Hambleside Danelaw Limited 01252230 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is the manufacture and sale of roofing and ventilation products. Digita Accounts Production Advanced 6.30.9574.0 true true true true true true true true false 01252230 2024-01-01 2024-12-31 01252230 2024-12-31 01252230 bus:Director3 2024-12-31 01252230 bus:OrdinaryShareClass1 2024-12-31 01252230 bus:Consolidated 2024-12-31 01252230 core:AcceleratedTaxDepreciationDeferredTax 2024-12-31 01252230 core:RetainedEarningsAccumulatedLosses 2024-12-31 01252230 core:ShareCapital 2024-12-31 01252230 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-12-31 01252230 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-12-31 01252230 core:CurrentFinancialInstruments 2024-12-31 01252230 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 01252230 core:CurrentFinancialInstruments core:WithinOneYear 2 2024-12-31 01252230 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 01252230 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 01252230 core:Goodwill 2024-12-31 01252230 core:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 01252230 core:BetweenOneFiveYears 2024-12-31 01252230 core:BetweenTwoFiveYears 2024-12-31 01252230 core:MoreThanFiveYears 2024-12-31 01252230 core:WithinOneYear 2024-12-31 01252230 core:FurnitureFittingsToolsEquipment 2024-12-31 01252230 core:LandBuildings 2024-12-31 01252230 core:OtherPropertyPlantEquipment 2024-12-31 01252230 core:DeferredTaxation 2024-12-31 01252230 core:OtherProvisionsContingentLiabilities 2024-12-31 01252230 core:Warranties 2024-12-31 01252230 bus:FRS102 2024-01-01 2024-12-31 01252230 bus:Audited 2024-01-01 2024-12-31 01252230 bus:FullAccounts 2024-01-01 2024-12-31 01252230 bus:RegisteredOffice 2024-01-01 2024-12-31 01252230 bus:Director1 2024-01-01 2024-12-31 01252230 bus:Director10 2024-01-01 2024-12-31 01252230 bus:Director2 2024-01-01 2024-12-31 01252230 bus:Director3 2024-01-01 2024-12-31 01252230 bus:Director4 2024-01-01 2024-12-31 01252230 bus:Director5 2024-01-01 2024-12-31 01252230 bus:Director6 2024-01-01 2024-12-31 01252230 bus:Director7 2024-01-01 2024-12-31 01252230 bus:HighestPaidDirector 2024-01-01 2024-12-31 01252230 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 01252230 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-01-01 2024-12-31 01252230 bus:Consolidated 2024-01-01 2024-12-31 01252230 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01252230 bus:Agent1 2024-01-01 2024-12-31 01252230 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01252230 core:ShareCapital 2024-01-01 2024-12-31 01252230 countries:Europe 2024-01-01 2024-12-31 01252230 countries:UnitedKingdom 2024-01-01 2024-12-31 01252230 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 01252230 core:Goodwill 2024-01-01 2024-12-31 01252230 core:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2024-12-31 01252230 core:PlantEquipmentUnderOperatingLeases 2024-01-01 2024-12-31 01252230 core:FurnitureFittings 2024-01-01 2024-12-31 01252230 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 01252230 core:LandBuildings 2024-01-01 2024-12-31 01252230 core:LeaseholdImprovements 2024-01-01 2024-12-31 01252230 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 01252230 core:PlantMachinery 2024-01-01 2024-12-31 01252230 core:DeferredTaxation 2024-01-01 2024-12-31 01252230 core:OtherProvisionsContingentLiabilities 2024-01-01 2024-12-31 01252230 core:Warranties 2024-01-01 2024-12-31 01252230 core:ParentEntities 2024-01-01 2024-12-31 01252230 core:UKTax 2024-01-01 2024-12-31 01252230 4 2024-01-01 2024-12-31 01252230 1 2024-01-01 2024-12-31 01252230 countries:AllCountries 2024-01-01 2024-12-31 01252230 2023-12-31 01252230 core:RetainedEarningsAccumulatedLosses 2023-12-31 01252230 core:ShareCapital 2023-12-31 01252230 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 01252230 core:Goodwill 2023-12-31 01252230 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 01252230 core:FurnitureFittingsToolsEquipment 2023-12-31 01252230 core:LandBuildings 2023-12-31 01252230 core:OtherPropertyPlantEquipment 2023-12-31 01252230 core:DeferredTaxation 2023-12-31 01252230 core:OtherProvisionsContingentLiabilities 2023-12-31 01252230 core:Warranties 2023-12-31 01252230 2023-01-01 2023-12-31 01252230 2023-12-31 01252230 bus:OrdinaryShareClass1 2023-12-31 01252230 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01252230 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 01252230 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 01252230 core:CurrentFinancialInstruments 2023-12-31 01252230 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 01252230 core:CurrentFinancialInstruments core:WithinOneYear 2 2023-12-31 01252230 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 01252230 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 01252230 core:Goodwill 2023-12-31 01252230 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 01252230 core:BetweenOneFiveYears 2023-12-31 01252230 core:BetweenTwoFiveYears 2023-12-31 01252230 core:MoreThanFiveYears 2023-12-31 01252230 core:WithinOneYear 2023-12-31 01252230 core:FurnitureFittingsToolsEquipment 2023-12-31 01252230 core:LandBuildings 2023-12-31 01252230 core:OtherPropertyPlantEquipment 2023-12-31 01252230 bus:HighestPaidDirector 2023-01-01 2023-12-31 01252230 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-01-01 2023-12-31 01252230 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01252230 core:ShareCapital 2023-01-01 2023-12-31 01252230 countries:Europe 2023-01-01 2023-12-31 01252230 countries:UnitedKingdom 2023-01-01 2023-12-31 01252230 core:PlantEquipmentUnderOperatingLeases 2023-01-01 2023-12-31 01252230 core:UKTax 2023-01-01 2023-12-31 01252230 2022-12-31 01252230 core:RetainedEarningsAccumulatedLosses 2022-12-31 01252230 core:ShareCapital 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01252230

