Company Registration No. 16027145 (England and Wales)
GJM (UK) HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
GJM (UK) HOLDINGS LIMITED
COMPANY INFORMATION
Directors
G Mead
T Mead
Company number
16027145
Registered office
Great Mascalls Farm
West Hanningfield Road
Chelmsford
Essex
CM2 7TA
Auditor
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
Business address
Great Mascalls Farm
West Hanningfield Road
Chelmsford
Essex
CM2 7TA
GJM (UK) HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
GJM (UK) HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2026
- 1 -

The directors present the strategic report for the period ended 31 March 2026.

Review of the business

The Group has increased turnover during the year by 15.9% to £10.6m. We achieved growth across all service lines, under-pinned by our national market and operational footprint. Our investments in ecowelfare assets continue to add momentum.

 

Gross margin improved slightly to 46.0% of turnover, despite a continuing inflationary landscape. We continued to grow our toilet hire inventory and extend in-house ecowelfare transport capabilities. Progress towards sustainable activity remains a focus through use of alternative fuels and minimising environmental impact.

Administrative expenses for the year at £3.8m include share-based payment costs of £0.2m. Excluding this item, administrative expenses increased by 3.9% year on year.

 

Operating profit increased in the year by 51.3% to £1.1m, an operating profit margin of 10.3%. Before the share-based payment charges, operating profit is 12.0% of turnover and increased by 75.9% in the year.

 

We remain committed to developing our ability to provide relevant hire options to our customers, deliver great customer experience and reliable, dependable services. We look forward to building on the development of the Group and the challenges ahead.

Future developments

We will continue to innovate and invest in all areas of our activity to drive continued growth. Our attention is on working to become a sustainable enterprise, with environmentally friendly operations and activity.

 

Our aim is to be a valued partner to our customers throughout the country, helping them to deliver successful projects and meet their own sustainability objectives.

Principal risks and uncertainties

The Group is exposed to general economic, societal and technical developments and their effect on customer markets, operating resources and costs. These may have positive impacts on the Group, as well as detrimental effects to be mitigated.

 

Operational and compliance risks are present among transport and waste management activities which are controlled by policy, methods and protocol, staff training and management review.

 

The Group manages risk and performance by daily, weekly and monthly assessment of metrics and controls across the entire scope of its activity.

Liquidity risk

The Group manages its cash requirements in order to maximise interest income, whilst ensuring the Group has sufficient liquid resources to meet the operating needs of the business.

 

Interest rate risk

The Group is exposed to fair value interest rate risk on its fixed rate borrowings.

 

Credit risk

Investments of cash surpluses and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

GJM (UK) HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
- 2 -
Key performance indicators

The Group's key financial performance indicators during the year were as follows:

 

2026         2025

Turnover         £10,622,691         £9,162,929

Turnover growth         15.9%             13.9%

Gross profit margin     46.0%             45.9%

Operating profit         £1,093,360        £722,480

On behalf of the board

G Mead
Director
28 October 2026
GJM (UK) HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2026
- 3 -

The directors present their annual report and financial statements for the period ended 31 March 2026.

Principal activities

The principal activity of the company is that of a holding company. The group continued to be that of the hire of waste disposal equipment.

Results and dividends

The results for the period are set out on page 9.

Ordinary dividends were paid amounting to £150,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

G Mead
T Mead
Auditor

In accordance with the company's articles, a resolution proposing that Rickard Luckin Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and parent company, and of the profit or loss of the group for that period.

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

GJM (UK) HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
- 4 -
Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's 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. It has done so in respect on future developments.

On behalf of the board
G Mead
Director
28 October 2026
GJM (UK) HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GJM (UK) HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of GJM (UK) Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2026 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 and 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.

Other information

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.

Opinions on other matters prescribed by the Companies Act 2006

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

GJM (UK) HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GJM (UK) HOLDINGS LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Capability of the audit in detecting irregularity, including fraud

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the group’s regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit. We also specifically considered where and how fraud may occur within the group.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company and the group is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

GJM (UK) HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GJM (UK) HOLDINGS LIMITED
- 7 -

Secondly the company and group is subject to many other laws and regulations where the consequences of noncompliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; environmental regulation; health and safety legislation; trade legislation; UK data protection law and anti-bribery and anti-corruption legislation.

