Company registration number 03649091 (England and Wales)
GUEST INVESTMENTS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GUEST INVESTMENTS LTD
COMPANY INFORMATION
Director
Mr T P F Guest
Company number
03649091
Registered office
Unit B Cobalt Way
Foxdenton Lane
Middleton
Manchester
M24 1NN
Auditor
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Business address
Unit B Cobalt Way
Foxdenton Lane
Middleton
Manchester
M24 1NN
GUEST INVESTMENTS LTD
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
GUEST INVESTMENTS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The director presents the strategic report for the year ended 30 September 2024.

Review of the business

The main trading company operates from a 30,000 sq. ft. state-of-the-art facility in Middleton, specialising in high-quality lithographic print, digital print, specialist finishing, and fulfilment services. The group’s ongoing investments in cutting-edge technology and automation ensure that it remains at the forefront of the industry, enhancing efficiency and maintaining its competitive advantage.

 

As part of its commitment to quality and sustainability, the main trading company has successfully obtained ISO 9001 and ISO 14001 integrated certification. This certification reflects Browns Print Limited’s dedication to maintaining the highest standards of quality management and environmental responsibility, reinforcing its position as a trusted and responsible industry leader.

 

Financial Results

The financial performance for the year reflects the group’s strong market position and operational resilience. Turnover for the year ended 30 September 2024 increased to £16,940,751 (2023: £13,386,048), demonstrating robust sales growth. Profit before taxation also saw an increase, reaching £873,475 (2023: £318,528), reflecting operational efficiencies and strategic cost management.

 

The directors remain highly satisfied with the group’s financial performance and continue to strengthen the balance sheet and cash flow position. The group successfully navigated rising operational costs, particularly labour costs, which are expected to increase further due to government budgetary changes. However, proactive cost management and efficiency improvements have helped mitigate these pressures.

 

Investment and Competitive Edge

A key highlight of the year was the continued investment in new plant and machinery. This investment has not only enhanced the group’s production capabilities but has also contributed to increased productivity and reduced waste, further strengthening its competitive edge in the industry. Such strategic investments reinforce the group’s commitment to innovation and operational excellence.

 

Key Performance Indicators

The directors closely monitor the company’s performance against budgets and prior year results. Key Performance Indicators (KPIs) include both financial and operational metrics, ensuring that productivity, efficiency, and service levels remain high. The group benefits from a robust reporting framework, with daily, weekly, and monthly performance reviews guiding strategic decisions.

Principal risks and uncertainties

The group maintains a comprehensive risk management framework, identifying and addressing key risks proactively.

 

Credit Risk: Rigorous credit control procedures ensure that customer accounts are carefully monitored. The group continues to maintain strong credit management, with a very low level of bad debt.

 

Market Competition: The printing industry remains highly competitive, but the main trading company mitigates this risk through strong customer relationships, excellent service, and competitive pricing. The group remains focused on quality and efficiency to retain and grow its market share.

 

Labour Costs: Due to government policy changes, labour costs have increased and are expected to rise further. The group remains committed to retaining and developing its skilled workforce while managing cost pressures effectively.

 

Energy Costs: Rising energy prices remain a challenge; however, the group has taken proactive steps, such as investing in energy-efficient machinery, solar power, LED lighting, and voltage optimisation. A newly negotiated energy contract will further reduce costs over the next two years.

 

Anti-Corruption and Compliance: The group maintains the highest standards of integrity, adhering to the UK Bribery Act 2010 and ensuring that all business activities are conducted ethically and transparently.

GUEST INVESTMENTS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Other information and explanations

Future Outlook

The directors remain highly optimistic about the group’s future. Sales activity remains strong, and demand for high-quality print solutions continues to grow. Future capital expenditure (CapEx) is expected to remain consistent with previous years, ensuring ongoing investment in technology and infrastructure to support business growth.

The group’s greatest asset remains its dedicated and highly skilled workforce. Their expertise, combined with the latest technological advancements, positions the group for continued success.