Hambleside Danelaw Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Hambleside Danelaw Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Profit and Loss Account

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13 to 26

 

Hambleside Danelaw Limited

Company Information

Directors

C J Avery

R A Jeffery

D R Pritchard

R Hupfield

I Weakford

N Yellop

D Howgate

Registered office

Long March
Daventry
NN11 4NR

Auditors

Blue Spire Limited
Chartered Accountants and Statutory AuditorsCawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Hambleside Danelaw Limited

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the company is the manufacture and sale of roofing and ventilation products.

Fair review of the business

The Company achieved sales of £16.27 million (2023:£18.89 million) with an operating profit of £532,007 (2023: £1.66 million).

The decline in the 2024 year profitability is attributable to the reduction in activity within the UK construction industry which first began to affect the Company’s trade in the summer of 2023.

The reduction in sales activity and increasing fixed and variable costs resulted in the 2024 gross margin reducing to 34% (2023: 37.6%) despite sale price increases.

It continues to invest in new plant and equipment financed from its own resources.

Despite the fall in profitability, the Company’s financial position remains stable and, at the date of this report, it continues to have no short or long term borrowing.

Future trading

There is considerable global uncertainty at the present time and business confidence has fallen to its lowest levels since October 2023, amid lower workloads, higher interest rates and worries about the global economic outlook.

Although the UK Government wants to see strong growth within the building industry, there are currently few signs that the levels of construction activity desired will occur.

The UK Construction PMI fell to 46.4 in March 2025 (March 2024: 50.2). Residential construction continues to reduce, whilst commercial building has seen the biggest decline since January 2021. New orders within the industry have continued to decline and the increase in job losses within the sector was recorded as being the highest since October 2020.

It is against this background that the Company has set its 2025 forecasts. Whilst turnover growth is not expected, it is forecasting an improvement in its overall profitability as a result of the completed capital investments made during 2024 and the resulting operating cost reductions.