 

ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

GJM (UK) HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GJM (UK) HOLDINGS LIMITED
- 8 -

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Breame (Senior Statutory Auditor)
For and on behalf of Rickard Luckin Limited, Statutory Auditor
Chartered Accountants
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
29 October 2026
GJM (UK) HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2026
- 9 -
Period ended
Period ended
31 March
15 April
2026
2025
Notes
£
£
Turnover
3
10,622,691
9,162,929
Cost of sales
(5,736,662)
(4,959,855)
Gross profit
4,886,029
4,203,074
Administrative expenses
(3,792,686)
(3,480,594)
Operating profit
4
1,093,343
722,480
Interest receivable and similar income
118,138
90,534
Interest payable and similar expenses
7
(155,563)
(77,836)
Amounts written off investments
8
32,804
11,262
Profit before taxation
1,088,722
746,440
Tax on profit
9
(313,955)
(204,550)
Profit for the financial period
24
774,767
541,890
Profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
GJM (UK) HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2026
31 March 2026
- 10 -
31 March 2026
15 April 2025
Notes
£
£
£
£
Fixed assets
Tangible assets
11
6,109,143
4,241,183
Investments
12
597,817
565,013
6,706,960
4,806,196
Current assets
Stocks
15
146,527
118,173
Debtors
16
2,150,045
2,116,266
Cash at bank and in hand
2,868,026
2,007,201
5,164,598
4,241,640
Creditors: amounts falling due within one year
17
(2,226,670)
(1,478,378)
Net current assets
2,937,928
2,763,262
Total assets less current liabilities
9,644,888
7,569,458
Creditors: amounts falling due after more than one year
18
(2,367,002)
(1,405,429)
Provisions for liabilities
Deferred tax liability
20
1,172,339
860,669
(1,172,339)
(860,669)
Net assets
6,105,547
5,303,360
Capital and reserves
Called up share capital
22
10,000
2
Share option reserve
23
177,420
-
0
Merger reserve
24
5,493,360
5,503,358
Profit and loss reserves
24
424,767
(200,000)
Total equity
6,105,547
5,303,360

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 28 October 2026 and are signed on its behalf by:
28 October 2026
G Mead
Director
Company registration number 16027145 (England and Wales)
GJM (UK) HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2026
31 March 2026
- 11 -
31 March 2026
15 April 2025
Notes
£
£
£
£
Fixed assets
Investments
12
5,680,780
2
Current assets
Cash at bank and in hand
83
-
0
Creditors: amounts falling due within one year
17
(100)
-
Net current liabilities
(17)
-
Net assets
5,680,763
2
Capital and reserves
Called up share capital
22
10,000
2
Share option reserve
23
177,420
-
0
Merger reserve
24
5,493,360
-
0
Profit and loss reserves
24
(17)
-
0
Total equity
5,680,763
2

