Grinterley Limited 01680736 false 2024-01-01 2024-12-31 2024-12-31 2024-12-31 The principal activity of the company is that of a management company supplying administrative and financial services to its subsidiary Digita Accounts Production Advanced 6.30.9574.0 true true true false Class 1 Class 2 Class 3 false false 01680736 2024-01-01 2024-12-31 01680736 2024-12-31 01680736 bus:Director4 bus:Consolidated 2024-12-31 01680736 bus:OrdinaryShareClass1 bus:Consolidated 2024-12-31 01680736 bus:OrdinaryShareClass2 bus:Consolidated 2024-12-31 01680736 bus:Consolidated 2024-12-31 01680736 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2024-12-31 01680736 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2024-12-31 01680736 core:OtherReservesSubtotal bus:Consolidated 2024-12-31 01680736 core:RetainedEarningsAccumulatedLosses 2024-12-31 01680736 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-12-31 01680736 core:RevaluationReserve 2024-12-31 01680736 core:ShareCapital 2024-12-31 01680736 core:ShareCapital bus:Consolidated 2024-12-31 01680736 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2024-12-31 01680736 core:FinanceLeases core:CurrentFinancialInstruments 2024-12-31 01680736 core:FinanceLeases core:CurrentFinancialInstruments bus:Consolidated 2024-12-31 01680736 core:FinanceLeases core:Non-currentFinancialInstruments 2024-12-31 01680736 core:FinanceLeases core:Non-currentFinancialInstruments bus:Consolidated 2024-12-31 01680736 core:CurrentFinancialInstruments 2024-12-31 01680736 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 01680736 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-12-31 01680736 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2 2024-12-31 01680736 core:CurrentFinancialInstruments core:WithinOneYear 2 2024-12-31 01680736 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 01680736 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2024-12-31 01680736 core:DevelopmentCostsCapitalisedDevelopmentExpenditure bus:Consolidated 2024-12-31 01680736 core:Goodwill bus:Consolidated 2024-12-31 01680736 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2024-12-31 01680736 core:BetweenOneFiveYears bus:Consolidated 2024-12-31 01680736 core:BetweenTwoFiveYears bus:Consolidated 2024-12-31 01680736 core:MoreThanFiveYears bus:Consolidated 2024-12-31 01680736 core:WithinOneYear bus:Consolidated 2024-12-31 01680736 core:FurnitureFittingsToolsEquipment bus:Consolidated 2024-12-31 01680736 core:LandBuildings bus:Consolidated 2024-12-31 01680736 core:OtherPropertyPlantEquipment bus:Consolidated 2024-12-31 01680736 core:DeferredTaxation bus:Consolidated 2024-12-31 01680736 core:OtherProvisionsContingentLiabilities bus:Consolidated 2024-12-31 01680736 core:Warranties bus:Consolidated 2024-12-31 01680736 bus:FRS102 bus:Consolidated 2024-01-01 2024-12-31 01680736 bus:Audited bus:Consolidated 2024-01-01 2024-12-31 01680736 bus:FullAccounts bus:Consolidated 2024-01-01 2024-12-31 01680736 bus:RegisteredOffice bus:Consolidated 2024-01-01 2024-12-31 01680736 bus:Director1 2024-01-01 2024-12-31 01680736 bus:Director1 bus:Consolidated 2024-01-01 2024-12-31 01680736 bus:Director2 2024-01-01 2024-12-31 01680736 bus:Director2 bus:Consolidated 2024-01-01 2024-12-31 01680736 bus:Director3 bus:Consolidated 2024-01-01 2024-12-31 01680736 bus:Director4 bus:Consolidated 2024-01-01 2024-12-31 01680736 bus:Director5 bus:Consolidated 2024-01-01 2024-12-31 01680736 bus:HighestPaidDirector bus:Consolidated 2024-01-01 2024-12-31 01680736 bus:OrdinaryShareClass1 bus:Consolidated 2024-01-01 2024-12-31 01680736 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-01-01 2024-12-31 01680736 bus:OrdinaryShareClass2 