REGISTERED NUMBER: 01772901 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
GRIPPLE LIMITED |
REGISTERED NUMBER: 01772901 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
GRIPPLE LIMITED |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 9 |
Consolidated Profit and Loss Account | 12 |
Consolidated Other Comprehensive Income | 13 |
Consolidated Balance Sheet | 14 |
Company Balance Sheet | 15 |
Consolidated Statement of Changes in Equity | 16 |
Company Statement of Changes in Equity | 17 |
Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Cash Flow Statement | 19 |
Notes to the Consolidated Financial Statements | 21 |
GRIPPLE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
35 Wilkinson Street |
Sheffield |
South Yorkshire |
S10 2GB |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
Despite 2023 being another challenging year, it was still a year of continued investment and success throughout the business. We remain focussed on long term growth, investment in new products and looking after and rewarding our employee owners worldwide in times of significant rises in cost of living. This is demonstrated by the launch of our 5-year plan "Rewired 2028", which lays out our ambitious and exciting growth plans. |
In the circumstances it is pleasing to report an annual sales growth of 7.2%, and annual net profit before fair value adjustment on investments and taxation of £3.6m. |
The number of employee and GLIDE member shareholders grew in the year from 957 to 1008. |
A number of new products were launched during the year; Rail Dropper, Barbed High Tensile, Dynamic 8, Unigrip 6 and Sway Brace connector, along with our continued focus on Fast Trak 3, Concrete Inserts, Cable Smart and Solar all of which contributed to the total of £8 million new product sales. |
During the year cash management performed well. At the year-end trade debtors averaged 46 calendar days, 10 days lower than the end of 2022 and trade creditors averaged 56 calendar days, 4 days higher than the end of 2022. |
GLIDE HOUSE continued to contribute significantly to the welfare of GLIDE members. |
Achieved carbon neutrality in line with PAS2060:2014. |
As in previous years, 2023 continued to show the difference that being an employee owned business can make in challenging times. A sincere thank you to all employees for continuing to make that difference in 2023. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group's bankers, Barclays, continue to support the business and provide adequate banking facilities. |
The group's principal foreign currency exposure arises from significant trading in both US dollars and the Euro. A natural hedge is created by significant purchases being made in US dollars and, in addition, forward contracts for the sale of foreign currencies are entered into. |
All major customers are covered by credit insurance. |
The group is exposed to interest rate risks on its bank borrowings. |
DIVIDENDS AND SHARE VALUATION |
Gripple Limited, has paid 4 interim dividends, totalling 16.75p. The total dividend of 16.75p is the same as 2022. The year-end share valuation was £5.03. |
THE FUTURE |
Based on the encouraging trading performance to date in 2024, and over the last 5 years, the business remains in a strong position to continue to support long term business growth and trade profitably through the ongoing challenging conditions caused by high inflation, cost of living, Brexit, and the conflict in Ukraine. |
The business will continue to support specific investments and will launch a number of significant new products to support growth in key markets. We will invest in expansion of our Sheffield Don Road site to facilitate our future growth plans. |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
SECTION 172(1) STATEMENT |
The Companies (Miscellaneous Reporting) Regulations 2018 applies to financial years beginning on or after 1 January 2019 and these regulations require the Directors to explain how they considered the interests of key stakeholders and the broader matters set out in section 172(1) (A) to (F) of the Companies Act 2006 when performing their duty to promote the success of the Company under S172. |
This statement focuses on matters of strategic importance to Gripple Limited and the level of information disclosed is consistent with the size and the complexity of the business. |
S172(1) (A) - THE LIKELY CONSEQUENCES OF ANY DECISION IN THE LONG TERM |
The Directors understand the business and the evolving environment in which we operate, including the conflict in Ukraine, Brexit, high inflation and the rising cost of living. |
All decisions in the business continue to be made for the long term in order to serve the growth, sustainability and value of the business to its current and future employee shareholders. |
A growing population and increasing customer focus on locality, sustainability and efficiency give the Director's confidence that there will continue to be growing marketplaces for Gripple solutions for years to come. |
S172(1) (B) - THE INTERESTS OF THE COMPANY'S EMPLOYEES |
The group has been established on a culture of employee involvement and ownership. All employees of the group are required to acquire shares in the parent company and at the year end, there were 1,008 shareholders. |
Regular meetings are held with employees to keep them informed of matters of concern to them and the directors continually review the means whereby information may be provided to employees. |
There are 42 elected employee representatives who in addition to supporting employee engagement on a day-to-day basis, convene 3 board meetings per annum with the Group Managing Director. |
Employee personal development is actively supported through the Gripple Spirit annual appraisal system. During 2023 there were 53 internal promotions, over 2800 days training were delivered and staff retention was 90%. |
S172(1) (C) - THE NEED TO FOSTER THE COMPANY'S BUSINESS RELATIONSHIPS WITH SUPPLIERS, CUSTOMERS AND OTHERS |
Gripple is a long-term business focused on innovation, quality and service. The business seeks to establish the same relationship with suppliers, wherever possible establishing local, long term and single source relationships. |
Gripple continues to invest in the development of new products to solve our customer's problems and reduce their costs, working closely with customers and suppliers to innovate. |
Gripple have long standing ties with the local communities in which they operate, all subsidiary businesses have excellent relationships with local businesses, government bodies, hostelries and many others for which the business and employees are very grateful. |
S172(1) (D) - THE IMPACT OF THE COMPANY'S OPERATIONS ON THE COMMUNITY AND THE ENVIRONMENT |
COMMUNITY |
Gripple are committed to supporting our local communities and charities. In 2023 Gripple supported over 160 charities across the globe. |
The business also encourages employees to engage in their own fundraising activities and in 2023, UK employees raised over £32k for their own causes. |
Each subsidiary business has a "charities committee" that work with local charities and community groups to channel financial support and to provide volunteer resource to carry out projects, visit charities and support people in need. |
