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Registered number: 05058560









GUTTERCREST (GB) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
GUTTERCREST (GB) LIMITED
 
 
COMPANY INFORMATION


Directors
G D Power 
N K Power 




Company secretary
G D Power



Registered number
05058560



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 (GB) LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Consolidated statement of comprehensive income
 
9
Consolidated statement of financial position
 
10
Company statement of financial position
 
11 - 12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15 - 16
Consolidated analysis of net debt
 
17
Notes to the financial statements
 
18 - 41


 
GUTTERCREST (GB) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
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.

Business review
 
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.

Principal risks and uncertainties
 
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.
 
Page 1

 
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.

Financial key performance indicators
 
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.

Other key performance indicators
 
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.


G D Power
Director

Date: 28 March 2025

Page 2

 
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.

Directors' responsibilities statement

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.
 
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 the Group and of the profit or loss of the Group for that period.

 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 2006They 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.

Results and dividends

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.

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 Group other than the continuation of its current activities.

Page 3

 
GUTTERCREST (GB) 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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year 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 (GB) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUTTERCREST (GB) LIMITED
 

Opinion


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 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 Consolidated Statement of Financial Position is £3,928,608 (2023 - £3,644,937) in relation to the Group'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 obtain sufficient appropriate 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 investment, in our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 June 2024 and of the Group's 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 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.


Material uncertainty related to going concern


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.


Page 5

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


Matters on which we are required to report by exception
 

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.


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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 6

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

Page 7

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


Use of our report
 

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 2006Our 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.


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 (GB) LIMITED
 
 
CONSOLIDATED 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
  
(6,624,703)
(7,000,295)

Gross profit
  
6,318,625
5,655,074

Administrative expenses
  
(3,924,915)
(3,914,004)

Operating profit
  
2,393,710
1,741,070

Interest receivable and similar income
 8 
45,738
6,311

Interest payable and similar expenses
 9 
(624,095)
(480,208)

Profit before taxation
  
1,815,353
1,267,173

Tax on profit
 10 
(375,614)
(485,352)

Profit for the financial year
  
1,439,739
781,821

  

Unrealised (deficit)/surplus on revaluation of tangible fixed assets
 11 
(929,196)
1,922,785

Total comprehensive income for the year
  
510,543
2,704,606

 
Profit for the year attributable to:
  

Owners of the parent Company
  
1,439,739
781,821

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
510,543
2,704,606

The notes on pages 18 to 41 form part of these financial statements.

Page 9

 
GUTTERCREST (GB) LIMITED
REGISTERED NUMBER: 05058560

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
12,500,347
12,580,893

Investments
 12 
3,928,608
3,644,937

Investment property
 13 
250,000
250,000

  
16,678,955
16,475,830

Current assets
  

Stocks
 14 
1,989,604
1,923,404

Debtors: amounts falling due within one year
 15 
2,288,357
2,240,080

Cash at bank and in hand
 16 
139,101
66,076

  
4,417,062
4,229,560

Creditors: amounts falling due within one year
 17 
(5,656,991)
(5,227,192)

Net current liabilities
  
 
 
(1,239,929)
 
 
(997,632)

Total assets less current liabilities
  
15,439,026
15,478,198

Creditors: amounts falling due after more than one year
 18 
(5,243,737)
(5,851,784)

Provisions for liabilities
  

Deferred tax
 21 
(2,077,479)
(2,019,147)

  
 
 
(2,077,479)
 
 
(2,019,147)

Net assets
  
8,117,810
7,607,267


Capital and reserves
  

Called up share capital 
 22 
1,551
1,551

Share premium account
 23 
589,451
589,451

Revaluation reserve
 23 
993,589
1,922,785

Profit and loss account
 23 
6,533,219
5,093,480

  
8,117,810
7,607,267


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 18 to 41 form part of these financial statements.

Page 10

 
GUTTERCREST (GB) LIMITED
REGISTERED NUMBER: 05058560

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
1,304,578
841,100

Investments
 12 
1,201
1,201

Investment Property
 13 
8,275,000
8,050,000

  
9,580,779
8,892,301

Current assets
  

Cash at bank and in hand
 16 
2,461
8,596

  
2,461
8,596

Creditors: amounts falling due within one year
 17 
(1,001,361)
(232,720)

Net current liabilities
  
 
 
(998,900)
 
 
(224,124)

Total assets less current liabilities
  
8,581,879
8,668,177

Creditors: amounts falling due after more than one year
 18 
(4,160,416)
(4,329,972)

Provisions for liabilities
  

Deferred taxation
 21 
(1,022,149)
(985,895)