bus:Consolidated 2024-01-01 2024-12-31 01680736 bus:Consolidated 2024-01-01 2024-12-31 01680736 bus:Consolidated 1 2024-01-01 2024-12-31 01680736 bus:Consolidated 4 2024-01-01 2024-12-31 01680736 bus:PrivateLimitedCompanyLtd bus:Consolidated 2024-01-01 2024-12-31 01680736 bus:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 01680736 bus:Agent1 bus:Consolidated 2024-01-01 2024-12-31 01680736 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2024-01-01 2024-12-31 01680736 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01680736 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-01-01 2024-12-31 01680736 core:RevaluationReserve 2024-01-01 2024-12-31 01680736 core:ShareCapital 2024-01-01 2024-12-31 01680736 core:ShareCapital bus:Consolidated 2024-01-01 2024-12-31 01680736 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2024-01-01 2024-12-31 01680736 countries:Europe bus:Consolidated 2024-01-01 2024-12-31 01680736 countries:UnitedKingdom bus:Consolidated 2024-01-01 2024-12-31 01680736 core:DevelopmentCostsCapitalisedDevelopmentExpenditure bus:Consolidated 2024-01-01 2024-12-31 01680736 core:Goodwill bus:Consolidated 2024-01-01 2024-12-31 01680736 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2024-01-01 2024-12-31 01680736 core:PlantEquipmentUnderOperatingLeases bus:Consolidated 2024-01-01 2024-12-31 01680736 core:ReportableOperatingSegment1 bus:Consolidated 2024-01-01 2024-12-31 01680736 core:ReportableOperatingSegment2 bus:Consolidated 2024-01-01 2024-12-31 01680736 core:ReportableOperatingSegment3 bus:Consolidated 2024-01-01 2024-12-31 01680736 core:FurnitureFittings bus:Consolidated 2024-01-01 2024-12-31 01680736 core:FurnitureFittingsToolsEquipment bus:Consolidated 2024-01-01 2024-12-31 01680736 core:LandBuildings bus:Consolidated 2024-01-01 2024-12-31 01680736 core:LeaseholdImprovements bus:Consolidated 2024-01-01 2024-12-31 01680736 core:OtherPropertyPlantEquipment bus:Consolidated 2024-01-01 2024-12-31 01680736 core:PlantMachinery bus:Consolidated 2024-01-01 2024-12-31 01680736 core:DeferredTaxation bus:Consolidated 2024-01-01 2024-12-31 01680736 core:OtherProvisionsContingentLiabilities bus:Consolidated 2024-01-01 2024-12-31 01680736 core:Warranties bus:Consolidated 2024-01-01 2024-12-31 01680736 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity bus:Consolidated 2024-01-01 2024-12-31 01680736 core:OtherRelatedParties bus:Consolidated 2024-01-01 2024-12-31 01680736 core:Subsidiary1 2024-01-01 2024-12-31 01680736 core:Subsidiary1 countries:AllCountries 2024-01-01 2024-12-31 01680736 core:UKTax bus:Consolidated 2024-01-01 2024-12-31 01680736 countries:AllCountries bus:Consolidated 2024-01-01 2024-12-31 01680736 2023-12-31 01680736 bus:Consolidated 2023-12-31 01680736 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2023-12-31 01680736 core:RetainedEarningsAccumulatedLosses 2023-12-31 01680736 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-12-31 01680736 core:RevaluationReserve 2023-12-31 01680736 core:ShareCapital 2023-12-31 01680736 core:ShareCapital bus:Consolidated 2023-12-31 01680736 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-12-31 01680736 core:DevelopmentCostsCapitalisedDevelopmentExpenditure bus:Consolidated 2023-12-31 01680736 core:Goodwill bus:Consolidated 2023-12-31 01680736 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2023-12-31 01680736 core:CostValuation 2023-12-31 01680736 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-12-31 01680736 core:LandBuildings bus:Consolidated 2023-12-31 01680736 core:OtherPropertyPlantEquipment bus:Consolidated 2023-12-31 01680736 core:DeferredTaxation bus:Consolidated 2023-12-31 01680736 core:OtherProvisionsContingentLiabilities