Gripple's financial commitment to charities is matched by commitment of time and people involvement, much to the benefit of those in need and also to the employee's and business as a whole. |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
ENVIRONMENT |
The business succeeds by providing innovative and greener alternatives to traditional methods, where Gripple solutions contain 95% less embodied carbon, significantly reduce on site waste, labour and improve health and safety. |
Investment is made in local supply chains with in house, automated, manufacturing in all key geographies working with local suppliers wherever possible. Customers increasingly value the local, green and traceable supply chain offered. |
Gripple is ISO14001 accredited, including recycling over 95% of waste, achieving year on year energy and waste reduction per unit produced and significant energy production from investment in renewables. |
In 2023 Gripple achieved Planet Mark Certification for UK and global locations. Sustainability champions were appointed to support on-going energy efficiency improvement projects. Throughout 2023 a range of reduction activities were undertaken in pursuit of achieving carbon neutrality in UK operations. The results of this work will be verified by Planet Mark and be reflected in the 2023 Climate Positive Progress Report. |
In 2023 Gripple published an annual Climate Positive report demonstrating the achievement of carbon neutrality in line with PAS2060 for our UK operations during 2023, an important milestone in the journey to Climate Positive. |
In 2023 Gripple published Environmental Product Declarations for its Fast Trak range showcasing market leading transparency of product environmental data. |
S172(1) (E) - THE DESIRABILITY OF THE COMPANY MAINTAINING A REPUTATION FOR HIGH STANDARDS OF BUSINESS CONDUCT |
As the market leader Gripple continue to invest in achieving all leading manufacturing and marketplace accreditations. |
The business is proud of the recognition that has been achieved over the years, including 5 Queens Awards for Enterprise, and most recently in 2022 winning the Manufacturing Excellent and Institute of Mechanical Engineers awards for; UK Manufacturer of the Year, Young Manufacturer of the Year, International Trade, Leadership and Strategy and Operational Excellence. |
Gripple Ltd are Trustee Board Members of the UK Employee Ownership Association and vocal advocates of the benefits of Employee Ownership as a way to ensure high standards of business conduct and long-term business growth and sustainability. |
Following the businesses B Corp accreditation in December 2022 we are proud to be working within and supporting the B Corp worldwide community. |
S172(1) (F) - THE NEED TO ACT FAIRLY AS BETWEEN MEMBERS OF THE COMPANY |
The Director's refer to the section S172 (1) (B) |
As a long-term employee owned company all decisions made by the Directors are intended to serve the long term strategy of the business and its employee owners. The company does not operate bonus or incentive schemes for Directors or any other employees. The company does not have external shareholders. Employee's work alongside one another as business owners; equal, aligned and all benefitting from the achievement of the Companies objectives. |
ON BEHALF OF THE BOARD: |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITIES |
The principal activities of the Company, its subsidiaries and joint ventures during the year were the manufacture and distribution of wire joining, tensioning and suspension systems. |
DIVIDENDS |
Interim dividends per share on the Ordinary 50p shares were paid as follows: |
6.25p | - 28 April 2023 |
4.00p | - 28 July 2023 |
3.50p | - 27 October 2023 |
3.00p | - 20 December 2023 |
16.75p |
The directors recommend that no final dividend be paid on the company's ordinary 50p share capital. |
The Golden £1 shares are not entitled to receive dividends. |
The total distribution of dividends for the year ended 31 December 2023 will be £3,596,410 |
RESEARCH AND DEVELOPMENT |
During the period the parent company continued to reinvest in the research and development of new and innovative products and processes to gain a competitive advantage in existing and new markets. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
QUALIFYING THIRD PARTY INDEMNITY PROVISION |
During the financial year and at the time the directors report is approved, a Qualifying Third Party Indemnity Provision for the benefit of the directors is in force. |
DISABLED EMPLOYEES |
It is the group's policy to offer the same opportunity in matters to disabled employees in matters of recruitment and career advancement, provided that they have the ability to perform the tasks required with or without training, and to provide retraining where necessary when disability is incurred during employment with the company. |
STREAMLINED ENERGY AND CARBON REPORTING |
Energy Efficiency commentary |
Gripple is committed to year-on-year improvements in its operational and energy efficiency. A register of energy efficiency measures has been compiled, with a review to implementing these measures in the next five years. |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Measures on-going and undertaken through FY2023: |
Solar panel installation: In 2023, Gripple installed additional solar panels across its operations in South Yorkshire. The primary goal of these installations is to enhance energy efficiency, reduce grid reliance and consumption, and increase on-site self-generation capacity. |
Fleet transition: Gripple has initiated a transition from Internal Combustion Engine (ICE) cars to Battery Electric Vehicles (BEVs) or Plug-in Hybrid Electric Vehicles (PHEVs) wherever feasible. This transition is supported by a new leasing model, enabling the fleet to transition. |
Sustainability Champions have been introduced within the UK business, this role provides allocated hours away from the employee's normal job role each week to conduct energy audits and complete weekly electricity and gas reports to production to highlight energy efficiency and energy saving opportunities. SMART decarbonisation targets have also been developed as part of our alignment with PAS2060. |
Measures prioritised for implementation in FY2024. |
In FY2024, Gripple will aim to review the action plan put forward from the ESOS Phase 2 audit to identify energy-saving opportunities and ensure maximum reduction in carbon emissions. To support this, in FY2024 Gripple will aim to expand the Sustainability Champion team from 8 hours per week to 16 hours per week. Gripple will assess and investigate how effective using infrared heating in its office can be. If successful, Gripple intend to replace gas heating with infrared heating. By implementing these measures, Gripple continues to demonstrate its commitment to energy efficiency and carbon reduction. |
Annual reporting figures |
The following figures show the consumption and associated emissions for this reporting year for our operations throughout the UK, with figures from the previous reporting period included for comparison. |
Scope 1 consumption and emissions include direct combustion of natural gas, and fuels utilised for transportation operations, for example, company vehicle fleets. |
Scope 2 consumption and emissions refer to indirect emissions related to the consumption of purchased electricity in day-to-day business operations. |