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £149,983 (2025 - £0 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 28 October 2026 and are signed on its behalf by:
28 October 2026
G Mead
Director
Company registration number 16027145 (England and Wales)
GJM (UK) HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2026
- 12 -
Share capital
Merger reserve
Share option reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 18 October 2024
2
5,503,358
-
(141,890)
5,361,470
Period ended 15 April 2025:
Profit and total comprehensive income
-
-
-
541,890
541,890
Dividends
10
-
-
-
(600,000)
(600,000)
Balance at 15 April 2025
2
5,503,358
-
(200,000)
5,303,360
Period ended 31 March 2026:
Profit and total comprehensive income
-
-
-
774,767
774,767
Dividends
10
-
-
-
(150,000)
(150,000)
Issue of share capital
22
9,998
-
-
-
9,998
Other movements
-
(9,998)
177,420
-
167,422
Balance at 31 March 2026
10,000
5,493,360
177,420
424,767
6,105,547
GJM (UK) HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2026
- 13 -
Share capital
Merger reserve
Share option reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 18 October 2024
-
0
-
-
-
-
Period ended 15 April 2025:
Profit and total comprehensive income for the period
-
-
-
-
-
0
Issue of share capital
2
-
-
-
2
Balance at 15 April 2025
2
-
-
-
0
2
Period ended 31 March 2026:
Profit and total comprehensive income
-
-
-
149,983
149,983
Dividends
10
-
-
-
(150,000)
(150,000)
Transfers
-
5,493,360
-
-
5,493,360
Issue of share capital
22
9,998
-
-
-
9,998
Other movements
-
-
177,420
-
177,420
Balance at 31 March 2026
10,000
5,493,360
177,420
(17)
5,680,763
GJM (UK) HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2026
- 14 -
Period ended
Period ended
31 March 2026
15 April 2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,050,679
153,144
Interest paid
(155,563)
(77,836)
Income taxes refunded/(paid)
123,660
(184,814)
Net cash inflow/(outflow) from operating activities
2,018,776
(109,506)
Investing activities
Purchase of tangible fixed assets
(693,666)
(684,488)
Interest received
118,138
90,534
Net cash used in investing activities
(575,528)
(593,954)
Financing activities
Payment of finance leases obligations
(432,423)
(402,128)
Dividends paid to equity shareholders
(150,000)
(600,000)
Net cash used in financing activities
(582,423)
(1,002,128)
Net increase/(decrease) in cash and cash equivalents
860,825
(1,705,588)
Cash and cash equivalents at beginning of period
2,007,201
3,712,789
Cash and cash equivalents at end of period
2,868,026
2,007,201
GJM (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
- 15 -
1
Accounting policies
Company information

GJM (UK) Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Great Mascalls Farm, West Hanningfield Road, Chelmsford, Essex, CM2 7TA.

 

The group consists of GJM (UK) Holdings Limited and all of its subsidiaries.

1.1
Reporting period

The company has changed its year end and the current results represent the 11 month period ending 31 March 2026. The results are therefore not directly comparable with the prior 6 month period.

1.2
Accounting convention

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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The 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 profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company GJM (UK) Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 March 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

 

The consolidated statement of comprehensive income and balance sheet include the financial statements of the company and subsidiary undertakings made up to 31 March 2026 under the merger accounting method.

GJM (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 16 -

On 16 April 2025 the parent company acquired 100% of the share capital of Euroloos Limited as part of a group reconstruction. This combination has been accounted for as a merger.

 

Under merger accounting, the consolidated financial statements merge the financial statements of those undertakings of GJM (UK) Holdings Limited as if they had always been owned. Accordingly, in those years where mergers take place, the whole of the results, assets, liabilities and shareholders' funds of the merged companies are consolidated, regardless of the actual merger date, and corresponding figures for previous years are shown as though the group had always existed. Intra-group sales and profits are eliminated fully on consolidation.

1.4
Going concern

These financial statements have been prepared under the going concern basis.

 

At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have 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.

1.5
Revenue

Turnover represents receivable for the goods and services net of VAT and trade discounts.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Income is recognised based on the hire period. Collection charges are recognised once the service has been provided.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
12% - 20% on cost
Fixtures and fittings
20% - 25% on reducing balance
Computers
20% - 25%, straight line and at variable rates on reducing balance
Motor vehicles
Straight line over 3 years and at 25% reducing balance
Improvements to property
At varying rates on cost over term of occupation

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

GJM (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 17 -

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. 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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.11
Financial instruments

The group 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 in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

GJM (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 18 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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.

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies 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.

GJM (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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 excludes items that are never taxable or deductible. The group’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.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

GJM (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 20 -
1.16
Share-based payments

The company participates in a share-based payment arrangement granted to an employee of its subsidiaries. The company has elected to recognise and measure its share-based payment expense on the basis of a reasonable allocation of the expense for the group recognised in its consolidated accounts. The directors consider the number of unvested options granted to the company’s employee compared to the total unvested options granted under the group plan to be a reasonable basis for allocating the expense.

 

The expense in relation to options over the company’s shares granted to an employee of the subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

1.17
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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.