  
 
 
(1,022,149)
 
 
(985,895)

Net assets
  
3,399,314
3,352,310


Capital and reserves
  

Called up share capital 
 22 
1,551
1,551

Share premium account
 23 
289,652
289,652

Investment property reserve
 23 
2,998,047
2,998,047

Profit and loss account brought forward
  
63,060
220,710

Profit for the year
  
47,004
2,840,397

Other changes in the profit and loss account

  

-
(2,998,047)

Profit and loss account carried forward
  
110,064
63,060

  
3,399,314
3,352,310


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 18 to 41 form part of these financial statements.
Page 11

 
GUTTERCREST (GB) LIMITED
REGISTERED NUMBER: 05058560
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024


Page 12

 
GUTTERCREST (GB) LIMITED
 

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


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

£
£
£
£
£


At 1 July 2022
1,551
589,451
-
4,311,659
4,902,661


Comprehensive income for the year

Profit for the year
-
-
-
781,821
781,821

Surplus on revaluation of freehold property
-
-
1,922,785
-
1,922,785



At 1 July 2023
1,551
589,451
1,922,785
5,093,480
7,607,267


Comprehensive income for the year

Profit for the year
-
-
-
1,439,739
1,439,739

Deficit on revaluation of freehold property
-
-
(929,196)
-
(929,196)


At 30 June 2024
1,551
589,451
993,589
6,533,219
8,117,810


The notes on pages 18 to 41 form part of these financial statements.

Page 13

 
GUTTERCREST (GB) LIMITED
 

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


Called up share capital
Share premium account
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 July 2022
1,551
289,652
-
220,710
511,913


Comprehensive income for the year

Profit for the year
-
-
-
2,840,397
2,840,397

Transfer to investment property revaluation reserve
-
-
-
(2,998,047)
(2,998,047)

Transfer from profit and loss account
-
-
2,998,047
-
2,998,047



At 1 July 2023
1,551
289,652
2,998,047
63,060
3,352,310


Comprehensive income for the year

Profit for the year
-
-
-
47,004
47,004


At 30 June 2024
1,551
289,652
2,998,047
110,064
3,399,314


The notes on pages 18 to 41 form part of these financial statements.

Page 14

 
GUTTERCREST (GB) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,439,739
781,821

Adjustments for:

Increase/(decrease) in creditors
262,468
(647,307)

Depreciation of tangible assets
542,665
584,614

Interest paid
624,095
480,208

(Increase)/decrease in stocks
(66,200)
440,772

Corporation tax received/(paid)
45,596
(69,200)

(Increase) in debtors
(48,277)
(18,692)

Loss on disposal of tangible assets
33,895
18,684

Interest received
(45,738)
(6,311)

Amortisation of intangible assets
-
5,000

Taxation charge
375,614
485,352

Net cash generated from operating activities

3,163,857
2,054,941


Cash flows from investing activities

Purchase of tangible fixed assets
(1,541,336)
(4,635,880)

Purchase of unlisted and other investments
(283,671)
(284,503)

HP interest paid
(158,621)
(207,280)

Sale of tangible fixed assets
116,126
28,446

Interest received
45,738
6,311

Net cash from investing activities

(1,821,764)
(5,092,906)
Page 15

 
GUTTERCREST (GB) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023

£
£



Cash flows from financing activities

New secured loans
-
4,550,000

Repayment of/new finance leases
(737,914)
(654,461)

Other new loans
337,477
-

Repayment of other loans
-
(339,507)

Interest paid
(465,474)
(272,928)

Repayment of loans
(403,157)
(297,316)

Net cash used in financing activities
(1,269,068)
2,985,788

Net increase/(decrease) in cash and cash equivalents
73,025
(52,177)

Cash and cash equivalents at beginning of year
66,076
118,253

Cash and cash equivalents at the end of year
139,101
66,076


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
139,101
66,076


The notes on pages 18 to 41 form part of these financial statements.

Page 16

 
GUTTERCREST (GB) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

66,076

73,025

139,101

Debt due after 1 year

(4,663,305)

54,739

(4,608,566)

Debt due within 1 year

(519,603)

10,517

(509,086)

Finance leases

(2,167,583)

737,914

(1,429,669)


(7,284,415)
876,195
(6,408,220)

The notes on pages 18 to 41 form part of these financial statements.

Page 17

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

1.


General information

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

 
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 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:

 
2.2

Basis of consolidation

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.

