Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-3034243falsetruetruefalse2023-07-0198falseDesigning, manufacturing, and supplying aluminium rainwater and eaves products.105true 02208404 2023-07-01 2024-06-30 02208404 2022-07-01 2023-06-30 02208404 2024-06-30 02208404 2023-06-30 02208404 2022-07-01 02208404 6 2023-07-01 2024-06-30 02208404 6 2022-07-01 2023-06-30 02208404 d:Director1 2023-07-01 2024-06-30 02208404 d:Director2 2023-07-01 2024-06-30 02208404 d:RegisteredOffice 2023-07-01 2024-06-30 02208404 e:Buildings e:ShortLeaseholdAssets 2023-07-01 2024-06-30 02208404 e:Buildings e:ShortLeaseholdAssets 2024-06-30 02208404 e:Buildings e:ShortLeaseholdAssets 2023-06-30 02208404 e:PlantMachinery 2023-07-01 2024-06-30 02208404 e:PlantMachinery 2024-06-30 02208404 e:PlantMachinery 2023-06-30 02208404 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02208404 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 02208404 e:MotorVehicles 2023-07-01 2024-06-30 02208404 e:MotorVehicles 2024-06-30 02208404 e:MotorVehicles 2023-06-30 02208404 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02208404 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 02208404 e:FurnitureFittings 2023-07-01 2024-06-30 02208404 e:FurnitureFittings 2024-06-30 02208404 e:FurnitureFittings 2023-06-30 02208404 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02208404 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 02208404 e:OfficeEquipment 2023-07-01 2024-06-30 02208404 e:OfficeEquipment 2024-06-30 02208404 e:OfficeEquipment 2023-06-30 02208404 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02208404 e:OfficeEquipment e:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 02208404 e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02208404 e:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 02208404 e:CurrentFinancialInstruments 2024-06-30 02208404 e:CurrentFinancialInstruments 2023-06-30 02208404 e:Non-currentFinancialInstruments 2024-06-30 02208404 e:Non-currentFinancialInstruments 2023-06-30 02208404 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 02208404 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 02208404 e:Non-currentFinancialInstruments e:AfterOneYear 2024-06-30 02208404 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 02208404 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-06-30 02208404 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-06-30 02208404 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-06-30 02208404 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-06-30 02208404 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2024-06-30 02208404 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-06-30 02208404 e:UKTax 2023-07-01 2024-06-30 02208404 e:UKTax 2022-07-01 2023-06-30 02208404 e:ShareCapital 2024-06-30 02208404 e:ShareCapital 2023-06-30 02208404 e:ShareCapital 2022-07-01 02208404 e:SharePremium 2023-07-01 2024-06-30 02208404 e:SharePremium 2024-06-30 02208404 e:SharePremium 2023-06-30 02208404 e:SharePremium 2022-07-01 02208404 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 02208404 e:RetainedEarningsAccumulatedLosses 2024-06-30 02208404 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 02208404 e:RetainedEarningsAccumulatedLosses 2023-06-30 02208404 e:RetainedEarningsAccumulatedLosses 2022-07-01 02208404 e:AcceleratedTaxDepreciationDeferredTax 2024-06-30 02208404 e:AcceleratedTaxDepreciationDeferredTax 2023-06-30 02208404 d:OrdinaryShareClass1 2023-07-01 2024-06-30 02208404 d:OrdinaryShareClass1 2024-06-30 02208404 d:OrdinaryShareClass1 2023-06-30 02208404 d:FRS102 2023-07-01 2024-06-30 02208404 d:Audited 2023-07-01 2024-06-30 02208404 d:FullAccounts 2023-07-01 2024-06-30 02208404 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 02208404 e:HirePurchaseContracts e:WithinOneYear 2024-06-30 02208404 e:HirePurchaseContracts e:WithinOneYear 2023-06-30 02208404 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-06-30 02208404 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-06-30 02208404 2 2023-07-01 2024-06-30 02208404 6 2023-07-01 2024-06-30 02208404 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-06-30 02208404 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-06-30 02208404 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-06-30 02208404 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-06-30 02208404 e:OtherPropertyPlantEquipment e:LeasedAssetsHeldAsLessee 2024-06-30 02208404 e:OtherPropertyPlantEquipment e:LeasedAssetsHeldAsLessee 2023-06-30 02208404 e:LeasedAssetsHeldAsLessee 2024-06-30 02208404 e:LeasedAssetsHeldAsLessee 2023-06-30 02208404 2 2024-06-30 02208404 2 2023-06-30 02208404 f:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02208404









