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Registered number: 11021132
Gutter Vacuum Systems Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11021132
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 185,425 185,298
185,425 185,298
CURRENT ASSETS
Stocks 5 491,557 472,227
Debtors 6 74,080 30,148
Investments 7 200,000 200,000
Cash at bank and in hand 321,112 256,832
1,086,749 959,207
Creditors: Amounts Falling Due Within One Year 8 (381,959 ) (287,458 )
NET CURRENT ASSETS (LIABILITIES) 704,790 671,749
TOTAL ASSETS LESS CURRENT LIABILITIES 890,215 857,047
Creditors: Amounts Falling Due After More Than One Year 9 (18,176 ) (39,552 )
NET ASSETS 872,039 817,495
CAPITAL AND RESERVES
Called up share capital 11 2 2
Profit and Loss Account 872,037 817,493
SHAREHOLDERS' FUNDS 872,039 817,495
Page 1
Page 2
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mark Blundell
Director
22/01/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Gutter Vacuum Systems Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11021132 . The registered office is 2 Mill Cottage, Billingford Road, North Elmham, Dereham, Norfolk, NR20 5HN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 20% SL
Plant & Machinery 33% SL
Motor Vehicles 25% RB
Fixtures & Fittings 25% RB
Computer Equipment 25% SL
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary 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 the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 November 2023 130,000 11,094 85,486 27,777
Additions - 8,917 58,020 1,826
As at 31 October 2024 130,000 20,011 143,506 29,603
Depreciation
As at 1 November 2023 26,000 7,277 35,254 9,620
Provided during the period 26,000 4,932 33,255 5,854
As at 31 October 2024 52,000 12,209 68,509 15,474
Net Book Value
As at 31 October 2024 78,000 7,802 74,997 14,129
As at 1 November 2023 104,000 3,817 50,232 18,157
Computer Equipment Total
£ £
Cost
As at 1 November 2023 19,821 274,178
Additions 5,970 74,733
As at 31 October 2024 25,791 348,911
...CONTINUED
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Depreciation
As at 1 November 2023 10,729 88,880
Provided during the period 4,565 74,606
As at 31 October 2024 15,294 163,486
Net Book Value
As at 31 October 2024 10,497 185,425
As at 1 November 2023 9,092 185,298
5. Stocks
2024 2023
£ £
Stock 19,331 389,240
Materials 472,226 -
Work in progress - 82,987
491,557 472,227
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 10,434
Prepayments and accrued income 15,000 15,000
Wages (534 ) (3,917 )
Emplyee Loan - 5,000
Net wages - 1,631
Directors' loan accounts 59,614 -
74,080 28,148
Due after more than one year
Directors loan account - 2,000
74,080 30,148
7. Current Asset Investments
2024 2023
£ £
Short term deposits 200,000 200,000
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 230,847 1,987
Bank loans and overdrafts - 17,179
Corporation tax 41,293 205,943
Other taxes and social security 11,026 2,992
VAT 74,508 59,181
Directors' loan accounts 24,285 176
381,959 287,458
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts (54,589 ) (57,498 )
Bank loans (2,229 ) (2,229 )
Other creditors 74,994 74,994
Directors loan account - 24,285
18,176 39,552
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years (54,589 ) (57,498 )
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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