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REGISTERED NUMBER: 03379229 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

G L PROFILES LIMITED

G L PROFILES LIMITED (REGISTERED NUMBER: 03379229)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


G L PROFILES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: R Smith
M A Smith
E Gregory



SECRETARY: A Smith



REGISTERED OFFICE: Tudor Rose Ind. Estate
Dock Road
Chatteris
Cambridgeshire
PE16 6TY



REGISTERED NUMBER: 03379229 (England and Wales)



AUDITORS: Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
Eagle House
28 Billing Road
Northampton
Northamptonshire
NN1 5AJ



BANKERS: National Westminster Bank
1st Floor, Conqueror House
Vision Park
Histon
Cambridge
CB24 9NL

G L PROFILES LIMITED (REGISTERED NUMBER: 03379229)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The results for the year and financial position of the company are as shown in the annexed financial statements.

The company has produced a satisfactory financial performance. Total turnover on continuing operations decreased by £848,061 (7%) to £10,720,359. Gross Margins increased by 4.7% to 29.5%. Net profit before tax was £981,455 representing a net margin of 9.2% on sales, an increase of 0.70% on 2022 performance.

Cash flow generated from operations remains strong and the company continued with its policy of investment in machinery and personnel and in the course of the year spent £375,141 on capital expenditure.

Total capital and reserves at the year-end increased by £760,675 to £5,427,833.

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in a very competitive environment, focused on timely and efficient service, quality and price and is proven to be able to excel in it.

Supply chain issues and regular price increases continued to be the norm, but the company was able to use its good reputation and excellent payment record with customers and suppliers to ensure it was top of the list when it came to supply decisions. The company has significant availability of cash which will enable it to deal with any further issues such as these. The company will continue to invest in new machinery, and staff development throughout 2024 to ensure that it is able to continue to prosper.

SIGNED BY ORDER OF THE DIRECTORS:





R Smith - Director


19 September 2024

G L PROFILES LIMITED (REGISTERED NUMBER: 03379229)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture of flashings and gutters for the construction industry.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

R Smith
M A Smith
E Gregory

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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;
-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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company 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 company'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 company's auditors are aware of that information.

G L PROFILES LIMITED (REGISTERED NUMBER: 03379229)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

SIGNED BY ORDER OF THE DIRECTORS:




R Smith - Director


19 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G L PROFILES LIMITED


Qualified opinion
We have audited the financial statements of G L Profiles Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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, except for the effects of adjustments, if any, which we might have determined to be necessary had we been able to audit the opening stock, as described in the Basis for qualified opinion paragraph, the financial statements:
- give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its 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 qualified opinion on financial statements
We were unable to obtain sufficient appropriate audit evidence on the opening stock as at 1 January 2023 as we did not attend the stock take, since the previous period was not subject to audit. We were unable to satisfy ourselves as to the quantity of stock held at that date by other audit procedures. Since opening stock enters into the determination of the results for the year to 31 December 2023, we were unable to determine whether adjustments to the results for the year might be necessary.

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified 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 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G L PROFILES LIMITED


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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 three, 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G L PROFILES LIMITED


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 obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant Taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the understatement of revenue. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, regulatory correspondence and professional fees, detailed substantive testing on the completeness of income, and reviewing accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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.

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.




Andrew Clifford (Senior Statutory Auditor)
for and on behalf of Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
Eagle House
28 Billing Road
Northampton
Northamptonshire
NN1 5AJ

23 September 2024

G L PROFILES LIMITED (REGISTERED NUMBER: 03379229)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 10,720,359 11,568,420

Cost of sales 7,554,699 8,695,679
GROSS PROFIT 3,165,660 2,872,741

Distribution costs 48,155 56,939
Administrative expenses 2,157,721 1,837,526
2,205,876 1,894,465
959,784 978,276

Other operating income 9,109 956
OPERATING PROFIT 5 968,893 979,232

Interest receivable and similar income 12,562 915
PROFIT BEFORE TAXATION 981,455 980,147

Tax on profit 6 220,780 102,713
PROFIT FOR THE FINANCIAL YEAR 760,675 877,434

G L PROFILES LIMITED (REGISTERED NUMBER: 03379229)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 760,675 877,434


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

760,675

877,434

G L PROFILES LIMITED (REGISTERED NUMBER: 03379229)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 1,292,355 1,237,211

CURRENT ASSETS
Stocks 9 3,823,212 3,008,949
Debtors 10 1,705,611 1,772,088
Cash at bank 1,056,539 514,509
6,585,362 5,295,546
CREDITORS
Amounts falling due within one year 11 2,215,732 1,640,086
NET CURRENT ASSETS 4,369,630 3,655,460
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,661,985

4,892,671

PROVISIONS FOR LIABILITIES 12 234,152 225,513
NET ASSETS 5,427,833 4,667,158

CAPITAL AND RESERVES
Called up share capital 13 20 20
Capital redemption reserve 14 80 80
Retained earnings 14 5,427,733 4,667,058
SHAREHOLDERS' FUNDS 5,427,833 4,667,158

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





R Smith - Director


G L PROFILES LIMITED (REGISTERED NUMBER: 03379229)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 20 3,791,624 80 3,791,724

Changes in equity
Dividends - (2,000 ) - (2,000 )
Total comprehensive income - 877,434 - 877,434
Balance at 31 December 2022 20 4,667,058 80 4,667,158

Changes in equity
Total comprehensive income - 760,675 - 760,675
Balance at 31 December 2023 20 5,427,733 80 5,427,833

G L PROFILES LIMITED (REGISTERED NUMBER: 03379229)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,094,546 544,601
Tax paid (189,937 ) (148,063 )
Net cash from operating activities 904,609 396,538

Cash flows from investing activities
Purchase of tangible fixed assets (375,141 ) (277,682 )
Interest received 12,562 915
Net cash from investing activities (362,579 ) (276,767 )

Cash flows from financing activities
Loan repayments in year - (500,000 )
Equity dividends paid - (2,000 )
Net cash from financing activities - (502,000 )

Increase/(decrease) in cash and cash equivalents 542,030 (382,229 )
Cash and cash equivalents at
beginning of year

2

514,509

896,738

Cash and cash equivalents at end of
year

2

1,056,539

514,509

G L PROFILES LIMITED (REGISTERED NUMBER: 03379229)

NOTES TO THE 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 981,455 980,147
Depreciation charges 319,997 331,575
Finance income (12,562 ) (915 )
1,288,890 1,310,807
Increase in stocks (814,263 ) (612,814 )
Decrease in trade and other debtors 66,477 97,860
Increase/(decrease) in trade and other creditors 553,442 (251,252 )
Cash generated from operations 1,094,546 544,601

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 1,056,539 514,509
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 514,509 896,738


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank 514,509 542,030 1,056,539
514,509 542,030 1,056,539
Total 514,509 542,030 1,056,539

G L PROFILES LIMITED (REGISTERED NUMBER: 03379229)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

G L Profiles 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

G L PROFILES LIMITED (REGISTERED NUMBER: 03379229)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

G L PROFILES LIMITED (REGISTERED NUMBER: 03379229)

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


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Sale of goods 10,720,359 11,568,420
10,720,359 11,568,420

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,247,938 1,206,519
Social security costs 136,386 132,814
Other pension costs 223,717 169,759
1,608,041 1,509,092

The average number of employees during the year was as follows:
2023 2022

Administration 6 6
Drivers and production 25 25
31 31

2023 2022
£    £   
Directors' remuneration 302,691 183,691
Directors' pension contributions to money purchase schemes 109,800 69,800

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director for the year ended 31 December 2023 is as follows:
2023
£   
Emoluments etc 154,691
Pension contributions to money purchase schemes 60,000

The directors make up the key management of the company.

G L PROFILES LIMITED (REGISTERED NUMBER: 03379229)

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


5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 44,412 37,996
Other operating leases 232,968 204,000
Depreciation - owned assets 319,997 331,575
Auditors' remuneration 5,145 -

6. 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 231,910 209,777
Over/under provision in prior
year (19,769 ) (88,621 )
Total current tax 212,141 121,156

Deferred tax 8,639 (18,443 )
Tax on profit 220,780 102,713

UK corporation tax has been charged at 23.52% (2022 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 981,455 980,147
Profit multiplied by the standard rate of corporation tax in the UK of
23.521% (2022 - 19%)

230,848

186,228

Effects of:
Expenses not deductible for tax purposes 1,932 6,189
Deferred tax rate change 511 (4,426 )
R&D refund (19,769 ) (88,621 )
Super deduction (121 ) (1,523 )
Depreciation on non-qualifying assets 7,379 4,866
Total tax charge 220,780 102,713

7. DIVIDENDS
2023 2022
£    £   
Interim - 2,000

G L PROFILES LIMITED (REGISTERED NUMBER: 03379229)

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


8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 547,440 1,830,666 157,574 475,028 3,010,708
Additions 193,377 - 5,120 176,644 375,141
At 31 December 2023 740,817 1,830,666 162,694 651,672 3,385,849
DEPRECIATION
At 1 January 2023 186,881 1,225,897 108,923 251,796 1,773,497
Charge for year 55,394 151,191 13,443 99,969 319,997
At 31 December 2023 242,275 1,377,088 122,366 351,765 2,093,494
NET BOOK VALUE
At 31 December 2023 498,542 453,578 40,328 299,907 1,292,355
At 31 December 2022 360,559 604,769 48,651 223,232 1,237,211

9. STOCKS
2023 2022
£    £   
Raw materials 3,823,212 3,008,949

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,147,221 1,384,325
Provision for doubtful debts (21,980 ) (10,145 )
Other debtors 430,228 333,156
Prepayments and accrued income 150,142 64,752
1,705,611 1,772,088

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,763,294 1,045,103
Tax 231,910 209,706
Social security and other taxes 35,146 32,667
VAT 56,561 179,413
Other creditors 39,844 98,780
Accruals and deferred income 88,977 74,417
2,215,732 1,640,086

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 234,152 225,513

G L PROFILES LIMITED (REGISTERED NUMBER: 03379229)

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


12. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 225,513
Provided during year 8,639
Balance at 31 December 2023 234,152

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
20 Ordinary £1 20 20

14. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 4,667,058 80 4,667,138
Profit for the year 760,675 760,675
At 31 December 2023 5,427,733 80 5,427,813

15. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 406,652 -