Gripple Limited's Scope 1 direct and Scope 2 indirect emissions (combustion of natural gas and transportation fuels) for this year of reporting is 361.26 tCO2e, resulting from the direct combustion of 1,818,667 kWh of fuel. This represents a carbon reduction of 10.21% from last year ending December 2022. |
Scope 2 indirect emissions (purchased electricity) for this year of reporting are 1,016.10 tCO2e, resulting from the consumption of 5,319,387 kWh of electricity purchased and consumed in day-to-day business operations. This represents a carbon reduction of 3.79% from last year ending December 2022. |
Our operations have an intensity metric of 11.76 tCO2e per £m UK SVOP for this reporting year. This represents a reduction in the operational carbon intensity of 39.10% from our previous reporting year ending December 2022. |
Gripple Limited UK Emissions Intensity Metric. |
Location-based tCO2e Intensity Metrics |
2023 | % change |
All Scopes tCO2e per UK SVOP (£m) | 11.76 | -39.10% |
All Scopes tCO2e per FTE | 2.56 | -0.78% |
Gripple Limited UK Total Energy Consumption (kWh). |
Utility and Scope | 2023 Consumption(kWh | ) | 2022 Consumption(kWh | ) |
Gaseous and other fuels (Scope1) | 1,177,590 | 1,636,700 |
Transportation (Scope 1) | 620,644 | 429,199 |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Grid-Supplied Electricity (Scope 2) | 4,906,956 | 5,461,607 |
Self-Generated Solar Electricity* (Scope 2) | 412,431 | n/a |
Transportation (Scope 2) | 20,433 | 119,020 |
TOTAL | 7,138,053 | 7,646,526 |
Gripple Limited UK Total Location-based Emissions (tCO2e). |
Utility and Scope | 2023 Emissions (tCo2e | ) | 2022 Emissions (tCO2e | ) |
Gaseous and other fuels (Scope1) | 215.42 | 298.81 |
Transportation (Scope 1) | 141.62 | 101.25 |
Grid-Supplied Electricity (Scope 2) | 1,056.17 | 1,056.17 |
Transportation (Scope 2) | 4.23 | 23.02 |
TOTAL | 1,377.37 | 1,479.23 |
*Solar power produces no emissions during generation itself. Therefore, the tco2e for self-generated electricity is 0.00 tCO2e. |
**Transport figures for FY2022 have been restated to reflect the updated methodology. |
Reporting Methodology |
This report (including the Scope 1 and 2 consumption and CO2e emissions data) has been developed and calculated using the GHG Protocol - A Corporate Accounting and Reporting Standard (World Business Council for Sustainable Development and World Resources Institute, 2004); Greenhouse Gas Protocol - Scope 2 Guidance (World Resources Institute, 2015); ISO 14064-1 and ISO 14064-2 (ISO, 2018; ISO, 2019a); Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance (HM Government, 2019). |
Government Emissions Factor Database 2023 version 1 has been used, utilising the published kWh gross calorific value (CV) and kgCO2e emissions factors relevant for reporting period 01/01/2023 - 31/12/2023. |
All estimations equated to 6.47% of reported consumption. |
FY2022 Metric figures have been restated from Full-Time Equivalent Employees (FTE) to Total Count of Employees (excluding long-term sick). |
As the majority of PHEV and BEV vehicles of Gripple Limited are charged at company buildings, the transport methodology has been updated not to include a portion of the consumption and emissions of these vehicles, to avoid double counting under Scope 2 reporting. Therefore, FY2022 Transport figures have been restated to reflect this updated methodology. |
Gripple Limited generates solar energy onsite through solar arrays installed during FY2023. In total, the solar arrays have generated 412,431 kWh of renewable electricity, which is additional to the total consumed grid-supplied electricity. |
Intensity metrics have been calculated using total tCO2e figures and the selected performance indicator agreed with Gripple Limited for the relevant report period: |
- UK SVOP (£m) in 2023/(2022) £117.09m/(£75.53m) |
- Total UK Employees (excluding long-term sick employees) in 2023/(2022) 539/(566) |
DISCLOSURE IN THE STRATEGIC REPORT |
Certain items required under Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors' report are set out in the Strategic Report in accordance with Section 414C(11) Companies Act 2006. |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Hollis and Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GRIPPLE LIMITED |
Opinion |
We have audited the financial statements of Gripple Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 affairs as at 31 December 2023 and of the group's profit 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 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 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GRIPPLE LIMITED |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page eight, 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 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. |
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 a Report of the Auditors 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: |
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: |
- Enquiry of management, those charged with governance and the entity's in-house legal team around actual and potential litigation and claims; |
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; |
- Reviewing minutes of meetings of those charged with governance; |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the further that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GRIPPLE LIMITED |
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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
35 Wilkinson Street |
Sheffield |
South Yorkshire |
S10 2GB |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
CONSOLIDATED PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 114,404,497 | 106,708,790 |
Cost of sales | 63,371,455 | 60,960,526 |
GROSS PROFIT | 51,033,042 | 45,748,264 |
Distribution costs | 27,602,562 | 23,841,324 |
Administrative expenses | 19,718,838 | 18,478,143 |
47,321,400 | 42,319,467 |
3,711,642 | 3,428,797 |
Other operating income | 1,540,616 | 2,273,935 |
GROUP OPERATING PROFIT | 5 | 5,252,258 | 5,702,732 |
Share of operating profit in |
Joint ventures | 339,587 | 188,816 |
Income from interest in associated undertakings |
12,000 |
17,379 |
Income from fixed asset investments | 170,317 | 140,418 |
Interest receivable and similar income | 13,526 | 918 |
Gain/loss on revaluation of investments | (126,000 | ) | (1,788,944 | ) |
Interest payable and similar expenses |
Group | 6 | (2,144,956 | ) | (873,000 | ) |
Joint ventures | (34,149 | ) | (38,768 | ) |
(2,109,262 | ) | (2,541,997 | ) |
PROFIT BEFORE TAXATION | 3,482,583 | 3,349,551 |
Tax on profit | 7 | 976,047 | 1,330,976 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 2,506,536 | 2,018,575 |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 2,506,536 | 2,018,575 |
OTHER COMPREHENSIVE INCOME |
Currency translation differences on |
foreign currency net investments | (276,613 | ) | 578,884 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(276,613 |
) |
578,884 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,229,923 |
2,597,459 |
Total comprehensive income attributable to: |
Owners of the parent | 2,229,923 | 2,597,459 |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 1,855,389 | 1,532,856 |
Tangible assets | 11 | 46,885,541 | 46,043,357 |
Investments | 12 |
Interests in joint ventures | 978,956 | 856,898 |
Interests in associates | 360,000 | 486,000 |
