GPT SPECIAL PROJECT MANAGEMENT LIMITED

• ⚠

  Material uncertainty over going concern

  The Directors have adopted a non-going concern basis for preparing the financial statements. In so doing, they have considered the business activities as well as the Company's principal risks and uncertainties. The Company has served a single customer, UK Ministry of Defence, since its formation and enjoys an exclusive right as prime contractor. The last 10-year programme expired on 31 December 2019 and the Company has no intention either to bid for new work with the UK Ministry of Defence or seek new business with other customers. The Company is in the process of closing down its operations and eventually (voluntarily) liquidating the entity. For these reasons, the Directors believe that the Company is no longer a going concern and in line with this the Company has adopted a non-going concern basis for the purpose of preparation these financial statements. No adjustments have been made to the financial statements as a consequence of the change in the basis of preparation.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Directors have adopted a non-going concern basis for preparing the financial statements. In so doing, they have considered the business activities as well as the Company's principal risks and uncertainties. The Company has served a single customer, UK Ministry of Defence, since its formation and enjoys an exclusive right as prime contractor. The last 10-year programme expired on 31 December 2019 and the Company has no intention either to bid for new work with the UK Ministry of Defence or seek new business with other customers. The Company is in the process of closing down its operations and eventually (voluntarily) liquidating the entity. For these reasons, the Directors believe that the Company is no longer a going concern and in line with this the Company has adopted a non-going concern basis for the purpose of preparation these financial statements. No adjustments have been made to the financial statements as a consequence of the change in the basis of preparation.”

Significant events

• “On 4 February 2023, the final decision of the appeal process was announced and the Branch was found to be liable for withholding tax in the Kingdom. As a result, the Directors of the Head office made the decision to utilise the option available under the tax amnesty scheme currently operating in the Kingdom. This had the effect of waiving all interest and penalties and restrict the liability to the initial principal amount of SAR 227.1m. In addition, the Branch retained the right to challenge the decision and had filed review petitions with TVDRC. The liability of SAR 227.1m was recognized in the 2022 financial statements as an adjusting subsequent event. This sum was fully paid in instalments from June 2023 to February 2024.”
• “In July 2024, the Company was notified of a civil claim filed by a former employee based on (i) historical facts stemming from a previous criminal investigation in relation to issues raised by a whistleblower concerning contractual arrangements for which GPT entered a guilty plea with the UK Serious Fraud Office in 2021 as well as (ii) its employment contract with the claimant at the time. The outcome of the proceeding cannot be fully assessed at this stage and it is too early to make a reliable estimate of the possible outflow of resources. The Company believes it has solid grounds to defend itself against the allegations.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  +88.8%

  £554,688 → £1,047,107

• Net assets

  -18.5%

  -£12,522,585 → -£14,845,316

• Employees

  -66.7%

  3 → 1

• Operating profit

  +34.7%

  -£1,218,495 → -£795,659

• Profit before tax

  -71.7%

  -£1,328,009 → -£2,280,428

• Wages

  -3.8%

  £451,697 → £434,499

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers