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REGISTERED NUMBER: 02702580 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

GUNITE (EASTERN) LIMITED

GUNITE (EASTERN) LIMITED (REGISTERED NUMBER: 02702580)






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 4

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


GUNITE (EASTERN) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J F Otter
M Otter
T Ellis





REGISTERED OFFICE: 409-411 Croydon Road
Beckenham
Kent
BR3 3PP





REGISTERED NUMBER: 02702580 (England and Wales)





AUDITORS: Edwards Chartered Accountants
Statutory Auditor
409-411 Croydon Road
Beckenham
Kent
BR3 3PP

GUNITE (EASTERN) LIMITED (REGISTERED NUMBER: 02702580)

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 company trades as a concrete, brick repair and refurbishment business working within the UK construction trade. It has a separate fire door and fire protection division, again in the UK construction trade. 2023 was seen as a solid year for the company.

PRINCIPAL RISKS AND UNCERTAINTIES
As the market remains uncertain, some main contractors buy contracts at uneconomic rates which they then try to pass onto the sub-contractor. A system of pre-contract review prior to acceptance of this subcontract is in operation to try and avoid loss-making contracts.

All contracts are reviewed on a fortnightly basis with fiscal analysis on a monthly basis.

Late payment and underpayment remains a high risk. Again, constant review and procedures are in operation to try to avoid these debts. Review of the clients and main contractors has managed to minimise bad debts from insolvencies.

As a company dependant on local authority expenditure, changes in government direction and policy also have a direct effect.

BUSINESS ENVIRONMENT
The UK construction market is a highly competitive market which over the last year has made modest recovery in the refurbishment market with a stronger recovery in new-build and housing.

Main contractors are still tendering on a very economic basis. Pressure is on staffing and rates. Poaching of operatives has become noticeable and rates for the site operatives are increasing.

STRATEGY
2023 saw focus remain on overheads with reductions where possible. This has continued into 2024.

Focus has also been on site management to ensure quality of product, together with liaison and records. Quality and delivery has resulted in repeat business from respected clients. This together with records has resulted in better account control and percentage recovery.

FUTURE DEVELOPMENTS
Whilst there has been growth in the UK construction market, we are guarded as to whether this will continue.

Investment in the London property market is again high and will continue to flourish. Hotels, flats/apartments and offices are a market that we will focus on for fire protection. For concrete and brickwork, sales focus will be on existing clients by improving delivery, quality and liaison.

The company will continue to look at new ventures that may present opportunities for growth.

ON BEHALF OF THE BOARD:





J F Otter - Director


26 September 2024

GUNITE (EASTERN) LIMITED (REGISTERED NUMBER: 02702580)

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.

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.

J F Otter
M Otter
T Ellis

Other changes in directors holding office are as follows:

Ms K F Otter - resigned 16 May 2023

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Edwards Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J F Otter - Director


26 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GUNITE (EASTERN) LIMITED

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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GUNITE (EASTERN) LIMITED


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
GUNITE (EASTERN) 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. 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 can detect irregularities, including fraud is detailed below:

Our approach was as follows:

a) We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to include the Companies Act 2006, and relevant tax legislation. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

b) We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

c) We examined the company's regulatory and legal correspondence and discussed with management any known or suspected instances of fraud or non-compliance with laws and regulations.

d) We assessed the risks of material misstatement in respect of fraud as follows:

i) We considered the use of remuneration incentive schemes and performance targets for management and did not identify any additional fraud risks
ii) The audit team discussed whether there were any areas that were susceptible to misstatement as part of their fraud discussion.
iii) In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates and judgements.
iv) We incorporated an element of unpredictability in the selection of the nature, timing and extent of our audit procedures.

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud, including:

Designing audit procedures to address, for example:
a) The possibility of fraudulent or corrupt payments made through third parties.
b) The risk of bribery and corruption.
c) The opportunity to segregate duties within the entity.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.

Using our general commercial and sector experience and through discussions with management, we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from management's own assessment of the risks that irregularities may occur either because of fraud or error.

The engagement partner considers the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GUNITE (EASTERN) LIMITED

Under ISA 240 (UK) there is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions.

We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet.

We considered the extent to which the audit was considered capable of detecting irregularities: There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

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.




John Duggan (Senior Statutory Auditor)
for and on behalf of Edwards Chartered Accountants
Statutory Auditor
409-411 Croydon Road
Beckenham
Kent
BR3 3PP

26 September 2024

GUNITE (EASTERN) LIMITED (REGISTERED NUMBER: 02702580)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 20,959,624 15,731,718

Cost of sales 17,131,321 12,292,571
GROSS PROFIT 3,828,303 3,439,147

Administrative expenses 3,714,798 3,183,073
OPERATING PROFIT 4 113,505 256,074

Interest receivable and similar income 1,499 -
115,004 256,074

Interest payable and similar expenses 5 33,455 26,902
PROFIT BEFORE TAXATION 81,549 229,172

Tax on profit 6 75,307 (13,783 )
PROFIT FOR THE FINANCIAL YEAR 6,242 242,955

GUNITE (EASTERN) LIMITED (REGISTERED NUMBER: 02702580)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 6,242 242,955


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

6,242

242,955

GUNITE (EASTERN) LIMITED (REGISTERED NUMBER: 02702580)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 270,628 31,006

CURRENT ASSETS
Stocks 8 325,899 137,333
Debtors 9 7,955,565 6,482,877
8,281,464 6,620,210
CREDITORS
Amounts falling due within one year 10 4,715,129 3,034,676
NET CURRENT ASSETS 3,566,335 3,585,534
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,836,963

3,616,540

CREDITORS
Amounts falling due after more than one
year

11

(206,820

)

-

PROVISIONS FOR LIABILITIES 14 (12,039 ) (4,678 )
NET ASSETS 3,618,104 3,611,862

CAPITAL AND RESERVES
Called up share capital 15 150 150
Retained earnings 16 3,617,954 3,611,712
SHAREHOLDERS' FUNDS 3,618,104 3,611,862

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





J F Otter - Director


GUNITE (EASTERN) LIMITED (REGISTERED NUMBER: 02702580)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 150 3,368,757 3,368,907

Changes in equity
Total comprehensive income - 242,955 242,955
Balance at 31 December 2022 150 3,611,712 3,611,862

Changes in equity
Total comprehensive income - 6,242 6,242
Balance at 31 December 2023 150 3,617,954 3,618,104

GUNITE (EASTERN) LIMITED (REGISTERED NUMBER: 02702580)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 218,452 (611,224 )
Interest paid (9,382 ) (26,902 )
Interest element of hire purchase payments
paid

(24,073

)

-
Tax paid 46,403 (188,998 )
Net cash from operating activities 231,400 (827,124 )

Cash flows from investing activities
Purchase of tangible fixed assets (303,174 ) -
Interest received 1,499 -
Net cash from investing activities (301,675 ) -

Cash flows from financing activities
Capital repayments in year 243,379 -
Net cash from financing activities 243,379 -

Increase/(decrease) in cash and cash equivalents 173,104 (827,124 )
Cash and cash equivalents at beginning of
year

2

(198,295

)

628,829

Cash and cash equivalents at end of year 2 (25,191 ) (198,295 )

GUNITE (EASTERN) LIMITED (REGISTERED NUMBER: 02702580)

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 81,549 229,172
Depreciation charges 63,552 18,483
(Increase) in group debtors (1,410,955 ) -
Finance costs 33,455 26,902
Finance income (1,499 ) -
(1,233,898 ) 274,557
(Increase)/decrease in stocks (188,566 ) 85,537
Increase in trade and other debtors (182,624 ) (1,463,735 )
Increase in trade and other creditors 1,823,540 492,417
Cash generated from operations 218,452 (611,224 )

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
£    £   
Bank overdrafts (25,191 ) (198,295 )
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents - 628,829
Bank overdrafts (198,295 ) -
(198,295 ) 628,829


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Bank overdrafts (198,295 ) 173,104 (25,191 )
(198,295 ) 173,104 (25,191 )
Debt
Finance leases - (243,379 ) (243,379 )
- (243,379 ) (243,379 )
Total (198,295 ) (70,275 ) (268,570 )

GUNITE (EASTERN) LIMITED (REGISTERED NUMBER: 02702580)

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

1. STATUTORY INFORMATION

Gunite (Eastern) 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.

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.

Turnover
Turnover, which is stated net of Value Added Tax, represents amounts invoiced to third parties, except in respect of long-term contracts, where turnover represents the sales value of work done in the year, including estimates in respect of amounts not invoiced.


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.
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Long term contracts and work in progress
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs of that contract. Revenues derived from variations on contracts are recognised only when the customer has accepted them. Full provision is made for losses on all contracts in the year in which they are first foreseen.


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.

GUNITE (EASTERN) LIMITED (REGISTERED NUMBER: 02702580)

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

2. ACCOUNTING POLICIES - continued

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 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.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,983,597 1,522,422
Other pension costs 217,321 158,369
2,200,918 1,680,791

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

Administration and direct staff 95 85

2023 2022
£    £   
Directors' remuneration 420,718 320,041

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 310,500 170,500

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 886,898 578,238
Depreciation - owned assets 3,065 18,483
Depreciation - assets on hire purchase contracts 60,487 -
Auditor's remuneration 1,500 1,500
Auditor's remuneration for non audit work 12,426 12,141

GUNITE (EASTERN) LIMITED (REGISTERED NUMBER: 02702580)

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

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other interest 9,382 22,683
Loan interest - 4,219
Hire purchase 24,073 -
33,455 26,902

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 67,946 (10,411 )

Deferred tax 7,361 (3,372 )
Tax on profit 75,307 (13,783 )

7. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 12,682 13,027 59,617 85,326
Additions - 230,555 72,619 303,174
Disposals (386 ) - - (386 )
At 31 December 2023 12,296 243,582 132,236 388,114
DEPRECIATION
At 1 January 2023 7,354 9,706 37,260 54,320
Charge for year 2,459 46,189 14,904 63,552
Eliminated on disposal (386 ) - - (386 )
At 31 December 2023 9,427 55,895 52,164 117,486
NET BOOK VALUE
At 31 December 2023 2,869 187,687 80,072 270,628
At 31 December 2022 5,328 3,321 22,357 31,006

GUNITE (EASTERN) LIMITED (REGISTERED NUMBER: 02702580)

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

7. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor Computer
vehicles equipment Totals
£    £    £   
COST
Additions 230,555 72,619 303,174
At 31 December 2023 230,555 72,619 303,174
DEPRECIATION
Charge for year 45,359 15,128 60,487
At 31 December 2023 45,359 15,128 60,487
NET BOOK VALUE
At 31 December 2023 185,196 57,491 242,687

8. STOCKS
2023 2022
£    £   
Work-in-progress 325,899 137,333

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,197,311 3,012,863
Amounts owed by group undertakings 4,287,131 2,876,176
Other debtors 254,461 163,526
Tax - 120,891
VAT 58,992 147,164
Prepayments and accrued income 157,670 162,257
7,955,565 6,482,877

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 12) 25,191 198,295
Hire purchase contracts (see note 13) 36,559 -
Trade creditors 1,973,528 1,739,047
Tax 103,938 110,480
Social security and other taxes 441,482 330,074
Other creditors 1,176,886 225,691
Accruals and deferred income 957,545 431,089
4,715,129 3,034,676

GUNITE (EASTERN) LIMITED (REGISTERED NUMBER: 02702580)

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

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 13) 206,820 -

12. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 25,191 198,295

Bank borrowings are secured by a fixed and floating charge over the assets of the company.

13. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 36,559 -
Between one and five years 206,820 -
243,379 -

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 12,039 4,678

Deferred
tax
£   
Balance at 1 January 2023 4,678
Accelerated capital allowances 7,361
Balance at 31 December 2023 12,039

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
105 Ordinary £1 105 105
45 A Ordinary £1 45 45
150 150

GUNITE (EASTERN) LIMITED (REGISTERED NUMBER: 02702580)

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

16. RESERVES
Retained
earnings
£   

At 1 January 2023 3,611,712
Profit for the year 6,242
At 31 December 2023 3,617,954

17. ULTIMATE PARENT COMPANY

Techcrete Limited is regarded by the directors as being the company's ultimate parent company.

18. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J F Otter.