Other investments | 5,891,411 | 5,051,411 |
55,971,297 | 53,970,522 |
CURRENT ASSETS |
Stocks | 13 | 12,984,633 | 13,136,761 |
Debtors | 14 | 19,641,125 | 24,056,978 |
Cash at bank and in hand | 1,598,166 | 1,131,211 |
34,223,924 | 38,324,950 |
CREDITORS |
Amounts falling due within one year | 15 | 35,958,520 | 34,218,277 |
NET CURRENT (LIABILITIES)/ASSETS | (1,734,596 | ) | 4,106,673 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
54,236,701 |
58,077,195 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(16,091,796 |
) |
(18,933,288 |
) |
PROVISIONS FOR LIABILITIES | 20 | (3,792,049 | ) | (3,424,564 | ) |
NET ASSETS | 34,352,856 | 35,719,343 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 10,735,554 | 10,735,554 |
Share premium | 4,780,592 | 4,780,592 |
Retained earnings | 18,836,710 | 20,203,197 |
SHAREHOLDERS' FUNDS | 34,352,856 | 35,719,343 |
The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2024 and were signed on its behalf by: |
H D Facey - Director |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,807,264 | 495,562 |
The financial statements were approved by the Board of Directors and authorised for issue on |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | 10,735,554 | 21,202,148 | 4,780,592 | 36,718,294 |
Changes in equity |
Dividends | - | (3,596,410 | ) | - | (3,596,410 | ) |
Total comprehensive income | - | 2,597,459 | - | 2,597,459 |
Balance at 31 December 2022 | 10,735,554 | 20,203,197 | 4,780,592 | 35,719,343 |
Changes in equity |
Dividends | - | (3,596,410 | ) | - | (3,596,410 | ) |
Total comprehensive income | - | 2,229,923 | - | 2,229,923 |
Balance at 31 December 2023 | 10,735,554 | 18,836,710 | 4,780,592 | 34,352,856 |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2023 |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 12,784,692 | 5,334,350 |
Interest paid | (1,082,943 | ) | (311,548 | ) |
Interest element of hire purchase and finance lease rental payments paid |
(657,613 |
) |
(241,574 |
) |
Finance costs paid | (404,400 | ) | (319,878 | ) |
Tax paid | (407,529 | ) | (304,150 | ) |
Taxation refund | 528,500 | - |
Net cash from operating activities | 10,760,707 | 4,157,200 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (510,952 | ) | (395,313 | ) |
Purchase of tangible fixed assets | (7,705,572 | ) | (11,331,475 | ) |
Purchase of fixed asset investments | (840,000 | ) | - |
Sale of tangible fixed assets | 334,355 | 456,330 |
Interest received | 13,526 | - |
Dividends received | 182,317 | 157,797 |
Dividends received from associates/JV's | 89,928 | 111,593 |
Net cash from investing activities | (8,436,398 | ) | (11,001,068 | ) |
Cash flows from financing activities |
Bank loans received in year | - | 3,357,982 |
Bank loan repayments in year | (1,923,552 | ) | (1,112,017 | ) |
Hire purchase advances in year | 5,071,967 | 8,796,928 |
Export trade loan facility advanced | 4,877,222 | - |
Capital element of HP repayments in year | (5,437,729 | ) | (4,870,312 | ) |
Amounts introduced by directors | - | 1,642,488 |
Amounts repaid to directors | (568,183 | ) | (1,099,230 | ) |
Other loans received in year | 3,050,362 | 1,108,036 |
Other loan repayments in year | (447,150 | ) | (1,405,294 | ) |
Monies loaned to former subsidiary | (772,004 | ) | (719,865 | ) |
Equity dividends paid | (3,596,410 | ) | (3,557,019 | ) |
Net cash from financing activities | 254,523 | 2,141,697 |
Increase/(decrease) in cash and cash equivalents | 2,578,832 | (4,702,171 | ) |
Cash and cash equivalents at beginning of year |
2 |
(6,433,393 |
) |
(1,731,222 |
) |
Cash and cash equivalents at end of year | 2 | (3,854,561 | ) | (6,433,393 | ) |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 3,482,583 | 3,349,551 |
Depreciation charges | 5,876,699 | 5,268,037 |
Loss/(profit) on disposal of fixed assets | 95,635 | (90,397 | ) |
Loss on revaluation of fixed assets | 126,000 | 1,788,944 |
Exchange rate movements | 467,259 | 399,479 |
Share of Joint ventures operating profit | (339,587 | ) | (188,816 | ) |
RDEC tax credit | (461,816 | ) | (278,709 | ) |
Fair value derivative movement | 341,681 | (334,804 | ) |
Finance costs | 2,179,105 | 911,768 |
Finance income | (195,843 | ) | (158,715 | ) |
11,571,716 | 10,666,338 |
Decrease/(increase) in stocks | 152,128 | (3,288,751 | ) |
Decrease/(increase) in trade and other debtors | 4,349,931 | (6,482,981 | ) |
(Decrease)/increase in trade and other creditors | (3,289,083 | ) | 4,439,744 |
Cash generated from operations | 12,784,692 | 5,334,350 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 1,598,166 | 1,131,211 |
Bank overdrafts | (5,452,727 | ) | (7,564,604 | ) |
(3,854,561 | ) | (6,433,393 | ) |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 1,131,211 | 2,215,562 |
Bank overdrafts | (7,564,604 | ) | (3,946,784 | ) |
(6,433,393 | ) | (1,731,222 | ) |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/1/23 | Cash flow | At 31/12/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,131,211 | 466,955 | 1,598,166 |
Bank overdrafts | (7,564,604 | ) | 2,111,877 | (5,452,727 | ) |
(6,433,393 | ) | 2,578,832 | (3,854,561 | ) |
Debt |
Hire purchase and finance leases | (11,052,735 | ) | 365,762 | (10,686,973 | ) |
Debts falling due within 1 year | (3,658,498 | ) | (8,901,497 | ) | (12,559,995 | ) |
Debts falling due after 1 year | (12,712,998 | ) | 3,051,665 | (9,661,333 | ) |
(27,424,231 | ) | (5,484,070 | ) | (32,908,301 | ) |
Total | (33,857,624 | ) | (2,905,238 | ) | (36,762,862 | ) |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Gripple Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The consolidated financial statements cover a group of entities. |
The figures in the financial statements are rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The Group financial statements consolidate the financial statements of Gripple Limited and all its subsidiary undertakings. The Group profit and loss account includes the results of Gripple Limited and all its subsidiaries after intra group trading and profits have been eliminated. |
The Group financial statements consolidate the results of Gripple Automation Limited a company which is exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of Section 479A Companies Act 2006. |
PMS Diecasting Limited is a dormant subsidiary of Gripple Limited and is included in these Group financial statements. PMS Diecasting Limited is exempt from the requirement to prepare individual accounts by virtue of Section 394A Companies Act 2006. |
Joint ventures, associates and other investments |
The groups investments in Joint Ventures are accounted for using the Equity method. |
Investments in associates that are held as part of an investment portfolio are measured at fair value with changes in fair value being recognised in profit and loss. If investments in associates are not held as part of an investment portfolio, they are recognised using the Equity method. |
Other investments where the group does not have a significant influence and where a fair value can be reliably measured are recognised at fair value with changes in fair value recognised in profit and loss. If fair value cannot be reliably measured, then the investment is carried at cost less impairment. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
- Key sources of estimation uncertainty. |
The group believes that there are no areas of material estimation uncertainty which affect the financial statements. |