Inter Company dividends

The total of dividends paid during 2024 to its parent Company, Grinterley Limited, was £521,455 (2023: £500,398).

Grinterley Limited paid to its shareholders during 2024, interim dividends of £345,037 (2023: £500,797).

Financial summary

The amount of loan debt as at the 31st December 2024 was £1,360 (2023: £7,500).

Turnover: Turnover for the year was £16,267,987 (2023: £18,898,596).

Operating Profit: The operating profit for the year was £532,007 (2023: £1,669,611).

Net Profit: The net profit before Dividends and taxation for the year was £554,384 (2023: £1,692,694).

Profit after taxation: The post tax profit before dividends was £590,352 (2023: £1,168,396).

 

Hambleside Danelaw Limited

Strategic Report for the Year Ended 31 December 2024

Changes to the Board of Directors

During 2024, David Yellop, one of the original founders of the Company, retired on the 30th August 2024 as a director having held that position since the Company’s incorporation in 1976.

Ian Weakford stepped down from his position as sales director on the 30th April 2025. The Company is pleased to confirm that from the 1st May 2025 he continues to serve on the Board in the capacity of a non-executive Director.

Neil Brown was appointed sales director on the 1st May 2025.
 

Principal risks and uncertainties

Whilst the Company is in a good financial position, it cannot be immune from the current UK market conditions or global events.

The directors will endeavour to do all that they can be reasonably expected to do to protect the Company’s trading position and to continue to develop the business in the interest of the Company’s shareholders, employees and stakeholders whilst seeking to minimise those areas of potential risk that may arise.
 

Approved by the Board on 30 June 2025 and signed on its behalf by:

.........................................
C J Avery
Director

   
     
 

Hambleside Danelaw Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

C J Avery

R A Jeffery

D Yellop (resigned 30 August 2024)

D R Pritchard

R Hupfield

I Weakford

N Yellop

D Howgate

Financial instruments

Objectives and policies

The directors have reviewed the financial risk management objectives and policies of the company. They do not believe there to be significant risks in this area. The company does not enter into any hedging instruments as there are not believed to be any material exposures. It does not enter into any financial instruments for speculative purposes.

Price risk, credit risk, liquidity risk and cash flow risk

Appropriate trade terms are negotiated with suppliers and customers. Management reviews these terms, the relationships with suppliers and customers and manages any exposure on normal trade terms. The company prepares regular forecasts of cash flow and liquidity with which the directors assess the ongoing cash commitments of the company as part of a strict cash flow management program.

Research and development

The company is investing in R&D as it continues to investigate all opportunities that are open to it.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 30 June 2025 and signed on its behalf by:

.........................................
C J Avery
Director

   
     
 

Hambleside Danelaw Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102 The Financial Reporting Standard. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Hambleside Danelaw Limited

Independent Auditor's Report to the Members of Hambleside Danelaw Limited

Opinion

We have audited the financial statements of Hambleside Danelaw Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors' 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

 

Hambleside Danelaw Limited

Independent Auditor's Report to the Members of Hambleside Danelaw Limited

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the 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 Statement of Directors' Responsibilities set out on page 5, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

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

Our approach to identifying and assessing the risks of material mistatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We identified the laws and regulations applicable to the company through discussions with management and those charged with governance, and from our commercial knowledge and experience of the company's sector and activities.

We focused on the specific laws and regulations which we considered may have a direct material effect on the financial statements, including Companies Act 2006, FRS102, employment law and data protection.

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and consideration of breaches throughout our testing.

Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; and

Considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation.

enquiring of management as to actual and potential litigation or claims.

 

Hambleside Danelaw Limited

Independent Auditor's Report to the Members of Hambleside Danelaw Limited

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 is available on the Financial Reporting Council’s website at: 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.

