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Registration number: 03523806

Gowercroft Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Gowercroft Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Gowercroft Limited

Company Information

Directors

Mr Darren Young

Mr Christopher William John Madge

Mr Joseph Adam Grimley

Mr David Frederick Brown

Mr Andrew James Madge

Company secretary

Mr Christopher William John Madge

Registered office

Unit 1 Birchwood Way
Cotes Park
Alfreton
Derbyshire
DE55 4QQ

Accountants

Atkinson Evans Limited
Chartered Certified AccountantsThe Old Drill Hall
10 Arnot Hill Road
Arnold
Nottingham
Nottinghamshire
NG5 6LJ

 

Gowercroft Limited

(Registration number: 03523806)
Balance Sheet as at 30 September 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

701,637

788,337

Investments

5

57,595

50

 

759,232

788,387

Current assets

 

Stocks

6

273,925

258,351

Debtors

7

855,397

1,258,457

Cash at bank and in hand

 

1,059,230

723,922

 

2,188,552

2,240,730

Creditors: Amounts falling due within one year

8

(1,563,191)

(1,514,396)

Net current assets

 

625,361

726,334

Total assets less current liabilities

 

1,384,593

1,514,721

Creditors: Amounts falling due after more than one year

8

(58,062)

(74,088)

Provisions for liabilities

(161,159)

(187,840)

Net assets

 

1,165,372

1,252,793

Capital and reserves

 

Called up share capital

1,307

1,230

Share premium reserve

18,774

18,774

Retained earnings

1,145,291

1,232,789

Shareholders' funds

 

1,165,372

1,252,793

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 May 2025 and signed on its behalf by:
 

 

Gowercroft Limited

(Registration number: 03523806)
Balance Sheet as at 30 September 2024

.........................................
Mr Andrew James Madge
Director

 

Gowercroft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1 Birchwood Way
Cotes Park
Alfreton
Derbyshire
DE55 4QQ

These financial statements were authorised for issue by the Board on 16 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Gowercroft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Changes in accounting policy

The following have been applied for the first time from 1 October 2023 and have had an effect on the financial statements:

Amounts recoverable on contracts

Previously the company accounted for work in progress on the factory floor on a cost basis, however after careful consideration the directors now believe that these items should be accounted for as amounts recoverable on contracts.

The effect of this change has resulted in:
-Closing retained earnings at 30th September 2022 being restated upwards as a result of extra gross profit of £36,286, but incuring an extra profit and loss tax charge of £6,894
-Closing retained earnings at 30th September 2023 being restated upwards as a result of the restatement at 30th September 2022, along with a further upwards restated amount of extra gross profit of £13,721, but incuring an extra profit and loss tax charge of £3659.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Gowercroft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

10% on cost

Plant and machinery

10% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

33% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Gowercroft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 60 (2023 - 69).

 

Gowercroft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Leasehold improvements
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 October 2023

43,605

989,727

124,107

61,698

Additions

4,115

15,491

15,437

(1,550)

Disposals

-

(21,027)

-

(4,200)

At 30 September 2024

47,720

984,191

139,544

55,948

Depreciation

At 1 October 2023

5,513

315,692

83,313

26,282

Charge for the year

4,044

69,470

20,818

8,245

Eliminated on disposal

-

(4,631)

-

(2,980)

At 30 September 2024

9,557

380,531

104,131

31,547

Carrying amount

At 30 September 2024

38,163

603,660

35,413

24,401

At 30 September 2023

38,092

674,035

40,794

35,416

Total
£

Cost or valuation

At 1 October 2023

1,219,137

Additions

33,493

Disposals

(25,227)

At 30 September 2024

1,227,403

Depreciation

At 1 October 2023

430,800

Charge for the year

102,577

Eliminated on disposal

(7,611)

At 30 September 2024

525,766

Carrying amount

At 30 September 2024

701,637

At 30 September 2023

788,337

 

Gowercroft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

57,595

-

Investments in joint ventures

-

50

57,595

50

Joint ventures

£

Cost

At 1 October 2023

50

Disposals

(50)

At 30 September 2024

-

Provision

Carrying amount

At 30 September 2024

-

At 30 September 2023

50

During the year the company increased its shareholding in its joint venture, so it is now classed as a subsidiary.

6

Stocks

2024
£

2023
£

Raw materials and consumables

273,925

258,351

7

Debtors

Current

Note

2024
£

(As restated)

2023
£

Trade debtors

 

344,292

445,481

Amounts owed by related parties

283

29,950

Prepayments

 

128,218

101,911

Other debtors

 

382,604

681,115

   

855,397

1,258,457

 

Gowercroft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9,504

19,042

Trade creditors

 

540,522

477,255

Taxation and social security

 

76,010

76,047

Accruals and deferred income

 

75,812

70,778

Other creditors

 

861,343

871,274

 

1,563,191

1,514,396

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

-

9,504

Deferred income

 

58,062

64,584

 

58,062

74,088

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

107,434

107,434

Later than one year and not later than five years

90,409

198,134

197,843

305,568

 

Gowercroft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10

Share-based payments

Employee share options

Scheme details and movements

On 25th June 2020 the company granted share options under an EMU scheme to one.

The employee has the right to acquire 230,000 Ordinary B Shares (rankng pari passu in all regards with the share of the same class in issue at the date of allotment) in Gowercroft Limited at an exercise price of £0.0392 per share between 25th June 2020 and 25th June 2030. The number of shares that the employee is able to acquire is contingent on the valuation of the company at that time, and are exercisable by the employee upon any change by current shareholders in their shareholding.

The directors do no believe any adjustments to the profit and loss account required for these options.