GUTTERCREST LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
GUTTERCREST LIMITED
 
 
COMPANY INFORMATION


Directors
G D Power 
N K Power 




Registered number
02208404



Registered office
Queen Elizabeth Drive
Oswestry

Shropshire

SY11 2UQ




Independent auditors
MA Partners Audit LLP
Chartered Accountants & Statutory Auditor

7 The Close

Norwich

Norfolk

NR1 4DJ





 
GUTTERCREST LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 28


 
GUTTERCREST LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The Directors present their Strategic Report on Guttercrest Limited (the "Company") for the year ended 
30 June 2024.

Business review
 
External market conditions remain competitive however, turnover increased again in 2024 to £12,943,328 for year compared to £12,655,369 in 2023.
Gross profit for the year ended 30 June 2024 increased to £6,320,706, from £5,846,182 in 2023, with the gross profit margin increasing to 48.8% in 2024, from 46.2% in 2023. 
Profit before tax has increased to £1,676,250 in 2024 from £1,410,579 in 2023.

Principal risks and uncertainties
 
The risks facing the Company are constantly monitored and assessed. The Company's business activities, financial condition and trading results could be affected by any or all of the following risks and uncertainties:
General business conditions and the economy
The Directors are of the opinion that the principal risks facing the Company relate to the wider economic conditions which influence raw material cost, pricing and the demand for its products. A continuing short-term deterioration in economic conditions should not have a significant adverse impact on business but a continued downturn over a period of years would result in weaker profits in this area. The Directors seek to manage these risks by maintaining an appropriate spread of market segments, product range, supplier base and production systems.
Information systems
The Company is reliant upon a number of business systems which, if disrupted for any length of time due to damage or interruption from loss or power, failure of telecommunications, sabotage or vandalism could have an adverse effect on the efficient running of the Company's business. The Directors have put in place a number of contingency plans to manage the impact of such system failures.
Innovation and development
The industry is extremely competitive and there is a risk that failure to keep up to date with the latest technology and processes could result in the Company becoming uncompetitive hence the Company continues to invest in research and development and product innovation.

Competition
The Company competes in the aluminium rainwater systems market with other manufacturers and distributors on a largely national basis. The Directors manage these risks through emphasis on innovation, the quality of its products and customer service combined with a competitive pricing policy.
Dependence on key members of management and staff
The Company is reliant on key members of the management team and specialist trained personnel in a number of areas. The loss of a number of key staff would have a material adverse effect on the business. However, contingency plans are in place to cover all key personnel.
Regulation compliance
The Company is subject to regulatory compliance risk which could arise from a failure to comply with relevant laws, regulations or codes of practice. Failure to comply could result in fines, cessation of some business activities or a public reprimand. The Directors manage this risk through close monitoring of regulatory compliance.
 
Page 1

 
GUTTERCREST LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Financial risk
The Company's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk, interest rate risk and, to a limited extent, currency risk. The Company has in place a risk management program that seeks to limit any adverse effects on the financial performance of the Company by monitoring levels of debt finance and the related finance costs.
Pricing risk
The Company operates in competitive markets.  Costs are therefore monitored and managed to enable the Company to give competitive prices when quoting for orders.
Credit risk
The Company operates procedures where it deals with blue chip companies for the majority of its sales with a few other credit checked companies. All other sales are paid prior to manufacture.

Financial key performance indicators
 
The net assets in the Statement of Financial Position of the business remains strong and net assets have again increased over the period. The Statement of Comprehensive Income, the Statement of Financial Position and associated notes (as detailed on the following pages) adequately show the development, performance and position of the Company over the course of the year. An overview of the Financial Key Performance lndicators has been provided in the Business Review section of this report.