GJM (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Fair value of fixed asset investments

Fixed asset investments are held at fair value in accordance with FRS 102. The latest valuation was obtained during the year ended 31 March 2026 from the respective investment custodian, for which the fair value has been determined with reference to the market value of the portfolio's proportionate ownership of the underlying assets. Valuations are reviewed at each reporting date by the directors to ensure the valuation has not materially altered from the dates of the valuation.

Useful economic life of assets and depreciation charge

Depreciation is based on an estimate of the useful economic life of each asset. The useful economic life of assets has been determined by the Directors at varying rates. The Directors have exercised judgement when assessing the useful economic life for each class of asset.

Deferred tax liability

The deferred tax calculation is based on the differences between the net book value of fixed assets and the accelerated capital allowances claimed on the same underlying assets, adjusted for any general provision in the period, at the tax rate which is substantially enacted at the balance sheet date.

Share based payments

The Group operates two share incentive schemes and issue share options to eligible employees, which can be converted to shares. Share options are valued using the Black Scholes valuation method. Assumptions are selected within that model that are considered to be the most appropriate.

3
Turnover and other revenue
2026
2025
£
£
Other revenue
Interest income
118,138
90,534

All turnover is delivered from the groups principal activity and all arises in the UK.

4
Operating profit
2026
2025
£
£
Operating profit for the period is stated after charging:
Exchange losses
205
6
Fees payable to the group's auditor for the audit of the group's financial statements
25,900
23,650
Depreciation of tangible fixed assets
873,071
621,242
Loss on disposal of tangible fixed assets
1,244
-
Share-based payments
177,420
-
Operating lease charges
196,326
203,799
GJM (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
- 22 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2026
2025
2026
2025
Number
Number
Number
Number
Service drivers and depot operatives
62
61
-
-
Sales and marketing
15
14
-
-
Admin, finance and management
28
28
2
2
Total
105
103
2
2

Their aggregate remuneration comprised:

Group
Company
2026
2025
2026
2025
£
£
£
£
Wages and salaries
4,009,899
3,460,905
-
0
-
0
Social security costs
476,846
347,935
-
-
Pension costs
68,820
52,248
-
0
-
0
4,555,565
3,861,088
-
0
-
0
6
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
65,190
38,039

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2025 - 1).

7
Interest payable and similar expenses
2026
2025
£
£
Interest on finance leases and hire purchase contracts
155,563
77,836
8
Fair value gains and losses
2026
2025
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
32,804
11,262
GJM (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
- 23 -
9
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
8,948
-
0
Adjustments in respect of prior periods
(6,663)
(115,694)
Total current tax
2,285
(115,694)
Deferred tax
Origination and reversal of timing differences
311,670
320,244
Total tax charge
313,955
204,550

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2026
2025
£
£
Profit before taxation
1,088,722
746,440
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2025: 25%)
272,181
186,610
Effects of:
Expenses that are not deductible in determining taxable profit
5,296
4,501
Income not taxable in determining taxable profit
(8,201)
(2,815)
Adjustments in respect of prior years
(6,663)
(116,997)
Depreciation on assets not qualifying for tax allowances
96
-
0
Share based payment costs not deductible
44,355
-
0
Deferred tax movements
311,670
320,244
Utilisation of tax losses
4
116,997
Accelerated capital allowances
(304,783)
(303,990)
Taxation charge in the financial statements
313,955
204,550
10
Dividends
2026
2025
Recognised as distributions to equity holders:
£
£
Interim paid
150,000
-
GJM (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
- 24 -
11
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Improvements to property
Total
£
£
£
£
£
£
Cost
At 16 April 2025
6,045,552
196,959
91,149
537,448
232,384
7,103,492
Additions
2,447,019
15,415
3,500
202,309
72,788
2,741,031
Disposals
-
0
-
0
-
0
(13,244)
-
0
(13,244)
At 31 March 2026
8,492,571
212,374
94,649
726,513
305,172
9,831,279
Depreciation and impairment
At 16 April 2025
2,435,601
106,288
42,191
151,094
127,135
2,862,309
Depreciation charged in the period
637,836
29,138
19,721
130,387
55,989
873,071
Eliminated in respect of disposals
-
0
-
0
-
0
(13,244)
-
0
(13,244)
At 31 March 2026
3,073,437
135,426
61,912
268,237
183,124
3,722,136
Carrying amount
At 31 March 2026
5,419,134
76,948
32,737
458,276
122,048
6,109,143
At 15 April 2025
3,609,951
90,671
48,958
386,354
105,249
4,241,183
The company had no tangible fixed assets at 31 March 2026 or 15 April 2025.

