Registered number:
FOR THE YEAR ENDED 30 JUNE 2024
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GUTTERCREST (GB) LIMITED
COMPANY INFORMATION
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GUTTERCREST (GB) LIMITED
CONTENTS
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GUTTERCREST (GB) LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The Directors present their Strategic Report on Guttercrest (GB) Limited (the 'parent Company') along with its subsidiaries (the 'Group'), as stated in Note 12, for the year ended 30 June 2024.
External market conditions remain competitive and Group turnover increased to £12,943,328 in 2024 compared to £12,655,369 in 2023.
Group gross profit for the year ended 30 June 2024 increased to £6,318,625 from £5,655,074, with the gross profit margin increasing to 48.7% from 44.7%. Group operating profit before tax has increased to £2,393,710 in 2024 from £1,741,070 in 2023.
The risks facing the Group are constantly monitored and assessed. The Group'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 Group 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 Group seeks to manage these risks by maintaining an appropriate spread of market segments. product range, supplier base and production systems. Information systems The Group 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 Group'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’s extremely competitive and there is a risk that failure to keep up to date with latest technology and processes could result in the Group becoming uncompetitive hence the Group continues to invest in research and development and product innovation. Competition The Group competes in the aluminium rainwater systems market with other manufacturers and distributors on a largely national basis. The Group manages these risks through its 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 Group 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, the Group has in place plans to cover all key personnel. Regulation compliance The Group is subject to regulatory compliance risk which could arise from a failure to comply with relevant law regulation or codes of practice. Failure to comply would result in fines, cessation of some business activities or a public reprimand. The Group manages this risk through close monitoring of regulatory compliance.
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GUTTERCREST (GB) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Financial risk
The Group's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk. interest rate risk and only to a limited extent currency risk. The Group has in place a risk management program that seeks to limit any adverse effects on the financial performance of the Group by monitoring levels of debt finance and the related finance costs. Pricing risk The Group operates in competitive markets. Therefore the Group monitors and manages its costs, which allows for it to give competitive prices when quoting for orders. Credit risk The Group 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.
The net assets in the Consolidated Statement of Financial Position of the Group remain strong and net assets have again increased over the period. The Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position and associated notes (as detailed on the following pages) adequately show the development, performance and position of the Group 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.
The Group uses a suite of non financial KPI's to monitor and measure success on a weekly basis which cover the whole business operating spectrum reflecting the changing needs of the business. The Group 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.
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GUTTERCREST (GB) 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.
The Directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group'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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,439,739 (2023 - £781,821).
No dividends have been paid or recommended in the current or prior year.
The Directors who served during the year were:
There are no specific future developments planned for the Group other than the continuation of its current activities.
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GUTTERCREST (GB) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
There have been no significant events affecting the Group since the year end.
The auditors, MA Partners Audit LLP, will 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.
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GUTTERCREST (GB) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUTTERCREST (GB) LIMITED
We have audited the financial statements of Guttercrest (GB) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
Except for the above investment, in our opinion the financial statements:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.
We draw attention to Note 2.3 in the financial statements, which notes that the Group has net current liabilities at the 30 June 2024 of £1,239,929 (2023 - £997,632). 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 Group'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 Group'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.
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GUTTERCREST (GB) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUTTERCREST (GB) LIMITED (CONTINUED)
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 Report. 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. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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GUTTERCREST (GB) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUTTERCREST (GB) LIMITED (CONTINUED)
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 Group 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 Group and the parent Company. Our approach was as follows:
∙We obtained an understanding of the legal and regulatory requirements applicable to the Group and the parent 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 Group and the parent 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.
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GUTTERCREST (GB) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUTTERCREST (GB) LIMITED (CONTINUED)
This report is made solely to the Group's and the parent 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 Group's and the parent 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 Group's and the parent Company and the Group's and the parent Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
7 The Close
Norfolk
NR1 4DJ
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GUTTERCREST (GB) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
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GUTTERCREST (GB) LIMITED
REGISTERED NUMBER: 05058560
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 41 form part of these financial statements.
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GUTTERCREST (GB) LIMITED
REGISTERED NUMBER: 05058560
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 41 form part of these financial statements.
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GUTTERCREST (GB) LIMITED
REGISTERED NUMBER: 05058560
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024
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GUTTERCREST (GB) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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GUTTERCREST (GB) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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GUTTERCREST (GB) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
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GUTTERCREST (GB) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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GUTTERCREST (GB) LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Guttercrest (GB) Limited is a Company incorporated and domiciled in the UK and has a registered office and principal place of business at Queen Elizabeth Drive, Oswestry, Shropshire, SY11 2UQ.
The principal activity of the Group is that of designing, manufacturing, and supplying aluminium rainwater and eaves products, using cast, sheet and extruded aluminium or a combination of these materials. The principal activity of the Company is that of investment holding.
2.Accounting policies
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014.
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Whilst the Group had net current liabilities of £1,239,929 at 30 June 2024 (2023 - £997,632), the Group has still generated a profit before tax of £1,815,353 (2023 - £1,267,173). Group net assets at 30 June 2024 were £8,117,810 (2023 - £7,607,267).
Subsequent to the year end the Group 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 Group 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.
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or on a reducing balance basis.
Depreciation is provided on the following basis:
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.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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 Valuation of Freehold property and Investment property Estimates of Freehold property and Investment property fair values are based on a combination of current market conditions, changes in tenure arrangements and professional valuations undertaken by Chartered Surveyors. The Directors base their assumptions on observable data as far as possible but this may not always be available. In these cases the Directors use the best information available. Estimated fair values may vary from the actual prices that would be achieved in fully arm's length commercial sale transaction at the reporting date. The most significant area of uncertainty that may affect the carrying value of assets held by the Group are market-driven changes to property valuations. 3.2 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. 3.3 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. 3.4 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. 3.5 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, the Directors considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. 3.6 Accrued income The revenue to be recognised on contracts in progress at the year end is estimated based upon an assessment of contract completeness.
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The whole of the Group turnover is attributable to the principle activity of the Group, being the design, manufacture, and supplies of aluminium rainwater and eaves products, using cast, sheet & extruded aluminium or a combination of these materials.
The whole of the Company turnover is attributable to rental income.
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 28
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 29
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
11.Tangible fixed assets (continued)
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
11.Tangible fixed assets (continued)
Group freehold property was revalued during the year by Sanderson Weatherall, independent professionally qualified external valuers, using market based evidence for similar properties in the local area. The official valuation date was 20 March 2024. The valuation of the freehold property remained the same as the previous valuation completed as at 30 June 2023. The Group has therefore retained the freehold property at its market value of £7,800,000 and not recognised any depreciation for the year.
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
11.Tangible fixed assets (continued)
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 33
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 34
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The 2024 valuations were made by the Directors, and Sanderson Weatherall, Chartered Surveyors,, on an open market value for existing use basis.
The 2024 valuations were made by the Directors, and Sanderson Weatherall, Chartered Surveyors,, on an open market value for existing use basis.
The Company investment property addition and subsequent revaluation relates to the Whittington Road site. This is held for capital appreciation and rental income from the subsidiary, Guttercrest Limited, and therefore is an investment property for the Company. The site is transferred to tangible fixed assets for the Group as it is then used in the day to day trade.
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
13.Investment property (continued)
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 37
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 38
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 39
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Share premium account
Revaluation reserve
Investment property revaluation reserve
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group 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.
ncluded 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.
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GUTTERCREST (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The ultimate controlling party is
Page 41
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