bus:Consolidated 2023-12-31 01680736 core:Warranties bus:Consolidated 2023-12-31 01680736 2023-01-01 2023-12-31 01680736 2023-12-31 01680736 bus:OrdinaryShareClass1 bus:Consolidated 2023-12-31 01680736 bus:OrdinaryShareClass2 bus:Consolidated 2023-12-31 01680736 bus:Consolidated 2023-12-31 01680736 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2023-12-31 01680736 core:OtherReservesSubtotal bus:Consolidated 2023-12-31 01680736 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-12-31 01680736 core:ShareCapital bus:Consolidated 2023-12-31 01680736 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-12-31 01680736 core:FinanceLeases core:CurrentFinancialInstruments 2023-12-31 01680736 core:FinanceLeases core:CurrentFinancialInstruments bus:Consolidated 2023-12-31 01680736 core:FinanceLeases core:Non-currentFinancialInstruments 2023-12-31 01680736 core:FinanceLeases core:Non-currentFinancialInstruments bus:Consolidated 2023-12-31 01680736 core:CurrentFinancialInstruments 2023-12-31 01680736 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 01680736 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-12-31 01680736 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2 2023-12-31 01680736 core:CurrentFinancialInstruments core:WithinOneYear 2 2023-12-31 01680736 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 01680736 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-12-31 01680736 core:DevelopmentCostsCapitalisedDevelopmentExpenditure bus:Consolidated 2023-12-31 01680736 core:Goodwill bus:Consolidated 2023-12-31 01680736 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2023-12-31 01680736 core:BetweenOneFiveYears bus:Consolidated 2023-12-31 01680736 core:BetweenTwoFiveYears bus:Consolidated 2023-12-31 01680736 core:MoreThanFiveYears bus:Consolidated 2023-12-31 01680736 core:WithinOneYear bus:Consolidated 2023-12-31 01680736 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-12-31 01680736 core:LandBuildings bus:Consolidated 2023-12-31 01680736 core:OtherPropertyPlantEquipment bus:Consolidated 2023-12-31 01680736 bus:HighestPaidDirector bus:Consolidated 2023-01-01 2023-12-31 01680736 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-01-01 2023-12-31 01680736 bus:Consolidated 2023-01-01 2023-12-31 01680736 bus:Consolidated 1 2023-01-01 2023-12-31 01680736 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2023-01-01 2023-12-31 01680736 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01680736 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-01-01 2023-12-31 01680736 core:RevaluationReserve 2023-01-01 2023-12-31 01680736 core:ShareCapital 2023-01-01 2023-12-31 01680736 core:ShareCapital bus:Consolidated 2023-01-01 2023-12-31 01680736 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-01-01 2023-12-31 01680736 countries:Europe bus:Consolidated 2023-01-01 2023-12-31 01680736 countries:UnitedKingdom bus:Consolidated 2023-01-01 2023-12-31 01680736 core:PlantEquipmentUnderOperatingLeases bus:Consolidated 2023-01-01 2023-12-31 01680736 core:ReportableOperatingSegment1 bus:Consolidated 2023-01-01 2023-12-31 01680736 core:Subsidiary1 2023-01-01 2023-12-31 01680736 core:UKTax bus:Consolidated 2023-01-01 2023-12-31 01680736 2022-12-31 01680736 bus:Consolidated 2022-12-31 01680736 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2022-12-31 01680736 core:RetainedEarningsAccumulatedLosses 2022-12-31 01680736 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-12-31 01680736 core:RevaluationReserve 2022-12-31 01680736 core:ShareCapital 2022-12-31 01680736 core:ShareCapital bus:Consolidated 2022-12-31 01680736 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01680736