- Critical accounting judgements in applying the Group's accounting policies. |
The Group believes that the major judgements applied are: |
- The use of the going concern principle which is based on the belief that the company will have adequate resources to continue in operational existence for the foreseeable future. |
- Based on a review of the ongoing trading budgets and forecasts of its investments, that there is no need to impair those investments and debtor balances due to the company from those entities. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of businesses in 2017 and 2020, is being amortised evenly over its estimated useful life. |
An annual review of the carrying value of acquired goodwill is undertaken and if it is considered that the specific acquired goodwill has been impaired, a provision is made to adjust the current carrying value. |
Intangible assets |
Expenditure on the grants of patents and trade marks are amortised over a period of 10 years from the date the expenditure was incurred. An annual review of the carrying value of all patents is undertaken and if specific patents no longer produce revenue streams, then any carrying value is fully impaired. |
Expenditure on the renewal of patents and trade marks are immediately written off when incurred. |
Tangible fixed assets |
Freehold property | - |
Leasehold property improvements | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Research and development | - |
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. |
Improvements to leasehold properties will be depreciated over the remaining term of the lease, commencing when the improvements are completed. |
Stocks |
Stocks are valued at the lower of costs and net realisable value after making due allowance for obsolete and slow moving items |
Cost is calculated using the first-in, first-out method and includes direct costs, a proportion of production overhead, transport and handling costs in bringing stocks to their present location and condition. |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
- Financial Assets |
The company's loans receivable meet the definition of a basic financial instrument, so they are originally recognised at the transaction price. |
- Financial Liabilities |
The company's bank and other loans payable meet the definition of a basic financial instrument, so they are originally recognised at the transaction price. |
- Debt instruments which are financing transactions at a rate of interest that is not a market rate. |
Where debt instruments are classified as assets due after more than one year or long term liabilities, then the company measures these at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Where debt instruments are classified as current assets or current liabilities, then there is no present value adjustment to the initial measurement based on amortised cost. |
- Derivative financial instruments |
The Company’s activities expose it to the financial risks of changes in foreign exchange rates. |
Derivative financial instruments are initially measured at fair value on the contract date and are subsequently remeasured to fair value at each year end. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at a rate of exchange which approximates to the average of the company's forward foreign exchange contracts entered into for the year. Exchange differences are taken into account in arriving at the operating result. |
The amounts in the balance sheets of overseas subsidiary undertakings are translated into sterling at the rates of exchange ruling at the balance sheet date, whilst the amounts in the profit and loss account are translated into sterling at the average rate of exchange for the year. The exchange difference arising on the re-translation of opening net assets is taken directly to reserves. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating lease are charged to the profit and loss account on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Provision for liabilities |
Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the group will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. |
3. | TURNOVER |
2023 | 2022 |
£ | £ |
Building bespoke machinery | 456,076 | 1,429,150 |
Sale of wire joining products | 113,948,421 | 105,279,640 |
114,404,497 | 106,708,790 |
In the opinion of the directors, the markets supplied by the group do not differ substantially from each other, therefore no geographical analysis is required. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 38,911,331 | 35,462,900 |
Social security costs | 4,460,109 | 4,249,266 |
Other pension costs | 4,741,761 | 3,948,810 |
48,113,201 | 43,660,976 |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Production | 500 | 491 |
Sales | 232 | 231 |
Management and administration | 200 | 235 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 777,067 | 591,882 |
Directors' pension contributions to money purchase schemes | 117,986 | 57,101 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 5 | 4 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 231,793 | 220,000 |
Pension contributions to money purchase schemes | 34,500 | 33,000 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 3,638,022 | 3,568,754 |
Depreciation - assets on hire purchase contracts and finance leases | 2,050,257 | 1,483,650 |
Loss/(profit) on disposal of fixed assets | 95,635 | (90,397 | ) |
Patents & trademarks amortisation | 188,420 | 215,633 |
Auditors' remuneration | 85,000 | 80,000 |
Overseas auditors costs auditing the accounts of subsidiaries | 12,778 | 20,997 |
Auditors' remuneration for non audit work - taxation compliance work | 8,148 | 3,775 |
Auditors' remuneration for non audit work - other services | 12,363 | 15,299 |
Foreign exchange differences | 1,486,655 | 667,634 |
Pension contributions into defined contribution pension plans. | 4,741,761 | 3,948,810 |
Operating lease rentals | 999,043 | 994,238 |
Research and development expenditure | 2,527,179 | 2,793,720 |
Fair value derivative adjustment | (199,363 | ) | (541,044 | ) |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 957,121 | 298,191 |
Other interest | 125,822 | 13,357 |
Hire purchase | 657,613 | 241,574 |
Overseas subsidiary finance costs | 404,400 | 319,878 |
2,144,956 | 873,000 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 28,718 | - |
Overseas tax charge | 428,673 | 278,697 |
Prior year adjustment | - | 9,579 |
Joint ventures tax | 93,452 | 42,997 |
Total current tax | 550,843 | 331,273 |
Deferred tax: |
Deferred tax | 116,300 | 754,500 |
Overseas deferred tax | 308,904 | 245,203 |
Total deferred tax | 425,204 | 999,703 |
Tax on profit | 976,047 | 1,330,976 |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 3,482,583 | 3,349,551 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
870,646 |
636,415 |
Effects of: |
Expenses not deductible for tax purposes | 20,602 | 15,611 |
Income not taxable for tax purposes | (45,579 | ) | (35,436 | ) |
Capital allowances in excess of depreciation | (270,754 | ) | (1,637,118 | ) |
Adjustments to tax charge in respect of previous periods | 28,718 | 9,579 |
Overseas tax rates different to UK corporation tax rates. | (152,538 | ) | (34,552 | ) |
Overseas JV's tax rates different to UK corporation tax rates | 17,093 | 14,488 |
Tax value of tax losses to carry forward | 51,155 | 1,022,387 |