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2026
2025
2026
2025
£
£
£
£
Plant and equipment
3,885,457
2,090,327
-
0
-
0
Motor vehicles
65,127
76,213
-
0
-
0
3,950,584
2,166,540
-
-

Depreciation charged in the period in respect of these assets amounted to £264,565 (2025: £116,747).

GJM (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
- 25 -
12
Fixed asset investments
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
5,680,780
2
Unlisted investments
597,817
565,013
-
0
-
0
597,817
565,013
5,680,780
2
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 16 April 2025
565,013
Valuation changes
32,804
At 31 March 2026
597,817
Carrying amount
At 31 March 2026
597,817
At 15 April 2025
565,013

Investments comprise units held in an investment fund, held and managed by a third party, for which the fair value has been determined with reference to the market value of the portfolio's proportionate ownership of the underlying assets.

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 16 April 2025
2
Additions
177,420
Group reconstruction
5,503,358
At 31 March 2026
5,680,780
Carrying amount
At 31 March 2026
5,680,780
At 15 April 2025
2
GJM (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
- 26 -
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2026 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Euroloos Ltd
Great Mascalls Farm, West Hanningfield Road, Chelmsford, Essex, England, CM2 7TA
Ordinary
100.00
14
Financial instruments
Group
Company
2026
2025
2026
2025
£
£
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
597,817
565,013
-
-
15
Stocks
Group
Company
2026
2025
2026
2025
£
£
£
£
Finished goods and goods for resale
146,527
118,173
-
0
-
0
16
Debtors
Group
Company
2026
2025
2026
2025
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,032,155
872,716
-
0
-
0
Corporation tax recoverable
-
0
116,997
-
0
-
0
Other debtors
635,230
635,753
-
0
-
0
Prepayments and accrued income
253,963
260,686
-
0
-
0
1,921,348
1,886,152
-
-
Amounts falling due after more than one year:
Amount owed by related parties
228,697
230,114
-
0
-
0
Total debtors
2,150,045
2,116,266
-
-
GJM (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
- 27 -
17
Creditors: amounts falling due within one year
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Obligations under finance leases
19
1,067,947
413,334
-
0
-
0
Trade creditors
474,202
424,547
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
100
-
0
Corporation tax payable
8,948
-
0
-
0
-
0
Other taxation and social security
102,810
214,496
-
0
-
0
Other creditors
112,670
70,444
-
0
-
0
Accruals and deferred income
460,093
355,557
-
0
-
0
2,226,670
1,478,378
100
-
0

Amounts due under finance leases are secured by way of a fixed and floating charge over the assets of the group. Part of the finance lease creditor has also been secured by way of a guarantee from one of the directors.

18
Creditors: amounts falling due after more than one year
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Obligations under finance leases
19
2,367,002
1,405,429
-
0
-
0

Security in relation to the finance leases is disclosed in note 18 of these financial statements.

19
Finance lease obligations
Group
Company
2026
2025
2026
2025
Amounts due:
£
£
£
£
Current liabilities
1,067,947
413,334
-
0
-
0
Non-current liabilities
2,367,002
1,405,429
-
0
-
0
3,434,949
1,818,763
-
-
GJM (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
19
Finance lease obligations
(Continued)
- 28 -
Group
Company
2026
2025
2026
2025
Future minimum lease payments due:
£
£
£
£
Within one year
1,314,399
467,425
-
0
-
0
In two to five years
2,784,727
1,627,015
-
0
-
0
4,099,126
2,094,440
-
-
Less: future finance charges
(664,177)
(275,677)
-
0
-
0
3,434,949
1,818,763
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company:

Liabilities
Liabilities
2026
2025
Group
£
£
Accelerated capital allowances
1,147,885
844,416
Investments
24,454
16,253
1,172,339
860,669
The company has no deferred tax assets or liabilities.
Group
Company
2026
2026
Movements in the period:
£
£
Liability at 16 April 2025
860,669
-
Charge to profit or loss
311,670
-
Liability at 31 March 2026
1,172,339
-

The deferred tax liability set out above is expected to partly reverse within 12 months and in total 3 - 5 years and relates to accelerated capital allowances that are expected to mature within the same period.