Grinterley Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2024

 

Grinterley Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Statement of Cash Flows

17

Notes to the Financial Statements

18 to 32

 

Grinterley Limited

Company Information

Directors

C Avery

R Jeffery

D Pritchard

N Yellop

Registered office

Cawley Priory
South Pallant
Chichester
PO19 1SY

Auditors

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

 

Grinterley Limited

Strategic Report for the Year Ended 31 December 2024

Principal activity

The principal activity of Grinterley Limited was the provision of management services to its wholly owned subsidiary Hambleside Danelaw Limited.

Consolidated fair review

The Group achieved sales in 2024 of £16.27 million (2023: £18,898,596) and a consolidated operating profit of £372,330 (2023: £1,677,673).

The Group’s consolidated net profit for the year, after taxation, was £430,673 (2023: £1,174,543).

During 2024, Grinterley Limited paid to its shareholders interim dividends of £345,037 (2023: £500,797) and received from its Subsidiary £521,455 (2023: £500,398).

The downturn in the performance of the Group is due to the continuing decline of activity within the UK construction industry.

Hambleside Danelaw Limited: Strategic Review

Principal activity

The principal activity of Hambleside Danelaw Limited (The Company) continues to be 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 Group Dividends

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

Financial summary of Hambleside Danelaw Limited

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

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

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

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

The post tax profit for the year before dividends was £590,352 (2023: £1,168,396).

Changes to the Board of Directors of Hambleside Danelaw Limited

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 will continue to serve on the Board in the capacity of a non-executive Director.

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

Grinterley Limited: Shareholder, Board and Associated Company information

David Yellop, one of the original founders of the Company, retired as a Director of the Company on the 30th August 2024 having held that position since the Company’s incorporation in 1982.

In January 2025, Hambleside Limited, an associated Company of both Grinterley Limited and Hambleside Danelaw Limited, was dissolved. Hambleside Holdings Limited continues to be a dormant Company and a minority shareholder of Grinterley Limited.

In August 2024, and with the approval of the Shareholders’, Robin Jeffery transferred from his shareholding 14,065 Fixed and 14,065 Growth Ordinary shares to his wife Margaret.

In September 2024, and with the approval of the shareholders’ David Yellop transferred from his shareholding 13,086 Fixed and 13,086 Growth Ordinary shares to his wife Marion.

In both cases, these share transfers simply returned their personal shareholdings back to approximately the position it had been prior to October 2021.

In March 2025, and with the approval of the Shareholders, Robin Jeffery transferred 1,610 Fixed and Growth shares and Margaret Jeffery transferred 4,568 Fixed and Growth shares from their shareholdings to their two daughters, Ruth and Carolyn Jeffery. A full list of the current (May 2025) shareholders and their shareholdings in Grinterley Limited is detailed within the Notes to these accounts.

The Board wish to record that in October 2024, Guy Pritchard a shareholder of Grinterley Limited passed away; Guy, was a son of Ian Pritchard, one of the original founders of Hambleside Danelaw Limited, and took an active interest in all aspects of Hambleside; he is sadly missed.












 

 

Grinterley Limited

Strategic Report for the Year Ended 31 December 2024

Principal activity

The principal activity of Grinterley Limited was the provision of management services to its wholly owned subsidiary Hambleside Danelaw Limited.

Consolidated fair review

The Group achieved sales in 2024 of £16.27 million (2023: £18,898,596) and a consolidated operating profit of £372,330 (2023: £1,677,673).

The Group’s consolidated net profit for the year, after taxation, was £430,673 (2023: £1,174,543).

During 2024, Grinterley Limited paid to its shareholders interim dividends of £345,037 (2023: £500,797) and received from its Subsidiary £521,455 (2023: £500,398).

The downturn in the performance of the Group is due to the continuing decline of activity within the UK construction industry.

Hambleside Danelaw Limited: Strategic Review

Principal activity

The principal activity of Hambleside Danelaw Limited (The Company) continues to be 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 Group Dividends

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

Financial summary of Hambleside Danelaw Limited

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

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

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

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

The post tax profit for the year before dividends was £590,352 (2023: £1,168,396).

Changes to the Board of Directors of Hambleside Danelaw Limited

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 will continue to serve on the Board in the capacity of a non-executive Director.

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

Grinterley Limited: Shareholder, Board and Associated Company information

David Yellop, one of the original founders of the Company, retired as a Director of the Company on the 30th August 2024 having held that position since the Company’s incorporation in 1982.

In January 2025, Hambleside Limited, an associated Company of both Grinterley Limited and Hambleside Danelaw Limited, was dissolved. Hambleside Holdings Limited continues to be a dormant Company and a minority shareholder of Grinterley Limited.

In August 2024, and with the approval of the Shareholders’, Robin Jeffery transferred from his shareholding 14,065 Fixed and 14,065 Growth Ordinary shares to his wife Margaret.

In September 2024, and with the approval of the shareholders’ David Yellop transferred from his shareholding 13,086 Fixed and 13,086 Growth Ordinary shares to his wife Marion.