Other key performance indicators
 
The Company uses a suite of non financial KPI's to monitor and measure success on a weekly basis which cover the whole business operating spectrum. The Company has a policy to protect the environment wherever we operate or source materials. In addition, other non financial areas of the business such as customer service, staff productivity and wellbeing indicators considered key to the business are also monitored using KPl's.


This report was approved by the board and signed on its behalf.



G D Power
Director

Date: 28 March 2025

Page 2

 
GUTTERCREST LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The Directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,336,890 (2023 - £919,354).

No dividends have been paid or recommended in the current or prior year.

Directors

The Directors who served during the year were:

G D Power 
N K Power 

Future developments

There are no specific future developments planned for the Company, other than the continuation of its current activities.

Page 3

 
GUTTERCREST LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the period end.

Auditors

The auditorsMA Partners Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 



G D Power
Director

Date: 28 March 2025

Page 4

 
GUTTERCREST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUTTERCREST LIMITED
 

Opinion


We have audited the financial statements of Guttercrest Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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).


Included within Fixed Asset Investments on the Company's Statement of financial position is £3,928,608 (2023 - £3,644,937) in relation to the Company's share of an unincorporated partnership, Powersport. The investment in the partnership is impaired to the estimated value of the recoverable assets in the partnership. The partnership is a stud farm the principal assets are horses and property. We have been unable to gain appropriate and sufficient audit evidence to support the estimated valuation of the investment and accordingly cannot and do not form an opinion on whether the the investment is fairly stated.
Except for the above investments, in our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 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 United Kingdom, including the Financial Reporting Council'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.


Material uncertainty related to going concern


We draw attention to Note 2.3 in the financial statements, which note that the Company has net current liabilities at 30 June 2024 of £241,029 (2023 - £773,508). As stated in Note 2.3, these conditions, along with the other matters as set forth in Note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


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. Our evaluation of the Directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included a review of projections and post year end management accounts.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
GUTTERCREST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUTTERCREST LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report 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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 3, 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 is 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.


Page 6

 
GUTTERCREST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUTTERCREST LIMITED (CONTINUED)


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 an Auditors' report 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.


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 are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the Company.
Our approach was as follows:
 
We obtained an understanding of the legal and regulatory requirements applicable to the Company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the Company comply with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. 

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
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 more 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 Auditors' report.


Page 7

 
GUTTERCREST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUTTERCREST LIMITED (CONTINUED)


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 2006Our 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 an Auditors' report 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.



Frank Shippam BSc FCA DChA (Senior statutory auditor)
  
for and on behalf of
MA Partners Audit LLP
 
Chartered Accountants
Statutory Auditor
  
7 The Close
Norwich
Norfolk
NR1 4DJ

28 March 2025
Page 8

 
GUTTERCREST LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,943,328
12,655,369

Cost of sales
  
(6,622,622)
(6,809,187)

Gross profit
  
6,320,706
5,846,182

Administrative expenses
  
(4,401,544)
(4,120,295)

Operating profit
  
1,919,162
1,725,887

Interest receivable and similar income
 8 
9,078
6,311

Interest payable and similar expenses
 9 
(251,990)
(321,619)

Profit before tax
  
1,676,250
1,410,579

Tax on profit
 10 
(339,360)
(491,225)

Profit for the financial year
  
1,336,890
919,354

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 28 form part of these financial statements.