New deferred tax provision | 425,204 | 999,703 |
Fair value movement through profit and loss not deductible/ taxable | 31,500 | 339,899 |
Total tax charge | 976,047 | 1,330,976 |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Currency translation differences on |
foreign currency net investments | (276,613 | ) | - | (276,613 | ) |
(276,613 | ) | - | (276,613 | ) |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Currency translation differences on |
foreign currency net investments | 578,884 | - | 578,884 |
578,884 | - | 578,884 |
The above 'new deferred tax provision' includes an amount of £Nil (2022: £181,100) which results from the use of the enacted 25% UK corporation tax rate that will be effective 1 April 2023. |
8. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements. |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of 50p each |
Total dividend | 3,596,410 | 3,596,410 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Intellectual |
Patents & | property |
Goodwill | trademarks | rights | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 1,183,080 | 3,318,460 | - | 4,501,540 |
Additions | - | 512,900 | 153,865 | 666,765 |
Disposals | - | (2,922 | ) | (153,865 | ) | (156,787 | ) |
Exchange differences | - | (68 | ) | - | (68 | ) |
At 31 December 2023 | 1,183,080 | 3,828,370 | - | 5,011,450 |
AMORTISATION |
At 1 January 2023 | 1,183,080 | 1,785,604 | - | 2,968,684 |
Amortisation for year | - | 188,420 | - | 188,420 |
Eliminated on disposal | - | (974 | ) | - | (974 | ) |
Exchange differences | - | (69 | ) | - | (69 | ) |
At 31 December 2023 | 1,183,080 | 1,972,981 | - | 3,156,061 |
NET BOOK VALUE |
At 31 December 2023 | - | 1,855,389 | - | 1,855,389 |
At 31 December 2022 | - | 1,532,856 | - | 1,532,856 |
Amortisation of intangible fixed assets is included in administrative expenses. . |
Company |
Patents & |
Goodwill | trademarks | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | INTANGIBLE FIXED ASSETS - continued |
Company |
Amortisation of intangible fixed assets is included in administrative expenses. |
11. | TANGIBLE FIXED ASSETS |
Group |
Leasehold |
Freehold | property | Plant and |
property | improvements | machinery |
£ | £ | £ |
COST |
At 1 January 2023 | 22,049,092 | 835,363 | 49,785,911 |
Additions | 238,650 | 1,203 | 5,755,460 |
Disposals | (116,142 | ) | (5,003 | ) | (343,973 | ) |
Exchange differences | (678,417 | ) | - | (193,037 | ) |
Reclassification/transfer | - | - | (928,860 | ) |
At 31 December 2023 | 21,493,183 | 831,563 | 54,075,501 |
DEPRECIATION |
At 1 January 2023 | 2,579,922 | 403,135 | 27,239,497 |
Charge for year | 473,219 | 64,000 | 3,904,796 |
Eliminated on disposal | - | (3,800 | ) | (228,219 | ) |
Exchange differences | (36,955 | ) | - | (47,543 | ) |
At 31 December 2023 | 3,016,186 | 463,335 | 30,868,531 |
NET BOOK VALUE |
At 31 December 2023 | 18,476,997 | 368,228 | 23,206,970 |
At 31 December 2022 | 19,469,170 | 432,228 | 22,546,414 |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures | Research |
and | Motor | and |
fittings | vehicles | development | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 8,933,000 | 2,449,057 | 231,190 | 84,283,613 |
Additions | 849,112 | 922,097 | - | 7,766,522 |
Disposals | (133,004 | ) | (707,949 | ) | - | (1,306,071 | ) |
Exchange differences | (49,961 | ) | (10,576 | ) | - | (931,991 | ) |
Reclassification/transfer | 928,860 | - | - | - |
At 31 December 2023 | 10,528,007 | 2,652,629 | 231,190 | 89,812,073 |
DEPRECIATION |
At 1 January 2023 | 6,571,168 | 1,304,768 | 141,766 | 38,240,256 |
Charge for year | 865,760 | 374,542 | 5,962 | 5,688,279 |
Eliminated on disposal | (103,807 | ) | (553,912 | ) | - | (889,738 | ) |
Exchange differences | (20,727 | ) | (7,040 | ) | - | (112,265 | ) |
At 31 December 2023 | 7,312,394 | 1,118,358 | 147,728 | 42,926,532 |
NET BOOK VALUE |
At 31 December 2023 | 3,215,613 | 1,534,271 | 83,462 | 46,885,541 |
At 31 December 2022 | 2,361,832 | 1,144,289 | 89,424 | 46,043,357 |
Tangible fixed assets with a carrying value of £32,860,249 (2022: £32,798,605) are pledged as security for the group's bank loans. |
Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 14,293,702 | 1,019,619 | 1,134,811 | 16,448,132 |
Additions | 3,995,580 | 210,000 | 866,387 | 5,071,967 |
Transfer to ownership | (3,251,246 | ) | - | (246,134 | ) | (3,497,380 | ) |
At 31 December 2023 | 15,038,036 | 1,229,619 | 1,755,064 | 18,022,719 |
DEPRECIATION |
At 1 January 2023 | 2,783,343 | 10,290 | 367,897 | 3,161,530 |
Charge for year | 1,805,483 | 7,966 | 236,808 | 2,050,257 |
Transfer to ownership | (1,090,650 | ) | - | (123,710 | ) | (1,214,360 | ) |
At 31 December 2023 | 3,498,176 | 18,256 | 480,995 | 3,997,427 |
NET BOOK VALUE |
At 31 December 2023 | 11,539,860 | 1,211,363 | 1,274,069 | 14,025,292 |
At 31 December 2022 | 11,510,359 | 1,009,329 | 766,914 | 13,286,602 |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Leasehold |
Freehold | property | Plant and |
property | improvements | machinery |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fixtures | Research |
and | Motor | and |
fittings | vehicles | development | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Tangible fixed assets with a carrying value of £22,370,582 (2022: £21,121,405) are pledged as security for the company's bank loans. |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Transfer to ownership | (3,251,246 | ) | - | (246,134 | ) | (3,497,380 | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Transfer to ownership | (1,090,650 | ) | - | (123,710 | ) | (1,214,360 | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
12. | FIXED ASSET INVESTMENTS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Shares in group undertakings | - | - |
Participating interests | 7,141,472 | 6,305,414 |
Loans to undertakings in which the company has a participating interest |
88,895 |
88,895 |
7,230,367 | 6,394,309 |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Additional information is as follows: |
Group |
Interest |
Interests | Interests | in other |
in joint | in | participating |
ventures | associates | interests | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 856,898 | 486,000 | 4,962,516 | 6,305,414 |
Additions | - | - | 840,000 | 840,000 |
Share of profit/(loss) | 211,986 | - | - | 211,986 |
Revaluations | - | (126,000 | ) | - | (126,000 | ) |
Dividends received | (89,928 | ) | - | - | (89,928 | ) |
At 31 December 2023 | 978,956 | 360,000 | 5,802,516 | 7,141,472 |
NET BOOK VALUE |
At 31 December 2023 | 978,956 | 360,000 | 5,802,516 | 7,141,472 |
At 31 December 2022 | 856,898 | 486,000 | 4,962,516 | 6,305,414 |
Cost or valuation at 31 December 2023 is represented by: |
Interest |
Interests | Interests | in other |
in joint | in | participating |
ventures | associates | interests | Totals |
£ | £ | £ | £ |
Valuation in 2023 | - | 360,000 | 5,802,516 | 6,162,516 |
Cost | 978,956 | - | - | 978,956 |
978,956 | 360,000 | 5,802,516 | 7,141,472 |
The groups investments in the shares of entities which are part of GLIDE are valued at fair value which is considered to be the Q4 share price established under the mechanism contained in those companies Articles. |
Company |
Interest |
Shares in | Interests | Interests | in other |
group | in joint | in | participating |
undertakings | ventures | associates | interests | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 486,000 | 4,962,516 | 7,432,167 |
