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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: H D Facey
D A Routledge
E J P Stubbs
R A Davies
P Taylor
S N Khan
M Hodgson
C P Bentley
Mrs D J Oxley
K J St Clair





SECRETARY: Miss K B Cullen





REGISTERED OFFICE: The Old West Gun Works
201 Savile Street East
Sheffield
South Yorkshire
S4 7UQ





REGISTERED NUMBER: 01772901 (England and Wales)





AUDITORS: Hollis and Co Limited
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:





H D Facey - Director


29 April 2024

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.

H D Facey
D A Routledge
E J P Stubbs
R A Davies
P Taylor
S N Khan
M Hodgson
C P Bentley
Mrs D J Oxley

Other changes in directors holding office are as follows:

K J St Clair - appointed 4 April 2023

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:





H D Facey - Director


29 April 2024

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.




Peter Hollis (Senior Statutory Auditor)
for and on behalf of Hollis and Co Limited
Chartered Accountants
Statutory Auditor
35 Wilkinson Street
Sheffield
South Yorkshire
S10 2GB

30 April 2024

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 2,506,536 2,018,575
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 1,855,386 1,529,932
Tangible assets 11 36,395,874 34,366,157
Investments 12 8,235,062 7,521,062
46,486,322 43,417,151

CURRENT ASSETS
Stocks 13 11,548,032 11,218,107
Debtors 14 11,275,435 14,177,380
Cash at bank and in hand 260,912 14,481
23,084,379 25,409,968
CREDITORS
Amounts falling due within one year 15 33,124,284 27,717,607
NET CURRENT LIABILITIES (10,039,905 ) (2,307,639 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

36,446,417

41,109,512

CREDITORS
Amounts falling due after more than one
year

16

(8,202,296

)

(11,192,545

)

PROVISIONS FOR LIABILITIES 20 (2,855,100 ) (2,738,800 )
NET ASSETS 25,389,021 27,178,167

CAPITAL AND RESERVES
Called up share capital 21 10,735,554 10,735,554
Share premium 4,780,592 4,780,592
Retained earnings 9,872,875 11,662,021
SHAREHOLDERS' FUNDS 25,389,021 27,178,167

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 29 April 2024 and were signed on its behalf by:





H D Facey - Director


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 10,735,554 14,762,869 4,780,592 30,279,015

Changes in equity
Dividends - (3,596,410 ) - (3,596,410 )
Total comprehensive income - 495,562 - 495,562
Balance at 31 December 2022 10,735,554 11,662,021 4,780,592 27,178,167

Changes in equity
Dividends - (3,596,410 ) - (3,596,410 )
Total comprehensive income - 1,807,264 - 1,807,264
Balance at 31 December 2023 10,735,554 9,872,875 4,780,592 25,389,021

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

The 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% Straight Line on cost or revaluation
Leasehold property improvements - Over period of lease
Plant and machinery - 20% on cost, 10% on cost, 10% to 20% on cost, 25% to 33% on cost and at varying rates on cost
Fixtures and fittings - 20% to 33% on cost
Motor vehicles - 25% on cost and 20% to 25% on cost
Research and development - 33% on cost and 10% on cost

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
932 957

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 634,834 3,315,555 3,950,389
Additions - 512,900 512,900
At 31 December 2023 634,834 3,828,455 4,463,289
AMORTISATION
At 1 January 2023 634,834 1,785,623 2,420,457
Amortisation for year - 187,446 187,446
At 31 December 2023 634,834 1,973,069 2,607,903
NET BOOK VALUE
At 31 December 2023 - 1,855,386 1,855,386
At 31 December 2022 - 1,529,932 1,529,932

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 13,190,096 830,360 45,714,575
Additions 238,650 1,203 5,013,043
Disposals - - (202,491 )
Reclassification/transfer - - (928,860 )
At 31 December 2023 13,428,746 831,563 49,596,267
DEPRECIATION
At 1 January 2023 1,402,495 401,036 26,134,396
Charge for year 212,849 62,299 3,385,156
Eliminated on disposal - - (135,013 )
At 31 December 2023 1,615,344 463,335 29,384,539
NET BOOK VALUE
At 31 December 2023 11,813,402 368,228 20,211,728
At 31 December 2022 11,787,601 429,324 19,580,179

Fixtures Research
and Motor and
fittings vehicles development Totals
£    £    £    £   
COST
At 1 January 2023 7,382,697 2,231,197 231,190 69,580,115
Additions 710,326 866,387 - 6,829,609
Disposals - (601,286 ) - (803,777 )
Reclassification/transfer 928,860 - - -
At 31 December 2023 9,021,883 2,496,298 231,190 75,605,947
DEPRECIATION
At 1 January 2023 5,974,670 1,159,595 141,766 35,213,958
Charge for year 572,810 343,198 5,962 4,582,274
Eliminated on disposal - (451,146 ) - (586,159 )
At 31 December 2023 6,547,480 1,051,647 147,728 39,210,073
NET BOOK VALUE
At 31 December 2023 2,474,403 1,444,651 83,462 36,395,874
At 31 December 2022 1,408,027 1,071,602 89,424 34,366,157

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 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

12. FIXED ASSET INVESTMENTS

Group Company
2023 2022 2023 2022
£    £    £    £   
Shares in group undertakings - - 1,804,014 1,804,014
Participating interests 7,141,472 6,305,414 6,342,153 5,628,153
Loans to undertakings in which the company
has a participating interest

88,895

88,895

88,895

88,895
7,230,367 6,394,309 8,235,062 7,521,062

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 1,804,014 179,637 486,000 4,962,516 7,432,167
Additions - - - 840,000 840,000
Revaluations - - (126,000 ) - (126,000 )
At 31 December 2023 1,804,014 179,637 360,000 5,802,516 8,146,167
NET BOOK VALUE
At 31 December 2023 1,804,014 179,637 360,000 5,802,516 8,146,167
At 31 December
2022

1,804,014

179,637

486,000

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

Gripple Inc
Registered office: 1611 Emily Lane, Aurora, Illinois 60502, United States of America
Nature of business: Wire joining, tensioning and suspension systems
%
Class of shares: holding
Common shares 100.00

Gripple Europe SARL
Registered office: 1 Rue du Commerce - Parc d'activities Sud - BP37 - 67210 Obernai - France
Nature of business: Wire joining, tensioning and suspension systems
%
Class of shares: holding
Ordinary 100.00

Gripple GmbH
Registered office: Loberstrasse, Asslar, 35614, Germany
Nature of business: Wire joining, tensioning and suspension systems
%
Class of shares: holding
Ordinary 100.00

Gripple Hanger and Joiner Systems (India) Private Limited
Registered office: C-115 Industrial Area, Phase 1, Naraina, New Delhi - 110028, India
Nature of business: Wire joining, tensioning and suspension systems
%
Class of shares: holding
Ordinary 100.00

Gripple Spolka z ograniczona odpowiedzialnoscia (Ltd)
Registered office: ul. Chelmzynska 70, Warszawa 14-247, Poland
Nature of business: Wire joining, tensioning and suspension systems
%
Class of shares: holding
Ordinary 100.00

GRIPPLE LIMITED (REGISTERED NUMBER: 01772901)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. FIXED ASSET INVESTMENTS - continued

Gripple Canada Inc
Registered office: 6665 Tomken Road, Units 9-10, Mississauga, ON L5T 2C4, Canada
Nature of business: Wire joining, tensioning and suspension systems
%
Class of shares: holding
Ordinary 100.00

Gripple Automation Limited
Registered office: Unit 24 Orgreave Place, Dorehouse Industrial Estate, Sheffield S13 9LU, United Kingdom
Nature of business: Design and manufacture of automated machinery
%
Class of shares: holding
Ordinary 100.00

Gripple PTY Limited
Registered office: RWM, 23 Jeays Street, Bowen Hills, QLD 4006, Australia
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Gripple Australia PTY Limited
Registered office: RWM, 23 Jeays Street, Bowen Hills, QLD 4006, Australia
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Gripple Japan Kabishiki Kaisha
Registered office: 2-57 Tsukizi-cho, Hyogo-ku, Kobe-shi, Hyogo, Japan
Nature of business: Wire joining, tensioning and suspension systems
%
Class of shares: holding
Ordinary 100.00

P.M.S. Diecasting Limited
Registered office: The Old West Gun Works, 201 Savile Street East, Sheffield, S4 7UQ, United Kingdom
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00

Joint ventures

Gripple Industrial Iberia SL
Registered office: Ctra. Logroño km 7 3 Pol. Europa B, Zaragoza 50011, Spain
Nature of business: Wire joining, tensioning and suspension systems
%
Class of shares: holding
Ordinary 50.00
2023 2022
£    £   
Aggregate capital and reserves 843,625 804,117
Profit for the year 69,403 52,002