Page 18

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

2.Accounting policies (continued)

 
2.3

Going concern

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.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

Page 19

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

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 20

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

2.Accounting policies (continued)


2.10
Tangible fixed assets (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:

Freehold property
-
2% straight-line
Plant and machinery
-
10% reducing balance
Motor vehicles
-
10% - 25% reducing balance
Fixtures and fittings
-
10% reducing balance
Office and computer equipment
-
10% - 30% reducing balance

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.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 21

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

2.Accounting policies (continued)

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group 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 Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.14

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.

 
2.15

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.

 
2.16

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

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.

Page 22

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

2.Accounting policies (continued)

 
2.18

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.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

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
Page 23

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

2.Accounting policies (continued)


2.19
Financial instruments (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.

Page 24

 
GUTTERCREST (GB) 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 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.

Page 25

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

4.


Turnover

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.

All turnover arose within the United Kingdom.


5.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

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


6.


Employees

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


Group
Group
2024
2023
£
£


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

Social security costs
362,440
304,620

Cost of defined contribution 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.







Employees
105
98

The Company has no employees other than the Directors, who did not receive any remuneration (2023 - £NIL)
Page 26

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

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
166,680
130,711

Group 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.

The highest paid Director received remuneration of £131,185 (2023 - £96,057).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £3,794 (2023 - £2,753).


8.


Interest receivable

2024
2023
£
£


Other interest receivable
45,738
6,311


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
416,354
218,716

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

Other loan interest payable
48,943
51,509

Other interest payable
177
2,703

624,095
480,208

Page 27

 
GUTTERCREST (GB) 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
58,332
(30,388)

Changes to tax rates
-
247,546

Total deferred tax
58,332
217,158


Tax on profit
375,614
485,352

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
1,815,353
1,267,173


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
453,838
316,793

Effects of:


Capital items expensed
(84,401)
-

Capital allowances for year in excess of depreciation
5,138
(6,756)

Expenses not deductible for tax purposes
1,756
17,216

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

Changes to tax rates
-
247,546

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

Adjustment to tax charge in respect of prior periods
-
(31,760)

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

Total tax charge for the year
375,614
485,352

Page 28

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

11.


Tangible fixed assets

Group






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

£
£
£
£
£



Cost or valuation


At 1 July 2023
7,800,000
6,414,381
1,781,277
582,751
11,518


Additions
929,196
182,125
405,109
19,481
5,425


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


Revaluations
(929,196)
-
-
-
-



At 30 June 2024

7,800,000
6,584,593
2,014,430
602,232
16,943



Depreciation


At 1 July 2023
-
3,074,410
490,735
443,126
763


Charge for the year on owned assets
-
183,081
42,960
34,001
1,367


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


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



At 30 June 2024

-
3,422,196
610,924
482,601
2,130



Net book value



At 30 June 2024
7,800,000
3,162,397
1,403,506
119,631
14,813



At 30 June 2023
7,800,000
3,339,971
1,290,542
139,625
10,755
Page 29

 
GUTTERCREST (GB) 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
16,589,927


Additions
1,541,336


Disposals
(183,869)


Revaluations
(929,196)



At 30 June 2024

17,018,198



Depreciation


At 1 July 2023
4,009,034


Charge for the year on owned assets
261,409


Charge for the year on financed assets
281,256


Disposals
(33,848)



At 30 June 2024

4,517,851



Net book value



At 30 June 2024
12,500,347



At 30 June 2023
12,580,893

Page 30

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

           11.Tangible fixed assets (continued)

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 and computer equipment
12,773
18,247

2,339,433
2,522,655

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.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£

Group


Cost
5,825,521
4,877,761

Page 31

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

           11.Tangible fixed assets (continued)


Company






Freehold property
Office and computer equipment
Total

£
£
£

Cost or valuation


At 1 July 2023
835,877
16,259
852,136


Additions
489,145
-
489,145



At 30 June 2024

1,325,022
16,259
1,341,281



Depreciation


At 1 July 2023
7,657
3,379
11,036


Charge for the year on owned assets
21,602
4,065
25,667



At 30 June 2024

29,259
7,444
36,703



Net book value



At 30 June 2024
1,295,763
8,815
1,304,578



At 30 June 2023
828,220
12,880
841,100

No assets in the Company are held under finance leases or hire purchase contracts.







Page 32

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

12.


Fixed asset investments

Group





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

Group unlisted investments relate to an unincorporated partnership, Powersport.

Page 33

 
GUTTERCREST (GB) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Company





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
1,201



At 30 June 2024
1,201






Net book value



At 30 June 2024
1,201



At 30 June 2023
1,201


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Guttercrest Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name
Profit/(Loss)

Guttercrest Limited
1,336,890

Page 34

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

13.