In both cases, these share transfers simply returned their personal shareholdings back to approximately the position it had been prior to October 2021.

In March 2025, and with the approval of the Shareholders, Robin Jeffery transferred 1,610 Fixed and Growth shares and Margaret Jeffery transferred 4,568 Fixed and Growth shares from their shareholdings to their two daughters, Ruth and Carolyn Jeffery. A full list of the current (May 2025) shareholders and their shareholdings in Grinterley Limited is detailed within the Notes to these accounts.

The Board wish to record that in October 2024, Guy Pritchard a shareholder of Grinterley Limited passed away; Guy, was a son of Ian Pritchard, one of the original founders of Hambleside Danelaw Limited, and took an active interest in all aspects of Hambleside; he is sadly missed.












 

 

Grinterley Limited

Strategic Report for the Year Ended 31 December 2024

Principal risks and uncertainties


Whilst the Group 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 Group’s trading position and to continue to develop the business in the interest of the shareholders, employees and stakeholders whilst seeking to minimise those areas of potential risk that may arise.


Approved by the Board on 1 July 2025 and signed on its behalf by:

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

.........................................
R Jeffery
Director

 
     
 

Grinterley Limited

Directors' Report for the Year Ended 31 December 2024

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

Directors of the group

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

C Avery

R Jeffery

D Pritchard

D Yellop (resigned 30 August 2024)

N Yellop

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 programme.

Research and development

The directors continue to support the companies research and development activities.

Disclosure of information to the auditor

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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 1 July 2025 and signed on its behalf by:

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

.........................................
R Jeffery
Director

 
     
 

Grinterley 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK 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.

 

Grinterley Limited

Independent Auditor's Report to the Members of Grinterley Limited

Opinion

We have audited the financial statements of Grinterley Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, 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 group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 matters prescribed by the Companies Act 2006

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

the information given in the 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.

 

Grinterley Limited

Independent Auditor's Report to the Members of Grinterley Limited

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.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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 iregularities, 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:

 

Grinterley Limited

Independent Auditor's Report to the Members of Grinterley Limited

agreeing financial statement disclosures to underlying supporting documentation.

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

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

1 July 2025

 

Grinterley Limited

Consolidated 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

 

(5,160,964)

(5,428,741)

Operating profit

4

372,330

1,677,673

Other interest receivable and similar income

32,912

25,830

Interest payable and similar expenses

5

(10,535)

(2,747)

   

22,377

23,083

Profit before tax

 

394,707

1,700,756

Tax on profit

8

35,968

(526,213)

Profit for the financial year

 

430,675

1,174,543

Profit/(loss) attributable to:

 

Owners of the company

 

430,675

1,174,543

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

 

Grinterley Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024

2024
£

(As restated)

2023
£

Profit for the year

430,675

1,174,543

Total comprehensive income for the year

430,675

1,174,543

Total comprehensive income attributable to:

Owners of the company

430,675

1,174,543

 

Grinterley Limited

(Registration number: 01680736)
Consolidated Balance Sheet as at 31 December 2024

Note

2024
 £

(As restated)
2023
 £

Fixed assets

 

Intangible assets

10

103,358

112,801

Tangible assets

11

4,015,559

3,468,818

 

4,118,917

3,581,619

Current assets

 

Stocks

12

2,535,184

2,563,379

Debtors

13

3,473,409

2,907,087

Cash at bank and in hand

 

710,939

2,282,279

 

6,719,532

7,752,745

Creditors: Amounts falling due within one year

14

(2,845,864)

(3,724,759)

Net current assets

 

3,873,668

4,027,986

Total assets less current liabilities

 

7,992,585

7,609,605

Creditors: Amounts falling due after more than one year

14

-

(1,359)

Provisions for liabilities

15

(1,132,239)

(833,538)

Net assets

 

6,860,346

6,774,708

Capital and reserves

 

Called up share capital

17

197,164

197,164

Other reserves

127,617

127,617

Profit and loss account

6,535,565

6,449,927

Equity attributable to owners of the company

 

6,860,346

6,774,708

Total equity

 

6,860,346

6,774,708

Approved and authorised by the Board on 1 July 2025 and signed on its behalf by:
 