......................................
James O'Rourke FCA (Senior Statutory Auditor)
For and on behalf of Blue Spire Limited, Statutory Auditor

Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

30 June 2025

 

Hambleside Danelaw Limited

Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

(As restated)

2023
£

Turnover

3

16,267,987

18,898,596

Cost of sales

 

(10,734,693)

(11,792,182)

Gross profit

 

5,533,294

7,106,414

Administrative expenses

 

(5,001,287)

(5,436,803)

Operating profit

4

532,007

1,669,611

Other interest receivable and similar income

5

32,912

25,830

Interest payable and similar expenses

6

(10,535)

(2,747)

   

22,377

23,083

Profit before tax

 

554,384

1,692,694

Tax on profit

10

35,968

(524,298)

Profit for the financial year

 

590,352

1,168,396

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Hambleside Danelaw Limited

Statement of Comprehensive Income for the Year Ended 31 December 2024

2024
£

(As restated)

2023
£

Profit for the year

590,352

1,168,396

Total comprehensive income for the year

590,352

1,168,396

 

Hambleside Danelaw Limited

(Registration number: 01252230)
Balance Sheet as at 31 December 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

11

103,358

112,801

Tangible assets

12

4,015,559

3,468,818

 

4,118,917

3,581,619

Current assets

 

Stocks

13

2,535,184

2,563,379

Debtors

14

3,465,778

2,908,930

Cash at bank and in hand

 

685,807

2,280,219

 

6,686,769

7,752,528

Creditors: Amounts falling due within one year

16

(2,770,862)

(3,665,562)

Net current assets

 

3,915,907

4,086,966

Total assets less current liabilities

 

8,034,824

7,668,585

Creditors: Amounts falling due after more than one year

16

-

(1,359)

Provisions for liabilities

17

(1,132,239)

(833,538)

Net assets

 

6,902,585

6,833,688

Capital and reserves

 

Called up share capital

445,588

445,588

Retained earnings

6,456,997

6,388,100

Shareholders' funds

 

6,902,585

6,833,688

Approved and authorised by the Board on 30 June 2025 and signed on its behalf by:
 

.........................................
C J Avery
Director

.........................................
D Howgate
Director

 
     
 

Hambleside Danelaw Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Retained earnings
£

Total
£

At 1 January 2024

445,588

6,388,100

6,833,688

Profit for the year

-

590,352

590,352

Dividends

-

(521,455)

(521,455)

At 31 December 2024

445,588

6,456,997

6,902,585

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

445,588

5,720,102

6,165,690

Profit for the year

-

1,168,396

1,168,396

Dividends

-

(500,398)

(500,398)

At 31 December 2023

445,588

6,388,100

6,833,688

 

Hambleside Danelaw Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
Long March
Daventry
NN11 4NR

These financial statements were authorised for issue by the Board on 30 June 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

Parent undertaking

Grinterley Limited holds 100% of the share capital of Hambleside Danelaw Limited therefore the company is included in the consolidated financial statements filed by Grinterley Limited and are exempt from preparing a Statement of Cashflows. Financial statements for Grinterley Limited can be found on Companies House.
Grinterley Limited's registered office is Cawley Priory, South Pallant, Chichester, West Sussex PO19 1SY.

Reclassification of comparative amounts

The treatment of Research and development expenditure has been reclassed as an internally-generated intangible asset. This has no effect on overall net assets or retained profit for the period.

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.

Foreign currency transactions and balances

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

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.

 

Hambleside Danelaw Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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.

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

Plant and machinery

at variable rates on reducing balance and straight line

Fixtures and fittings

at variable rates on reducing balance and straight line

Improvements to leasehold buildings

2.5% - 25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents, concessions, licences, trade marks

Period of cover

Research & development

Estimated economic life of the project

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.