Page 9

 
GUTTERCREST LIMITED
REGISTERED NUMBER: 02208404

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
5,099,265
4,994,938

Investments
 12 
3,928,608
3,644,937

  
9,027,873
8,639,875

Current assets
  

Stocks
 13 
1,989,604
1,923,404

Debtors: amounts falling due within one year
 14 
3,082,038
2,261,231

Cash at bank and in hand
  
136,640
57,480

  
5,208,282
4,242,115

Creditors: amounts falling due within one year
 15 
(5,449,311)
(5,015,623)

Net current liabilities
  
 
 
(241,029)
 
 
(773,508)

Total assets less current liabilities
  
8,786,844
7,866,367

Creditors: amounts falling due after more than one year
 16 
(1,083,321)
(1,521,812)

Provisions for liabilities
  

Deferred tax
 19 
(1,055,330)
(1,033,252)

  
 
 
(1,055,330)
 
 
(1,033,252)

Net assets
  
6,648,193
5,311,303


Capital and reserves
  

Called up share capital 
 20 
1,201
1,201

Share premium account
 21 
299,799
299,799

Profit and loss account
 21 
6,347,193
5,010,303

  
6,648,193
5,311,303


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


G D Power
Director

Date: 28 March 2025

The notes on pages 12 to 28 form part of these financial statements.

Page 10

 
GUTTERCREST LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 July 2022
1,201
299,799
4,090,949
4,391,949



Profit for the year
-
-
919,354
919,354



At 1 July 2023
1,201
299,799
5,010,303
5,311,303



Profit for the year
-
-
1,336,890
1,336,890


At 30 June 2024
1,201
299,799
6,347,193
6,648,193


The notes on pages 12 to 28 form part of these financial statements.

Page 11

 
GUTTERCREST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Guttercrest Limited (the "Company") is a company incorporated in England and Wales and has a registered office and principal place of business at Queen Elizabeth Drive, Oswestry, Shropshire, SY11 2UQ.
The principal activity of the Company is that of designing, manufacturing, and supplying aluminium rainwater and eaves products, using cast, sheet and extruded aluminium or a combination of these materials.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in GBP (£), the Company's functional and presentational currency, and have been rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Guttercrest (GB) Limited as at 30 June 2024 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

Whilst the Company had net current liabilities of £241,029 (2023 - £773,508) at the reporting date, the Company has generated a profit before tax of £1,667,322 (2023 - £1,410,579). Net assets at the 30 June 2024 were £6,648,193 (2023 - £5,311,303).  
Subsequent to the year end the Company has continued to be profitable. Operational efficiencies have been maintained and Directors anticipate a profitable 12 months from the approval date of these financial statements. The Directors will continue to monitor the economic situation and adjust forecasts accordingly. 
As a result the Directors believe that the Company will be able to continue in operational existence and meet its ongoing liabilities as they fall due in the foreseeable future, thus the financial statements have been prepared on a going concern basis.

Page 12

 
GUTTERCREST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

 
GUTTERCREST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Leasehold property
-
10%
Plant and machinery
-
10%
Motor vehicles
-
10% - 25%
Fixtures and fittings
-
10%
Office and computer equipment
-
10% - 30%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 14

 
GUTTERCREST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 15

 
GUTTERCREST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances.
The Directors make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the relates actual results. The estimates and assumptions that in the opinion of the Directors have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are noted below:
3.1 Useful economic lives and residual values of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The residual value of assets is the estimated amount that would be obtained from the disposal of the asset, if the asset were already of the age and in the condition expected at the end of its useful economic life. The useful economic lives and residual values are continually assessed and amended when necessary to reflect current estimates.
3.2 Fixed asset investments
Fixed asset investments relate to investments in an unincorporated partnership. The investment is carried at historic cost less provision for impairment. When performing an impairment review consideration is made of the recoverable amount of the investment which requires an estimate of the fair market value of the underlying assets.
3.3 Stock provisioning
Stocks are carried at the lower of cost and net realisable value. Stock is reviewed for old or obsolete items and where the carrying amount of a stock item is considered to be in excess of the net realisable value a provision is made accordingly.
3.4 lmpairment of debtors
The Directors make an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, directors considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
3.5 Accrued Income
The revenue to be recognised on contracts in progress at the year end is estimated based upon an assessment of contract completeness.

Page 16

 
GUTTERCREST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Turnover

The whole of the turnover is attributable to the principal activity of the Company as detailed in Note 1.

All turnover arose within the United Kingdom.