 

Environmental Commitment

The group remains committed to sustainability and reducing its environmental impact. The main trading company has installed 444 450W solar panels on its manufacturing plant, significantly reducing its carbon footprint. Additionally, an effective recycling programme has minimised waste and created a new revenue stream, reinforcing the group’s dedication to responsible business practices.

The recent attainment of ISO 14001 certification further demonstrates the group’s proactive approach to environmental management. By integrating this certification with ISO 9001, the main trading company ensures a streamlined and effective approach to both quality assurance and environmental sustainability.

 

Conclusion

Despite external challenges, the group has delivered another year of strong growth and profitability. With continued investment in technology, operational efficiencies, and a skilled workforce, the group is well-positioned to sustain its success in the coming years.

 

On behalf of the board

Mr T P F Guest
Director
21 May 2025
GUEST INVESTMENTS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The director presents his annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company and group continued to be that of printing and the supply of office equipment and stationery.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £286,000. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr T P F Guest
Auditor

The auditor, Pierce C A Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr T P F Guest
Director
21 May 2025
GUEST INVESTMENTS LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GUEST INVESTMENTS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GUEST INVESTMENTS LTD
- 5 -
Opinion

We have audited the financial statements of Guest Investments Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

GUEST INVESTMENTS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GUEST INVESTMENTS LTD
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

GUEST INVESTMENTS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GUEST INVESTMENTS LTD
- 7 -

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company's licence to operate. We identified the following areas as those most likely to have such an effect: laws related to health and safety and the regulated nature of the company's activities.

 

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a

higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

 

· Matters are discussed amongst the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud

 

· Identifying and assessing the design and effectiveness of controls that management have in place to prevent and detect fraud

 

· Detecting and responding to the risks of fraud following discussions with management and enquiring as to whether management have knowledge of any actual, suspected or alleged fraud;

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 auditor's 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.

Simon Diggle (Senior Statutory Auditor)
For and on behalf of Pierce C A Limited
28 May 2025
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
GUEST INVESTMENTS LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
as restated
Notes
£
£
Turnover
3
16,940,751
13,386,048
Cost of sales
(9,530,121)
(7,999,224)
Gross profit
7,410,630
5,386,824
Distribution costs
(928,967)
(276,902)
Administrative expenses
(5,120,731)
(4,345,855)
Other operating income
19,747
12,970
Operating profit
4
1,380,679
777,037
Interest receivable and similar income
7
5,222
-
0
Interest payable and similar expenses
8
(512,426)
(458,509)
Profit before taxation
873,475
318,528
Tax on profit
9
(237,900)
(31,736)
Profit for the financial year
635,575
286,792
Profit for the financial year is all attributable to the owner of the parent company.
GUEST INVESTMENTS LTD
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
11
299,945
372,431
Tangible assets
12
9,150,190
8,773,033
9,450,135
9,145,464
Current assets
Stocks
15
441,177
320,642
Debtors
16
3,899,900
3,395,317
Cash at bank and in hand
253,618
347,243
4,594,695
4,063,202
Creditors: amounts falling due within one year
17
(5,517,986)
(4,824,183)
Net current liabilities
(923,291)
(760,981)
Total assets less current liabilities
8,526,844
8,384,483
Creditors: amounts falling due after more than one year
18
(4,026,516)
(4,562,976)
Provisions for liabilities
Deferred tax liability
21
1,202,777
873,531
(1,202,777)
(873,531)
Net assets
3,297,551
2,947,976
Capital and reserves
Called up share capital
23
1
1
Revaluation reserve
1,302,083
1,302,083
Capital redemption reserve
1
1
Profit and loss reserves
1,995,466
1,645,891
Total equity
3,297,551
2,947,976