 

Hambleside Danelaw Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Hambleside Danelaw Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 

3

Revenue

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

16,267,987

18,875,679

Royalties received

-

22,917

16,267,987

18,898,596

The analysis of the company's turnover for the year by market is as follows:

2024
£

2023
£

UK

16,089,287

18,709,307

Europe

178,700

189,289

16,267,987

18,898,596

4

Operating profit

Arrived at after charging/(crediting)

2024
£

(As restated)

2023
£

Depreciation expense

345,679

294,311

Amortisation expense

53,245

14,017

Operating lease expense - plant and machinery

189,816

209,426

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

27,778

25,830

Other finance income

5,134

-

32,912

25,830

 

Hambleside Danelaw Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6

Interest payable and similar expenses

2024
£

2023
£

Interest on obligations under finance leases and hire purchase contracts

657

2,747

Foreign exchange gains

9,878

-

10,535

2,747

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

3,160,825

3,085,291

Social security costs

322,176

311,420

Pension costs, defined contribution scheme

238,702

279,550

Other employee expense

52,290

53,074

3,773,993

3,729,335

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

43

48

Administration and support

41

40

84

88

 

Hambleside Danelaw Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

334,353

300,963

In respect of the highest paid director:

2024
£

2023
£

Remuneration

134,030

128,064

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

11,500

10,000

Other fees to auditors

All other non-audit services

18,716

11,146


 

 

Hambleside Danelaw Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

56,240

289,423

UK corporation tax adjustment to prior periods

(251,478)

5,762

(195,238)

295,185

Deferred taxation

Arising from origination and reversal of timing differences

159,270

229,113

Tax (receipt)/expense in the income statement

(35,968)

524,298

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

(As restated)

2023
£

Profit before tax

554,384

1,692,694

Corporation tax at standard rate

138,596

397,783

Decrease in UK current tax from adjustment for prior periods

(251,478)

-

Tax decrease from effect of capital allowances and depreciation

(49,577)

(85,654)

Decrease from effect of patent box adjustments

(41,397)

-

Effect of expense not deductible in determining taxable profit (tax loss)

30,447

11,377

Deferred tax expense relating to changes in tax rates or laws

159,270

229,113

Tax decrease from effect of adjustment in research and development tax credit

(17,668)

(34,348)

Other tax effects for reconciliation between accounting profit and tax expense

(4,161)

6,027

Total tax (credit)/charge

(35,968)

524,298

 

Hambleside Danelaw Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

-

838,875

-

838,875

2023

Asset
£

Liability
£

Accelerated capital allowances

-

679,605

-

679,605

11

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Research and development
 £

Total
£

Cost or valuation

At 1 January 2024

258,539

140,323

496,616

895,478

Additions acquired separately

-

-

43,802

43,802

At 31 December 2024

258,539

140,323

540,418

939,280

Amortisation

At 1 January 2024

258,539

140,323

383,815

782,677

Amortisation charge

-

-

53,245

53,245

At 31 December 2024

258,539

140,323

437,060

835,922

Carrying amount

At 31 December 2024

-

-

103,358

103,358

At 31 December 2023

-

-

112,801

112,801

 

Hambleside Danelaw Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

12

Tangible assets

Land and buildings
£

Fixtures & fittings
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 January 2024

607,870

954,306

5,443,752

7,005,928

Additions

-

249,598

642,823

892,421

Disposals

-

(59,487)

-

(59,487)

At 31 December 2024

607,870

1,144,417

6,086,575

7,838,862

Depreciation

At 1 January 2024

242,574

625,533

2,669,004

3,537,111

Charge for the year

21,032

65,991

258,656

345,679

Eliminated on disposal

-

(59,487)

-

(59,487)

At 31 December 2024

263,606

632,037

2,927,660

3,823,303

Carrying amount

At 31 December 2024

344,264

512,380

3,158,915

4,015,559

At 31 December 2023

365,296

328,773

2,774,749

3,468,818

Included within the net book value of land and buildings above is £344,264(2023 - £365,297) in respect of long leasehold land and buildings.
 