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

.........................................
R Jeffery
Director

 
     
 

Grinterley Limited

(Registration number: 01680736)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Investments

22

445,588

445,588

Current assets

 

Debtors

13

7,632

14,859

Cash at bank and in hand

 

25,132

2,060

 

32,764

16,919

Creditors: Amounts falling due within one year

14

(75,003)

(75,898)

Net current liabilities

 

(42,239)

(58,979)

Net assets

 

403,349

386,609

Capital and reserves

 

Called up share capital

17

197,164

197,164

Revaluation reserve

127,617

127,617

Retained earnings

78,568

61,828

Shareholders' funds

 

403,349

386,609

The company made a profit after tax for the financial year of £361,777 (2023 - profit of £506,546).

Approved and authorised by the Board on 1 July 2025 and signed on its behalf by:
 

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

.........................................
R Jeffery
Director

 
     
 

Grinterley Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

Total equity
£

At 1 January 2024

197,164

127,617

6,449,927

6,774,708

6,774,708

Profit for the year

-

-

430,675

430,675

430,675

Dividends

-

-

(345,037)

(345,037)

(345,037)

At 31 December 2024

197,164

127,617

6,535,565

6,860,346

6,860,346

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

Total equity
£

At 1 January 2023

197,164

127,617

5,776,180

6,100,961

6,100,961

Profit for the year

-

-

1,174,543

1,174,543

1,174,543

Dividends

-

-

(500,796)

(500,796)

(500,796)

At 31 December 2023

197,164

127,617

6,449,927

6,774,708

6,774,708

 

Grinterley Limited

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

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2024

197,164

127,617

61,828

386,609

Profit for the year

-

-

361,777

361,777

Dividends

-

-

(345,037)

(345,037)

At 31 December 2024

197,164

127,617

78,568

403,349

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2023

197,164

127,617

56,078

380,859

Profit for the year

-

-

506,546

506,546

Dividends

-

-

(500,796)

(500,796)

At 31 December 2023

197,164

127,617

61,828

386,609

 

Grinterley Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

(As restated)

2023
£

Cash flows from operating activities

Profit for the year

 

430,675

1,174,543

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

398,924

308,329

Finance income

(32,912)

(25,830)

Finance costs

5

657

2,747

Income tax expense

8

(35,968)

526,213

 

761,376

1,986,002

Working capital adjustments

 

Decrease in stocks

12

28,195

407,722

(Increase)/decrease in trade debtors

13

(309,666)

750,602

Decrease in trade creditors

14

(815,221)

(288,361)

Increase in provisions

15

139,431

143,933

Cash generated from operations

 

(195,885)

2,999,898

Income taxes paid

8

(120,311)

(396,288)

Net cash flow from operating activities

 

(316,196)

2,603,610

Cash flows from investing activities

 

Interest received

32,912

25,830

Acquisitions of tangible assets

(892,421)

(534,705)

Acquisition of intangible assets

10

(43,802)

(66,820)

Net cash flows from investing activities

 

(903,311)

(575,695)

Cash flows from financing activities

 

Interest paid

5

(657)

(2,747)

Payments to finance lease creditors

 

(6,139)

(29,110)

Dividends paid

(345,037)

(500,796)

Net cash flows from financing activities

 

(351,833)

(532,653)

Net (decrease)/increase in cash and cash equivalents

 

(1,571,340)

1,495,262

Cash and cash equivalents at 1 January

 

2,282,279

787,017

Cash and cash equivalents at 31 December

 

710,939

2,282,279

 

Grinterley Limited

Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

361,777

506,546

Adjustments to cash flows from non-cash items

 

Finance income

(521,455)

(500,398)

Income tax expense

8

-

1,915

 

(159,678)

8,063

Working capital adjustments

 

Decrease in trade debtors

13

7,227

7,157

Increase/(decrease) in trade creditors

14

1,020

(14,506)

Cash generated from operations

 

(151,431)

714

Income taxes paid

8

(1,915)

-

Net cash flow from operating activities

 

(153,346)

714

Cash flows from investing activities

 

Dividends received

521,455

500,398

Cash flows from financing activities

 

Dividends paid

(345,037)

(500,796)

Net increase in cash and cash equivalents

 

23,072

316

Cash and cash equivalents at 1 January

 

2,060

1,744

Cash and cash equivalents at 31 December

 

25,132

2,060

 

Grinterley 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:
Cawley Priory
South Pallant
Chichester
PO19 1SY

The principal place of business is:
Long March
Daventry
NN11 4NR

These financial statements were authorised for issue by the Board on 1 July 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.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

 

 

Grinterley Limited

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

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

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 group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group 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 group'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.