5.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
17,125
21,625


6.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,975,143
2,847,540

Social security costs
362,440
304,620

Cost of defined contribution pension scheme
85,774
79,030

3,423,357
3,231,190


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
2



Production
34
32



Support
69
64

105
98

Page 17

 
GUTTERCREST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
166,680
130,711

Company contributions to defined contribution pension schemes
4,694
3,664

171,374
134,375


During the year retirement benefits were accruing to 2 Directors (2023 - 2) in respect of defined contribution pension schemes.


8.


Interest receivable

2024
2023
£
£


Other interest receivable
9,078
6,311


9.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
158,621
207,280

Bank interest payable
44,249
60,127

Other loan interest payable
48,943
51,509

Other interest payable
177
2,703

251,990
321,619

Page 18

 
GUTTERCREST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
317,282
268,194


Total current tax
317,282
268,194

Deferred tax


Origination and reversal of timing differences
22,078
(26,942)

Changes to tax rates
-
249,973

Total deferred tax
22,078
223,031


Tax on profit
339,360
491,225

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 -25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,676,250
1,410,579


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
419,063
352,645

Effects of:


Group relief
(93,956)
(20,959)

Capital allowances for year in excess of depreciation
14,106
(14,106)

Expenses not deductible for tax purposes
864
-

Short term timing difference leading to an increase (decrease) in taxation
(717)
-

Changes to tax rates
-
249,973

Profits in the year taxed at 19%
-
(58,937)

Adjustments to tax charge in respect of prior periods
-
(18,641)

Non-tax deductible amortisation of goodwill and impairment
-
1,250

Total tax charge for the year
339,360
491,225

Page 19

 
GUTTERCREST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Tangible fixed assets





Leasehold property
Plant and machinery
Motor vehicles
Office and computer equipment
Fixtures and fittings

£
£
£
£
£



Cost or valuation


At 1 July 2023
265,356
6,414,381
1,781,277
566,492
11,518


Additions
215,051
182,125
405,109
19,481
5,425


Disposals
-
(11,913)
(171,956)
-
-



At 30 June 2024

480,407
6,584,593
2,014,430
585,973
16,943



Depreciation


At 1 July 2023
38,431
3,074,410
490,735
439,747
763


Charge for the year on owned assets
34,243
183,081
42,960
29,936
1,367


Charge for the year on financed assets
-
170,105
105,677
5,474
-


Disposals
-
(5,400)
(28,448)
-
-



At 30 June 2024

72,674
3,422,196
610,924
475,157
2,130



Net book value



At 30 June 2024
407,733
3,162,397
1,403,506
110,816
14,813



At 30 June 2023
226,925
3,339,971
1,290,542
126,745
10,755
Page 20

 
GUTTERCREST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           11.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 July 2023
9,039,024


Additions
827,191


Disposals
(183,869)



At 30 June 2024

9,682,346



Depreciation


At 1 July 2023
4,044,086


Charge for the year on owned assets
291,587


Charge for the year on financed assets
281,256


Disposals
(33,848)



At 30 June 2024

4,583,081



Net book value



At 30 June 2024
5,099,265



At 30 June 2023
4,994,938

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
1,480,815
1,650,920

Motor vehicles
845,845
853,488

Office equipment
12,773
18,247

2,339,433
2,522,655

Page 21

 
GUTTERCREST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 July 2023
3,952,568


Additions
283,671



At 30 June 2024

4,236,239



Impairment


At 1 July 2023
307,631



At 30 June 2024

307,631



Net book value



At 30 June 2024
3,928,608



At 30 June 2023
3,644,937

Unlisted investments relate to an unincorporated partnership, Powersport.

Page 22

 
GUTTERCREST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Stocks

2024
2023
£
£

Raw materials
893,618
957,459

Work in progress
1,095,986
965,945

1,989,604
1,923,404



14.