 

Hambleside Danelaw Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Plant & machinery

20,596

44,832

   

13

Stocks

2024
£

2023
£

Raw materials and consumables

1,161,121

1,032,888

Work in progress

1,150

165,235

Finished goods and goods for resale

1,372,913

1,365,256

2,535,184

2,563,379

14

Debtors

Current

Note

2024
£

(As restated)

2023
£

Trade debtors

 

2,765,371

2,529,685

Amounts owed by related parties

23

6,529

16,700

Prepayments

 

437,222

362,545

Income tax asset

 

256,656

-

   

3,465,778

2,908,930

15

Cash and cash equivalents

2024
£

2023
£

Cash on hand

864

650

Cash at bank

104,190

21,625

Other cash and cash equivalents

580,753

2,257,944

685,807

2,280,219

 

Hambleside Danelaw Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

16

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

20

1,360

6,141

Trade creditors

 

1,727,248

2,133,578

Social security and other taxes

 

394,212

392,687

Outstanding defined contribution pension costs

 

271

50,736

Other payables

 

11,545

4,789

Accruals

 

636,226

1,020,653

Corporation tax liability

10

-

56,978

 

2,770,862

3,665,562

Due after one year

 

Loans and borrowings

20

-

1,359

17

Provisions for liabilities

Dryseal guarantee reserve
£

Deferred tax
£

Daventry rent & dilapidations provision
£

Total
£

At 1 January 2024

10,000

679,605

143,933

833,538

Additional provisions

-

159,270

-

159,270

Increase (decrease) in existing provisions

-

-

139,431

139,431

At 31 December 2024

10,000

838,875

283,364

1,132,239

Dryseal guarantee reserve:
The company has a legal responsibility for claims which arise from the guarantees issued by it in relation to the Dryseal Roofing System, including agreeing that the beneficiaries of such guarantees should be entitled to enforce them directly against the company.
Based on the companies historic claim experience the contingent liability is not considered material. The costs of any claims is charged directly to the companies profit and loss account. In addition the company has a guarantee claim reserve within the balance sheet of £10,000.

Daventry rent and dilapidations provision:
A provision of £87,999 is included within these financial statements in respect of the potential liability for dilapidations relating to the building occupied by the Company at Daventry at the end of its lease in 2031. An additional provision of £195,365 has been made in respect of delayed 2021 formal rent review. The provision covers the period from September 2021 to the end of December 2024. In May 2025, the Company reached agreement with the landlord in respect of this review.
 

 

Hambleside Danelaw Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

18

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £279,549 (2023 - £279,550).

Contributions totalling £271 (2023 - £50,736) were payable to the scheme at the end of the year and are included in creditors.

19

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Equity ordinary shares of £1 each

445,588

445,588

445,588

445,588

       

20

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

-

1,359

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

1,360

6,141

21

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

1,359

6,141

Later than one year and not later than five years

-

1,359

1,359

7,500

 

Hambleside Danelaw Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

616,174

548,893

Later than one year and not later than five years

1,952,425

1,914,891

Later than five years

721,242

1,172,019

3,289,841

3,635,803

The amount of non-cancellable operating lease payments recognised as an expense during the year was £598,648 (2023 - £539,287).

22

Dividends

Final dividends paid

   

2024
£

 

2023
£

Final dividends of £0.393 (2023 - £0.562) per each ordinary share

 

175,000

 

250,398

         

Interim dividends paid

   

2024
£

 

2023
£

Interim dividends of £0.778 (2023 - £0.5611) per each ordinary share

 

346,455

 

250,000

         
 

Hambleside Danelaw Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

23

Related party transactions

Summary of transactions with parent

The parent (Grinterley Limited) carried out management services and administration for the subsidiary (Hambleside Danelaw Limited) and received £480,000 (2023: £515,000) in return for these services.

During the year the company recharged costs to Grinterley Limited. At the year end Hambleside Danelaw Limited was owed £6,529 from Grinterley Limited (2023: £16,700 was owed from Grinterley Limited).

 

24

Parent and ultimate parent undertaking

The company's immediate parent is Grinterley Limited, incorporated in England and Wales.