other related parties other than wholly owned group companies	-	582,481

The amounts are unsecured, interest free and repayable on demand.

34.	Controlling party

The ultimate controlling party is Mr G Bow as a result of his majority shareholding.

Page 36