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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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:

 

Grinterley Limited

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

Asset class

Depreciation method and rate

Plant and machinery

at variable rates reducing balance and straight line

Fixtures and fittings

at variable rates reducing balance and straight line

Improvements to leasehold buildings

2.5% - 25% reducing balance

Business combinations

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’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, copyrights, trademarks etc

Over period of patent or project

Research & development costs

Over the estimated life of project

Investments

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


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

Cash and cash equivalents

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

Trade debtors

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

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

 

Grinterley 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 group 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 group 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 group has an obligation at the reporting date as a result of a past event, it is probable that the group 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 group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Grinterley 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 group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

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

3

Revenue

The analysis of the group'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 group's turnover for the year by class of business is as follows:

2024
 £

2023
 £

Roofing & ventilation products

16,267,987

18,898,596

The analysis of the group'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

14,018

Operating lease expense - plant and machinery

189,816

209,426

5

Interest payable and similar charges

2024
£

2023
£

Interest on obligations under finance leases and hire purchase contracts

657

2,747

Foreign exchange gains

9,878

-

10,535

2,747

 

Grinterley Limited

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

6

Staff costs

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

2024
£

2023
£

Wages and salaries

3,487,683

3,430,775

Social security costs

365,977

354,304

Pension costs, defined contribution scheme

250,926

290,794

Other employee expense

52,290

53,074

4,156,876

4,128,947

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

2024
No.

2023
No.

Production

43

48

Administration and support

46

44

89

92

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

374,223

360,316

Contributions paid to money purchase schemes

12,224

11,244

386,447

371,560

During the year the number of directors to whom retirement benefits were accruing was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

2

In respect of the highest paid director:

2024
£

2023
£

Remuneration

305,491

304,007

 

Grinterley Limited

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

8

Taxation

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

2024
£

2023
£

Current taxation

UK corporation tax

56,240

291,338

UK corporation tax adjustment to prior periods

(251,478)

5,762

(195,238)

297,100

Deferred taxation

Arising from origination and reversal of timing differences

159,270

229,113

Tax (receipt)/expense in the income statement

(35,968)

526,213

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

394,707

1,700,756

Corporation tax at standard rate

98,677

399,678

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)

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

30,447

11,377

Effect of tax losses

39,919

-

Decrease from effect of patent box adjustment

(41,397)

-

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)

Further item of tax (decrease)/increase

(4,161)

6,047

Total tax (credit)/charge

(35,968)

526,213

 

Grinterley Limited

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

Deferred tax

Group

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

9

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

16,000

14,500

Other fees to auditors

All other non-audit services

30,001

23,051


 

10

Intangible assets

Group

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

 

Grinterley Limited

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

11

Tangible assets

Group

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

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

   

12

Stocks

 

Group

Company

2024
£

2023
£

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

-

-

 

Grinterley Limited

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

13

Debtors

   

Group

Company

Current

Note

2024
£

(As restated)

2023
£

2024
£

2023
£

Trade debtors

 

2,765,371

2,529,685

-

-

Amounts owed by related parties

23

6,529

-

-

-

Other debtors

 

245

281

245

281

Prepayments

 

444,608

377,121

7,387

14,578

Income tax asset

 

256,656

-

-

-

   

3,473,409

2,907,087

7,632

14,859

14

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

18

1,359

6,140

-

-

Trade creditors

 

1,736,544

2,145,897

9,296

12,319

Amounts due to related parties

23

6,529

-

6,529

16,700

Social security and other taxes

 

413,950

409,420

19,738

16,733

Outstanding defined contribution pension costs

 

609

51,055

338

319

Other payables

 

11,545

4,789

-

-

Accruals

 

675,328

1,048,565

39,102

27,912

Income tax liability

8

-

58,893

-

1,915

 

2,845,864

3,724,759

75,003

75,898

Due after one year

 

Loans and borrowings

18

-

1,359

-

-


Security

HSBC hold a composite company unlimited multilateral guarantee given by Grinterley Limited and Hambleside Danelaw Limited. Security given to HSBC includes a debenture, including fixed charge over all present freehold and leasehold property, first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future, and first floating charge over all assets and undertaking both present and future dated 27 May 2022. The guarantee covers the bank borrowings and the invoice discounting facility. Hire purchase agreements are secured on the assets to which they relate.