Additions | 840,000 | 840,000 |
Revaluations | ( |
) | - | (126,000 | ) |
At 31 December 2023 | 5,802,516 | 8,146,167 |
NET BOOK VALUE |
At 31 December 2023 | 5,802,516 | 8,146,167 |
At 31 December 2022 |
4,962,516 |
7,432,167 |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Company |
Cost or valuation at 31 December 2023 is represented by: |
Interest |
Shares in | Interests | Interests | in other |
group | in joint | in | participating |
undertakings | ventures | associates | interests | Totals |
£ | £ | £ | £ | £ |
Valuation in 2023 | - | - | 360,000 | 5,802,516 | 6,162,516 |
Cost | 1,804,014 | 179,637 | - | - | 1,983,651 |
1,804,014 | 179,637 | 360,000 | 5,802,516 | 8,146,167 |
The company's investments in the shares of entities which are part of GLIDE are valued at fair value which is considered to be the Q4 share price established under the mechanism contained in those companies Articles. |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 1611 Emily Lane, Aurora, Illinois 60502, United States of America |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 1 Rue du Commerce - Parc d'activities Sud - BP37 - 67210 Obernai - France |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Loberstrasse, Asslar, 35614, Germany |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C-115 Industrial Area, Phase 1, Naraina, New Delhi - 110028, India |
Nature of business: |
% |
Class of shares: | holding |
Registered office: ul. Chelmzynska 70, Warszawa 14-247, Poland |
Nature of business: |
% |
Class of shares: | holding |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: 6665 Tomken Road, Units 9-10, Mississauga, ON L5T 2C4, Canada |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 24 Orgreave Place, Dorehouse Industrial Estate, Sheffield S13 9LU, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Registered office: RWM, 23 Jeays Street, Bowen Hills, QLD 4006, Australia |
Nature of business: |
% |
Class of shares: | holding |
Registered office: RWM, 23 Jeays Street, Bowen Hills, QLD 4006, Australia |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 2-57 Tsukizi-cho, Hyogo-ku, Kobe-shi, Hyogo, Japan |
Nature of business: |
% |
Class of shares: | holding |
Registered office: The Old West Gun Works, 201 Savile Street East, Sheffield, S4 7UQ, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Joint ventures |
Registered office: Ctra. Logroño km 7 3 Pol. Europa B, Zaragoza 50011, Spain |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Via Ponte Pietra,2 ,Bergamo BG, 24123, Italy |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Estrada Nacional 4,Km 46,5 Pontal,Pegões 2985-201,Portugal |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Associated company |
Registered office: Unit 11, Braithwell Way, Hellaby Industrial Estate, Rotherham S66 8QY, United Kingdom. |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Group |
Loans to |
joint |
ventures |
£ |
At 1 January 2023 |
and 31 December 2023 | 88,895 |
Company |
Loans to |
joint |
ventures |
£ |
At 1 January 2023 |
and 31 December 2023 |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | STOCKS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Engineering stocks | 581,466 | - |
Raw materials | 5,309,080 | 6,138,093 |
Work-in-progress | - | 117,825 |
Finished goods | 6,903,918 | 6,880,843 |
Machinery for resale | 190,169 | - | 190,169 | - |
12,984,633 | 13,136,761 |
The total carrying amount of stock is pledged as security for the group's bank borrowings. |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 12,782,277 | 15,828,520 |
Amounts owed by group undertakings | - | - |
Amounts recoverable on contract | - | 398,563 |
Other debtors | 1,824,143 | 1,649,995 |
Derivative asset | 199,363 | 541,044 | 199,363 | 541,044 |
Tax | 834,025 | 775,998 |
VAT | 1,332,177 | 1,209,927 |
Prepayments and accrued income | 2,669,140 | 3,652,931 |
19,641,125 | 24,056,978 |
The carrying value of the company's derivative contracts is noted above. |
This figure represents the fair value adjustment of these contracts and is measured by comparing the amounts receivable on the maturity dates for these contracts, which arise during the 4 month period to 30 April 2024, to the values that would have been received if the contracts had been entered into on the year end date. |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 15,133,818 | 9,350,490 |
Other loans (see note 17) | 2,878,904 | 1,872,612 |
Hire purchase contracts and finance leases (see note 18) | 4,256,510 |
4,832,445 |
Trade creditors | 8,261,985 | 11,954,272 |
Amounts owed to group undertakings | - | - |
Amounts owed to associates | 326,609 | 473,327 | 326,609 | 473,327 |
Tax | 44,987 | 454 |
Social security and other taxes | 1,283,243 | 1,960,495 |
Other creditors | 643,318 | 1,396,878 |
Long term contract accruals | - | 9,836 | - | - |
Directors' loan accounts | 140,075 | 708,258 | 140,075 | 708,258 |
Accruals and deferred income | 2,989,071 | 1,659,210 |
35,958,520 | 34,218,277 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 17) | 7,771,462 | 12,712,998 |
Other loans (see note 17) | 1,889,871 | - |
Hire purchase contracts and finance leases (see note 18) | 6,430,463 |
6,220,290 |
16,091,796 | 18,933,288 |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 5,452,727 | 7,564,604 |
Bank loans | 9,681,091 | 1,785,886 |
Other loans | 2,878,904 | 1,872,612 |
18,012,722 | 11,223,102 |
Amounts falling due between one and two | years: |
Bank loans | 6,223,244 | 6,388,707 |
Other loans | 101,545 | - | - |
6,324,789 | 6,388,707 |
Amounts falling due between two and five | years: |
Bank loans | 1,548,218 | 6,324,291 |
Other loans | 338,909 | - |
1,887,127 | 6,324,291 |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans | 1,449,417 | - | - | - |
A subsidiary company's long term loan is being repaid by quarterly instalments which are due to end on 15 June 2038, with interest charged at 5.34% |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts | Finance leases |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Net obligations repayable: |
Within one year | 4,157,510 | 4,832,445 | 99,000 | - |
Between one and five years | 5,799,917 | 6,220,290 | 630,546 | - |
9,957,427 | 11,052,735 | 729,546 | - |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
18. | LEASING AGREEMENTS - continued |
Company |
Hire purchase contracts | Finance leases |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 1,087,520 | 989,934 |
Between one and five years | 1,796,147 | 1,838,808 |
In more than five years | - | 1,094,572 |
2,883,667 | 3,923,314 |
Company |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank overdrafts | 5,452,727 | 7,564,604 |
Bank loans | 17,452,553 | 14,498,884 |
Hire purchase contracts and finance leases | 10,686,973 | 11,052,735 | 10,686,973 | 11,052,735 |
33,592,253 | 33,116,223 |
The groups bank borrowings are secured by first legal charges over the group's freehold property together with a debenture over the groups other unpledged assets and an unlimited guarantee given by Loadhog 2011 Limited, Loadhog Limited and Growth Led Innovation Driven Employee Company Limited.. |
The hire purchase and finance leases obligations are secured over the assets to which they relate, together with a blanket guarantee provided by the company and Loadhog Limited and a charge over unencumbered assets. |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax |
Tax losses carried forward | (1,447,000 | ) | (1,285,700 | ) | ( |
) | ( |
) |
Accelerated capital allowances | 5,239,049 | 4,710,264 | 4,302,100 | 4,024,500 |
3,792,049 | 3,424,564 | 2,855,100 | 2,738,800 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 3,424,564 |
Charge to Profit and Loss Account during year | 425,204 |
Foreign exchange difference |
on overseas provisions | (57,719 | ) |
Balance at 31 December 2023 | 3,792,049 |
Company |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Charge to Profit and Loss Account during year |
Balance at 31 December 2023 |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
2 | Golden | £1 | 2 | 2 |
50,000 | Ordinary Non Voting Non Tradeable | 50p | 25,000 | 25,000 |
4,422,923 | Ordinary Non Tradable | 50p | 2,211,461 | 2,211,461 |
16,998,181 | Ordinary | 50p | 8,499,091 | 8,499,091 |
10,735,554 | 10,735,554 |
The rights attaching to each class of shares is as follows: |
GOLDEN SHARES:- |
Each Golden share is entitled to one vote in any circumstance and the Company may not do certain things without a 100% class consent of the holders. |
The Golden shares are not redeemable. |
The Golden shares are not entitled to dividend payments. |
The Golden shares are entitled to a distribution of capital equal to the nominal value of each Golden share. |
ORDINARY NON VOTING NON TRADABLE SHARES:- |
The Ordinary Non Voting Non Tradable share are non voting. |
The Ordinary Non Voting Non Tradable shares are not redeemable |
The Ordinary Non Voting Non Tradable shares are entitled to a participating cumulative dividend amounting to a minimum of 1/3 of the net profit of the company. |
No transfer of Ordinary Non Voting Non Tradable shares may be made or validly registered other than to GLIDE or to a transferee approved by the Share Transfer Committee |
ORDINARY NON TRADABLE SHARES:- |
Each Ordinary Non Tradable shareholder is entitled to one vote in any circumstances. |
The Ordinary Non Tradable shares are not redeemable. |
The Ordinary Non Tradable shares are entitled to a participating cumulative dividend amounting to a minimum of 1/3 of the net profit of the company. |
The Ordinary Non Tradable shares are entitled to a distribution on capital equal to the nominal value of each Ordinary Non Tradable share plus accrued but unpaid dividend plus any residual balance |
No transfer of Ordinary Non Tradable shares may be made or validly registered other than pursuant to the distribution of assets following the death or retirement of the transferor (or other than to GLIDE, the GLIDE Foundation or the Gripple Foundation) |
ORDINARY SHARES:- |
Each Ordinary shareholder is entitled to one vote in any circumstances. |
The Ordinary shares are not redeemable |
The Ordinary shares are entitled to a participating cumulative dividend amounting to a minimum of 1/3 of the net profit of the company. |
The Ordinary shares are entitled to a distribution on capital equal to the nominal value of each Ordinary share plus accrued but unpaid dividend plus any residual balance |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
22. | OTHER FINANCIAL COMMITMENTS |
The company is party to a cross guarantee with Loadhog Limited, whereby it has agreed to secure certain bank liabilities of that entity. At the balance sheet date, the amount of the liability on Loadhog Limited's bank facilities covered by the cross guarantee was £5,666,804 (2022: £6,891,245). The directors are not aware of any circumstances which would necessitate an amount becoming payable under this guarantee. |
The company is also party to a cross guarantee with Loadhog Limited, whereby it has agreed to secure a joint lease purchase credit line facility. At the balance sheet date, the amount of the liability reflected in Loadhog Limited's financial statements covered by the cross guarantee was £4,837,726 (2022: £2,882,394). The directors are not aware of any circumstances which would necessitate an amount becoming payable under this guarantee. |
The company is also party to a cross guarantee with Growth Led Innovation Driven Employee Company Limited, whereby it has agreed to secure certain bank liabilities of that entity. At the balance sheet date, the amount of the liability on Growth Led Innovation Driven Employee Company Limited's bank facilities covered by the cross guarantee was £428,569 (2022: £169,776). The directors are not aware of any circumstances which would necessitate an amount becoming payable under this guarantee. |
The company has also provided a guarantee of upto $5,000,000 to the bankers of its North American subsidiary undertaking, Gripple Incorporated. The directors are not aware of any circumstances which would necessitate an amount becoming payable under this guarantee. |
Before the year end, the company entered into non cancellable commitments to acquire raw materials during 2024. These commitments are priced in US Dollars and amount to $399,500. |
23. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £1,018,487 (2022 - £1,015,650) were paid to the directors . |
Gripple Limited and Loadhog Limited have a majority of common directors on each board. |
During the year, sales and recharged costs of £936,171 (2022: £1,611,814) have been made to Loadhog Limited, whilst goods and recharged services from Loadhog Limited of £258,439 (2022: £272,377) have been acquired. These transactions were undertaken on normal commercial terms. |
At the year end, Gripple Limited is owed £217,732 by Loadhog Limited (2022: £552,821 owed to Loadhog Limited.) Interest is not chargeable on the intercompany loan.. |
During the year, certain directors of Gripple Limited has provided the company with loans. A commercial rate of interest is charged on the loan. At the year end, Gripple Limited owed the directors £140,075 (2022: £708,258). |
GoTools Limited continues to be an associated company of Gripple Limited and during the year Gripple Limited acquired tooling amounting to £1,574,067 (2022: £1,652,240) from this entity. These transactions were undertaken on normal commercial terms. |
At the year end, Gripple Limited owed £326,609 (2022: £473,327) to its associated company.. |
During the year, a total of key management personnel compensation of £ 2,953,571 (2022 - £ 2,736,969 ) was paid. |
24. | ULTIMATE CONTROLLING PARTY |
At the year end. the company does not have an ultimate controlling party. |
GRIPPLE LIMITED (REGISTERED NUMBER: 01772901) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
25. | FINANCIAL ASSETS AND LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Financial assets measured at fair value through profit and loss |
6,361,879 |
5,989,560 |
6,361,879 |
5,989,560 |
The financial assets measured at fair value represent: |
1. Foreign currency contracts entered into to hedge currency exposure on the groups receipts in foreign currency denominated sales and are not traded in the active markets. These have been fair valued using observable forward currency rates at the year end corresponding to the maturity of the contracts. |
A fair value gain of £199,363 has been recognised on forward currency contracts. |
2. Equity instruments issued by GLIDE members where the fair value represents the Q4 share price established under the mechanism contained in those companies Articles. |
A fair value loss of £126,000 has been recognised on these investments. |