GJM (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
- 29 -
21
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
68,820
52,248

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the balance sheet date there were contributions amounting to £12,884 outstanding (2025: £11,055).

22
Share capital
Group and company
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
5,000
1
5,000
1
Ordinary B of £1 each
5,000
1
5,000
1
10,000
2
10,000
2

At the balance sheet date, both share classes rank pari passu, save for the ordinary A shares which are entitled to ten votes per share and ordinary B shares which are entitled to one vote per share.

During the year, the company issued 9,998 ordinary shares of £1 each in exchange for the entire issued share capital of Euroloos Limited. The transaction qualified as a group reconstruction and has been accounted for using merger accounting principles. Accordingly, no share premium arose on the share issue.

23
Share-based payment transactions

During the year, the group granted share options to an employee under a newly established Enterprise Management Incentive (EMI) scheme.  The cost recognised in the period is £177,420.  The value of the share options has been derived from the use of the Black Scholes model and the associated expense is being recognised over the anticipated vesting period.  The cost is recognised in administrative expenses in this company.  The corresponding share-based payment reserve is recognised in the parent company balance sheet.

 

The total options granted in the year was 1,429 and the weighted average exercise price was £603.57.  None of these options are exercisable at the balance sheet date.  The options granted are over Ordinary C shares.  The vesting conditions are linked to an “exit” event or similar change in control.

24
Reserves
Profit and loss reserves

Group

 

In accordance with the accounting policy, the group has adopted the merger accounting method. On consolidation, this has given rise to a merger reserve.

 

 

Company

 

The profit and loss reserves of the parent company are wholly distributable.

GJM (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
- 30 -
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2026
2025
2026
2025
£
£
£
£
Acquisition of tangible fixed assets
667,935
-
-
-
26
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2026
2025
£
£
Aggregate compensation
111,634
167,521
Transactions with related parties

During the year, the Group has advanced loans to a company under common significant influence. The loans are unsecured, except for a personal guarantee provided by the directors of its parent company, with interest charged on part of the loans at a rate of 18% per annum amounting to £78,496 in the year (2025: £28,165). At the balance sheet date, the amount outstanding was £696,868 (2025: £699,202).

 

In the prior year, the Group advanced a loan of £165,000 to a company under common control. At the balance sheet date, the amount outstanding was £165,114.

27
Directors' transactions

Dividends totalling £150,000 (2025 - £400,000) were paid in the period in respect of shares held by the company's directors.

28
Controlling party

In this and the preceding financial year there was no ultimate controlling party as G Mead and T Mead have equal shareholding in the group.

GJM (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
- 31 -
29
Cash generated from group operations
2026
2025
£
£
Profit after taxation
774,767
541,890
Adjustments for:
Taxation charged
313,955
204,550
Finance costs
155,563
77,836
Investment income
(118,138)
(90,534)
Loss on disposal of tangible fixed assets
1,244
-
Depreciation and impairment of tangible fixed assets
873,071
621,242
Other gains and losses
(32,804)
(11,262)
Equity settled share based payment expense
177,420
-
Movements in working capital:
Increase in stocks
(28,354)
(46,953)
Increase in debtors
(150,776)
(1,115,801)
Increase/(decrease) in creditors
84,731
(27,824)
Cash generated from operations
2,050,679
153,144
30
Analysis of changes in net funds/(debt) - group
16 April 2025
Cash flows
New leases
31 March 2026
£
£
£
£
Cash at bank and in hand
2,007,201
860,825
-
2,868,026
Payment of finance leases obligations
(1,818,763)
432,423
(2,048,609)
(3,434,949)
188,438
1,293,248
(2,048,609)
(566,923)
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