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 21 May 2025
21 May 2025
Mr T P F Guest
Director
Company registration number 03649091 (England and Wales)
GUEST INVESTMENTS LTD
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
13
1,675,902
1,675,902
Current assets
Cash at bank and in hand
1,260
4,303
Creditors: amounts falling due within one year
17
(1,259,656)
(1,259,656)
Net current liabilities
(1,258,396)
(1,255,353)
Net assets
417,506
420,549
Capital and reserves
Called up share capital
23
1
1
Capital redemption reserve
1
1
Other reserves
1,000
1,000
Profit and loss reserves
416,504
419,547
Total equity
417,506
420,549

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £282,957 (2023 - £265,050 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 21 May 2025
21 May 2025
Mr T P F Guest
Director
Company registration number 03649091 (England and Wales)
GUEST INVESTMENTS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 30 September 2023:
Balance at 1 October 2022
1
1,302,083
1
1,619,099
2,921,184
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
-
286,792
286,792
Dividends
10
-
-
-
(260,000)
(260,000)
Balance at 30 September 2023
1
1,302,083
1
1,645,891
2,947,976
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
-
635,575
635,575
Dividends
10
-
-
-
(286,000)
(286,000)
Balance at 30 September 2024
1
1,302,083
1
1,995,466
3,297,551
GUEST INVESTMENTS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 30 September 2023:
Balance at 1 October 2022
1
1
1,000
414,497
415,499
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
-
265,050
265,050
Dividends
10
-
-
-
(260,000)
(260,000)
Balance at 30 September 2023
1
1
1,000
419,547
420,549
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
-
282,957
282,957
Dividends
10
-
-
-
(286,000)
(286,000)
Balance at 30 September 2024
1
1
1,000
416,504
417,506
GUEST INVESTMENTS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
2,133,088
1,605,727
Interest paid
(512,426)
(458,509)
Income taxes paid
(9,441)
(70,170)
Net cash inflow from operating activities
1,611,221
1,077,048
Investing activities
Purchase of intangible assets
-
(10,000)
Purchase of tangible fixed assets
(1,422,405)
(1,019,368)
Proceeds from disposal of tangible fixed assets
43,961
522,917
Repayment of directors' loans
3,250
3,000
Interest received
5,222
-
0
Net cash used in investing activities
(1,369,972)
(503,451)
Financing activities
Repayment of borrowings
225,789
1,005,198
Repayment of bank loans
(224,272)
(264,266)
Payment of finance leases obligations
(50,391)
(826,458)
Dividends paid to equity shareholders
(286,000)
(260,000)
Net cash used in financing activities
(334,874)
(345,526)
Net (decrease)/increase in cash and cash equivalents
(93,625)
228,071
Cash and cash equivalents at beginning of year
347,243
119,172
Cash and cash equivalents at end of year
253,618
347,243
GUEST INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
1
Accounting policies
Company information

Guest Investments Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit B Cobalt Way, Foxdenton Lane, Middleton, Manchester, M24 1NN.

 

The group consists of Guest Investments Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Guest Investments Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

GUEST INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life of between 7 and 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
2% Straight line
Plant and equipment
10% & 20% Straight line
Computers
33% straight line
Motor vehicles
25% & 33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

GUEST INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

GUEST INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

GUEST INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

GUEST INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The director does not believe that there are any accounting policies that would be likely to provide materially different results should there be a change to the underlying judgements, estimates and assumptions.

GUEST INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
3
Turnover and other revenue
2024
2023
as restated
£
£
Turnover analysed by class of business
Stationery
1,029,817
886,231
Furniture
987,956
597,543
Printing
13,563,964
11,406,273
Recycling
219,736
195,337
Other
478,217
300,664
Garments
661,061
-
16,940,751
13,386,048
2024
2023
£
£
Other revenue
Interest income
5,222
-
Grants received
-
10,650
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(10,650)
Depreciation of owned tangible fixed assets
132,393
112,307
Depreciation of tangible fixed assets held under finance leases
801,407
670,619
Loss/(profit) on disposal of tangible fixed assets
67,487
(154,776)
Amortisation of intangible assets
72,486
91,493
Operating lease charges
122,007
40,400
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,000
2,500
Audit of the financial statements of the company's subsidiaries
15,000
16,000
18,000
18,500
GUEST INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
107
80
1
1