GRIPPLE LIMITED (REGISTERED NUMBER: 01772901)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. FIXED ASSET INVESTMENTS - continued

Gripple SRL
Registered office: Via Ponte Pietra,2 ,Bergamo BG, 24123, Italy
Nature of business: Wire joining, tensioning and suspension systems
%
Class of shares: holding
Ordinary 50.00
2023 2022
£    £   
Aggregate capital and reserves 810,410 642,900
Profit for the year 378,224 152,662

Gripple Portugal - Produtos de Construcao, Lda
Registered office: Estrada Nacional 4,Km 46,5 Pontal,Pegões 2985-201,Portugal
Nature of business: Wire joining, tensioning and suspension systems
%
Class of shares: holding
Ordinary 50.00
2023 2022
£    £   
Aggregate capital and reserves 151,709 181,743
(Loss)/profit for the year (23,655 ) 9,437

Associated company

Go Tools Limited
Registered office: Unit 11, Braithwell Way, Hellaby Industrial Estate, Rotherham S66 8QY, United Kingdom.
Nature of business: Tooling Manufacturer
%
Class of shares: holding
Ordinary 24.69
2023 2022
£    £   
Aggregate capital and reserves 1,271,633 1,233,563

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 88,895

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 - 581,466 -
Raw materials 5,309,080 6,138,093 5,126,360 5,701,197
Work-in-progress - 117,825 - -
Finished goods 6,903,918 6,880,843 5,650,037 5,516,910
Machinery for resale 190,169 - 190,169 -
12,984,633 13,136,761 11,548,032 11,218,107

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 4,141,794 5,103,034
Amounts owed by group undertakings - - 2,382,084 3,667,320
Amounts recoverable on contract - 398,563 - -
Other debtors 1,824,143 1,649,995 474,246 90,354
Derivative asset 199,363 541,044 199,363 541,044
Tax 834,025 775,998 585,289 652,558
VAT 1,332,177 1,209,927 1,446,534 1,370,437
Prepayments and accrued income 2,669,140 3,652,931 2,046,125 2,752,633
19,641,125 24,056,978 11,275,435 14,177,380

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 12,190,657 5,425,002
Other loans (see note 17) 2,878,904 1,872,612 2,780,821 1,638,036
Hire purchase contracts and finance leases (see note 18)
4,256,510

4,832,445

4,256,510

4,832,445
Trade creditors 8,261,985 11,954,272 6,908,036 10,199,831
Amounts owed to group undertakings - - 3,844,670 2,009,549
Amounts owed to associates 326,609 473,327 326,609 473,327
Tax 44,987 454 - -
Social security and other taxes 1,283,243 1,960,495 595,689 1,017,169
Other creditors 643,318 1,396,878 - 609,073
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 2,081,217 804,917
35,958,520 34,218,277 33,124,284 27,717,607

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 1,771,833 4,972,255
Other loans (see note 17) 1,889,871 - - -
Hire purchase contracts and finance leases (see note 18)
6,430,463

6,220,290

6,430,463

6,220,290
16,091,796 18,933,288 8,202,296 11,192,545

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 4,083,603 5,004,358
Bank loans 9,681,091 1,785,886 8,107,054 420,644
Other loans 2,878,904 1,872,612 2,780,821 1,638,036
18,012,722 11,223,102 14,971,478 7,063,038
Amounts falling due between one and two years:
Bank loans 6,223,244 6,388,707 1,380,500 4,972,255
Other loans 101,545 - - -
6,324,789 6,388,707 1,380,500 4,972,255
Amounts falling due between two and five years:
Bank loans 1,548,218 6,324,291 391,333 -
Other loans 338,909 - - -
1,887,127 6,324,291 391,333 -
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 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 -

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 631,722 547,612
Between one and five years 1,355,823 1,187,972
In more than five years - 1,094,572
1,987,545 2,830,156

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 4,083,603 5,004,358
Bank loans 17,452,553 14,498,884 9,878,887 5,392,899
Hire purchase contracts and finance leases 10,686,973 11,052,735 10,686,973 11,052,735
33,592,253 33,116,223 24,649,463 21,449,992

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 ) (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 2,738,800
Charge to Profit and Loss Account during year 116,300
Balance at 31 December 2023 2,855,100

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.