 

 

Grinterley Limited

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

15

Provisions for liabilities

Group

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.

16

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £250,926 (2023 - £290,794).

Contributions totalling £609 (2023 - £51,055) were payable to the scheme at the end of the year and are included in creditors.

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Fixed ordinary share of £0.50 each

197,164

98,582.00

197,164

98,582.00

Growth ordinary share of £0.50 each

197,164

98,582.00

197,164

98,582.00

394,328

197,164.00

394,328

197,164.00

 

Grinterley Limited

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

Fixed ordinary shares £0.50

Growth ordinary shares £0.50

Current shareholders

Alidan Investments Ltd

9,915

9,915

Bellamy Dry and Associates Ltd

3,351

3,351

Carolyn Jeffery

6,178

6,178

Chris Avery

17,356

17,356

David Pritchard

6,680

6,680

David Yellop

16,839

16,839

Frances Pritchard

2,914

2,914

Giles Pritchard

9,594

9,594

Guy Pritchard

9,594

9,594

Hambleside Holdings Ltd

9,915

9,915

Margaret Jeffery

4,929

4,929

Marion Yellop

13,806

13,806

Mary Harris

9,594

9,594

C Niekirk

4,256

4,256

N Gamble

41,414

41,414

Nicholas Yellop

13,806

13,806

Robin Jeffery

10,845

10,845

Ruth Jeffery

6,178

6,178

197,164

197,164

 

Grinterley Limited

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

18

Loans, borrowings & security

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Finance lease liabilities

-

1,359

-

-

Bank borrowings are secured by way of floating charge over group assets, finance leases are secured by the related assets.

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Finance lease liabilities

1,359

6,141

-

-

Bank borrowings and the invoice discount facility are secured by way of floating charge over group assets, finance leases are secured by the related assets.

19

Obligations under leases and hire purchase contracts

Group

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

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).

 

Grinterley Limited

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

20

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £1.25 (2023 - £0.562) per each fixed ord. share

246,455

250,398

 

 

Interim dividends paid

   

2024
£

 

2023
£

Interim dividends of £0.50 (2023 - £0.562) per each fixed ord. share

 

98,582

 

250,398

         

21

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

864

650

-

-

Cash at bank

129,322

23,685

25,132

2,060

Other cash and cash equivalents

580,753

2,257,944

-

-

710,939

2,282,279

25,132

2,060

22

Investments

Company

2024
£

2023
£

Investments in subsidiaries

445,588

445,588

Subsidiaries

£

Cost or valuation

At 1 January 2024

445,588

Provision

Carrying amount

At 31 December 2024

445,588

At 31 December 2023

445,588

 

Grinterley Limited

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

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Hambleside Danelaw Limited

England & Wales

Ordinary

100%

100%

         

Subsidiary undertakings

Hambleside Danelaw Limited

The principal activity of Hambleside Danelaw Limited is manufacturing of roofing products for the construction industry.

23

Related party transactions

Group

Related party - Bellamy Dry & Associates Limited

Bellamy Dry & Associates Limited is under the control of Mr N Yellop. The company charged the group consultancy fees during the year of £38,487 (2023: £40,120). In the year Grinterley Limited recharged £1,201 (2023: £1,001) of insurance costs to Bellamy Dry & Associates Limited.

Related parties - Hambleside Holdings Limited

Hambleside Holdings Limited and its subsidiary Hambleside Limited (companies registered in England and Wales) are under the control of the directors and are connected. Hambleside Limited was dissolved in January 2025.

Grinterley Limited made total payments of £Nil (2023: £1,200) to Hambleside Limited in the year as a contribution towards the Consultancy fees of A I Animashaun. That consultancy arrangement came to an end when Mr Animashaun passed away in April 2023.