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,833,529
2,935,139
-
0
-
0
Social security costs
390,646
320,473
-
-
Pension costs
137,421
160,706
-
0
-
0
4,361,596
3,416,318
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
5,222
-
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
72,998
72,080
Interest on finance leases and hire purchase contracts
439,428
386,429
Total finance costs
512,426
458,509
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(91,346)
-
0
Deferred tax
Origination and reversal of timing differences
329,246
31,736
Total tax charge
237,900
31,736
GUEST INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
9
Taxation
(Continued)
- 22 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
873,475
318,528
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
218,369
79,632
Tax effect of expenses that are not deductible in determining taxable profit
24,579
20,375
Tax effect of utilisation of tax losses not previously recognised
-
0
(1,263)
Adjustments in respect of prior years
(91,346)
-
0
Permanent capital allowances in excess of depreciation
-
0
(100,903)
Deferred tax adjustments in respect of prior years
86,298
-
0
Transition adjustments
-
33,895
Taxation charge
237,900
31,736
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
286,000
260,000
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
1,164,050
Amortisation and impairment
At 1 October 2023
791,619
Amortisation charged for the year
72,486
At 30 September 2024
864,105
Carrying amount
At 30 September 2024
299,945
At 30 September 2023
372,431
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.
GUEST INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
12
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
2,800,000
7,903,363
166,648
439,270
11,309,281
Additions
-
0
708,115
77,209
637,081
1,422,405
Disposals
-
0
(267,106)
-
0
(42,225)
(309,331)
At 30 September 2024
2,800,000
8,344,372
243,857
1,034,126
12,422,355
Depreciation and impairment
At 1 October 2023
-
0
2,254,985
138,882
142,381
2,536,248
Depreciation charged in the year
-
0
760,471
32,687
140,642
933,800
Eliminated in respect of disposals
-
0
(184,148)
-
0
(13,735)
(197,883)
At 30 September 2024
-
0
2,831,308
171,569
269,288
3,272,165
Carrying amount
At 30 September 2024
2,800,000
5,513,064
72,288
764,838
9,150,190
At 30 September 2023
2,800,000
5,648,378
27,766
296,889
8,773,033
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
4,802,189
5,005,470
-
0
-
0
Motor vehicles
764,838
237,676
-
0
-
0
5,567,027
5,243,146
-
-

Land and buildings with a carrying amount of £2,800,000 were revalued at 30 September 2022 by Lamb & Swift, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The directors still deem this to be an appropriate valuation for the land and buildings.

 

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been £1,497,917.

GUEST INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,675,902
1,675,902

During the year Boss Direct Limited, a subsidiary of Guest Investments Limited, acquired and subsequently disposed of the entire share capital of Select Embroidery Limited. The cost of investment was £73,873.

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
1,675,902
Carrying amount
At 30 September 2024
1,675,902
At 30 September 2023
1,675,902
14
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Boss Direct Limited
1
Ordinary
100.00
Browns Print Limited
2
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
C/O Phillips Uk Philips Road, Whitebirk Industrial Estate, Blackburn, England, BB1 5NA
2
Unit B Cobalt Way, Foxdenton Lane, Middleton, Manchester, M24 1NN
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
394,908
283,590
-
-
Work in progress
46,269
37,052
-
-
441,177
320,642
-
-
GUEST INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,226,363
3,095,374
-
0
-
0
Corporation tax recoverable
139,298
38,511
-
0
-
0
Other debtors
507,535
239,213
-
0
-
0
Prepayments and accrued income
26,704
22,219
-
0
-
0
3,899,900
3,395,317
-
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
as restated
Notes
£
£
£
£
Bank loans
19
224,273
225,029
-
0
-
0
Obligations under finance leases
20
1,213,231
950,678
-
0
-
0
Invoice discounting
1,230,987
1,005,198
-
0
-
0
Trade creditors
2,354,967
2,144,226
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,257,156
1,257,156
Other taxation and social security
157,789
171,465
-
-
Other creditors
108,838
13,303
-
0
-
0
Accruals and deferred income
227,901
314,284
2,500
2,500
5,517,986
4,824,183
1,259,656
1,259,656

The invoice discounting facility is secured by a fixed and floating charge over the assets of the company.