Debtors

2024
2023
£
£


Trade debtors
1,446,619
1,405,608

Prepayments and accrued income
361,137
366,841

Amounts owed by group undertakings
793,681
6,925

Other debtors
374,922
376,705

Tax recoverable
105,679
105,152

3,082,038
2,261,231


Page 23

 
GUTTERCREST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,547,104
1,456,597

Accruals and deferred income
123,442
93,313

Payments received on account
233,295
212,916

Corporation tax
952,428
590,579

Other taxation and social security
351,713
265,494

Other creditors
1,130,868
1,074,317

Obligations under finance lease and hire purchase contracts
794,498
979,104

Bank loans
250,000
250,000

Other loans
65,963
93,303

5,449,311
5,015,623


Amounts due under hire purchase contracts are secured on the assets to which they relate.
Bank loans are secured by legal charges held over Freehold Property owned by Guttercrest (GB) Limited ("the parent Company"), together with a fixed and floating charge over certain assets held by the Company and the parent Company.
Other creditors relate to a factoring account which is secured by fixed and floating charges over the Company‘s assets, the assets of the parent Company and a personal guarantee by the Director, 
Mr G D Power.


16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
635,171
1,188,479

Bank loans
83,333
333,333

Other loans
364,817
-

1,083,321
1,521,812


Amounts due under hire purchase contracts are secured on the assets to which they relate.
Bank loans are secured by legal charges held over Freehold Property owned by the parent Company, together with a fixed and floating charge over certain assets held by the Company and the parent Company.

Page 24

 
GUTTERCREST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
250,000
250,000

Other loans
65,963
93,303


315,963
343,303

Amounts falling due 1-2 years

Bank loans
83,333
333,333

Other loans
257,281
-


340,614
333,333

Amounts falling due 2-5 years

Other loans
76,747
-

Amounts falling due after more than 5 years

Other loans
30,789
-

764,113
676,636


Page 25

 
GUTTERCREST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
794,498
979,104

Between 1-5 years
635,171
1,188,479

1,429,669
2,167,583


19.


Deferred taxation




2024


£






At beginning of year
(1,033,252)


Charge for the year
(22,078)



At end of year
(1,055,330)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
1,055,330
1,033,252


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,201 (2023 - 1,201) Ordinary shares of £1.00 each
1,201
1,201


Page 26

 
GUTTERCREST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


Reserves

Share premium account

The share premium account represents the premium on issue of equity shares, net of any issue costs.

Profit and loss account

The profit and loss account represents cumulative profits of the Company, net of dividends paid, and other adjustments.


22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £85,774 (2023 - £79,030).  Contributions totaling £4,012 (2023 - £3,588) were payable to the fund at the reporting date and are included in creditors.


23.


Transactions with directors

Included within debtors due within one year is an amount of £289,799 (2023 - £307,359) due from Mr G D Power, a Director. The maximum amount outstanding during the year was £321,859. Interest has been charged on this debt at 2.25% (2023 - 2.00%), being the official rate of interest for the period as per HMRC.
Included within debtors due within one year is an amount of £70,906 (
2023 - £69,346) due from Mr N K Power, a Director. The maximum amount outstanding during the year was £70,906. Interest has been charged on this debt at 2.25% (2023 - 2.00%), being the official rate of interest for the period as per HMRC.

Mr G D Power, a Director, has provided a limited personal guarantee of £100,000.


24.


Related party transactions

The Company is a wholly owned subsidiary of Guttercrest (GB) Limited. The Company has taken advantage of the exemption contained within FRS 102 and not disclosed any balances or transactions with Guttercrest (GB) Limited.
The Company has a Director in common with Mucksucker Limited. During the year, the Company received income from Mucksucker Limited amounting to £13,806. At the reporting date, £9,217 of this income remained outstanding and is held by the Company in debtors.

Page 27

 
GUTTERCREST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

25.


Controlling party

The parent Company is Guttercrest (GB) Limited, a company incorporated in the UK and produced consolidated financial statements.
Guttercrest (GB) Limited has a registered office and principal place of business at Queen Elizabeth Drive, Oswestry, Shropshire, SY11 2UQ.
The ultimate controlling party is G D Power by virtue of his shareholding in Guttercrest (GB) Limited.

 
Page 28