Investment property

Group


Freehold investment property

£



Valuation


At 1 July 2023
250,000



At 30 June 2024
250,000

The 2024 valuations were made by the Directors, and Sanderson Weatherall, Chartered Surveyors,, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
250,000
250,000

Company





Freehold investment property

£



Valuation


At 1 July 2023
8,050,000


Additions at cost
225,000



At 30 June 2024
8,275,000

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.

Page 35

 
GUTTERCREST (GB) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
13.Investment property (continued)

2024
2023
£
£

Revaluation reserves


At 1 July 2023
2,998,047
-

Surplus on revaluation in year
-
3,997,500

Deferred tax
-
(999,453)

At 30 June 2024
2,998,047
2,998,047


14.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
893,618
957,459

Work in progress
1,095,986
965,945

1,989,604
1,923,404



15.


Debtors

Group
Group
2024
2023
£
£


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

Other debtors
374,922
376,705

Prepayments and accrued income
361,137
352,615

Tax recoverable
105,679
105,152

2,288,357
2,240,080



16.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
139,101
66,076
2,461
8,596


Page 36

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

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
1,547,913
1,456,597
809
-

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

Corporation tax
953,746
590,868
1,318
289

Other taxation and social security
368,155
317,913
16,442
52,419

Payments received on account
233,295
-
-
-

Accruals and deferred income
123,442
292,378
-
375

Bank loans
439,111
422,712
189,111
172,712

Other loans
65,963
93,303
-
-

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

Amounts owed to group undertakings
-
-
793,681
6,925

5,656,991
5,227,192
1,001,361
232,720


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 Group, together with a fixed and floating charge over certain assets held by the Group.
Other creditors relate to a factoring account which is secured by fixed and floating charges over the Group's assets and personal guarantee by the director, Mr G D Power.


18.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
4,243,749
4,663,305
4,160,416
4,329,972

Obligations under finance leases and hire purchase contracts
635,171
1,188,479
-
-

Other loans
364,817
-
-
-

5,243,737
5,851,784
4,160,416
4,329,972


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 Group, together with a fixed and floating charge over certain assets held by the Group.


Page 37

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

19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
439,111
422,712
189,111
172,712

Other loans
65,963
93,303
-
-


505,074
516,015
189,111
172,712

Amounts falling due 1-2 years

Bank loans
286,632
522,726
203,299
189,393

Other loans
257,281
-
-
-


543,913
522,726
203,299
189,393

Amounts falling due 2-5 years

Bank loans
3,957,117
4,140,579
3,957,117
4,140,579

Other loans
76,747
-
-
-


4,033,864
4,140,579
3,957,117
4,140,579

Amounts falling due after more than 5 years

Other loans
30,789
-
-
-

5,113,640
5,179,320
4,349,527
4,502,684



20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
794,498
979,104

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

1,429,669
2,167,583

Page 38

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

21.


Deferred taxation


Group



2024


£






At beginning of year
(2,019,147)


Charged to profit or loss
(58,332)



At end of year
(2,077,479)

Company


2024


£






At beginning of year
(985,895)


Charged to profit or loss
(36,254)



At end of year
(1,022,149)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(1,095,013)
(1,036,472)
(39,683)
(3,220)

Tax losses carried forward
16,988
16,779
16,988
16,779

Revaluation of freehold property
(999,454)
(999,454)
(999,454)
(999,454)

(2,077,479)
(2,019,147)
(1,022,149)
(985,895)


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,551 (2023 - 1,551) Ordinary shares of £1.00 each
1,551
1,551


Page 39

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

23.


Reserves

Share premium account

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

Revaluation reserve

The revaluation reserve represents cumulative revaluation surpluses and deficits upon the revaluation of tangible fixed assets which are recognised through the Statement of financial position.

Investment property revaluation reserve

The revaluation reserve represents cumulative revaluation surpluses and deficits upon the revaluation of investment property which are recognised through other comprehensive income..

Profit and loss account

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


24.


Pension commitments

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.


25.


Transactions with directors

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.

Page 40

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

26.


Related party transactions

The Company has taken advantage of the exemption contained within FRS 102 and not disclosed any balances or transactions with its wholly owned subsidiary, Guttercrest Limited. All transactions and balances due with Guttercrest Limited are eliminated on consolidation. 
The Group and Company has a Director in common with Mucksucker Limited. During the year, the Group 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 Group in debtors.


27.


Controlling party

The ultimate controlling party is G D Power.
 
Page 41