18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
522,964
746,480
-
0
-
0
Obligations under finance leases
20
3,503,552
3,816,496
-
0
-
0
4,026,516
4,562,976
-
-
GUEST INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
747,237
971,509
-
0
-
0
Invoice discounting
1,230,987
1,005,198
-
0
-
0
1,978,224
1,976,707
-
-
Payable within one year
1,455,260
1,230,227
-
0
-
0
Payable after one year
522,964
746,480
-
0
-
0

Bank loans of £500,018 (2023 - £587,017) are secured by fixed and floating charges held over all the property and undertakings of the company.

 

Bank loans totalling £231,612 (2023 - £358,885) are secured by the UK Government under the Coronavirus Business Interruption Loan Scheme "CBILS".

 

Bank loans totalling £15,607 (2023 - £25,607) are secured by the UK Government under the Bounce Back Loan Scheme "BBLS".

 

The outstanding invoice discounting facility balance of £1,230,987 (2023 - £1,005,198) is secured by a fixed and floating charge over the assets of the company.

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,213,231
924,303
-
0
-
0
In two to five years
3,503,552
3,842,871
-
0
-
0
4,716,783
4,767,174
-
-

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

The hire purchase creditors are secured over the assets concerned.

 

GUEST INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,468,990
1,475,006
Tax losses
(260,105)
(598,555)
Retirement benefit obligations
(6,108)
(2,920)
1,202,777
873,531
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
873,531
-
Charge to profit or loss
329,246
-
Liability at 30 September 2024
1,202,777
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
119,937
151,749

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100
100
1
1
GUEST INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
3,148
3,148
-
-
Between two and five years
6,297
9,445
-
-
9,445
12,593
-
-
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
2,578,200
393,230
-
-
26
Controlling party

The ultimate controlling party is Mr T P F Guest, by virtue of his controlling shareholding in the company.

27
Cash generated from group operations
2024
2023
£
£
Profit after taxation
635,575
286,792
Adjustments for:
Taxation charged
237,900
31,736
Finance costs
512,426
458,509
Investment income
(5,222)
-
0
Loss/(gain) on disposal of tangible fixed assets
67,487
(154,776)
Amortisation and impairment of intangible assets
72,486
91,493
Depreciation and impairment of tangible fixed assets
933,800
782,926
Movements in working capital:
(Increase)/decrease in stocks
(120,535)
136,911
Increase in debtors
(407,046)
(102,056)
Increase in creditors
206,217
74,192
Cash generated from operations
2,133,088
1,605,727
GUEST INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
28
Analysis of changes in net debt - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
347,243
(93,625)
253,618
Borrowings excluding overdrafts
(1,976,707)
(1,517)
(1,978,224)
Obligations under finance leases
(4,767,174)
50,391
(4,716,783)
(6,396,638)
(44,751)
(6,441,389)
29
Prior period adjustment

To accurately record revenue in the prior period it was necessary to restate the group's comparative figures. The net effect of the restatement was to reduce revenue and increase accruals by £135,578.

Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 30 Sep 2023
£
£
£
Creditors due within one year
Other creditors
(2,336,235)
(135,578)
(2,471,813)
Capital and reserves
Profit and loss reserves
1,781,469
(135,578)
1,645,891
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 30 September 2023
£
£
£
Turnover
13,521,626
(135,578)
13,386,048
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
265,050
Profit as adjusted
265,050
2024-09-302023-10-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr T P F 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