Registered number:
FOR THE YEAR ENDED 30 JUNE 2024
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GUTTERCREST LIMITED
COMPANY INFORMATION
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GUTTERCREST LIMITED
CONTENTS
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GUTTERCREST LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The Directors present their Strategic Report on Guttercrest Limited (the "Company") for the year ended
30 June 2024.
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.
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.
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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.
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.
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.
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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.
The Directors are responsible for preparing the Strategic report, the Directors' report and the 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 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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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.
The Directors who served during the year were:
There are no specific future developments planned for the Company, other than the continuation of its current activities.
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GUTTERCREST LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
There have been no significant events affecting the Company since the period 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 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUTTERCREST LIMITED
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 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 investments, 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 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.
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.
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GUTTERCREST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUTTERCREST 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 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.
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.
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GUTTERCREST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUTTERCREST 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 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.
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GUTTERCREST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUTTERCREST LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
7 The Close
Norfolk
NR1 4DJ
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GUTTERCREST LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
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GUTTERCREST LIMITED
REGISTERED NUMBER: 02208404
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 12 to 28 form part of these financial statements.
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GUTTERCREST LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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GUTTERCREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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
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:
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.
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.
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GUTTERCREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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GUTTERCREST 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, 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.
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GUTTERCREST 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.
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GUTTERCREST 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 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.
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GUTTERCREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The whole of the turnover is attributable to the principal activity of the Company as detailed in Note 1.
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GUTTERCREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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GUTTERCREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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GUTTERCREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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GUTTERCREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
11.Tangible fixed assets (continued)
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GUTTERCREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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GUTTERCREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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GUTTERCREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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GUTTERCREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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GUTTERCREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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GUTTERCREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Share premium account
Profit and loss account
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.
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.
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GUTTERCREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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
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